FREEPORT-MCMORAN INC

FCX 10-K · Q4 2025
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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 5,633 5,720 -1.5%
Show Business Segments breakouts
Atlantic Copper Smelting & Refining · Operating Segments 834 687 +21.4%
Rod & Refining · Operating Segments 1,800 1,497 +20.2%
Show — breakouts
Revenue -8,817 -8,446 -4.4%
Revenue 26,031 25,791 +0.9%
Revenue 2 0 —
Revenue -1,802 -2,149 +16.1%
Revenue -188 454 -141.4%
Revenue 2,153 2,156 -0.1%
Revenue 11 11 0.0%
Revenue 3,143 3,001 +4.7%
Revenue 1,044 831 +25.6%
Revenue 8,426 9,684 -13.0%
Revenue 111 11 +909.1%
Revenue 4,694 4,248 +10.5%
Revenue 8,610 10,310 -16.5%
Revenue 2,636 2,339 +12.7%
Revenue 5,330 3,865 +37.9%
Revenue 467 65 +618.5%
Revenue 632 357 +77.0%
Revenue 328 114 +187.7%
Revenue 257 -147 +274.8%
Revenue 719 666 +8.0%
Revenue 311 -80 +488.8%
Revenue 1,132 -271 +517.7%
Revenue 2,176 722 +201.4%
Revenue 159 -113 +240.7%
Revenue 2,846 5,544 -48.7%
Revenue 189 -183 +203.3%
Revenue -1 -103 +99.0%
Revenue 1,242 730 +70.1%
Revenue 9,030 7,420 +21.7%
Direct Operating Costs 4,131 3,758 +9.9%
Cost Depreciation Amortization And Depletion 485 537 -9.7%
Show Business Segments breakouts
Atlantic Copper Smelting & Refining · Operating Segments 6 8 -25.0%
Rod & Refining · Operating Segments 1 0 —
Show — breakouts
Cost Depreciation Amortization And Depletion -905 -921 +1.7%
Cost Depreciation Amortization And Depletion -371 -476 +22.1%
Cost Depreciation Amortization And Depletion 299 329 -9.1%
Cost Depreciation Amortization And Depletion 1,020 1,142 -10.7%
Cost Depreciation Amortization And Depletion 135 136 -0.7%
Cost of Revenue 4,616 4,295 +7.5%
Selling, General & Administrative 133 129 +3.1%
Show Business Segments breakouts
Atlantic Copper Smelting & Refining · Operating Segments 9 7 +28.6%
Exploration Expense 52 41 +26.8%
Environmental Remediation Expense 21 12 +75.0%
Total Costs & Expenses 4,822 4,477 +7.7%
Operating Income 811 1,243 -34.8%
Show Business Segments breakouts
Atlantic Copper Smelting & Refining · Operating Segments -14 15 -193.3%
Rod & Refining · Operating Segments 4 0 —
Show — breakouts
Operating Income -3,232 -4,686 +31.0%
Operating Income 2,380 2,742 -13.2%
Operating Income 1,759 1,356 +29.7%
Operating Income 3,781 5,651 -33.1%
Operating Income 548 344 +59.3%
Interest Income Expense Net -110 -70 -57.1%
Other Non-Operating Income (Expense) 65 67 -3.0%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 766 1,240 -38.2%
Income Tax Expense (Benefit) -202 -520 +61.2%
Net Income 565 721 -21.6%
Net Income Loss Available To Common Stockholders Basic 406 274 +48.2%
Show Equity Components breakouts
Parent 406 274 +48.2%
Retained Earnings 406 274 +48.2%
Wtd Avg Shares (Basic) 0 0 —
Wtd Avg Shares (Diluted) 0 0 —
Common Stock Dividends Per Share Declared 0.15 0.15 0.0%
Revenue 5,267 5,880 -10.4%
Comprehensive Income 411 233 +76.4%
Revenue From Contract With Customer Including Assessed Tax (Q) — — —
Show Product Lines breakouts
Cathode 2,132 2,013 +5.9%
Concentrate 934 1,530 -39.0%
Gold 388 949 -59.1%
Molybdenum 541 447 +21.0%
Purchased Copper -40 126 -131.7%
Rod and other refined copper products 1,160 912 +27.2%
Show — breakouts
Revenue From Contract With Customer Including Assessed Tax 214 176 +21.6%
Net Income Loss Attributable To Noncontrolling Interest 159 447 -64.4%
Show Equity Components breakouts
Noncontrolling Interest 159 447 -64.4%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 3,824 3,923 -2.5%
Restricted Cash And Cash Equivalents At Carrying Value 230 888 -74.1%
Accounts Receivable 977 578 +69.0%
Value Added Tax Receivable Current 686 564 +21.6%
Product 3,332 3,038 +9.7%
Inventory Raw Materials And Supplies Net Of Reserves 2,738 2,382 +14.9%
Inventory Milland Stockpileson Leach Pads Current 1,423 1,388 +2.5%
Other Assets Current 580 535 +8.4%
Total Current Assets 13,790 13,296 +3.7%
Non-Current Assets
Property, Plant & Equipment 40,736 38,514 +5.8%
Inventory Noncurrent 1,173 1,225 -4.2%
Income Taxes Receivable Noncurrent 810 306 +164.7%
Show Legal Entity breakouts
Cerro Verde · SUNAT 471 — —
PT Freeport Indonesia · SUNAT 10 — —
Show Real Estate And Accumulated Depreciation Description Of Property breakouts
Cerro Verde 292 — —
Other Non-Current Assets 1,658 1,507 +10.0%
Total Assets 58,167 54,848 +6.1%
Show Business Segments breakouts
Atlantic Copper Smelting & Refining · Operating Segments 2,170 1,705 +27.3%
Cerro Verde · Operating Segments 9,074 8,096 +12.1%
Grasberg Segment [Member] · Operating Segments 27,270 27,309 -0.1%
Morenci · Operating Segments 3,407 3,228 +5.5%
Rod & Refining · Operating Segments 333 202 +64.9%
Show Consolidation Items breakouts
Intersegment Elimination -20,396 -20,536 +0.7%
Material Reconciling Items 36,309 34,844 +4.2%
Operating Segments 42,254 40,540 +4.2%
Operating Lease Right-of-Use Assets 1,205 853 +41.3%
Intangible Assets 219 214 +2.3%
Current Liabilities
Accounts Payable And Accrued Liabilities Current 4,565 4,057 +12.5%
Show Award Type breakouts
Cash Settled Restricted Stock Units (RSUs) and Performance Share Units (PSU's) [Member] 33 22 +50.0%
Current Portion of Long-Term Debt 466 41 +1036.6%
Accrued Income Taxes Current 456 859 -46.9%
Environmental And Asset Retirement Obligations Current 313 320 -2.2%
Dividends Payable Current 219 219 0.0%
Total Current Liabilities 6,019 5,496 +9.5%
Accounts Payable 2,948 2,789 +5.7%
Non-Current Liabilities
Long-Term Debt 8,913 8,907 +0.1%
Environmental And Asset Retirement Obligations Noncurrent 5,541 5,404 +2.5%
Deferred Tax Liabilities 4,622 4,376 +5.6%
Operating Lease Liabilities 1,010 692 +46.0%
Other Non-Current Liabilities 1,296 1,195 +8.5%
Total Liabilities 27,401 26,070 +5.1%
Show Retirement Plan Name breakouts
401K Plan 73 69 +5.8%
Long-Term Debt 9,379 8,948 +4.8%
Show Debt Instrument breakouts
5.450% Senior Notes due March 2043 · Senior Notes 1,690 1,688 +0.1%
Debentures Due 2027 · Freeport McMoRan Corporation 115 115 0.0%
Senior Notes Due 2027, 4.763% · PT-FI 748 747 +0.1%
Senior Notes due 2027, 5% · Senior Notes 450 449 +0.2%
Senior Notes Due 2028, 4.125% · Senior Notes 484 484 0.0%
Senior Notes Due 2028, 4.375% · Senior Notes 431 431 0.0%
Senior Notes due 2029, 5.25% · Senior Notes 471 469 +0.4%
Senior Notes Due 2030, 4.25% · Senior Notes 447 447 0.0%
Senior Notes Due 2030, 4.625% · Senior Notes 590 589 +0.2%
Senior Notes Due 2031 · Freeport McMoRan Corporation 118 119 -0.8%
Senior Notes Due 2032, 5.315% · PT-FI 1,492 1,491 +0.1%
Senior Notes due 2034 5 point 4 percent · Senior Notes 724 724 0.0%
Senior Notes Due 2034 · Freeport McMoRan Corporation 119 119 0.0%
Senior Notes Due 2052, 6.200% · PT-FI 745 745 0.0%
Show Long-Term Debt Type breakouts
Other Debt 23 24 -4.2%
Stockholders' Equity
Common Stock 163 162 +0.6%
Additional Paid-In Capital 23,680 23,797 -0.5%
Retained Earnings 1,385 -170 +914.7%
Show Legal Entity breakouts
PT Freeport Indonesia 12.7 — —
Show Consolidated Entities breakouts
Subsidiaries · Freeport Minerals Corporation -12.1 — —
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Atlantic Copper -450 — —
Accumulated Other Comprehensive Income -305 -314 +2.9%
Treasury Stock Value -6,024 -5,894 -2.2%
Total Stockholders' Equity 18,899 17,581 +7.5%
Minority Interest 11,867 11,197 +6.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 30,766 28,778 +6.9%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -305 -314 +2.9%
Additional Paid In Capital 23,680 23,797 -0.5%
Common Stock 163 162 +0.6%
Noncontrolling Interest 11,867 11,197 +6.0%
Parent 18,899 17,581 +7.5%
Retained Earnings 1,385 -170 +914.7%
Treasury Stock Common -6,024 -5,894 -2.2%
Total Liabilities & Equity 58,167 54,848 +6.1%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation & Amortization 485 537 -9.7%
Increase Decreasein Environmental And Asset Retirement Obligations 125 240 -47.9%
Paymentsfor Environmental Liabilities And Asset Retirement Obligations 67 77 -13.0%
Stock-Based Compensation 23 15 +53.3%
Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash 19 6 +216.7%
Pension And Other Postretirement Benefit Contributions -8 -20 +60.0%
Deferred Income Taxes And Tax Credits 263 -112 +334.8%
Payments For Social Investment Programs -21 -4 -425.0%
Other Operating Activities Cash Flow Statement 44 39 +12.8%
Increase Decrease In Receivables -88 367 -124.0%
Change in Inventory -596 -337 -76.9%
Increase Decrease In Other Current Assets -101 -17 -494.1%
Increase Decrease In Accounts Payable And Accrued Liabilities 519 222 +133.8%
Increase Decrease In Accrued Taxes Payable -562 -235 -139.1%
Net Cash from Operations 693 1,436 -51.7%
Investing Activities
Payments To Acquire Productive Assets -1,005 -1,239 +18.9%
Show Business Segments breakouts
All Other Segments -149 -112 -33.0%
Atlantic Copper Smelting & Refining · Operating Segments -72 -54 -33.3%
Molybdenum -34 -29 -17.2%
Rod & Refining · Operating Segments -18 -12 -50.0%
South America operations -132 -103 -28.2%
U.S. copper mines -259 -290 +10.7%
Show — breakouts
Payments To Acquire Productive Assets 1,922 2,194 -12.4%
Payments To Acquire Productive Assets 663 966 -31.4%
Payments To Acquire Productive Assets -1,298 -1,359 +4.5%
Payments To Acquire Productive Assets -279 -205 -36.1%
Payments To Acquire Productive Assets -2,284 -2,820 +19.0%
Payments To Acquire Productive Assets -158 -96 -64.6%
Payments To Acquire Productive Assets -431 -705 +38.9%
Other Investing Activities 0 8 -100.0%
Net Cash from Investing -1,030 -1,231 +16.3%
Financing Activities
Proceeds From Issuance Of Debt 1,015 303 +235.0%
Debt Repayments -934 -1,032 +9.5%
Finance Lease Principal Payments -13 -3 -333.3%
Payments Of Dividends Common Stock -216 -216 0.0%
Payments Of Dividends Minority Interest 0 -564 +100.0%
Share Repurchases 0 0 —
Tax Withholding for Share Compensation -1 0 —
Net Cash from Financing -143 -1,510 +90.5%
Other Cash Flow
Net Change in Cash -480 -1,305 +63.2%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,173 4,911 -15.0%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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