The company is an international metals company engaged in the mining, processing, smelting and refining of copper, along with associated production of gold and molybdenum. It manages copper operations and molybdenum mines in the United States, copper operations in South America, and a copper and gold minerals district in Indonesia, and it also operates smelting, refining and rod-making facilities. Its products include copper concentrate, copper cathode and continuous cast copper rod, along with gold and molybdenum concentrate, sold to fabricators, wire and cable manufacturers, smelters and other industrial customers under annual and multi-year contracts.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 25,915 | 25,455 | 22,855 | 2 |
| · Cathode | 8,147 | — | — | |
| · Concentrate | 6,310 | — | — | |
| · Rod and other refined copper products | 4,419 | — | — | |
| · Gold | 3,900 | — | — | |
| · Molybdenum | 1,966 | — | — | |
| · Other | 749 | — | — | |
| · Purchased Copper | 449 | — | — | |
| Cost of revenue | 18,618 | 17,795 | 15,695 | 1 |
| Selling, general and administrative | 545 | 513 | 479 | |
| Depreciation, depletion and amortization | 2,244 | 2,241 | 2,068 | 1 |
| Impairments | 73 | — | — | |
| Total operating expenses | 19,397 | 18,591 | 16,630 | |
| Operating income | 6,518 | 6,864 | 6,225 | 1 |
| Other income (expense), net | 223 | 362 | 286 | |
| Income before income taxes | 6,372 | 6,907 | 6,006 | |
| Income tax provision | 2,221 | 2,523 | 2,270 | 1 |
| — of which current | 1,973 | 2,600 | 2,088 | 1 |
| Net income incl. noncontrolling interests | 4,152 | 4,399 | 3,751 | |
| Less: noncontrolling interests | 1,948 | 2,510 | 1,903 | |
| Net income attributable to common | 2,204 | 1,889 | 1,848 | 2 |
| Weighted-average diluted shares | 1,443 | 1,445 | 1,443 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 4,152 | 4,399 | 3,751 | |
| Depreciation, depletion and amortization | 2,244 | 2,241 | 2,068 | 1 |
| Share-based compensation | 121 | 109 | 109 | |
| Deferred income taxes | 253 | (74) | 373 | |
| Change in receivables | 521 | (460) | (166) | |
| Change in inventories | 709 | 638 | 873 | |
| Change in payables | 802 | 143 | (161) | |
| Net cash provided by operating activities | 5,610 | 7,160 | 5,279 | 2 |
| Net cash used in investing activities | (4,472) | (5,028) | (4,956) | |
| Dividends paid | 865 | 865 | 863 | |
| Repurchases of common stock | 107 | 59 | 0 | |
| Debt issued | 3,195 | 2,251 | 1,781 | |
| Debt repaid | 2,777 | 2,731 | 2,980 | |
| Net cash used in financing activities | (1,876) | (3,284) | (2,650) | |
| Cash and equivalents at end of period | 4,173 | 4,911 | 6,063 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 3,824 | 3,923 | 2 |
| Receivables, net | 977 | 578 | 1 |
| Total current assets | 13,790 | 13,296 | |
| Property, plant and equipment, net | 40,736 | 38,514 | |
| Intangible assets, net | 219 | 214 | |
| Total assets | 58,167 | 54,848 | |
| Accounts payable | 2,948 | 2,789 | |
| Current debt | 466 | 41 | 2 |
| Total current liabilities | 6,019 | 5,496 | |
| Long-term debt | 8,913 | 8,907 | 2 |
| Total liabilities | 27,401 | 26,070 | |
| Stockholders' equity | 18,899 | 17,581 | |
| Noncontrolling interests | 11,867 | 11,197 | |
| Total equity | 30,766 | 28,778 |
| Segments · as filed in the segment note · $ millions | Grasberg | Rod & Refining | Cerro Verde | Atlantic Copper Smelting & Refining | Morenci | Corporate / other | Consolidated |
|---|---|---|---|---|---|---|---|
| Net sales | 8,622 | 6,890 | 4,706 | 3,169 | 2,648 | (120) | 25,915 |
| Operating income | 3,840 | 31 | 1,818 | 11 | 607 | 211 | 6,518 |
| · operating margin | 44.5% | 0.4% | 38.6% | 0.3% | 22.9% | — | 25.2% |
| Assets | 27,270 | 333 | 9,074 | 2,170 | 3,407 | 15,913 | 58,167 |
Not shown: Selling, general & administrative. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.
| Revenue by product or service · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Cathode | 8,147 | 31.4% |
| Concentrate | 6,310 | 24.3% |
| Rod and other refined copper products | 4,419 | 17.1% |
| Gold | 3,900 | 15.0% |
| Molybdenum | 1,966 | 7.6% |
| Other | 749 | 2.9% |
| Purchased Copper | 449 | 1.7% |
| Total revenues, as filed | 25,915 | 100.0% |
Product lines sum to the filed total.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| United States | 9,034 | 34.9% |
| Switzerland | 5,334 | 20.6% |
| Japan | 2,850 | 11.0% |
| Indonesia | 2,180 | 8.4% |
| Singapore | 1,246 | 4.8% |
| United Kingdom | 1,136 | 4.4% |
| Other | 1,038 | 4.0% |
| Spain | 723 | 2.8% |
| China | 636 | 2.5% |
| Chile | 471 | 1.8% |
| Germany | 332 | 1.3% |
| France | 315 | 1.2% |
| Egypt | 261 | 1.0% |
| South Korea | 193 | 0.7% |
| India | 163 | 0.6% |
| Philippines | 3 | 0.0% |
| Total revenues, as filed | 25,915 | 100.0% |
Geographic lines sum to the filed total.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 58,167 | 54,848 | +3,319 | +6.1% | — |
| Property, plant and equipment, net · BS | 40,736 | 38,514 | +2,222 | +5.8% | — |
| Total equity · BS | 30,766 | 28,778 | +1,988 | +6.9% | — |
| Net cash provided by operating activities · CF | 5,610 | 7,160 | −1,550 | -21.6% | — |
| Net cash used in financing activities · CF | (1,876) | (3,284) | +1,408 | +42.9% | — |
| Total liabilities · BS | 27,401 | 26,070 | +1,331 | +5.1% | — |
| Stockholders' equity · BS | 18,899 | 17,581 | +1,318 | +7.5% | — |
| Change in receivables · CF | 521 | (460) | +981 | +213.3% | — |
| Debt issued · CF | 3,195 | 2,251 | +944 | +41.9% | — |
| Cost of revenue · IS | 18,618 | 17,795 | +823 | +4.6% | — |
| Total operating expenses · IS | 19,397 | 18,591 | +806 | +4.3% | — |
| Cash and equivalents at end of period · CF | 4,173 | 4,911 | −738 | -15.0% | — |
| Noncontrolling interests · BS | 11,867 | 11,197 | +670 | +6.0% | — |
| Change in payables · CF | 802 | 143 | +659 | +460.8% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 12.1% sector median 11.9% | adequate |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | +0.2% sector median -0.6% | flat |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 0.50 sector median 0.62 | low |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 24.6% sector median 9.9% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 5,728 | 7,582 | 6,972 | 6,234 | 7,029 |
| Cost of revenue | 4,222 | 4,950 | 4,830 | 4,579 | 4,843 |
| Selling, general and administrative | 154 | 127 | 131 | 162 | 135 |
| Depreciation, depletion and amortization | 466 | — | — | 514 | — |
| Total operating expenses | 4,425 | 5,150 | 5,000 | 4,097 | 5,026 |
| Operating income | 1,303 | 2,432 | 1,972 | 2,137 | 2,003 |
| Other income (expense), net | 58 | 41 | 59 | 11 | 22 |
| Income before income taxes | 1,291 | 2,391 | 1,924 | 2,034 | 1,930 |
| Income tax provision | 500 | 850 | 669 | 653 | 544 |
| Net income incl. noncontrolling interests | 793 | 1,547 | 1,247 | 1,387 | 1,391 |
| Less: noncontrolling interests | 441 | 775 | 573 | 506 | 407 |
| Net income attributable to common | — | 772 | — | — | 984 |
| Diluted earnings per share | $0.24 | $0.53 | $0.46 | $0.61 | $0.68 |
| Weighted-average diluted shares | 1,444 | 1,443 | 1,443 | 1,444 | 1,443 |
| Net cash provided by operating activities | 1,058 | — | — | 1,495 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total operating expenses | 4,097 | 5,026 | +929 | +22.7% |
| Total revenues | 6,234 | 7,029 | +795 | +12.8% |
| Net cash provided by operating activities | 1,058 | 1,495 | +437 | +41.3% |
| Cost of revenue | 4,579 | 4,843 | +264 | +5.8% |
| Net income attributable to common | 772 | 984 | +212 | +27.5% |
| Operating income | 2,137 | 2,003 | −134 | -6.3% |
| Income tax provision | 653 | 544 | −109 | -16.7% |
| Income before income taxes | 2,034 | 1,930 | −104 | -5.1% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $61,900M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 16 filings · 0 buys / 5 sells | net selling · −$8,386,946 |
| · Currault Douglas N. Ii | SELL $6,284,464 | Form 4 filed 2026-08-26 · open market |
| · Higgins Stephen T. | SELL $992,252 | Form 4 filed 2026-08-05 · open market |
| · Higgins Stephen T. | SELL $475,650 | Form 4 filed 2026-08-03 · open market |
| · Mikes Ellie L. | SELL $334,110 | Form 4 filed 2026-08-05 · open market |
| · Kennard Lydia H | SELL $300,471 | Form 4 filed 2026-08-28 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| · BlackRock, Inc. | 6.2% | 5%+ holder · DEF 14A filed 2026-04-23 |
| Institutional % | 1 holder of 5%+ named | full 13F total pending — never estimated |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Freeport-McMoRan's Form 10-K for FY2025 (accession 0000831259-26-000012), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. FCX is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.