FCX Freeport-McMoRan FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-02-13 · 1,443M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

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.

S&P 500 · MATERIALS · CIK 831259
REVENUE$25.9B+1.8% YoY
NET INCOME$2.2B+16.7% YoY
OPERATING CASH FLOW$5.6B-21.6% YoY
77
FILING SCORE / 100
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How the score is computed: 6 management claims are checked against the filed statements and 4 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 8/12 on claims and 7/8 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG10 CHECKS · 0 red · 1 watchNEXT 10-Q ~AUG 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues25,91525,45522,8552
· Copper cathode8,1478,3176,588
· Copper in concentrates6,3106,7347,132
· Refined copper products4,4193,8513,659
· Gold3,9004,4463,472
· Molybdenum1,9661,7861,991
· Other products or services749646600
· Purchased copper449684452
Cost of revenue18,61817,79515,6951
Selling, general and administrative545513479
Depreciation, depletion and amortization2,2442,2412,0681
Impairments73——
Total operating expenses19,39718,59116,630
Operating income6,5186,8646,2251
Other income (expense), net223362286
Income before income taxes6,3726,9076,006
Income tax provision2,2212,5232,2701
— of which current1,9732,6002,0881
Net income incl. noncontrolling interests4,1524,3993,751
Less: noncontrolling interests1,9482,5101,903
Net income attributable to common2,2041,8891,8482
Weighted-average diluted shares1,4431,4451,443
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests4,1524,3993,751
Depreciation, depletion and amortization2,2442,2412,0681
Share-based compensation121109109
Deferred income taxes253(74)373
Change in receivables521(460)(166)
Change in inventories709638873
Change in payables802143(161)
Net cash provided by operating activities5,6107,1605,2792
Net cash used in investing activities(4,472)(5,028)(4,956)
Dividends paid865865863
Repurchases of common stock107590
Debt issued3,1952,2511,781
Debt repaid2,7772,7312,980
Net cash used in financing activities(1,876)(3,284)(2,650)
Cash and equivalents at end of period4,1734,9116,063
Balance sheet · $ millions20252024
Cash and cash equivalents3,8243,9232
Receivables, net9775781
Total current assets13,79013,296
Property, plant and equipment, net40,73638,514
Intangible assets, net219214
Total assets58,16754,848
Accounts payable2,9482,789
Current debt466412
Total current liabilities6,0195,496
Long-term debt8,9138,9072
Total liabilities27,40126,070
Stockholders' equity18,89917,581
Noncontrolling interests11,86711,197
Total equity30,76628,778
Segments · as filed in the segment note · $ millionsGrasberg segmentRod and refining segmentCerro verdeAtlantic copper smelting and refining segmentMorenciCorporate / unallocatedConsolidated
Net sales8,6226,8904,7063,1692,648(120)25,915
Operating income3,840311,818116072116,518
· operating margin44.5%0.4%38.6%0.3%22.9%—25.2%

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total assets · BS58,16754,848+3,319+6.1%—
Property, plant and equipment, net · BS40,73638,514+2,222+5.8%—
Total equity · BS30,76628,778+1,988+6.9%—
Net cash provided by operating activities · CF5,6107,160−1,550-21.6%—
Net cash used in financing activities · CF(1,876)(3,284)+1,408+42.9%—
Total liabilities · BS27,40126,070+1,331+5.1%—
Stockholders' equity · BS18,89917,581+1,318+7.5%—
Change in receivables · CF521(460)+981+213.3%—
Debt issued · CF3,1952,251+944+41.9%—
Cost of revenue · IS18,61817,795+823+4.6%—
Total operating expenses · IS19,39718,591+806+4.3%—
Cash and equivalents at end of period · CF4,1734,911−738-15.0%—
Noncontrolling interests · BS11,86711,197+670+6.0%—
Change in payables · CF802143+659+460.8%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
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 5consistent
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 · $ millionsSEP 24MAR 25JUN 25SEP 25MAR 26
Total revenues6,7905,7287,5826,9726,234
Cost of revenue4,6774,2224,9504,8304,579
Selling, general and administrative117154127131162
Depreciation, depletion and amortization—466——514
Total operating expenses4,8524,4255,1505,0004,097
Operating income1,9381,3032,4321,9722,137
Other income (expense), net9758415911
Income before income taxes1,9631,2912,3911,9242,034
Income tax provision737500850669653
Net income incl. noncontrolling interests1,2367931,5471,2471,387
Less: noncontrolling interests710441775573506
Net income attributable to common526352772674881
Diluted earnings per share$0.36$0.24$0.53$0.46$0.61
Weighted-average diluted shares1,4441,4441,4431,4431,444
Net cash provided by operating activities—1,058——1,495
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total operating expenses5,0004,097−903-18.1%
Total revenues6,9726,234−738-10.6%
Net cash provided by operating activities1,0581,495+437+41.3%
Cost of revenue4,8304,579−251-5.2%
Net income attributable to common674881+207+30.7%
Operating income1,9722,137+165+8.4%
Net income incl. noncontrolling interests1,2471,387+140+11.2%
Income before income taxes1,9242,034+110+5.7%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$61,900M10-K cover · as of 2025-06-30
Insider Form 4s, 90d12 filings · 0 buys / 1 sellsnet selling · −$475,650
· Higgins Stephen T.SELL $475,650Form 4 filed 2026-08-03 · 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%+ namedfull 13F total pending — never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Net debtTotal debt less cash and equivalents. Derived on this page.
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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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.