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FCXFreeport-McMoRan

Materials · Mining · NYSE

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FY2025 at a glance

Sales up 1.8%, free cash flow down to $1.1B

XBRL, from each 10-K

RevenueStatements ↓

$25.9B

from $25.5B in FY2023

FY2016FY2025

Net incomeStatements ↓

$2.2B

from $1.9B in FY2023

FY2016FY2025

Free cash flowStatements ↓

$1.1B

from $2.4B in FY2023

FY2016FY2025

Operating marginStatements ↓

25.2%

from 27.0% in FY2023

FY2016FY2025

Total debtStatements ↓

$9.4B

from $8.9B in FY2023

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	-	Sales (ttm)	26.4B	Net income (ttm)	3.4B	Sales growth	+1.8%	EPS growth	-	Sales Q/Q	+8.2%
Free cash flow	1.7B	Gross margin	-	Oper. margin	27.6%	Net margin	13.0%	FCF margin	6.5%	ROE	16.4%
ROA	5.6%	R&D / sales	-	Dividend	0.60	Debt/Eq	0.45	Curr. ratio	2.02	Cash	4.3B
Op. cash flow (ttm)	6.2B	EBITDA	8.8B	EBITDA margin	33.8%	Net debt	5.1B	Quick ratio	2.02	Interest cover	25.46
ROIC	14.0%	Tax rate	34.9%	Stock pay / sales	0.5%	Shares out.	1.4B	Shares Y/Y	-0.1%	Book / share	14.62
Cash / share	3.02	Sales / share	18.43	Asset turnover	0.43	Days sales out.	14	Sales 3Y CAGR	+3.7%	Sales 5Y CAGR	+12.8%
EPS 3Y CAGR	+17.7%	Employees	29,000	Sales / employee	912K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2023

Free cash flow fell 53%$2.4B → $1.1B · Cash from operations − capital expenditure · 10-K ↗
Revenue growth slowed to +1.8%+11.4% → +1.8% · Revenue FY2025 / revenue FY2023 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

FCX against Materials peers

Ten years, side by side → · All 24 →

FCXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth

+1.8%17th of 24 · median +4.4%

Net margin

13.0%6th of 24 · median 8.4%

Return on equity

16.4%9th of 24 · median 13.1%

Free cash flow margin

6.5%14th of 24 · median 6.8%

Debt / equity (less is better)

0.455th of 24 · median 0.76

FCX and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
FCX Freeport-McMoRan	$26.4B	+1.8%	-	13.0%	16.4%	6.5%	0.45
NEM Newmont	$26.6B	+21.3%	-	34.7%	25.9%	37.9%	0.14
SHW Sherwin-Williams	$24.9B	+2.1%	48.6%	10.7%	67.3%	12.4%	2.97
IP International Paper	$24.2B	+49.3%	29.8%	-14.3%	-26.3%	0.3%	0.74
AMCR Amcor	$23.9B	+56.6%	19.8%	4.5%	9.3%	3.2%	1.27
STLD Steel Dynamics	$22.2B	+3.6%	15.9%	8.8%	19.9%	4.9%	0.43

Where each dollar goes

FY2021FY2022FY2023FY2023FY2025

From $22.8B of sales to $4.3B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $23.3B of sales to $3.5B of profit

FY2022, from the 10-K income statement

Swipe sideways for the whole flow →

From $22.9B of sales to $1.8B of profit

FY2023, from the 10-K income statement

Swipe sideways for the whole flow →

From $25.5B of sales to $1.9B of profit

FY2023, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $25.9B of sales to $2.2B of profit

FY2025, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$61$18$19

FY2022

$65$15$15

FY2023

$69$19$8

FY2023

$70$20$7

FY2025

$72$17$9

Cost of revenue
Sales, admin & other
Tax & other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3

✓
Net margin above the peer median13.0% vs 8.4%
✓
Return on equity above 15%16.4%
!
A profit in 8 of 10 years

Net margin, FY2016 to FY2025: -28.0% → 8.5%

Balance sheet

4 of 4

✓
Interest covered more than 5 timesOperating income is 25.5× interest expense
✓
Debt smaller than equityDebt / equity 0.45 on the latest balance sheet (peer median 0.76)
✓
Current assets cover current liabilitiesCurrent ratio 2.02
✓
Net debt under 3 years of free cash flow$5.1B net debt, 2.9 years

Debt / equity at each year end, FY2016 to FY2025: 0.57 → 0.50

What the debt is made of ↓

Cash and shareholders

3 of 4

!
Free cash flow positive in 9 of 10 years$1.1B last year
✓
Share count down over 5 years−1.2%
✓
Dividend per share up over 5 years$0.00 → $0.60
✓
Cash from operations above net income$5.6B vs $2.2B

Free cash flow, FY2016 to FY2025: 924.0M → 1.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$9.4B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 25.9B Net income 2.2B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

FCX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue25.9B

Net income2.2B

Free cash flow1.1B

EPS (diluted)2.90

Dividend per share0.60

Diluted shares1.4B

The segments changed

10-K filed 2026-02-13

Compared with the 10-K of Feb 14, 2025: new segments Cerro Verde, Grasberg, Morenci; no longer reported: Molybdenum.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Grasberg	8.6B	33.3%	-16.4%
Rod And Refining	6.9B	26.6%	+10.4%
Cerro Verde	4.7B	18.2%	+10.6%
Atlantic Copper Smelting And Refining	3.2B	12.2%	+5.0%
Morenci	2.6B	10.2%	+12.8%

10-K 0000831259-26-000012, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Cathode	8.1B	31.4%	-2.0%
Concentrate	6.3B	24.3%	-6.3%
Rod and other refined copper products	4.4B	17.1%	+14.7%
Gold (ounces)	3.9B	15.0%	-12.3%
Molybdenum mines	2.0B	7.6%	+10.1%
Other	749.0M	2.9%	+15.9%
Purchased Copper	449.0M	1.7%	-34.4%

10-K 0000831259-26-000012, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
U.S.	9.0B	34.9%	+15.7%
Switzerland	5.3B	20.6%	+25.5%
Japan	2.9B	11.0%	-51.9%
Indonesia	2.2B	8.4%	+96.8%
Singapore	1.2B	4.8%	+11.6%
United Kingdom	1.1B	4.4%	+888%
Other	1.0B	4.0%	-3.8%
Spain	723.0M	2.8%	-31.3%
China	636.0M	2.5%	-14.4%
Chile	471.0M	1.8%	+4.4%
Germany	332.0M	1.3%	-33.6%
France	315.0M	1.2%	+2.9%
Egypt	261.0M	1.0%	+9.2%
South Korea	193.0M	0.7%	-4.9%
India	163.0M	0.6%	-40.3%
Philippines	3.0M	0.0%	-98.9%

10-K 0000831259-26-000012, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2023	FY2025
Revenue	14.8B	16.4B	18.9B	14.4B	14.2B	22.8B	23.3B	22.9B	25.5B	25.9B
Cost of revenue	17.5B	12.0B	13.5B	13.1B	11.7B	14.0B	15.1B	15.7B	17.8B	18.6B
SG&A	597.0M	477.0M	422.0M	394.0M	370.0M	383.0M	420.0M	479.0M	513.0M	545.0M
Operating income	-2.7B	3.7B	4.8B	1.1B	2.4B	8.4B	7.0B	6.2B	6.9B	6.5B
Interest expense	743.0M	565.0M	500.0M	591.0M	472.0M	640.0M	417.0M	419.0M	206.0M	256.0M
Pretax income	-3.5B	2.9B	3.9B	306.0M	1.8B	7.7B	6.7B	6.0B	6.9B	6.4B
Income tax	371.0M	883.0M	991.0M	510.0M	944.0M	2.3B	2.3B	2.3B	2.5B	2.2B
Net income	-4.2B	1.8B	2.6B	-239.0M	599.0M	4.3B	3.5B	1.8B	1.9B	2.2B
EPS (diluted)	-3.16	1.25	1.78	-0.17	0.41	2.90	-	-	-	-
Diluted shares	1.3B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.4B	1.4B	1.4B
Depreciation & amortization	2.6B	1.7B	1.8B	1.4B	1.5B	2.0B	2.0B	2.1B	2.2B	2.2B
EBITDA	-119.0M	5.4B	6.5B	2.5B	4.0B	10.4B	9.1B	8.3B	9.1B	8.8B
Operating margin	-18.4%	22.5%	25.1%	7.6%	17.2%	36.6%	30.2%	27.2%	27.0%	25.2%
Net margin	-28.0%	11.1%	13.7%	-1.7%	4.2%	18.8%	14.9%	8.1%	7.4%	8.5%
Revenue growth	-	+10.6%	+15.5%	-24.0%	-1.4%	+60.9%	+1.9%	-1.8%	+11.4%	+1.8%
EPS growth	-	-	+42.4%	-110%	-	+607%	-	-	-	-

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2023	FY2025
Cash	4.2B	4.5B	4.2B	2.0B	3.7B	8.1B	8.1B	4.8B	3.9B	3.8B
Receivables	1.1B	1.3B	829.0M	741.0M	892.0M	1.2B	1.3B	1.2B	578.0M	977.0M
Current assets	10.4B	10.6B	10.5B	7.9B	9.3B	14.8B	15.6B	14.1B	13.3B	13.8B
Property & equipment	23.2B	23.0B	28.0B	29.6B	29.8B	30.3B	32.6B	35.3B	38.5B	40.7B
Total assets	37.3B	37.3B	42.2B	40.8B	42.1B	48.0B	51.1B	52.5B	54.8B	58.2B
Accounts payable	1.5B	1.5B	1.7B	1.7B	1.5B	2.0B	2.7B	2.5B	2.8B	2.9B
Current liabilities	4.3B	4.9B	3.3B	3.2B	3.4B	5.9B	6.3B	5.8B	5.5B	6.0B
Total debt	3.5B	13.2B	11.1B	9.8B	9.7B	9.4B	10.6B	9.4B	8.9B	9.4B
Total liabilities	28.1B	26.0B	24.3B	23.4B	23.5B	25.0B	26.2B	25.2B	26.1B	27.4B
Shareholders' equity	6.1B	8.0B	9.8B	9.3B	10.2B	14.0B	15.6B	16.7B	17.6B	18.9B
Retained earnings	-16.5B	-14.7B	-12.0B	-12.3B	-11.7B	-7.4B	-3.9B	-2.1B	-170.0M	1.4B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2023	FY2025
Operating cash flow	3.7B	4.7B	3.9B	1.5B	3.0B	7.7B	5.1B	5.3B	7.2B	5.6B
Capital spending	2.8B	1.4B	2.0B	2.7B	2.0B	2.1B	3.5B	4.8B	4.8B	4.5B
Free cash flow	924.0M	3.3B	1.9B	-1.2B	1.1B	5.6B	1.7B	455.0M	2.4B	1.1B
Stock-based pay (added back)	86.0M	71.0M	76.0M	63.0M	99.0M	98.0M	95.0M	109.0M	109.0M	121.0M
Dividends paid	699.0M	176.0M	496.0M	0	0	1.0B	866.0M	863.0M	865.0M	865.0M
Buybacks	-	-	-	0	0	488.0M	1.3B	0	59.0M	107.0M
Debt raised	3.7B	955.0M	632.0M	1.9B	3.5B	1.2B	5.7B	1.8B	2.3B	3.2B
Debt repaid	7.6B	3.8B	2.7B	3.2B	3.7B	1.5B	4.5B	3.0B	2.7B	2.8B
Investing cash flow	3.6B	-1.3B	-5.0B	-2.1B	-1.3B	-2.0B	-3.4B	-5.0B	-5.0B	-4.5B
Financing cash flow	-3.2B	-3.1B	900.0M	-1.6B	-128.0M	-1.3B	-1.6B	-2.6B	-3.3B	-1.9B
Dividend per share	0.00	0.00	0.20	0.20	0.00	0.38	0.60	0.60	0.60	0.60

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2023	FY2025
Stock-based pay (expense)	86.0M	71.0M	76.0M	63.0M	99.0M	98.0M	95.0M	109.0M	109.0M	121.0M
Stock-based pay / revenue	0.6%	0.4%	0.4%	0.4%	0.7%	0.4%	0.4%	0.5%	0.4%	0.5%
Operating lease cost	-	-	-	55.0M	42.0M	42.0M	46.0M	48.0M	44.0M	61.0M
Operating lease cash paid	-	-	-	38.0M	36.0M	54.0M	41.0M	61.0M	61.0M	85.0M
Finance lease principal paid	-	-	-	4.0M	4.0M	25.0M	7.0M	3.0M	41.0M	37.0M
Right-of-use assets	-	-	243.0M	232.0M	207.0M	337.0M	342.0M	448.0M	853.0M	1.2B
Operating lease liabilities	-	-	243.0M	248.0M	228.0M	319.0M	332.0M	431.0M	790.0M	1.1B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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