FCXFreeport-McMoRan

Materials · Mining · NYSE

Employees: 29,000
Headquarters: Phoenix, AZ
CEO: Kathleen L. Quirk
Next results: around Jan 21, 2027

What the 10-K filed 2026-02-13 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-14.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“Sales to MMC totaled 17% of FCX’s consolidated revenues in 2024, and they are the only customer that accounted for 10% or more of FCX’s annual consolidated revenues during the three years ended December 31, 2025.”
Read it in the 10-K ↗

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

2 new

Pending cases, settlements and what the company has set aside for them.

“District Court in Arizona claiming superior rights to water being used by many other parties, including us, and claiming damages for prior use in derogation of their allegedly superior rights.”
Read it in the 10-K ↗

New “e.Net income attributable to common stock includes net charges totaling $257 million ($0.18 per share), primarily associated with charges at legacy oil and gas properties associated with adjustments to abandonment obligations and asset impairments, metals inventory adjustments, adjustments to environmental obligations and related litigation reserves, adjustments to PTFI’s ARO, and nonrecurring labor-related charges at Cerro Verde, partly offset by net credits associated with historical tax matters at PTFI and a reduction in accruals for uncertain U.S. tax positions.”
Read it in the 10-K ↗

New “At December 31, 2025, FCX had a total litigation reserve of $477 million associated with the global settlement, including $278 million associated with the J&J settlement and $4 million for other potential contributions.”
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“Disputed tax assessments include pending cases at the Indonesia Supreme Court related to withholding taxes for employees and other service providers for the years 2005 and 2007, which total $41 million (included in accounts payable and accrued liabilities) as of December 31, 2025.”
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“Also includes charges totaling $65 million associated with the proposed settlement of talc-related litigation.”
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Guarantees and indemnities

3 new

Promises to pay someone else's debts or losses if they cannot.

“The year 2024 also includes a credit of $26 million associated with the reduction in the accrual to indemnify PT Mineral Industri Indonesia (MIND ID) from potential losses arising from historical tax disputes.”
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New “At December 31, 2025, FCX’s financial assurance obligations associated with these U.S. mine closure and reclamation/restoration costs totaled $2.2 billion, including $1.2 billion in the form of guarantees primarily issued by FCX, and $0.6 billion in letters of credit, bank guarantees and surety bonds.”
Read it in the 10-K ↗

New “In addition, FCX subsidiaries have financial assurance obligations totaling $0.7 billion, including $0.5 billion in the form of guarantees and $0.2 billion in letters of credit, bank guarantees and surety bonds for legacy oil and gas properties associated with plugging and abandoning wells and facilities.”
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“Where oil and gas guarantees associated with the Bureau of Ocean Energy Management do not include a stated cap, the amounts reflect management’s estimates of the potential exposure.”
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New “At December 31, 2025, PTFI had $119 million in restricted time deposits included in other assets and $18 million in letters of credit, bank guarantees and surety bonds for mine closure and reclamation guarantees.”
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Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“In addition, the revolving credit facility contains a total leverage ratio financial covenant.”
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“The credit facility also contains financial covenants governing maximum total leverage and minimum interest expense coverage and other covenants addressing certain environmental and social compliance requirements.”
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“At December 31, 2025, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants.”
Read it in the 10-K ↗

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“Our take-or-pay contractual obligations for electricity totaled approximately $0.2 billion at December 31, 2025.”
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“At December 31, 2025, based on applicable prices on that date, FCX has unconditional purchase obligations (including take-or-pay contracts with terms less than one year) of $4.2 billion, primarily comprising the procurement of copper concentrate ($3.6 billion), transportation services ($0.3 billion) and electricity ($0.2 billion).”
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“FCX’s unconditional purchase obligations total $2.8 billion in 2026, $0.9 billion in 2027, $0.3 billion in 2028, $0.1 billion in 2029, less than $0.1 billion in 2030 and $0.1 billion thereafter.”
Read it in the 10-K ↗

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on FCX in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/FCX/export.csv") into a cell.