Third-Quarter and Nine-Month 2026 Results
• Third-quarter 2026 consolidated copper and gold production in line with expectations
◦ Gold sales volumes impacted by previously reported timing of gold sales in Indonesia
• Ramp-up of mining operations in the Grasberg minerals district met expectations with significant growth expected in 2027 and 2028
◦ Opportunities for scaling innovative leach and technology initiatives in the Americas and potential significant brownfield expansions in the U.S.
attributable to common stock in third-quarter 2026 totaled $1.2 billion, $0.81 per share, and adjusted net income attributable to common stock totaled $1.3 billion, $0.88 per share.
totaled 832 million pounds of copper, 234 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2026.
totaled 749 million pounds of copper, 105 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2026.
are expected to approximate 3.0 billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of molybdenum for the year 2026, including 875 million pounds of copper, 300 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2026.
were $6.54 per pound for copper, $4,273 per ounce for gold and $32.46 per pound for molybdenum in third-quarter 2026.
were $2.07 per pound of copper in third-quarter 2026 and are expected to average $1.90 per pound of copper for the year 2026.
totaled $2.0 billion, net of $0.4 billion of working capital and other uses, in third-quarter 2026. Assuming prices of $6.50 per pound for copper, $4,000 per ounce for gold and $32.00 per pound for molybdenum in fourth-quarter 2026, operating cash flows are expected to approximate $8.5 billion, net of $0.6 billion of working capital and other uses, for the year 2026.
totaled $1.2 billion, including $0.7 billion for major mining projects, in third-quarter 2026. Capital expenditures are expected to approximate $4.4 billion, including $3.0 billion for major mining projects, for the year 2026.
totaled $1.8 billion, excluding $3.2 billion of debt for PT Freeport Indonesia’s (PTFI) downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.
for a total cost of $102 million ($70.75 average cost per share), bringing share purchases for the first nine months of 2026 to 4.9 million shares for $305 million ($62.69 average cost per share).
PHOENIX, AZ, October 27, 2026 – Freeport (NYSE: FCX) reported third-quarter 2026 net income attributable to common stock of $1.2 billion, $0.81 per share, and adjusted net income attributable to common stock of $1.3 billion, $0.88 per share, after excluding after-tax net charges totaling $101 million, $0.07 per share, primarily for idle facility and restoration costs associated with PTFI’s September 2025 external mud rush incident. For additional information, refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII.
Kathleen Quirk, President and Chief Executive Officer, said, “The Freeport team delivered strong financial results in the third quarter and achieved several important milestones to drive value and support future growth. We made continued steady progress with our Grasberg ramp-up and advanced innovative leach and technology initiatives in our Americas business to enhance performance and growth options. Favorable pricing for our products, particularly for copper and molybdenum, drove strong margins with substantial conversion to bottom-line results, highlighting the strength of our diversified portfolio. We remain focused on operational excellence, delivering growing volumes at Grasberg safely and sustainably and expanding production from our existing asset base to increase margins, cash flow and earnings. Freeport is strongly positioned as
® and as a global copper leader with large-scale, geographically diverse operations and a pipeline of attractive growth options to support a growing market and build value for stakeholders.”
a. For segment financial results, refer to the supplemental schedule, “Business Divisions and Segments,” beginning on page X.
b. Includes favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $52 million ($17 million to net income attributable to common stock or $0.01 per share) in third-quarter 2026, $11 million ($1 million to net income attributable to common stock or less than $0.01 per share) in third-quarter 2025, $58 million ($24 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2026 and $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the first nine months of 2025. For further discussion, refer to the supplemental schedule, “Derivative Instruments,” beginning on page IX.
c. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $24 million ($8 million to net income attributable to common stock or $0.01 per share) in third-quarter 2026, $13 million ($15 million to net income attributable to common stock or $0.01 per share) in third-quarter 2025, $76 million ($25 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2026 and $161 million ($58 million to net income attributable to common stock or $0.04 per share) for the first nine months of 2025. Refer to the supplemental schedule, “Deferred Profits,” on page X.
d. Includes after-tax net charges totaling $101 million ($0.07 per share) in third-quarter 2026, $48 million ($0.04 per share) in third-quarter 2025, $146 million ($0.10 per share) for the first nine months of 2026 and $72 million ($0.05 per share) for the first nine months of 2025, that are described in the supplemental schedule, “Adjusted Net Income,” beginning on page VII.
e. Cash used for working capital totaled $0.4 billion in third-quarter 2026, $0.1 billion in third-quarter 2025, $0.8 billion for the first nine months of 2026 and $0.5 billion for the first nine months of 2025.
a. Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit net cash costs (credits) by operating division to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
b. Excludes idle facility, direct recovery and restoration costs associated with PTFI’s September 2025 external mud rush incident. Refer to “Adjusted Net Income,” beginning on page VII for a summary of these charges.
of 832 million pounds was in line with expectations, with slightly better results from Indonesia and South America operations offsetting lower production in the U.S. Third-quarter 2026 production exceeded sales by approximately 11%, primarily reflecting in-process inventories at smelting operations in Indonesia. Third-quarter 2026
of 749 million pounds were in line with the July 2026 estimate of 750 million pounds.
• As expected, third-quarter 2026 sales were below third-quarter 2025 sales of 1.0 billion pounds, primarily reflecting lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine and timing of shipments.
of 105 thousand ounces were significantly below third-quarter 2026 production primarily resulting from in-process inventories at smelting and refining operations and timing of sales. Third-quarter 2026 gold sales were lower than the July 2026 estimate of 160 thousand ounces, primarily reflecting the timing of refined gold sales in Indonesia.
• Third-quarter 2026 sales were below third-quarter 2025 sales, reflecting the timing of sales and lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine.
of 22 million pounds were in line with the July 2026 estimate and higher than third-quarter 2025 sales of 19 million pounds, primarily reflecting timing of shipments.
Consolidated sales volumes for the year 2026 are expected to approximate 3.0 billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of molybdenum, including 875 million pounds of copper, 300 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2026. With the projected significant increase in gold sales in fourth-quarter 2026, PTFI may sell gold in the export market to the extent not required by
the domestic market. PTFI is seeking clarity from the Indonesia government on administrative procedures for PTFI’s refined gold exports since current regulations (specifying a 10% export duty) conflict with the terms in PTFI’s special mining business license (IUPK) (which do not require the payment of duties on refined gold exports).
Consolidated copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 70 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.
Consolidated unit net cash costs (net of by-product credits and excluding idle facility, direct recovery and restoration costs associated with the ramp-up of the Grasberg Block Cave underground mine) for FCX’s copper mines averaged $2.07 per pound of copper in third-quarter 2026, which was 4% above the July 2026 estimate of $2.00 per pound, primarily reflecting lower by-product credits as a result of the deferral of gold sales from third-quarter 2026 to fourth-quarter 2026.
Third-quarter 2026 average unit net cash costs were higher than third-quarter 2025 average unit net cash costs of $1.40 per pound of copper, primarily reflecting the impact of lower copper and gold volumes at PTFI and higher production costs, including for energy and other consumables.
During the ramp-up period of the Grasberg Block Cave underground mine and until PTFI’s operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non- inventoriable. Idle facility, direct recovery and restoration costs totaled $244 million in third-quarter 2026, $934 million for the first nine months of 2026 and $171 million in both third-quarter 2025 and for the first nine months of 2025, which were excluded from consolidated net cash costs.
Based on achievement of current sales volume and cost estimates and assuming average prices of $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs) for FCX’s copper mines are expected to average $1.90 per pound of copper for the year 2026 (including $1.68 per pound of copper in fourth-quarter 2026).
The impact of price changes on consolidated unit net cash costs for the year 2026 would approximate $0.01 per pound of copper for each $100 per ounce change in the average price of gold during fourth-quarter 2026 and $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum during fourth-quarter 2026.
Projected sales volumes and unit net cash costs for the year 2026 are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine and smelter at PTFI; impacts related to the conflict in the Middle East, including changes in energy costs and other consumables; weather-related conditions; timing of shipments and sales and other factors detailed in the “Cautionary Statement” below.
FCX is incorporating new applications, technologies and data analytics into its leaching processes across its United States (U.S.) and South America operations to strengthen long-term cost competitiveness and unlock significant value. Incremental copper production from these initiatives totaled 55 million pounds in third-quarter 2026 and 156 million pounds for the first nine months of 2026.
FCX is targeting an increase in production from these initiatives from the current run rate of approximately 220 million pounds of copper per annum to 300 million pounds in 2027, with potential for further significant increases in recoverable metal in future years. FCX continues to deploy large-scale testing of an internally developed additive at its Morenci operations, where early results have been encouraging. In addition, FCX has developed two customized additives that are being manufactured and are expected to be deployed at multiple stockpiles in the first half of 2027. Laboratory testing of these newly developed additives has demonstrated significant improvements in copper recoveries. FCX is also advancing projects to use heat sources to increase the temperature of its stockpiles to boost copper recoveries. Success with these initiatives has the potential to contribute to additions in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.
In addition to its innovative leaching initiatives, FCX is pursuing opportunities to leverage new technologies and analytic tools in automation and operating practices with a goal of improving operating efficiencies and reducing costs and capital intensity of its current operations and future development projects. FCX believes its innovative leaching and technology initiatives will strengthen its operational performance and enhance opportunities for profitable growth.
FCX manages seven copper operations in the U.S. – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. FCX also operates a copper smelter and rod mill in Miami, Arizona, and a copper refinery and rod mill in El Paso, Texas. In addition to copper, certain of these operations produce molybdenum concentrate, gold and silver.
All of FCX’s U.S. operations are wholly owned, except for Morenci. FCX records its 72% undivided joint venture interest in Morenci using the proportionate consolidation method.
Development Activities. FCX has substantial reserves, resources and future opportunities for organic growth in the U.S. associated with existing operations. Several initiatives are underway to target significant future growth in U.S. copper operations, including the leaching and technology innovation initiatives discussed above.
FCX has conducted technical and economic studies to more than double the concentrator capacity of the Bagdad operation in northwest Arizona. Bagdad’s reserve life currently exceeds 80 years and supports an expanded operation. FCX expects to reach an investment decision on the expansion project in fourth- quarter 2026. The studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year and increase molybdenum production by 10 to 12 million pounds per year. Expanded operations would position Bagdad as the second-largest copper mine in the U.S. (behind FCX’s flagship Morenci mine) and among the lowest cost mines in FCX’s U.S. portfolio, and Bagdad would benefit from economies of scale, modernized operating models, improved efficiency and lower long-term unit net cash costs.
Capital cost estimates for the Bagdad expansion are being finalized, taking into account current estimates, including for materials, equipment and labor. Current estimates, which remain under review, indicate future incremental capital costs for a new concentrator, mining equipment and expanded infrastructure to approximate $4.5 billion. The project economics are supported at an incentive copper price of approximately $4.00 per pound and would require three to four years to complete. The decision to proceed with and timing of the potential expansion will take into account overall copper market conditions and other factors.
FCX is advancing pre-feasibility studies in the Safford/Lone Star district to define a potential significant expansion opportunity. Positive drilling conducted in recent years indicates a large, mineralized district with opportunities to pursue a large expansion project. FCX expects to complete initial studies in 2027. The decision to proceed with and timing of the potential expansion will take into account results of technical and economic studies, overall copper market conditions and other factors.
a. Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at FCX’s U.S. copper mines.
b. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
FCX’s consolidated copper sales volumes from its U.S. copper mines of 333 million pounds in third-quarter 2026 were slightly lower than third-quarter 2025 copper sales volumes of 339 million pounds. Consolidated copper sales from FCX’s U.S. copper mines are expected to approximate 1.3 billion pounds for the year 2026.
FCX’s U.S. copper mines faced challenging operating conditions in third-quarter 2026 associated with an increased frequency of extreme weather conditions, which adversely affected operating rates and productivity. Although third-quarter 2026 operating rates at FCX’s U.S. copper mines were 10% higher than those in third- quarter 2025, they were approximately 3% to 5% below expectations and operating rates achieved in second-quarter 2026.
Average unit net cash costs (net of by-product credits) for the U.S. copper mines of $3.16 per pound of copper in third-quarter 2026 were higher than third- quarter 2025 average unit net cash costs of $3.11 per pound of copper. Unit costs in third-quarter 2026 were adversely impacted by lower volumes from reduced productivity and higher costs for energy and other inputs, partially offset by higher by-product credits.
Based on achievement of current sales volume and cost estimates and assuming an average price of $32.00 per pound of molybdenum in fourth-quarter 2026, average unit net cash costs (net of by-product credits) for the U.S. copper mines are expected to approximate $3.08 per pound of copper for the year 2026. The U.S. copper mines’ average unit net cash costs for the year 2026 would change by approximately $0.01 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 2026.
FCX manages two copper operations in South America – Cerro Verde in Peru (55.66%-owned) and El Abra in Chile (51%-owned). These operations are consolidated in FCX’s financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.
Development Activities . At the El Abra operations in Chile, FCX is advancing the permitting process for a significant expansion opportunity to include a major mill facility similar to the large-scale concentrator at Cerro Verde. The project could result in the addition of over 700 million pounds of copper production per year. In March 2026, El Abra submitted an environmental impact study to Chile regulatory authorities and continues to advance the regulatory process. Preliminary estimates, which remain under review, indicate project capital costs of approximately $7.5 billion (based on estimates prepared in 2024) with project economics supported using an incentive copper price of less than $4.00 per pound. The decision to proceed with and timing of the potential project will take into account required permitting, market conditions and other factors.
Operating Data. Following is summary consolidated operating data for South America operations:
a. Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at Cerro Verde.
b. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
FCX’s consolidated copper sales volumes from South America operations of 263 million pounds in third-quarter 2026 were lower than third-quarter 2025 copper sales volumes of 278 million pounds, primarily reflecting slightly lower production resulting from lower ore grades and the timing of shipments. Copper sales from South America operations are expected to approximate 1.0 billion pounds for the year 2026.
Average unit net cash costs (net of by-product credits) for South America operations were $2.39 per pound of copper in third-quarter 2026 compared to average unit net cash costs of $2.30 per pound of copper in third-quarter 2025. In addition to the impact of lower volumes, unit net cash costs were impacted by higher costs for employee profit sharing at Cerro Verde, energy and other inputs, and maintenance and contractor costs at El Abra, partially offset by higher by-product credits.
Based on achievement of current sales volume and cost estimates and assuming an average price of $32.00 per pound of molybdenum in fourth-quarter 2026, average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.59 per pound of copper for the year 2026. South America operations’ average unit net cash costs for the year 2026 would change by approximately $0.02 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 2026.
PTFI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. In addition to copper and gold, the Grasberg minerals district also produces silver. With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper, gold and silver. FCX has a 48.76% ownership interest in PTFI and manages its operations. PTFI’s results are consolidated in FCX’s financial statements.
Operating, Development and Exploration Activities. Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone (DMLZ) and Big Gossan) and completed related expansion of the milling facilities. At normal operating rates, PTFI’s underground operations produce approximately 1.7 billion pounds of copper and 1.3 million ounces of gold per year and are among the lowest-cost copper mining operations in the world.
PTFI has identified additional exploration targets to leverage its infrastructure in the Grasberg minerals district, including a potential extension below the DMLZ underground mine, which requires further drilling and evaluation.
Kucing Liar . Since 2022, PTFI has conducted long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district. PTFI’s long-term mine plans include a ramp-up of Kucing Liar, commencing in the 2030 timeframe, to a design capacity of approximately 130,000 metric tons of ore per day. The project start-up schedule is under review. Average annual production from Kucing Liar at full operating rates would approximate 750 million pounds of copper and 735 thousand ounces of gold and would enable continuity of large- scale production in the Grasberg minerals district.
As of September 30, 2026, PTFI has incurred approximately $1.6 billion for Kucing Liar development, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year).
Long-Term Mining Rights . In February 2026, FCX and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration in 2041. Under the terms of the MOU, FCX would maintain its current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042. The existing governance and operating structure, and terms of the existing shareholder agreement, IUPK and other agreements in effect will continue over the life of the resource.
An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.
In June 2026, PTFI submitted its application for extension of its IUPK, and FCX and PTFI are working with the Indonesia government to complete the formal license process. The extension of operating rights and other terms are subject to, among other things, the Indonesia government’s issuance of an amended IUPK.
Grasberg Block Cave Ramp-Up . Following the September 2025 external mud rush incident, PTFI has made significant progress with the ramp-up of the Grasberg Block Cave underground mine to achieve a safe and sustainable ramp-up to full operating capacity.
In third-quarter 2026, mill throughput averaged 141 thousand metric tons of ore per day (67% of capacity), including 70 thousand metric tons of ore per day from the Grasberg Block Cave underground mine. PTFI continues to expect to reach 80% of capacity in mid-2027 and approach full capacity by year-end 2027.
PTFI completed remediation and restoration activities required for the restart of Production Blocks 2 and 3 and commenced initial ramp-up activities at the end of March 2026. Upgrades to the material handling system at the Grasberg Block Cave haulage level have progressed on schedule with expected completion by early 2027. Preparations continue for the targeted restart of production from Production Block 1S by mid-2027.
Downstream Processing Facilities . PTFI’s smelter and PT Smelting, PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia, smelt and refine copper concentrate from PTFI, and the Precious Metals Refinery (PMR) processes anode slimes from PTFI’s smelter and PT Smelting.
PTFI has combined smelting capacity, including PT Smelting, to produce up to approximately 800,000 metric tons of cathode annually, and the PMR is capable of processing all of PTFI’s gold production.
Following the September 2025 external mud rush incident, during the ramp-up period of the Grasberg Block Cave underground mine, smelting operations in Indonesia at both PTFI’s smelter and PT Smelting were adjusted as a result of limited copper concentrate availability. PT Smelting resumed operations in late 2025 and PTFI’s smelter successfully re-commenced operations in late August 2026. Ramp-up activities are proceeding in line with expectations.
FCX expects higher variability between PTFI’s production and sales until its downstream processing facilities achieve normalized operating rates.
Operating Data. Following is summary consolidated operating data for Indonesia operations:
a. For a reconciliation of unit net cash credits per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
b. Excludes idle facility, direct recovery and restoration costs associated with the September 2025 external mud rush incident. Refer below and to “Adjusted Net Income,” beginning on page VII for a summary of these charges.
c. Reflects downstream tolling fees and operating costs and does not represent market treatment and refining rates. Favorable offsets associated with incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities are included in revenues and by-product credits.
d. Excludes $0.11 per pound of copper in third-quarter 2025 and $0.04 per pound of copper for the first nine months of 2025 associated with PT Smelting's planned maintenance and idle facility related tolling fees.
PTFI’s consolidated sales volumes of 153 million pounds of copper and 98 thousand ounces of gold in third-quarter 2026 were lower than third-quarter 2025 sales volumes of 360 million pounds of copper and 332 thousand ounces of gold, primarily reflecting lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine. Third-quarter 2026 gold sales volumes were also impacted by the deferral of approximately 60 thousand ounces of refined gold from third-quarter 2026 to fourth-quarter 2026.
In Indonesia, abnormally dry weather conditions have been generally favorable for mining but present various challenges in the milling process. Water availability for the operations and site infrastructure are being actively managed with limited impacts to production to date. Extended periods without precipitation may impact future mill rates and mitigation efforts will continue to be implemented during this period.
PTFI’s unit net cash credits (including by-product credits) of $0.84 per pound of copper in third-quarter 2026 were lower than third-quarter 2025 unit net cash credits of $0.92 per pound of copper, primarily reflecting lower copper and gold volumes.
During the ramp-up period of the Grasberg Block Cave underground mine and until PTFI’s operations return to normal capacity, a portion of PTFI’s production and delivery costs will be recognized as idle facility costs, which are non- inventoriable. Idle facility, direct recovery and restoration costs totaled $244 million ($1.59 per pound of copper) in third-quarter 2026, $934 million ($2.40 per pound of copper) for the first nine months of 2026 and $171 million in both third-quarter 2025 ($0.47 per pound of copper) and for the first nine months of 2025 ($0.16 per pound of copper), which were excluded from PTFI's unit net cash credits.
Consolidated sales volumes from PTFI are expected to approximate 0.7 billion pounds of copper and 632 thousand ounces of gold for the year 2026. Copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 70 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.
Based on achievement of current sales volume and cost estimates and assuming an average price of $4,000 per ounce of gold in fourth-quarter 2026, average unit net cash credits (including by-product credits and excluding idle facility and restoration costs) for PTFI are expected to approximate $1.25 per pound of copper for the year 2026. PTFI’s average unit net cash credits for the year 2026 would change by approximately $0.04 per pound of copper for each $100 per ounce change in the average price of gold in fourth-quarter 2026.
FCX operates two wholly owned primary molybdenum operations in Colorado – the Climax open-pit mine and the Henderson underground mine. The Climax and Henderson mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. The majority of the molybdenum concentrate produced at the Climax and Henderson mines and at FCX’s U.S. copper mines and Cerro Verde mine is processed at FCX’s conversion facilities.
Operating and Development Activities. Production from the Molybdenum mines totaled 8 million pounds of molybdenum in both the third quarters of 2026 and 2025. FCX’s consolidated molybdenum sales and average realized prices include sales of molybdenum produced at the primary molybdenum operations and at FCX’s U.S. copper mines and Cerro Verde mine, which are presented on page 3.
Average unit net cash costs for the Molybdenum mines of $20.04 per pound of molybdenum in third-quarter 2026 were higher than average unit net cash costs of $19.41 per pound in third-quarter 2025, primarily reflecting higher costs for supplies, labor and energy. Average unit net cash costs for the Molybdenum mines are expected to approximate $18.66 per pound of molybdenum for the year 2026, based on achievement of current sales volume and cost estimates.
For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
Liquidity. At September 30, 2026, FCX had $4.3 billion in consolidated cash and cash equivalents. FCX also had $3.0 billion of availability under its revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.
Operating Cash Flows. In third-quarter 2026, FCX generated operating cash flows of $2.0 billion, net of $0.4 billion of working capital and other uses, and $5.5 billion, net of $0.8 billion of working capital and other uses, for the first nine months of 2026.
FCX’s consolidated operating cash flows are expected to approximate $8.5 billion for the year 2026, net of $0.6 billion of working capital and other uses, based on current sales volume and cost estimates, and assuming prices of $6.50 per pound of copper, $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026. The impact of price changes during fourth-quarter 2026 on operating cash flows for the year 2026 would approximate $75 million for each $0.10 per pound change in the average price of copper, $25 million for each $100 per ounce change in the average price of gold and $12 million for each $2 per pound change in the average price of molybdenum.
Capital Expenditures. Capital expenditures totaled $1.2 billion in third-quarter 2026, including $0.7 billion for major mining projects, and $3.2 billion for the first nine months of 2026, including $2.0 billion for major mining projects.
Capital expenditures are expected to approximate $4.4 billion for the year 2026, including $3.0 billion for major mining projects. Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district and a leaching project at El Abra, and $1.6 billion for discretionary growth projects.
Cash. Following is a summary of the U.S. and international components of consolidated cash and cash equivalents available to the parent company, net of noncontrolling interests’ share and withholding taxes, at September 30, 2026 (in billions):
Cash at domestic companies $ 2.3 Cash at international operations 2.0 Total consolidated cash and cash equivalents 4.3 Noncontrolling interests’ share -0.9 Cash, net of noncontrolling interests’ share 3.4 Withholding taxes -0.1 Net cash available $ 3.3
Debt. Following is a summary of consolidated debt and the weighted-average interest rates at September 30, 2026 (in billions, except percentages):
Weighted- Average Senior notes: Interest Rate ───────────────────────────────────────────────────────────────────────── Issued by FCX $ 5.3 5.0% Issued by PTFI 3.0 5.4% Issued by Freeport Minerals Corporation 0.4 7.5% PTFI revolving credit facility 0.3 5.6% Atlantic Copper lines of credit and 0.5 4.3% other Total consolidated debt $ 9.4 a 5.2%
In September 2026, PTFI amended and restated its $1.75 billion, senior unsecured revolving credit facility to extend the maturity date from November 2028 to September 2031. The terms of the amended facility are substantially similar to PTFI’s prior facility. In addition, FCX’s and Cerro Verde’s revolving credit facilities were extended to 2031 earlier in 2026.
At September 30, 2026, there were (i) no borrowings and $5 million in letters of credit issued under FCX’s $3.0 billion revolving credit facility, (ii) $250 million in borrowings outstanding under PTFI’s $1.75 billion revolving credit facility, and (iii) no borrowings outstanding under Cerro Verde’s $350 million revolving credit facility.
FCX’s consolidated debt has a weighted-average remaining maturity of approximately eight years. PTFI has $0.7 billion in scheduled senior note maturities in April 2027, and FCX has $0.6 billion in scheduled senior note maturities in the second half of 2027.
FCX’s financial policy is aligned with its strategic objectives of maintaining a solid balance sheet, providing cash returns to common stockholders and advancing opportunities for future growth. The policy includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to common stockholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to FCX maintaining its net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding project debt for PTFI’s downstream processing facilities). FCX’s Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.
During the first nine months of 2026, FCX returned $955 million to shareholders, consisting of $650 million in common stock dividends and $305 million in share repurchases.
Net Debt . At September 30, 2026, FCX’s net debt totaled $1.8 billion, which excludes $3.2 billion of debt for PTFI’s downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.
Common Stock Dividends . On September 23, 2026, FCX’s Board declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which will be paid on November 2, 2026, to common stockholders of record as of October 15, 2026. The declaration and payment of dividends (base or variable) are at the discretion of the Board and will depend on FCX’s financial results, cash requirements, global economic conditions and other factors deemed relevant by the Board.
Share Repurchase Program . During third-quarter 2026, FCX purchased 1.4 million shares of its common stock for a total cost of $102 million ($70.75 average cost per share), bringing total purchases during the first nine months of 2026 to 4.9 million shares for a total cost of $305 million ($62.69 average cost per share).
At October 26, 2026, FCX has 1.4 billion shares of common stock outstanding and has purchased 56.8 million shares for a total cost of $2.3 billion ($40.58 average cost per share) under its $5.0 billion share repurchase program. The timing and amount of share repurchases is at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.
A conference call with securities analysts to discuss FCX’s third-quarter 2026 results is scheduled for today at 10:00 a.m. Eastern Time. The conference call will be broadcast on the internet along with slides. Interested parties may listen to the conference call live and view the slides by accessing fcx.com. A replay of the webcast will be available through Friday, November 27, 2026. -------------------------------------------------------------------------------- --------------------------- FREEPORT:
FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long- lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.
FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in the U.S. and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.
By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX’s website at fcx.com .
Cautionary Statement: This press release contains forward-looking statements in which FCX discusses its potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; restoration and remediation efforts, and ramp-up of production and downstream processing following the September 2025 external mud rush incident at PTFI’s Grasberg Block Cave underground mine and the anticipated impact on FCX’s business, production, sales, results of operations and operating plans; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; the life of resource extension of operating rights in the Grasberg minerals district, including the extension of PTFI’s IUPK beyond 2041; timing of sales or shipments of inventoried production; FCX’s sustainability-related commitments, aspirations and targets; FCX’s overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; achievement of FCX’s 2030 climate targets and its 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities and investment decisions; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of FCX’s financial policy and future returns to common stockholders, including dividend payments (base or variable) and share repurchases. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “future,” “commitments,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration and payment of dividends (base or variable), and timing and amount of any share repurchases are at the discretion of the Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by the Board or management, as applicable. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.
FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX’s actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities FCX produces, primarily copper and gold; changes in export duties and tariff rates; production rates; timing of shipments and sales; reduced customer demand or capacity; changes in the terms of arrangements or contracts; PTFI’s ability to repair mud rush incident-related damage, implement enhanced operating procedures, safely restart with a ramp-up and achieve full operating rates of production and downstream processing on the expected timeline and optimize production plans; maintain relationships with commercial counterparties; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in cash requirements, financial position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or industry conditions, including market volatility regarding trade policies and tariff uncertainty; reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations, including the ability to smelt and refine or inventory production; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PTFI’s IUPK to extend mining rights from 2031 through 2041; delays in Indonesia government approvals or failure to obtain Indonesia government approval, including on the terms of the MOU and relating to the amendment to the IUPK to extend PTFI’s operating rights beyond 2041; delays in consummating the terms of the MOU, including entering into any definitive agreements; cybersecurity risks; any major public health crisis; labor relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; impacts, expenses or results from litigation or investigations; tailings management; FCX’s ability to comply with its responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading “Risk Factors” in FCX’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission.
Investors are cautioned that many of the assumptions upon which FCX’s forward- looking statements are based are likely to change after the date the forward- looking statements are made, including for example, commodity prices, which FCX cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX undertakes no obligation to update any forward-looking statements, which are as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.
This press release also contains measures such as net debt, adjusted net income and unit net cash costs (credits) per pound of copper and molybdenum, which are not recognized under U.S. generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP measures to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of this press release. For forward-looking unit net cash costs (credits) per pound of copper and molybdenum measures, FCX is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods, and the information needed to reconcile these measures is dependent upon future events, many of which are outside of FCX’s control as described above. Forward- looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.
a. Includes adjustments to provisionally priced concentrate and cathode sales. For a summary of adjustments to provisionally priced copper sales, refer to “Derivative Instruments,” beginning on page IX.
b. Includes charges totaling (i) $44 million in third-quarter 2026, $43 million in third-quarter 2025, $108 million for the first nine months of 2026 and $131 million for the first nine months of 2025 for feasibility and optimization studies primarily associated with potential future expansion projects at FCX’s mining operations, and (ii) $22 million in third-quarter 2026, $83 million in third-quarter 2025, $30 million for the first nine months of 2026 and $185 million for the first nine months of 2025 for operational readiness and start-up costs associated with PTFI’s downstream processing facilities.
c. Consolidated interest costs (before capitalization) totaled $170 million in third-quarter 2026, $182 million in third-quarter 2025, $584 million for the first nine months of 2026 (which included $67 million of nonrecurring adjustments for prior period withholding taxes on PTFI’s senior notes) and $537 million for the first nine months of 2025.
d. For a summary of FCX’s income taxes, refer to “Income Taxes,” beginning on page VIII.
e. Net income attributable to noncontrolling interests is associated with PTFI, Cerro Verde and El Abra. For further discussion, refer to “Noncontrolling Interests,” on page X.
f. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to “Deferred Profits,” on page X.
g. Refer to “Adjusted Net Income,” beginning on page VII, for a summary of net charges impacting FCX’s consolidated statements of income. IV
FREEPORT CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, ASSETS 2026 December 31, Current assets: (In Millions) 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 4,335 $ 3,824 Restricted cash and cash 279 230 equivalents Trade accounts receivable 880 977 Value-added and other tax 748 686 receivables Inventories: Product 3,769 3,332 Materials and supplies, net 2,938 2,738 Mill and leach stockpiles 1,727 1,423 Other current assets 629 580 Total current assets 15,305 13,790 Property, plant, equipment and mine 42,327 40,736 development costs, net Long-term tax receivables 1,104 810 Long-term mill and leach 1,024 1,173 stockpiles Other assets 1,719 1,658 Total assets $ 61,479 $ 58,167 LIABILITIES AND EQUITY Current liabilities: Accounts payable and $ 4,727 $ 4,565 accrued liabilities Current portion of debt 1,680 466 Accrued income taxes 590 456 Current portion of environmental and 374 313 asset retirement obligations (AROs) Dividends payable - common 218 219 stock Total current liabilities 7,589 6,019 Long-term debt, less 7,718 8,913 current portion Environmental and AROs, less current 5,609 5,541 portion Deferred income taxes 4,772 4,622 Long-term leases, less 958 1,010 current portion Other liabilities 1,220 1,296 Total liabilities 27,866 27,401 Equity: Stockholders’ equity: Common stock 163 163 Capital in excess of par 23,674 23,680 value Retained earnings 3,775 1,385 Accumulated other -302 -305 comprehensive loss Common stock held in -6,329 -6,024 treasury Total stockholders’ equity 20,981 18,899 Noncontrolling interests 12,632 11,867 Total equity 33,613 30,766 Total liabilities and $ 61,479 $ 58,167 equity
FREEPORT CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Cash flow from Nine Months operating Ended 2026 activities: September 30, (In Millions) 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 4,466 $ 3,587 Adjustments to reconcile net income to net cash provided by operating activities: DD&A 1,557 1,759 Gain on PTFI mud rush incident -699 — insurance settlement Proceeds from PTFI mud rush incident 699 — insurance settlement Gain on sale of -18 -16 assets Net charges for environmental and AROs, 237 166 including accretion Payments for environmental -151 -177 and AROs Stock-based 131 98 compensation Net charges for defined pension and 34 43 postretirement plans Pension plan -59 -29 contributions Deferred income 149 -16 taxes Charges for PTFI social 40 77 investment programs Payments for PTFI social -35 -44 investment programs Other, net 18 -21 Changes in working capital and other: Accounts -30 -408 receivable Inventories -601 -113 Other current -69 46 assets Accounts payable and -64 283 accrued liabilities Accrued income taxes and -81 -293 timing of other tax payments Net cash provided by 5,524 4,942 operating activities Cash flow from investing activities: Capital expenditures: U.S. copper -827 -843 mines South America -477 -287 operations Indonesia -1,435 -1,927 operations Molybdenum -69 -74 mines Other -428 -358 Acquisition of additional ownership -107 — interest in Cerro Verde Other, net 30 22 Net cash used in investing -3,313 -3,467 activities Cash flow from financing activities: Proceeds from 2,919 2,180 debt Repayments of -2,904 -1,843 debt Finance lease -32 -24 payments Cash dividends and distributions paid: Common stock -650 -649 Noncontrolling -625 -1,274 interests Treasury stock -305 -107 purchases Proceeds from exercised stock 27 6 options Payments for withholding of employee -44 -22 taxes related to stock-based awards Debt issuance -11 — costs Net cash used in financing -1,625 -1,733 activities Net increase (decrease) in cash and cash equivalents and 586 -258 restricted cash and cash equivalents Cash and cash equivalents and restricted cash and cash 4,173 4,911 equivalents at beginning of year Cash and cash equivalents and restricted cash and cash $ 4,759 $ 4,653 equivalents at end of perioda
a. Includes current and long-term restricted cash and cash equivalents of $0.4 billion at September 30, 2026, and $0.3 billion at September 30, 2025. VI
Management uses adjusted net income to evaluate FCX’s operating performance and believes that investors’ understanding of FCX’s performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. This information differs from net income attributable to common stock determined in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. FCX’s adjusted net income, which may not be comparable to similarly titled measures reported by other companies, follows (in millions, except per share amounts).
a. Reflects impact to FCX’s net income attributable to common stock (i.e., net of any taxes and noncontrolling interests).
b. The third quarter and first nine months of 2026 primarily include charges for adjustments to oil and gas AROs including $24 million recorded to production and delivery costs and $4 million recorded to selling, general and administrative expenses.
The third quarter and first nine months of 2025 include charges to production and delivery costs primarily associated with impairments of oil and gas properties.
c. The third quarter and first nine months of 2026 include net tax credits of $31 million ($14 million net of noncontrolling interest) associated with income tax benefits related to smelter development attributable to the year 2025 (refer to “Income Taxes,” beginning on page VIII for additional information). The first nine months of 2026 also include net credits associated with PTFI’s 2022 corporate income tax audit. The first nine months of 2025 include net credits associated with PTFI’s 2020 corporate income tax audit.
In accordance with PTFI’s shareholder agreement, settlements of historical tax matters that originated before December 31, 2022, are attributed based on the economics from the initial period (as defined in the agreement, i.e. approximately 81% to FCX and 19% to PT Mineral Industri Indonesia). VII
d. The first nine months of 2026 include credits recorded to other income, net, for interest collected by Cerro Verde associated with the closure of its 2020 income tax audit.
e. The first nine months of 2026 primarily include charges for (i) inventory write-offs ($18 million to production and delivery costs), (ii) termination of a lease ($7 million to selling, general and administrative expenses), (iii) historical costs associated with withholding taxes on PTFI’s senior notes ($5 million to DD&A, $3 million to interest expense, net and $6 million to other income, net), (iv) historical costs of placing assets into service at our U.S. copper mines ($9 million to DD&A and $6 million to interest expense, net) and (v) debt extinguishment costs associated with revolving credit facilities ($3 million to other income, net).
The first nine months of 2025 include charges to production and delivery costs for the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities, partially offset by an adjustment to PTFI’s ARO.
Following is a summary of the approximate amounts used in the calculation of FCX’s consolidated income tax provision (in millions, except percentages):
a. Represents income (loss) before income taxes, equity in affiliated companies’
b. In addition to FCX’s U.S. copper and molybdenum mines, the U.S. jurisdiction reflects non-operating sites and corporate-level expenses, which include interest expense associated with FCX’s senior notes and general and administrative expenses. Refer to “Business Divisions and Segments,” beginning on page X for additional information.
c. The U.S. income tax provision for the third quarter and first nine months of 2026 primarily relates to the U.S. Corporate Alternative Minimum Tax (CAMT) provisions, which do not benefit from regular tax U.S. net operating loss carryforwards.
d. In third-quarter 2026, PTFI received confirmation of income tax benefits associated with its smelter development, which includes benefits attributable to a six-year incentive period from 2025 through 2030. In third-quarter 2026, PTFI recognized tax benefits associated with the year 2025 and first nine months of 2026.
e. In accordance with applicable accounting standards, FCX adjusts its interim provision for income taxes equal to its consolidated tax rate . VIII
Assuming achievement of current sales volume and cost estimates and prices of $6.50 per pound for copper, $4,000 per ounce for gold and $32.00 per pound for molybdenum in fourth-quarter 2026, FCX estimates its consolidated effective tax rate for the year 2026 would approximate 30%, including estimated effective rates of 40% for Peru, 36% for Indonesia and 10% for the U.S. (associated with CAMT provisions). Changes in projected sales volumes, commodity prices, and the relative proportion of jurisdictional income during fourth-quarter 2026 could impact FCX’s consolidated effective tax rate for the year 2026.
FCX believes that net debt provides investors with information related to the performance-based payout framework in its financial policy, which requires FCX to maintain its net debt at a level not to exceed the net debt target of $3 billion to $4 billion (excluding project debt for PTFI’s downstream processing facilities). FCX defines net debt as consolidated debt less consolidated cash and cash equivalents. This information differs from consolidated debt determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for consolidated debt determined in accordance with U.S. GAAP. FCX’s net debt, which may not be comparable to similarly titled measures reported by other companies, follows (in millions):
As of September 30, 2026 ──────────────────────────────────────────────────────────────────────────── Current portion of debt $ 1,680 Long-term debt, less current portion 7,718 Consolidated debt 9,398 Less: consolidated cash and cash 4,335 equivalents FCX net debt 5,063 Less: debt for PTFI’s downstream 3,237 a processing facilities FCX net debt, excluding debt for PTFI’s $ 1,826 downstream processing facilities
a. Represents PTFI’s senior notes and $250 million of borrowings under PTFI’s revolving credit facility.
For the nine months ended September 30, 2026, FCX’s mined copper was sold 37% as cathode, 35% as rod, and 28% in concentrate. All of FCX’s copper concentrate and some cathode sales contracts provide final copper pricing in a specified future month (generally one to four months from the shipment date) based primarily on quoted London Metal Exchange (LME) monthly average settlement copper prices. FCX records revenues and invoices customers at the time of shipment based on then- current LME prices, which results in an embedded derivative on provisionally priced concentrate and cathode sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement.
FCX’s average realized copper price was $6.54 per pound in third-quarter 2026, reflecting copper sales from South America and Indonesia operations that are generally based on quoted LME monthly average settlement copper prices, which averaged $6.40 per pound in third-quarter 2026, and copper sales from U.S. copper mines that are generally based on prevailing Commodity Exchange Inc. (COMEX) monthly average settlement copper prices, which averaged $6.48 per pound in third-quarter 2026.
Following is a summary of the adjustments to prior period and current period provisionally priced copper sales (in millions, except per share amounts):
a. Reflects adjustments to provisionally priced copper sales at June 30, 2026 and 2025.
b. Reflects adjustments to provisionally priced copper sales during the third quarters of 2026 and 2025.
a. Reflects adjustments to provisionally priced copper sales at December 31, 2025 and 2024.
b. Reflects adjustments to provisionally priced copper sales for the first nine months of 2026 and 2025.
At September 30, 2026, FCX had provisionally priced copper sales totaling 239 million pounds (134 million pounds net of intercompany sales and noncontrolling interests) recorded at an average price of $6.55 per pound, subject to final LME settlement prices over the next several months. FCX estimates that each $0.05 change in the price realized from the quarter-end provisional price would have an approximate $12 million effect on 2026 revenues ($4 million to net income attributable to common stock). The LME copper settlement price was $6.58 per pound on October 26, 2026.
FCX defers recognizing profits on intercompany sales from its mining operations to Atlantic Copper until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $24 million ($8 million to net income attributable to common stock) in third-quarter 2026, $13 million ($15 million to net income attributable to common stock) in third-quarter 2025, $76 million ($25 million to net income attributable to common stock) for the first nine months of 2026 and $161 million ($58 million to net income attributable to common stock) for the first nine months of 2025. FCX’s net deferred profits on inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $77 million ($25 million to net income attributable to common stock) at September 30, 2026. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices will result in variability in FCX’s net deferred profits and quarterly earnings.
Net income attributable to noncontrolling interests, which is primarily associated with PTFI, Cerro Verde and El Abra, totaled $514 million in third- quarter 2026 (which represented 22% of FCX’s consolidated income before income taxes), $573 million in third-quarter 2025 (which represented 30% of FCX’s consolidated income before income taxes), $1.4 billion for the first nine months of 2026 (which represented 23% of FCX’s consolidated income before income taxes) and $1.8 billion for the first nine months of 2025 (which represented 32% of FCX’s consolidated income before income taxes). Refer to “Business Divisions and Segments” below for net income attributable to noncontrolling interests for each of FCX’s business segments.
In May 2026, FCX increased its ownership interest in Cerro Verde from 55.08% to 55.66%.
Based on achievement of current sales volume and cost estimates, and assuming prices of $6.50 per pound of copper, $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026, FCX estimates that net income attributable to noncontrolling interests will approximate $2.3 billion for the year 2026, which would represent approximately 24% of FCX’s consolidated income before income taxes. The actual amount will depend on many factors, including relative performance of each business segment, commodity prices, costs and other factors.
FCX has organized its mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines.
In the U.S., FCX operates seven copper operations – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines – Henderson and Climax in Colorado. A majority of the copper produced at the U.S. copper mines is cast into copper rod by the U.S. Rod & Refining operations.
In South America, FCX operates two copper operations – Cerro Verde in Peru and El Abra in Chile.
In Indonesia, PTFI operates the Grasberg minerals district. With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper, gold and silver. X
U.S. Rod & Refining consists of copper conversion facilities, including a refinery and two rod mills. These operations process copper produced at FCX’s U.S. copper mines and purchased copper into copper cathode and rod. At times, these operations refine copper and produce copper rod for customers on a toll basis.
Atlantic Copper in Spain smelts and refines copper concentrate and markets refined copper and precious metals in slimes.
Intersegment sales are based on terms similar to arm’s-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.
FCX allocates certain operating costs, expenses and capital expenditures to its business divisions and segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations in the below tables), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, some selling, general and administrative costs are not allocated to the business divisions and segments. Accordingly, the following information reflects management determinations that may not be indicative of what the actual financial performance of each business division and segment would be if it was an independent entity. XI
a. Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by FCX’s primary molybdenum mines and certain of the U.S. copper mines and the Cerro Verde mine.
b. Includes idle facility, direct recovery and restoration costs associated with the September 2025 external mud rush incident. For a summary of these charges, refer to “Adjusted Net Income,” beginning on page VII.
d. Includes charges totaling $73 million associated with planned maintenance turnaround costs at the Miami smelter.
FCX believes unit net cash costs (credits) per pound of copper and molybdenum are measures intended to provide investors with information about the cash- generating capacity of its mining operations expressed on a basis relating to the primary metal product for the respective operations. FCX uses this measure for the same purpose and for monitoring operating performance by its mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. These measures are presented by other metals mining companies, although FCX’s measures may not be comparable to similarly titled measures reported by other companies.
FCX presents gross profit per pound of copper in the following tables using both a “by-product” method and a “co-product” method. FCX uses the by-product method in its presentation of gross profit per pound of copper because (i) the majority of its revenues are copper revenues, (ii) it mines ore, which contains copper, gold, molybdenum and other metals, (iii) it is not possible to specifically assign all of FCX’s costs to revenues from the copper, gold, molybdenum and other metals it produces and (iv) it is the method used by FCX’s management and Board of Directors to monitor its mining operations and to compare mining operations in certain industry publications. In the co-product method presentations, shared costs are allocated to the different products based on their relative revenue values, which will vary to the extent FCX’s metals sales volumes and realized prices change.
FCX shows revenue adjustments for prior period open sales as a separate line item. Because these adjustments result from prior period sales, these amounts have been reflected separately from revenues on current period sales. Noncash and other costs, net, which are removed from site production and delivery costs in the calculation of unit net cash costs, consist of items such as ARO accretion and other adjustments, inventory write-offs and adjustments, stock- based compensation costs, long-lived asset impairments, idle facility costs, feasibility and optimization study costs, operational readiness and start-up costs, restructuring and/or unusual charges. As discussed above, gold, molybdenum and other metal revenues at copper mines are reflected as credits against site production and delivery costs in the by-product method. The following schedules are presentations under both the by-product and co-product methods together with reconciliations to amounts reported in FCX’s consolidated financial statements. XIV
a. Reflects sales of molybdenum produced by certain of the U.S. copper mines to FCX’s molybdenum sales company at market-based pricing.
b. Includes gold sales of 7 thousand ounces ($4,307 per ounce average realized price), silver sales of 0.5 million ounces ($63.46 per ounce average realized price) and related production costs.
c. Includes charges totaling $26 million ($0.08 per pound of copper) for feasibility and optimization studies and $22 million ($0.07 per pound of copper) for materials and supplies inventory write-offs.
d. Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
e. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XV
a. Reflects sales of molybdenum produced by certain of the U.S. copper mines to FCX’s molybdenum sales company at market-based pricing.
b. Includes gold sales of 4 thousand ounces ($3,879 per ounce average realized price), silver sales of 0.4 million ounces ($45.99 per ounce average realized price) and related production costs.
c. Includes charges totaling $23 million ($0.07 per pound of copper) for feasibility and optimization studies.
d. Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
e. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XVI
a. Reflects sales of molybdenum produced by certain of the U.S. copper mines to FCX’s molybdenum sales company at market-based pricing.
b. Includes gold sales of 17 thousand ounces ($4,470 per ounce average realized price), silver sales of 1.4 million ounces ($67.03 per ounce average realized price) and related production costs.
c. Includes charges totaling $61 million ($0.06 per pound of copper) for feasibility and optimization studies and $22 million ($0.02 per pound of copper) for materials and supplies inventory write-offs.
d. Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
e. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XVII
a. Reflects sales of molybdenum produced by certain of the U.S. copper mines to FCX’s molybdenum sales company at market-based pricing.
b. Includes gold sales of 11 thousand ounces ($3,497 per ounce average realized price), silver sales of 1.4 million ounces ($38.92 per ounce average realized price) and related production costs.
c. Includes charges totaling $63 million ($0.07 per pound of copper) for feasibility and optimization studies.
d. Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
e. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XVIII
a. Includes silver sales of 0.9 million ounces ($61.76 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.
b. Includes charges totaling $14 million ($0.05 per pound of copper) for feasibility and optimization studies and $13 million ($0.05 per pound of copper) for materials and supplies inventory write-offs.
c. Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
d. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XIX
a. Includes silver sales of 0.9 million ounces ($44.89 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.
b. Includes charges totaling $18 million ($0.06 per pound of copper) for feasibility and optimization studies.
c. Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
d. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XX
a. Includes silver sales of 2.6 million ounces ($67.05 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.
b. Includes charges totaling $34 million ($0.04 per pound of copper) for feasibility and optimization studies, $13 million ($0.02 per pound of copper) for materials and supplies inventory write-offs and $10 million ($0.01 per pound of copper) for inventory write-offs.
c. Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
d. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XXI
a. Includes silver sales of 2.5 million ounces ($39.10 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.
b. Includes charges totaling $51 million ($0.06 per pound of copper) for feasibility and optimization studies.
c. Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
d. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XXII
a. Includes silver sales of 0.8 million ounces ($63.31 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b. Includes $64 million ($0.42 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.
c. Includes $244 million ($1.59 per pound of copper) of idle facility and restoration costs associated with the September 2025 external mud rush incident and $22 million ($0.14 per pound of copper) for operational readiness and start- up costs associated with PTFI’s downstream processing facilities, partially offset by a $9 million ($0.06 per pound of copper) gain associated with insurance recoveries related to the October 2024 incident at PTFI’s smelter.
d. Primarily represents tolling costs paid to PT Smelting, and excludes idle facility related tolling fees that are included in noncash and other costs, net (refer to note c above).
e. Represents the combined total for FCX’s U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
f. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XXIII
a. Includes silver sales of 1.8 million ounces ($40.81 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b. Includes $24 million ($0.07 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.
c. Includes charges totaling (i) $171 million ($0.47 per pound of copper) for idle facility and direct recovery costs associated with the September 2025 external mud rush incident, (ii) $83 million ($0.23 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities (iii) $39 million ($0.11 per pound of copper) associated with PT Smelting planned maintenance and idle facility related tolling fees and (iv) $26 million ($0.07 per pound of copper) for remediation costs related to the October 2024 incident at PTFI’s smelter.
d. Primarily represents tolling costs paid to PT Smelting and excludes $39 million of tolling fees that were recognized as idle facility costs in noncash and other costs, net (refer to note c above) associated with PT Smelting’s planned maintenance turnaround.
e. Represents the combined total for FCX’s U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
f. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XXIV
a. Includes silver sales of 1.9 million ounces ($71.01 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b. Includes $236 million ($0.61 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.
c. Includes $934 million ($2.40 per pound of copper) of idle facility and restoration costs associated with the September 2025 external mud rush incident and $30 million ($0.08 per pound of copper) for operational readiness and start- up costs associated with PTFI’s downstream processing facilities, partially offset by a $9 million ($0.02 per pound of copper) gain associated with insurance recoveries related to the October 2024 incident at PTFI’s smelter.
d. Primarily represents tolling costs paid to PT Smelting, and excludes idle facility related tolling fees that are included in noncash and other costs, net (refer to note c above).
e. Represents the combined total for FCX’s U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
f. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XXV
a. Includes silver sales of 3.3 million ounces ($37.82 per ounce average realized price ) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b. Includes $24 million ($0.02 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.
c. Includes charges totaling (i) $185 million ($0.17 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, (ii) $171 million ($0.16 per pound of copper) for idle facility and direct recovery costs associated with the September 2025 external mud rush incident, (iii) $56 million ($0.05 per pound of copper) for remediation costs related to the October 2024 incident at PTFI’s smelter, (iv) $39 million ($0.04 per pound of copper) associated with PT Smelting planned maintenance and idle facility related tolling fees and (v) $24 million ($0.02 per pound of copper) related to the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities.
d. Primarily represents tolling costs paid to PT Smelting and excludes $39 million of tolling fees that were recognized as idle facility costs in noncash and other costs, net (refer to note c above) associated with PT Smelting’s planned maintenance turnaround.
e. Represents the combined total for FCX’s U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
f. Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X. XXVI
FREEPORT PRODUCT REVENUES AND PRODUCTION COSTS (continued) Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs (In millions) Revenues, excluding adjustmentsa Site production and delivery, before net noncash and other costs shown below Treatment charges and other Net cash costs DD&A Noncash and other costs, net Total costs Gross profit 241 186 Molybdenum 147 144 sales 8 9 (millions of 155 153 recoverable 24 22 pounds)a Three Months 7 6 Gross profit Ended 186 181 per pound of September 30, 55 5 molybdenum: 2026 8 2025 8 ────────────────────────────────────────────────────────────────────────────── Revenues, excluding $ 31.18 $ 23.57 adjustmentsa Site production and delivery, before net 19.05 18.32 noncash and other costs shown below Treatment charges and 0.99 1.09 other Unit net cash 20.04 19.41 costs DD&A 3.04 2.72 Noncash and other costs, 1.02 0.80 net Total unit 24.10 22.93 costs Gross profit $ 7.08 $ 0.64 per pound Reconciliati… to Amounts Reported Production Three Months Ended Revenues and Delivery DD&A September 30, 2026 Totals presented $ 241 $ 147 $ 24 above Treatment charges and -8 — — other Noncash and other costs, — 7 — net Molybdenum 233 154 24 mines Other miningb 9,638 6,586 478 Corporate, other & -2,325 -2,261 18 eliminationsc As reported in FCX’s consolidated $ 7,546 $ 4,479 $ 520 financial statements Three Months Ended September 30, 2025 Totals presented $ 186 $ 144 $ 22 above Treatment charges and -9 — — other Noncash and other costs, — 6 — net Molybdenum 177 150 22 mines Other miningb 8,589 5,746 588 Corporate, other & -1,794 -1,691 15 eliminationsc As reported in FCX’s consolidated $ 6,972 $ 4,205 $ 625 financial statements
a. Reflects sales of the Molybdenum mines’ production to FCX’s molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third parties; as a result, FCX’s consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.
b. Represents the combined total for FCX’s U.S. copper mines, South America and Indonesia operations, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
c. Represents Corporate, other & eliminations as presented in “Business Divisions and Segments,” beginning on page X. Also includes amounts associated with our molybdenum sales company, including sales of molybdenum produced by the Molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine. XXVII
FREEPORT PRODUCT REVENUES AND PRODUCTION COSTS (continue… Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs (In millions) Revenues, excluding adjustmen… Site production and delivery, before net noncash and other costs shown below Treatment charges and other Net cash costs DD&A Noncash and other costs, net Total costs Gross profit Molybdenum sales 673 561 (millions 414 382 of 24 27 recoverab… 438 409 pounds)a Nine Months 70 74 Gross Ended 27 18 profit per September 535 501 pound of 30, 138 60 molybdenu… 2026 25 b 2025 26 ────────────────────────────────────────────────────────────────────────────── Revenues, excluding $ 27.95 $ 21.37 adjustmen… Site production and delivery, before net 17.20 14.56 noncash and other costs shown below Treatment charges 0.99 1.04 and other Unit net 18.19 15.60 cash costs DD&A 2.88 2.80 Noncash and other 1.16 b 0.68 costs, net Total unit 22.23 19.08 costs Gross profit per $ 5.72 $ 2.29 pound Reconcili… to Amounts Reported Production Nine Months and Ended Revenues Delivery DD&A September 30, 2026 Totals presented $ 673 $ 414 $ 70 above Treatment charges -24 — — and other Noncash and other — 27 — costs, net Molybdenum 649 441 70 mines Other 26,417 18,465 1,427 miningc Corporate, other & -6,257 -6,042 60 eliminati… As reported in FCX’s $ 20,809 $ 12,864 $ 1,557 consolida… financial statements Nine Months Ended September 30, 2025 Totals presented $ 561 $ 382 $ 74 above Treatment charges -27 — — and other Noncash and other — 18 — costs, net Molybdenum 534 400 74 mines Other 24,463 16,270 1,645 miningc Corporate, other & -4,715 -4,427 40 eliminati… As reported in FCX’s $ 20,282 $ 12,243 $ 1,759 consolida… financial statements
a. Reflects sales of the Molybdenum mines’ production to FCX’s molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third parties; as a result, FCX’s consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.
b. Includes charges totaling $7 million ($0.28 per pound of molybdenum) for inventory write-offs.
c. Represents the combined total for FCX’s U.S. copper mines, South America and Indonesia operations, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
d. Represents Corporate, other & eliminations as presented in “Business Divisions and Segments,” beginning on page X. Also includes amounts associated with our molybdenum sales company, including sales of molybdenum produced by the Molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine. XXVIII
Full text with the tables
Freeport Reports
Third-Quarter and Nine-Month 2026 Results
• Third-quarter 2026 consolidated copper and gold production in line with
expectations
◦ Copper sales volumes approximated prior estimates
◦ Gold sales volumes impacted by previously reported timing of gold sales in
Indonesia
• Ramp-up of mining operations in the Grasberg minerals district met
expectations with significant growth expected in 2027 and 2028
• Operations at PTFI’s smelter re-commenced in late August 2026
• Advancing organic copper growth projects, including:
◦ Opportunities for scaling innovative leach and technology initiatives in the
Americas and potential significant brownfield expansions in the U.S.
◦ Potential major expansion at El Abra in Chile
• Strong margins and cash flow generation; positive future outlook
•
Net income
attributable to common stock in third-quarter 2026 totaled $1.2 billion, $0.81
per share, and adjusted net income attributable to common stock totaled $1.3
billion, $0.88 per share.
•
Consolidated production
totaled 832 million pounds of copper, 234 thousand ounces of gold and 22 million
pounds of molybdenum in third-quarter 2026.
•
Consolidated sales
totaled 749 million pounds of copper, 105 thousand ounces of gold and 22 million
pounds of molybdenum in third-quarter 2026.
•
Consolidated sales
are expected to approximate 3.0 billion pounds of copper, 649 thousand ounces of
gold and 93 million pounds of molybdenum for the year 2026, including 875
million pounds of copper, 300 thousand ounces of gold and 22 million pounds of
molybdenum in fourth-quarter 2026.
•
Average realized prices
were $6.54 per pound for copper, $4,273 per ounce for gold and $32.46 per pound
for molybdenum in third-quarter 2026.
•
Average unit net cash costs
were $2.07 per pound of copper in third-quarter 2026 and are expected to average
$1.90 per pound of copper for the year 2026.
•
Operating cash flows
totaled $2.0 billion, net of $0.4 billion of working capital and other uses, in
third-quarter 2026. Assuming prices of $6.50 per pound for copper, $4,000 per
ounce for gold and $32.00 per pound for molybdenum in fourth-quarter 2026,
operating cash flows are expected to approximate $8.5 billion, net of $0.6
billion of working capital and other uses, for the year 2026.
•
Capital expenditures
totaled $1.2 billion, including $0.7 billion for major mining projects, in
third-quarter 2026. Capital expenditures are expected to approximate $4.4
billion, including $3.0 billion for major mining projects, for the year 2026.
• At September 30, 2026,
consolidated debt
totaled $9.4 billion and
consolidated cash and cash equivalents
totaled $4.3 billion. At September 30, 2026,
net debt
totaled $1.8 billion, excluding $3.2 billion of debt for PT Freeport Indonesia’s
(PTFI) downstream processing facilities. Refer to the supplemental schedule,
“Net Debt,” on page IX.
• During third-quarter 2026, FCX
purchased 1.4 million shares of its common stock
for a total cost of $102 million ($70.75 average cost per share), bringing share
purchases for the first nine months of 2026 to 4.9 million shares for $305
million ($62.69 average cost per share).
1
PHOENIX, AZ, October 27, 2026 – Freeport (NYSE: FCX) reported third-quarter 2026
net income attributable to common stock of $1.2 billion, $0.81 per share, and
adjusted net income attributable to common stock of $1.3 billion, $0.88 per
share, after excluding after-tax net charges totaling $101 million, $0.07 per
share, primarily for idle facility and restoration costs associated with PTFI’s
September 2025 external mud rush incident. For additional information, refer to
the supplemental schedule, “Adjusted Net Income,” beginning on page VII.
Kathleen Quirk, President and Chief Executive Officer, said, “The Freeport team
delivered strong financial results in the third quarter and achieved several
important milestones to drive value and support future growth. We made continued
steady progress with our Grasberg ramp-up and advanced innovative leach and
technology initiatives in our Americas business to enhance performance and
growth options. Favorable pricing for our products, particularly for copper and
molybdenum, drove strong margins with substantial conversion to bottom-line
results, highlighting the strength of our diversified portfolio. We remain
focused on operational excellence, delivering growing volumes at Grasberg safely
and sustainably and expanding production from our existing asset base to
increase margins, cash flow and earnings. Freeport is strongly positioned as
America’s Copper Champion
® and as a global copper leader with large-scale, geographically diverse
operations and a pipeline of attractive growth options to support a growing
market and build value for stakeholders.”
SUMMARY FINANCIAL DATA
Three
Months
Ended
Septem…
30,
2026
(in Nine
millio… Months
except Ended
per Septemb…
share 30,
amount… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Revenu… $ 7,546 $ 6,972 $ 20,809 $ 20,282
Operat… $ 2,353 $ 1,972 $ 6,493 $ 5,707
income…
Net
income
attrib… $ 1,174 $ 674 $ 3,039 $ 1,798
to
common
stockb…
Diluted
net
income
per $ 0.81 $ 0.46 $ 2.10 $ 1.24
share
of
common
stockb…
Diluted
weight…
common 1,442 1,443 1,443 1,443
shares
outsta…
Operat…
cash $ 1,981 $ 1,689 $ 5,524 $ 4,942
flowse
Capital $ 1,159 $ 1,056 $ 3,236 $ 3,489
expend…
At
Septem…
30:
Cash
and $ 4,335 $ 4,318 $ 4,335 $ 4,318
cash
equiva…
Total
debt,
includ… $ 9,398 $ 9,298 $ 9,398 $ 9,298
current
portion
a. For segment financial results, refer to the supplemental schedule, “Business
Divisions and Segments,” beginning on page X.
b. Includes favorable adjustments to prior period provisionally priced
concentrate and cathode copper sales totaling $52 million ($17 million to net
income attributable to common stock or $0.01 per share) in third-quarter 2026,
$11 million ($1 million to net income attributable to common stock or less than
$0.01 per share) in third-quarter 2025, $58 million ($24 million to net income
attributable to common stock or $0.02 per share) for the first nine months of
2026 and $63 million ($21 million to net income attributable to common stock or
$0.01 per share) for the first nine months of 2025. For further discussion,
refer to the supplemental schedule, “Derivative Instruments,” beginning on page
IX.
c. FCX defers recognizing profits on intercompany sales until final sales to
third parties occur. Changes in these deferrals attributable to variability in
intercompany volumes resulted in net additions to operating income totaling $24
million ($8 million to net income attributable to common stock or $0.01 per
share) in third-quarter 2026, $13 million ($15 million to net income
attributable to common stock or $0.01 per share) in third-quarter 2025, $76
million ($25 million to net income attributable to common stock or $0.02 per
share) for the first nine months of 2026 and $161 million ($58 million to net
income attributable to common stock or $0.04 per share) for the first nine
months of 2025. Refer to the supplemental schedule, “Deferred Profits,” on page
X.
d. Includes after-tax net charges totaling $101 million ($0.07 per share) in
third-quarter 2026, $48 million ($0.04 per share) in third-quarter 2025, $146
million ($0.10 per share) for the first nine months of 2026 and $72 million
($0.05 per share) for the first nine months of 2025, that are described in the
supplemental schedule, “Adjusted Net Income,” beginning on page VII.
e. Cash used for working capital totaled $0.4 billion in third-quarter 2026,
$0.1 billion in third-quarter 2025, $0.8 billion for the first nine months of
2026 and $0.5 billion for the first nine months of 2025.
2
SUMMARY OPERATING DATA
Three Nine
Months Months
Ended Ended
September Septemb…
30, 30,
2026 2025 2026 2025
Copper…
of
recove…
pounds)
Produc… 832 912 2,280 2,743
Sales,
exclud… 749 977 2,116 2,865
purcha…
Average
realiz…
price $ 6.54 $ 4.68 $ 6.25 $ 4.55
per
pound
Site
produc…
and
delive… $ 3.24 $ 2.71 $ 3.27 $ 2.67
costs
per
pounda…
Unit
net
cash $ 2.07 $ 1.40 $ 1.99 $ 1.51
costs
per
pounda…
Gold(t…
of
recove…
ounces)
Produc… 234 287 523 891
Sales 105 336 349 986
Average
realiz…
price $ 4,273 $ 3,539 $ 4,578 $ 3,359
per
ounce
Molybd…
of
recove…
pounds)
Produc… 22 22 67 67
Sales,
exclud… 22 19 71 61
purcha…
Average
realiz…
price $ 32.46 $ 24.07 $ 28.70 $ 22.22
per
pound
a. Reflects per pound weighted-average production and delivery costs and unit
net cash costs (net of by-product credits) for all copper mines, before net
noncash and other costs. For reconciliations of per pound unit net cash costs
(credits) by operating division to production and delivery costs applicable to
sales reported in FCX’s consolidated financial statements, refer to the
supplemental schedules, “Product Revenues and Production Costs,” beginning on
page XIV.
b. Excludes idle facility, direct recovery and restoration costs associated with
PTFI’s September 2025 external mud rush incident. Refer to “Adjusted Net
Income,” beginning on page VII for a summary of these charges.
Consolidated Production and Sales Volumes
Copper
• Third-quarter 2026
production
of 832 million pounds was in line with expectations, with slightly better
results from Indonesia and South America operations offsetting lower production
in the U.S. Third-quarter 2026 production exceeded sales by approximately 11%,
primarily reflecting in-process inventories at smelting operations in Indonesia.
Third-quarter 2026
sales
of 749 million pounds were in line with the July 2026 estimate of 750 million
pounds.
• As expected, third-quarter 2026 sales were below third-quarter 2025 sales of
1.0 billion pounds, primarily reflecting lower operating rates at PTFI during
the ramp-up of the Grasberg Block Cave underground mine and timing of shipments.
Gold
• Third-quarter 2026
production
of 234 thousand ounces was in line with expectations. Third-quarter 2026
sales
of 105 thousand ounces were significantly below third-quarter 2026 production
primarily resulting from in-process inventories at smelting and refining
operations and timing of sales. Third-quarter 2026 gold sales were lower than
the July 2026 estimate of 160 thousand ounces, primarily reflecting the timing
of refined gold sales in Indonesia.
• Third-quarter 2026 sales were below third-quarter 2025 sales, reflecting the
timing of sales and lower operating rates at PTFI during the ramp-up of the
Grasberg Block Cave underground mine.
Molybdenum
• Third-quarter 2026
sales
of 22 million pounds were in line with the July 2026 estimate and higher than
third-quarter 2025 sales of 19 million pounds, primarily reflecting timing of
shipments.
Consolidated sales volumes for the year 2026 are expected to approximate 3.0
billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of
molybdenum, including 875 million pounds of copper, 300 thousand ounces of gold
and 22 million pounds of molybdenum in fourth-quarter 2026. With the projected
significant increase in gold sales in fourth-quarter 2026, PTFI may sell gold in
the export market to the extent not required by
3
the domestic market. PTFI is seeking clarity from the Indonesia government on
administrative procedures for PTFI’s refined gold exports since current
regulations (specifying a 10% export duty) conflict with the terms in PTFI’s
special mining business license (IUPK) (which do not require the payment of
duties on refined gold exports).
Consolidated copper and gold production volumes for the year 2026 are expected
to exceed sales volumes, reflecting deferrals of approximately 100 million
pounds of copper and 70 thousand ounces of gold associated with inventory held
at PTFI’s smelting operations.
Consolidated Unit Net Cash Costs
Consolidated unit net cash costs (net of by-product credits and excluding idle
facility, direct recovery and restoration costs associated with the ramp-up of
the Grasberg Block Cave underground mine) for FCX’s copper mines averaged $2.07
per pound of copper in third-quarter 2026, which was 4% above the July 2026
estimate of $2.00 per pound, primarily reflecting lower by-product credits as a
result of the deferral of gold sales from third-quarter 2026 to fourth-quarter
2026.
Third-quarter 2026 average unit net cash costs were higher than third-quarter
2025 average unit net cash costs of $1.40 per pound of copper, primarily
reflecting the impact of lower copper and gold volumes at PTFI and higher
production costs, including for energy and other consumables.
During the ramp-up period of the Grasberg Block Cave underground mine and until
PTFI’s operations return to normal capacity, a portion of PTFI's production and
delivery costs will be recognized as idle facility costs, which are non-
inventoriable. Idle facility, direct recovery and restoration costs totaled $244
million in third-quarter 2026, $934 million for the first nine months of 2026
and $171 million in both third-quarter 2025 and for the first nine months of
2025, which were excluded from consolidated net cash costs.
Based on achievement of current sales volume and cost estimates and assuming
average prices of $4,000 per ounce of gold and $32.00 per pound of molybdenum in
fourth-quarter 2026, consolidated unit net cash costs (net of by-product credits
and excluding idle facility and restoration costs) for FCX’s copper mines are
expected to average $1.90 per pound of copper for the year 2026 (including $1.68
per pound of copper in fourth-quarter 2026).
The impact of price changes on consolidated unit net cash costs for the year
2026 would approximate $0.01 per pound of copper for each $100 per ounce change
in the average price of gold during fourth-quarter 2026 and $0.01 per pound of
copper for each $2 per pound change in the average price of molybdenum during
fourth-quarter 2026.
Projected sales volumes and unit net cash costs for the year 2026 are dependent
on operational performance; the ramp-up of the Grasberg Block Cave underground
mine and smelter at PTFI; impacts related to the conflict in the Middle East,
including changes in energy costs and other consumables; weather-related
conditions; timing of shipments and sales and other factors detailed in the
“Cautionary Statement” below.
OPERATIONS
Leaching and Technology Innovation Initiatives.
FCX is incorporating new applications, technologies and data analytics into its
leaching processes across its United States (U.S.) and South America operations
to strengthen long-term cost competitiveness and unlock significant value.
Incremental copper production from these initiatives totaled 55 million pounds
in third-quarter 2026 and 156 million pounds for the first nine months of 2026.
FCX is targeting an increase in production from these initiatives from the
current run rate of approximately 220 million pounds of copper per annum to 300
million pounds in 2027, with potential for further significant increases in
recoverable metal in future years. FCX continues to deploy large-scale testing
of an internally developed additive at its Morenci operations, where early
results have been encouraging. In addition, FCX has developed two customized
additives that are being manufactured and are expected to be deployed at
multiple stockpiles in the first half of 2027. Laboratory testing of these newly
developed additives has demonstrated significant improvements in copper
recoveries. FCX is also advancing projects to use heat sources to increase the
temperature of its stockpiles to boost copper recoveries. Success with these
initiatives has the potential to contribute to additions in recoverable copper
in leach stockpiles and favorably impact average unit net cash costs.
In addition to its innovative leaching initiatives, FCX is pursuing
opportunities to leverage new technologies and analytic tools in automation and
operating practices with a goal of improving operating efficiencies and reducing
costs and capital intensity of its current operations and future development
projects. FCX believes its innovative leaching and technology initiatives will
strengthen its operational performance and enhance opportunities for profitable
growth.
4
United States.
FCX manages seven copper operations in the U.S. – Morenci, Bagdad, Safford
(including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in
New Mexico. FCX also operates a copper smelter and rod mill in Miami, Arizona,
and a copper refinery and rod mill in El Paso, Texas. In addition to copper,
certain of these operations produce molybdenum concentrate, gold and silver.
All of FCX’s U.S. operations are wholly owned, except for Morenci. FCX records
its 72% undivided joint venture interest in Morenci using the proportionate
consolidation method.
Development Activities. FCX has substantial reserves, resources and future
opportunities for organic growth in the U.S. associated with existing
operations. Several initiatives are underway to target significant future growth
in U.S. copper operations, including the leaching and technology innovation
initiatives discussed above.
FCX has conducted technical and economic studies to more than double the
concentrator capacity of the Bagdad operation in northwest Arizona. Bagdad’s
reserve life currently exceeds 80 years and supports an expanded operation. FCX
expects to reach an investment decision on the expansion project in fourth-
quarter 2026. The studies indicate the opportunity to construct new
concentrating facilities to increase copper production by 200 to 250 million
pounds per year and increase molybdenum production by 10 to 12 million pounds
per year. Expanded operations would position Bagdad as the second-largest copper
mine in the U.S. (behind FCX’s flagship Morenci mine) and among the lowest cost
mines in FCX’s U.S. portfolio, and Bagdad would benefit from economies of scale,
modernized operating models, improved efficiency and lower long-term unit net
cash costs.
Capital cost estimates for the Bagdad expansion are being finalized, taking into
account current estimates, including for materials, equipment and labor. Current
estimates, which remain under review, indicate future incremental capital costs
for a new concentrator, mining equipment and expanded infrastructure to
approximate $4.5 billion. The project economics are supported at an incentive
copper price of approximately $4.00 per pound and would require three to four
years to complete. The decision to proceed with and timing of the potential
expansion will take into account overall copper market conditions and other
factors.
FCX is advancing pre-feasibility studies in the Safford/Lone Star district to
define a potential significant expansion opportunity. Positive drilling
conducted in recent years indicates a large, mineralized district with
opportunities to pursue a large expansion project. FCX expects to complete
initial studies in 2027. The decision to proceed with and timing of the
potential expansion will take into account results of technical and economic
studies, overall copper market conditions and other factors.
Operating Data. Following is summary consolidated operating data for the U.S.
copper mines:
Copper…
of
recove…
pounds)
Produc…
Sales,
exclud…
purcha…
Average
realiz…
price
per
pound
Molybd…
of
recove…
pounds)
Produc…
Unit
net
cash Three Nine
costs Months Months
per Ended 321 330 Ended 962 967
pound September 333 339 Septemb… 972 954
of 30, 6.55 4.92 30, 6.22 4.78
copperb 2026 8 2025 8 2026 25 2025 25
──────────────────────────────────────────────────────────────────────────────
Site
produc…
and $ 3.93 $ 3.59 $ 3.71 $ 3.51
delive…
exclud…
adjust…
By-pro… -0.89 -0.61 -0.83 -0.56
credits
Treatm… 0.12 0.13 0.13 0.14
charges
Unit
net $ 3.16 $ 3.11 $ 3.01 $ 3.09
cash
costs
a. Refer to summary operating data on page 3 for FCX’s consolidated molybdenum
sales, which include sales of molybdenum produced at FCX’s U.S. copper mines.
b. For a reconciliation of unit net cash costs per pound to production and
delivery costs applicable to sales reported in FCX’s consolidated financial
statements, refer to the supplemental schedules, “Product Revenues and
Production Costs,” beginning on page XIV.
5
FCX’s consolidated copper sales volumes from its U.S. copper mines of 333
million pounds in third-quarter 2026 were slightly lower than third-quarter 2025
copper sales volumes of 339 million pounds. Consolidated copper sales from FCX’s
U.S. copper mines are expected to approximate 1.3 billion pounds for the year
2026.
FCX’s U.S. copper mines faced challenging operating conditions in third-quarter
2026 associated with an increased frequency of extreme weather conditions, which
adversely affected operating rates and productivity. Although third-quarter 2026
operating rates at FCX’s U.S. copper mines were 10% higher than those in third-
quarter 2025, they were approximately 3% to 5% below expectations and operating
rates achieved in second-quarter 2026.
Average unit net cash costs (net of by-product credits) for the U.S. copper
mines of $3.16 per pound of copper in third-quarter 2026 were higher than third-
quarter 2025 average unit net cash costs of $3.11 per pound of copper. Unit
costs in third-quarter 2026 were adversely impacted by lower volumes from
reduced productivity and higher costs for energy and other inputs, partially
offset by higher by-product credits.
Based on achievement of current sales volume and cost estimates and assuming an
average price of $32.00 per pound of molybdenum in fourth-quarter 2026, average
unit net cash costs (net of by-product credits) for the U.S. copper mines are
expected to approximate $3.08 per pound of copper for the year 2026. The U.S.
copper mines’ average unit net cash costs for the year 2026 would change by
approximately $0.01 per pound for each $2 per pound change in the average price
of molybdenum in fourth-quarter 2026.
South America.
FCX manages two copper operations in South America – Cerro Verde in Peru
(55.66%-owned) and El Abra in Chile (51%-owned). These operations are
consolidated in FCX’s financial statements. In addition to copper, the Cerro
Verde mine produces molybdenum concentrate and silver.
Development Activities . At the El Abra operations in Chile, FCX is advancing
the permitting process for a significant expansion opportunity to include a
major mill facility similar to the large-scale concentrator at Cerro Verde. The
project could result in the addition of over 700 million pounds of copper
production per year. In March 2026, El Abra submitted an environmental impact
study to Chile regulatory authorities and continues to advance the regulatory
process. Preliminary estimates, which remain under review, indicate project
capital costs of approximately $7.5 billion (based on estimates prepared in
2024) with project economics supported using an incentive copper price of less
than $4.00 per pound. The decision to proceed with and timing of the potential
project will take into account required permitting, market conditions and other
factors.
Operating Data. Following is summary consolidated operating data for South
America operations:
Copper…
of
recove…
pounds)
Produc…
Sales
Average
realiz…
price
per
pound
Molybd…
of
recove…
pounds)
Produc…
Unit
net
cash Three Nine
costs Months Months
per Ended 262 271 Ended 769 810
pound September 263 278 Septemb… 756 818
of 30, 6.56 4.60 30, 6.30 4.46
copperb 2026 6 2025 6 2026 17 2025 16
──────────────────────────────────────────────────────────────────────────────
Site
produc…
and $ 3.14 $ 2.75 $ 3.20 $ 2.75
delive…
exclud…
adjust…
By-pro… -0.79 -0.52 -0.83 -0.45
credits
Treatm… 0.03 0.06 0.03 0.07
charges
Royalty
on 0.01 0.01 0.01 0.01
metals
Unit
net $ 2.39 $ 2.30 $ 2.41 $ 2.38
cash
costs
a. Refer to summary operating data on page 3 for FCX’s consolidated molybdenum
sales, which include sales of molybdenum produced at Cerro Verde.
b. For a reconciliation of unit net cash costs per pound to production and
delivery costs applicable to sales reported in FCX’s consolidated financial
statements, refer to the supplemental schedules, “Product Revenues and
Production Costs,” beginning on page XIV.
6
FCX’s consolidated copper sales volumes from South America operations of 263
million pounds in third-quarter 2026 were lower than third-quarter 2025 copper
sales volumes of 278 million pounds, primarily reflecting slightly lower
production resulting from lower ore grades and the timing of shipments. Copper
sales from South America operations are expected to approximate 1.0 billion
pounds for the year 2026.
Average unit net cash costs (net of by-product credits) for South America
operations were $2.39 per pound of copper in third-quarter 2026 compared to
average unit net cash costs of $2.30 per pound of copper in third-quarter 2025.
In addition to the impact of lower volumes, unit net cash costs were impacted by
higher costs for employee profit sharing at Cerro Verde, energy and other
inputs, and maintenance and contractor costs at El Abra, partially offset by
higher by-product credits.
Based on achievement of current sales volume and cost estimates and assuming an
average price of $32.00 per pound of molybdenum in fourth-quarter 2026, average
unit net cash costs (net of by-product credits) for South America operations are
expected to approximate $2.59 per pound of copper for the year 2026. South
America operations’ average unit net cash costs for the year 2026 would change
by approximately $0.02 per pound for each $2 per pound change in the average
price of molybdenum in fourth-quarter 2026.
Indonesia.
PTFI operates one of the world’s largest copper and gold mines at the Grasberg
minerals district in Central Papua, Indonesia. In addition to copper and gold,
the Grasberg minerals district also produces silver. With the completion of its
downstream processing facilities, PTFI is a fully integrated producer of refined
copper, gold and silver. FCX has a 48.76% ownership interest in PTFI and manages
its operations. PTFI’s results are consolidated in FCX’s financial statements.
Operating, Development and Exploration Activities. Over a multi-year investment
period, PTFI has successfully commissioned three large-scale underground mines
in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone
(DMLZ) and Big Gossan) and completed related expansion of the milling
facilities. At normal operating rates, PTFI’s underground operations produce
approximately 1.7 billion pounds of copper and 1.3 million ounces of gold per
year and are among the lowest-cost copper mining operations in the world.
PTFI has identified additional exploration targets to leverage its
infrastructure in the Grasberg minerals district, including a potential
extension below the DMLZ underground mine, which requires further drilling and
evaluation.
Kucing Liar . Since 2022, PTFI has conducted long-term mine development
activities at its Kucing Liar deposit in the Grasberg minerals district. PTFI’s
long-term mine plans include a ramp-up of Kucing Liar, commencing in the 2030
timeframe, to a design capacity of approximately 130,000 metric tons of ore per
day. The project start-up schedule is under review. Average annual production
from Kucing Liar at full operating rates would approximate 750 million pounds of
copper and 735 thousand ounces of gold and would enable continuity of large-
scale production in the Grasberg minerals district.
As of September 30, 2026, PTFI has incurred approximately $1.6 billion for
Kucing Liar development, and capital investments are estimated to approximate an
additional $4 billion through 2033 (averaging approximately $0.5 billion per
year).
Long-Term Mining Rights . In February 2026, FCX and PTFI entered into a
Memorandum of Understanding (MOU) with the Indonesia government for a life of
resource extension of operating rights in the Grasberg minerals district beyond
the current expiration in 2041. Under the terms of the MOU, FCX would maintain
its current ownership interest in PTFI of 48.76% through 2041 and hold
approximately 37% beginning in 2042. The existing governance and operating
structure, and terms of the existing shareholder agreement, IUPK and other
agreements in effect will continue over the life of the resource.
An extension would enable continuity of large-scale operations for the benefit
of all stakeholders and provide growth options through additional resource
development opportunities in the highly attractive Grasberg minerals district.
In June 2026, PTFI submitted its application for extension of its IUPK, and FCX
and PTFI are working with the Indonesia government to complete the formal
license process. The extension of operating rights and other terms are subject
to, among other things, the Indonesia government’s issuance of an amended IUPK.
7
Grasberg Block Cave Ramp-Up . Following the September 2025 external mud rush
incident, PTFI has made significant progress with the ramp-up of the Grasberg
Block Cave underground mine to achieve a safe and sustainable ramp-up to full
operating capacity.
In third-quarter 2026, mill throughput averaged 141 thousand metric tons of ore
per day (67% of capacity), including 70 thousand metric tons of ore per day from
the Grasberg Block Cave underground mine. PTFI continues to expect to reach 80%
of capacity in mid-2027 and approach full capacity by year-end 2027.
PTFI completed remediation and restoration activities required for the restart
of Production Blocks 2 and 3 and commenced initial ramp-up activities at the end
of March 2026. Upgrades to the material handling system at the Grasberg Block
Cave haulage level have progressed on schedule with expected completion by early
2027. Preparations continue for the targeted restart of production from
Production Block 1S by mid-2027.
Downstream Processing Facilities . PTFI’s smelter and PT Smelting, PTFI’s
66%-owned smelter and refinery in Gresik, Indonesia, smelt and refine copper
concentrate from PTFI, and the Precious Metals Refinery (PMR) processes anode
slimes from PTFI’s smelter and PT Smelting.
PTFI has combined smelting capacity, including PT Smelting, to produce up to
approximately 800,000 metric tons of cathode annually, and the PMR is capable of
processing all of PTFI’s gold production.
Following the September 2025 external mud rush incident, during the ramp-up
period of the Grasberg Block Cave underground mine, smelting operations in
Indonesia at both PTFI’s smelter and PT Smelting were adjusted as a result of
limited copper concentrate availability. PT Smelting resumed operations in late
2025 and PTFI’s smelter successfully re-commenced operations in late August
2026. Ramp-up activities are proceeding in line with expectations.
FCX expects higher variability between PTFI’s production and sales until its
downstream processing facilities achieve normalized operating rates.
Operating Data. Following is summary consolidated operating data for Indonesia
operations:
Co…
of
re…
po…
Pr…
Sa…
Av…
re…
pr…
per
po…
Go…
of
re…
ou…
Pr…
Sa…
Av…
re…
pr…
per
ou…
Un…
net
ca… Thr… 249 311 Nine 549 966
cr… Mon… 153 360 Mon… 388 1,…
per End… 6.48 4.… End… 6.… 4.…
po… Sep… 229 281 Sep… 505 876
of 30, 98 332 30, 332 975
co… 2026 4,2… 2025 3,… 2026 4,… 2025 3,…
──────────────────────────────────────────────────────────────────────────────
Si…
pr…
and $ 1.92 $ 1.… $ 2.… $ 1.…
de…
ex…
ad…
By… -3.… -3… -4… -3…
cr…
Tr… 0.39 c 0.… d 0.… c 0.… d
ch…
Ex… 0.01 0.… — 0.…
du…
Ro…
on 0.36 0.… 0.… 0.…
me…
Un…
net $ -0.… $ -0… $ -1… $ -0…
ca…
cr…
a. For a reconciliation of unit net cash credits per pound to production and
delivery costs applicable to sales reported in FCX’s consolidated financial
statements, refer to the supplemental schedules, “Product Revenues and
Production Costs,” beginning on page XIV.
b. Excludes idle facility, direct recovery and restoration costs associated with
the September 2025 external mud rush incident. Refer below and to “Adjusted Net
Income,” beginning on page VII for a summary of these charges.
8
c. Reflects downstream tolling fees and operating costs and does not represent
market treatment and refining rates. Favorable offsets associated with
incremental metals and sulfuric acid produced by PT Smelting and PTFI’s
downstream processing facilities are included in revenues and by-product
credits.
d. Excludes $0.11 per pound of copper in third-quarter 2025 and $0.04 per pound
of copper for the first nine months of 2025 associated with PT Smelting's
planned maintenance and idle facility related tolling fees.
PTFI’s consolidated sales volumes of 153 million pounds of copper and 98
thousand ounces of gold in third-quarter 2026 were lower than third-quarter 2025
sales volumes of 360 million pounds of copper and 332 thousand ounces of gold,
primarily reflecting lower operating rates at PTFI during the ramp-up of the
Grasberg Block Cave underground mine. Third-quarter 2026 gold sales volumes were
also impacted by the deferral of approximately 60 thousand ounces of refined
gold from third-quarter 2026 to fourth-quarter 2026.
In Indonesia, abnormally dry weather conditions have been generally favorable
for mining but present various challenges in the milling process. Water
availability for the operations and site infrastructure are being actively
managed with limited impacts to production to date. Extended periods without
precipitation may impact future mill rates and mitigation efforts will continue
to be implemented during this period.
PTFI’s unit net cash credits (including by-product credits) of $0.84 per pound
of copper in third-quarter 2026 were lower than third-quarter 2025 unit net cash
credits of $0.92 per pound of copper, primarily reflecting lower copper and gold
volumes.
During the ramp-up period of the Grasberg Block Cave underground mine and until
PTFI’s operations return to normal capacity, a portion of PTFI’s production and
delivery costs will be recognized as idle facility costs, which are non-
inventoriable. Idle facility, direct recovery and restoration costs totaled $244
million ($1.59 per pound of copper) in third-quarter 2026, $934 million ($2.40
per pound of copper) for the first nine months of 2026 and $171 million in both
third-quarter 2025 ($0.47 per pound of copper) and for the first nine months of
2025 ($0.16 per pound of copper), which were excluded from PTFI's unit net cash
credits.
Consolidated sales volumes from PTFI are expected to approximate 0.7 billion
pounds of copper and 632 thousand ounces of gold for the year 2026. Copper and
gold production volumes for the year 2026 are expected to exceed sales volumes,
reflecting deferrals of approximately 100 million pounds of copper and 70
thousand ounces of gold associated with inventory held at PTFI’s smelting
operations.
Based on achievement of current sales volume and cost estimates and assuming an
average price of $4,000 per ounce of gold in fourth-quarter 2026, average unit
net cash credits (including by-product credits and excluding idle facility and
restoration costs) for PTFI are expected to approximate $1.25 per pound of
copper for the year 2026. PTFI’s average unit net cash credits for the year 2026
would change by approximately $0.04 per pound of copper for each $100 per ounce
change in the average price of gold in fourth-quarter 2026.
Molybdenum Mines.
FCX operates two wholly owned primary molybdenum operations in Colorado – the
Climax open-pit mine and the Henderson underground mine. The Climax and
Henderson mines produce high-purity, chemical-grade molybdenum concentrate,
which is typically further processed into value-added molybdenum chemical
products. The majority of the molybdenum concentrate produced at the Climax and
Henderson mines and at FCX’s U.S. copper mines and Cerro Verde mine is processed
at FCX’s conversion facilities.
Operating and Development Activities. Production from the Molybdenum mines
totaled 8 million pounds of molybdenum in both the third quarters of 2026 and
2025. FCX’s consolidated molybdenum sales and average realized prices include
sales of molybdenum produced at the primary molybdenum operations and at FCX’s
U.S. copper mines and Cerro Verde mine, which are presented on page 3.
Average unit net cash costs for the Molybdenum mines of $20.04 per pound of
molybdenum in third-quarter 2026 were higher than average unit net cash costs of
$19.41 per pound in third-quarter 2025, primarily reflecting higher costs for
supplies, labor and energy. Average unit net cash costs for the Molybdenum mines
are expected to approximate $18.66 per pound of molybdenum for the year 2026,
based on achievement of current sales volume and cost estimates.
For a reconciliation of unit net cash costs per pound to production and delivery
costs applicable to sales reported in FCX’s consolidated financial statements,
refer to the supplemental schedules, “Product Revenues and Production Costs,”
beginning on page XIV.
9
LIQUIDITY, CASH FLOWS, CASH AND DEBT
Liquidity. At September 30, 2026, FCX had $4.3 billion in consolidated cash and
cash equivalents. FCX also had $3.0 billion of availability under its revolving
credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million,
respectively, of availability under their revolving credit facilities.
Operating Cash Flows. In third-quarter 2026, FCX generated operating cash flows
of $2.0 billion, net of $0.4 billion of working capital and other uses, and $5.5
billion, net of $0.8 billion of working capital and other uses, for the first
nine months of 2026.
FCX’s consolidated operating cash flows are expected to approximate $8.5 billion
for the year 2026, net of $0.6 billion of working capital and other uses, based
on current sales volume and cost estimates, and assuming prices of $6.50 per
pound of copper, $4,000 per ounce of gold and $32.00 per pound of molybdenum in
fourth-quarter 2026. The impact of price changes during fourth-quarter 2026 on
operating cash flows for the year 2026 would approximate $75 million for each
$0.10 per pound change in the average price of copper, $25 million for each $100
per ounce change in the average price of gold and $12 million for each $2 per
pound change in the average price of molybdenum.
Capital Expenditures. Capital expenditures totaled $1.2 billion in third-quarter
2026, including $0.7 billion for major mining projects, and $3.2 billion for the
first nine months of 2026, including $2.0 billion for major mining projects.
Capital expenditures are expected to approximate $4.4 billion for the year 2026,
including $3.0 billion for major mining projects. Projected capital expenditures
for major mining projects include $1.4 billion for planned projects, primarily
associated with underground mine development and supporting mill and power
capital costs in the Grasberg minerals district and a leaching project at El
Abra, and $1.6 billion for discretionary growth projects.
Cash. Following is a summary of the U.S. and international components of
consolidated cash and cash equivalents available to the parent company, net of
noncontrolling interests’ share and withholding taxes, at September 30, 2026 (in
billions):
Cash at domestic companies $ 2.3
Cash at international operations 2.0
Total consolidated cash and cash equivalents 4.3
Noncontrolling interests’ share -0.9
Cash, net of noncontrolling interests’ share 3.4
Withholding taxes -0.1
Net cash available $ 3.3
Debt. Following is a summary of consolidated debt and the weighted-average
interest rates at September 30, 2026 (in billions, except percentages):
Weighted-
Average
Senior notes: Interest Rate
─────────────────────────────────────────────────────────────────────────
Issued by FCX $ 5.3 5.0%
Issued by PTFI 3.0 5.4%
Issued by Freeport Minerals Corporation 0.4 7.5%
PTFI revolving credit facility 0.3 5.6%
Atlantic Copper lines of credit and 0.5 4.3%
other
Total consolidated debt $ 9.4 a 5.2%
a. Does not sum because of rounding.
In September 2026, PTFI amended and restated its $1.75 billion, senior unsecured
revolving credit facility to extend the maturity date from November 2028 to
September 2031. The terms of the amended facility are substantially similar to
PTFI’s prior facility. In addition, FCX’s and Cerro Verde’s revolving credit
facilities were extended to 2031 earlier in 2026.
10
At September 30, 2026, there were (i) no borrowings and $5 million in letters of
credit issued under FCX’s $3.0 billion revolving credit facility, (ii) $250
million in borrowings outstanding under PTFI’s $1.75 billion revolving credit
facility, and (iii) no borrowings outstanding under Cerro Verde’s $350 million
revolving credit facility.
FCX’s consolidated debt has a weighted-average remaining maturity of
approximately eight years. PTFI has $0.7 billion in scheduled senior note
maturities in April 2027, and FCX has $0.6 billion in scheduled senior note
maturities in the second half of 2027.
FINANCIAL POLICY
FCX’s financial policy is aligned with its strategic objectives of maintaining a
solid balance sheet, providing cash returns to common stockholders and advancing
opportunities for future growth. The policy includes a base dividend and a
performance-based payout framework, whereby up to 50% of available cash flows
generated after planned capital spending and distributions to noncontrolling
interests would be allocated to common stockholder returns and the balance to
debt reduction and investments in value enhancing growth projects, subject to
FCX maintaining its net debt at a level not to exceed the net debt target of
$3.0 billion to $4.0 billion (excluding project debt for PTFI’s downstream
processing facilities). FCX’s Board of Directors (Board) reviews the structure
of the performance-based payout framework at least annually.
During the first nine months of 2026, FCX returned $955 million to shareholders,
consisting of $650 million in common stock dividends and $305 million in share
repurchases.
Net Debt . At September 30, 2026, FCX’s net debt totaled $1.8 billion, which
excludes $3.2 billion of debt for PTFI’s downstream processing facilities. Refer
to the supplemental schedule, “Net Debt,” on page IX.
Common Stock Dividends . On September 23, 2026, FCX’s Board declared cash
dividends totaling $0.15 per share on its common stock (including a $0.075 per
share quarterly base cash dividend and a $0.075 per share quarterly variable,
performance-based cash dividend), which will be paid on November 2, 2026, to
common stockholders of record as of October 15, 2026. The declaration and
payment of dividends (base or variable) are at the discretion of the Board and
will depend on FCX’s financial results, cash requirements, global economic
conditions and other factors deemed relevant by the Board.
Share Repurchase Program . During third-quarter 2026, FCX purchased 1.4 million
shares of its common stock for a total cost of $102 million ($70.75 average cost
per share), bringing total purchases during the first nine months of 2026 to 4.9
million shares for a total cost of $305 million ($62.69 average cost per share).
At October 26, 2026, FCX has 1.4 billion shares of common stock outstanding and
has purchased 56.8 million shares for a total cost of $2.3 billion ($40.58
average cost per share) under its $5.0 billion share repurchase program. The
timing and amount of share repurchases is at the discretion of management and
will depend on a variety of factors. The share repurchase program may be
modified, increased, suspended or terminated at any time at the Board’s
discretion.
CONFERENCE CALL
A conference call with securities analysts to discuss FCX’s third-quarter 2026
results is scheduled for today at 10:00 a.m. Eastern Time. The conference call
will be broadcast on the internet along with slides. Interested parties may
listen to the conference call live and view the slides by accessing fcx.com. A
replay of the webcast will be available through Friday, November 27, 2026.
--------------------------------------------------------------------------------
---------------------------
FREEPORT:
Foremost in Copper
FCX is a leading international metals company with the objective of being
foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-
lived, geographically diverse assets with significant proven and probable
reserves of copper, gold and molybdenum. FCX is one of the world’s largest
publicly traded copper producers.
FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia,
one of the world’s largest copper and gold deposits; and significant operations
in the U.S. and South America, including the large-scale Morenci minerals
district in Arizona and the Cerro Verde operation in Peru.
11
By supplying responsibly produced copper, FCX is proud to be a positive
contributor to the world well beyond its operational boundaries. Additional
information about FCX is available on FCX’s website at fcx.com .
Cautionary Statement: This press release contains forward-looking statements in
which FCX discusses its potential future performance, operations and projects.
Forward-looking statements are all statements other than statements of
historical facts, such as plans, projections or expectations relating to
business outlook, strategy, goals or targets; restoration and remediation
efforts, and ramp-up of production and downstream processing following the
September 2025 external mud rush incident at PTFI’s Grasberg Block Cave
underground mine and the anticipated impact on FCX’s business, production,
sales, results of operations and operating plans; global market conditions,
including trade policies; ore grades and milling rates; production and sales
volumes; higher variability between PTFI production and sales; unit net cash
costs (credits) and operating costs; capital expenditures; operating plans,
including mine sequencing; cash flows; liquidity; the life of resource extension
of operating rights in the Grasberg minerals district, including the extension
of PTFI’s IUPK beyond 2041; timing of sales or shipments of inventoried
production; FCX’s sustainability-related commitments, aspirations and targets;
FCX’s overarching commitment to deliver responsibly produced copper and
molybdenum, including plans to implement, validate and maintain validation of
its operating sites under specific frameworks; achievement of FCX’s 2030 climate
targets and its 2050 net zero aspiration; improvements in operating procedures
and technology innovations and applications; exploration efforts and results;
development and production activities, rates and costs; future organic growth
opportunities and investment decisions; tax rates; the impact of copper, gold
and molybdenum price changes; the impact of deferred intercompany profits on
earnings; mineral reserve and mineral resource estimates; final resolution of
settlements associated with ongoing legal and environmental proceedings; debt
repurchases; and the ongoing implementation of FCX’s financial policy and future
returns to common stockholders, including dividend payments (base or variable)
and share repurchases. The words “anticipates,” “may,” “can,” “plans,”
“believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,”
“will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,”
“aspirations,” “future,” “commitments,” “pursues,” “initiatives,” “objectives,”
“opportunities,” “strategy” and any similar expressions are intended to identify
those assertions as forward-looking statements. The declaration and payment of
dividends (base or variable), and timing and amount of any share repurchases are
at the discretion of the Board and management, respectively, and are subject to
a number of factors, including not exceeding FCX’s net debt target, capital
availability, FCX’s financial results, cash requirements, global economic
conditions, changes in laws, contractual restrictions and other factors deemed
relevant by the Board or management, as applicable. The share repurchase program
may be modified, increased, suspended or terminated at any time at the Board’s
discretion.
FCX cautions readers that forward-looking statements are not guarantees of
future performance and actual results may differ materially from those
anticipated, expected, projected or assumed in the forward-looking statements.
Important factors that can cause FCX’s actual results to differ materially from
those anticipated in the forward-looking statements include, but are not limited
to, supply of and demand for, and prices of the commodities FCX produces,
primarily copper and gold; changes in export duties and tariff rates; production
rates; timing of shipments and sales; reduced customer demand or capacity;
changes in the terms of arrangements or contracts; PTFI’s ability to repair mud
rush incident-related damage, implement enhanced operating procedures, safely
restart with a ramp-up and achieve full operating rates of production and
downstream processing on the expected timeline and optimize production plans;
maintain relationships with commercial counterparties; price and availability of
consumables and components FCX purchases as well as constraints on supply and
logistics, and transportation services; changes in cash requirements, financial
position, financing or investment plans; changes in general market, economic,
geopolitical, regulatory or industry conditions, including market volatility
regarding trade policies and tariff uncertainty; reductions in liquidity and
access to capital; changes in tax laws and regulations; political and social
risks, including the potential effects of violence in Indonesia, civil unrest in
Peru, and relations with local communities and Indigenous Peoples; operational
risks inherent in mining, with higher inherent risks in underground mining; mine
sequencing; changes in mine plans or operational modifications, delays,
deferrals or cancellations, including the ability to smelt and refine or
inventory production; results of technical, economic or feasibility studies;
potential inventory adjustments; potential impairment of long-lived mining
assets; satisfaction of requirements in accordance with PTFI’s IUPK to extend
mining rights from 2031 through 2041; delays in Indonesia government approvals
or failure to obtain Indonesia government approval, including on the terms of
the MOU and relating to the amendment to the IUPK to extend PTFI’s operating
rights beyond 2041; delays in consummating the terms of the MOU, including
entering into any definitive agreements; cybersecurity risks; any major public
health crisis; labor relations, including labor-related work stoppages and
increased costs; compliance with applicable environmental, health and safety
laws and regulations; weather- and climate-related risks; environmental risks,
including availability of secure water supplies; impacts, expenses or results
from litigation or investigations; tailings management; FCX’s ability to comply
with its responsible production commitments under specific frameworks and any
changes to such frameworks and other factors described in more detail under the
heading “Risk Factors” in FCX’s Annual Report on Form 10-K for the year ended
December 31, 2025, filed with the U.S. Securities and Exchange Commission.
Investors are cautioned that many of the assumptions upon which FCX’s forward-
looking statements are based are likely to change after the date the forward-
looking statements are made, including for example, commodity prices, which FCX
cannot control, and production volumes and costs or technological solutions and
innovations, some aspects of which FCX may not be able to control. Further, FCX
may make changes to its business plans that could affect its results. FCX
undertakes no obligation to update any forward-looking statements, which are as
of the date made, notwithstanding any changes in its assumptions, changes in
business plans, actual experience or other changes.
This press release also contains measures such as net debt, adjusted net income
and unit net cash costs (credits) per pound of copper and molybdenum, which are
not recognized under U.S. generally accepted accounting principles (GAAP).
Reconciliations of these non-GAAP measures to amounts reported in FCX’s
consolidated financial statements are in the supplemental schedules of this
press release. For forward-looking unit net cash costs (credits) per pound of
copper and molybdenum measures, FCX is unable to provide a reconciliation to the
most comparable GAAP measure without unreasonable effort because estimating such
GAAP measures and providing a meaningful reconciliation is extremely difficult
and requires a level of precision that is unavailable for these future periods,
and the information needed to reconcile these measures is dependent upon future
events, many of which are outside of FCX’s control as described above. Forward-
looking non-GAAP measures are estimated consistent with the relevant definitions
and assumptions.
12
FRE…
SEL…
OPE…
DATA
Three
Mont…
Ended
Sept…
30,
2026 2025 2026 2025
Prod… Sal…
COP…
of
rec…
pou…
(FC…
net
int…
in
%)
Uni…
Sta…
(U.…
Mor… 121 126 123 130
(72…
Saf… 82 75 83 75
(10…
Sie… 46 48 47 48
(10…
Chi… 33 35 37 37
(10…
Bag… 29 37 32 40
(10…
Tyr… 7 7 7 8
(10…
Mia… 2 3 3 3
(10…
Oth… 1 -1 1 -2
(10…
Tot… 321 330 333 339
U.S.
Sou…
Ame…
Cer…
Ver… 219 228 225 232
(55…
El
Abra 43 43 38 46
(51…
Tot…
Sou… 262 271 263 278
Ame…
Ind…
Gra…
min… 249 311 153 360
dis…
(48…
Con… 832 912 749 c 977 c
Less
non… 246 283 197 311
int…
Net 586 629 552 666
Ave…
rea…
pri… $ 6.54 $ 4.68
per
pou…
GOL…
of
rec…
oun…
(FC…
net
int…
in
%)
U.S. 5 6 7 4
(10…
Ind… 229 281 98 332
(48…
Con… 234 287 105 336
Less
non… 117 144 50 170
int…
Net 117 143 55 166
Ave…
rea…
pri… $ 4,273 $ 3,5…
per
oun…
MOL…
of
rec…
pou…
(FC…
net
int…
in
%)
Cli… 5 5 N/A N/A
(10…
Hen… 3 3 N/A N/A
(10…
U.S.
cop… 8 8 N/A N/A
min…
(10…
Cer…
Ver… 6 6 N/A N/A
(55…
Con… 22 22 22 19
Less
non… 2 2 2 2
int…
Net 20 20 20 17
Ave…
rea…
pri… $ 32.46 $ 24.…
per
pou…
a.
Amo…
are
net
of
Mor…
joi…
ven…
par…
und…
int…
b.
FCX…
int…
in
Cer…
Ver…
is
55.…
and
pri…
to
May
2026
it
was
55.…
c.
Con…
sal…
vol…
exc…
pur…
cop…
of
20
mil…
pou…
in
thi…
2026
and
9
mil…
pou…
in
thi…
202…
I
FR…
SE…
OP…
DA…
(c…
Nine
Mon…
End…
Sep…
30,
2026 2025 2026 2025
Pro… Sal…
CO…
of
re…
po…
(F…
net
in…
in
%)
U.…
Mo… 353 368 359 365
(7…
Sa… 232 210 230 205
(1…
Si… 135 137 135 135
(1…
Ch… 117 106 120 105
(1…
Ba… 97 117 99 115
(1…
Ty… 21 24 21 25
(1…
Mi… 6 7 7 7
(1…
Ot… 1 -2 1 -3
(1…
To… 962 967 972 954
U.…
So…
Am…
Ce…
Ve… 631 654 623 654
(5…
El
Ab… 138 156 133 164
(5…
To…
So… 769 810 756 818
Am…
In…
Gr…
mi… 549 966 388 1,0…
di…
(4…
Co… 2,2… 2,7… 2,116 c 2,8… c
Le…
no… 631 866 542 934
in…
Net 1,6… 1,8… 1,574 1,9…
Av…
re…
pr… $ 6.25 $ 4.55
per
po…
GO…
of
re…
ou…
(F…
net
in…
in
%)
U.… 18 15 17 11
(1…
In… 505 876 332 975
(4…
Co… 523 891 349 986
Le…
no… 259 449 170 500
in…
Net 264 442 179 486
Av…
re…
pr… $ 4,578 $ 3,3…
per
ou…
MO…
of
re…
po…
(F…
net
in…
in
%)
Cl… 16 17 N/A N/A
(1…
He… 9 9 N/A N/A
(1…
U.…
co… 25 25 N/A N/A
mi…
(1…
Ce…
Ve… 17 16 N/A N/A
(5…
Co… 67 67 71 61
Le…
no… 7 7 7 7
in…
Net 60 60 64 54
Av…
re…
pr… $ 28.70 $ 22.…
per
po…
a.
Am…
are
net
of
Mo…
jo…
ve…
pa…
un…
in…
b.
FC…
in…
in
Ce…
Ve…
is
55…
and
pr…
to
May
20…
it
was
55…
c.
Co…
sa…
vo…
ex…
pu…
co…
of
67
mi…
po…
for
the
fi…
ni…
mo…
of
20…
and
110
mi…
po…
for
the
fi…
ni…
mo…
of
20…
II
FREE…
SELE…
OPER…
DATA
(con…
Three Nine
Months Months
Ended Ended
Septem… Septe…
30, 30,
2026 2025 2026 2025
U.S.a
Leach
Oper…
Leach
ore
plac…
in
stoc… 774,7… 609,200 785,500 604,8…
(met…
tons
per
day)
Aver…
copp…
ore 0.20 0.21 0.20 0.21
grade
(%)
Copp…
prod…
(mil… 221 213 640 607
of
reco…
poun…
Mill
Oper…
Ore
mill…
(met… 324,6… 332,700 333,000 330,1…
tons
per
day)
Aver…
ore
grad…
(%):
Copp… 0.29 0.31 0.29 0.31
Moly… 0.02 0.02 0.02 0.02
Copp…
reco… 80.7 82.4 81.7 84.0
rate
(%)
Prod…
(mil…
of
reco…
poun…
Copp… 147 166 459 503
Moly… 9 9 27 26
South
Amer…
Leach
Oper…
Leach
ore
plac…
in
stoc… 175,4… 124,500 145,500 158,4…
(met…
tons
per
day)
Aver…
copp…
ore 0.30 0.47 0.36 0.40
grade
(%)
Copp…
prod…
(mil… 55 57 175 203
of
reco…
poun…
Mill
Oper…
Ore
mill…
(met… 429,2… 421,000 422,000 412,4…
tons
per
day)
Aver…
ore
grad…
(%):
Copp… 0.30 0.31 0.29 0.30
Moly… 0.01 0.01 0.01 0.01
Copp…
reco… 83.9 83.8 83.5 83.8
rate
(%)
Prod…
(mil…
of
reco…
poun…
Copp… 207 214 594 607
Moly… 6 6 17 16
Indo…
Ore
extr…
and
mill…
(met…
tons
per
day):
Deep
Mill
Level 71,900 49,100 69,500 56,900
Zone
unde…
mine
Gras…
Block
Cave 69,500 104,200 42,500 104,1…
unde…
mine
Big
Goss… 7,300 5,300 7,100 6,400
unde…
mine
Other
adju…
incl… -7,400 -1,100 -100 -200
ore
stoc…
Total 141,3… 157,500 119,000 167,2…
Aver…
ore
grad…
Copp… 1.01 1.15 0.89 1.14
(%)
Gold
(gra…
per 0.69 0.81 0.61 0.80
metr…
ton)
Reco…
rates
(%):
Copp… 89.1 88.0 89.6 88.0
Gold 78.5 76.1 79.3 75.7
Prod…
(rec…
Copp…
(mil… 249 311 549 966
of
poun…
Gold
(tho… 229 281 505 876
of
ounc…
Moly…
Ore
mill…
(met… 31,600 34,100 31,000 33,100
tons
per
day)
Aver…
moly…
ore 0.14 0.13 0.16 0.15
grade
(%)
Moly…
prod…
(mil… 8 8 25 26
of
reco…
poun…
a.Am…
repr…
100%
oper…
data,
incl…
More…
joint
vent…
part…
shar…
b.
Repr…
FCX’s
prim…
moly…
oper…
in
Colo…
III
Three
Months
Ended
Septem…
30,
2026
FREEPO… (In Nine
CONSOL… Millio… Months
STATEM… Except Ended
OF Per Septemb…
INCOME Share 30,
(Unaud… Amount… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Revenu… $ 7,546 $ 6,972 $ 20,809 $ 20,282
Cost of
sales:
Produc…
and 4,479 4,205 12,864 12,243
delive…
Deprec…
deplet…
and 520 625 1,557 1,759
amorti…
(DD&A)
Total
cost of 4,999 4,830 14,421 14,002
sales
Sellin…
general
and 131 131 428 412
admini…
expens…
Explor…
and 55 55 146 140
resear…
expens…
Enviro…
obliga…
and 8 — 38 37
shutdo…
costs
Gain on
PT
Freepo…
Indone…
(PTFI) — — -699 —
mud
rush
incide…
insura…
settle…
Gain on
sale of — -16 -18 -16
assets
Total
costs 5,193 5,000 14,316 14,575
and
expens…
Operat… 2,353 1,972 6,493 5,707
income
Intere…
expens… -86 -107 -295 -259
netc
Other
income, 25 59 58 158
net
Income
before
income
taxes
and
equity 2,292 1,924 6,256 5,606
in
affili…
compan…
net
earnin…
(losse…
Provis…
for -610 -669 -1,807 -2,019
income
taxesd
Equity
in
affili…
compan… 6 -8 17 —
net
earnin…
(losse…
Net 1,688 1,247 4,466 3,587
income
Net
income
attrib… -514 -573 -1,427 -1,789
to
noncon…
intere…
Net
income
attrib… $ 1,174 $ 674 $ 3,039 $ 1,798
to
common
stockh…
Diluted
net
income
per
share $ 0.81 $ 0.46 $ 2.10 $ 1.24
attrib…
to
common
stock
Diluted
weight…
common 1,442 1,443 1,443 1,443
shares
outsta…
Divide…
declar…
per
share $ 0.15 $ 0.15 $ 0.45 $ 0.45
of
common
stock
a. Includes adjustments to provisionally priced concentrate and cathode sales.
For a summary of adjustments to provisionally priced copper sales, refer to
“Derivative Instruments,” beginning on page IX.
b. Includes charges totaling (i) $44 million in third-quarter 2026, $43 million
in third-quarter 2025, $108 million for the first nine months of 2026 and $131
million for the first nine months of 2025 for feasibility and optimization
studies primarily associated with potential future expansion projects at FCX’s
mining operations, and (ii) $22 million in third-quarter 2026, $83 million in
third-quarter 2025, $30 million for the first nine months of 2026 and $185
million for the first nine months of 2025 for operational readiness and start-up
costs associated with PTFI’s downstream processing facilities.
c. Consolidated interest costs (before capitalization) totaled $170 million in
third-quarter 2026, $182 million in third-quarter 2025, $584 million for the
first nine months of 2026 (which included $67 million of nonrecurring
adjustments for prior period withholding taxes on PTFI’s senior notes) and $537
million for the first nine months of 2025.
d. For a summary of FCX’s income taxes, refer to “Income Taxes,” beginning on
page VIII.
e. Net income attributable to noncontrolling interests is associated with PTFI,
Cerro Verde and El Abra. For further discussion, refer to “Noncontrolling
Interests,” on page X.
f. FCX defers recognizing profits on intercompany sales until final sales to
third parties occur. For a summary of net impacts from changes in these
deferrals, refer to “Deferred Profits,” on page X.
g. Refer to “Adjusted Net Income,” beginning on page VII, for a summary of net
charges impacting FCX’s consolidated statements of income.
IV
FREEPORT
CONSOLIDATED BALANCE SHEETS
(Unaudited) September 30,
ASSETS 2026 December 31,
Current assets: (In Millions) 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 4,335 $ 3,824
Restricted cash and cash 279 230
equivalents
Trade accounts receivable 880 977
Value-added and other tax 748 686
receivables
Inventories:
Product 3,769 3,332
Materials and supplies, net 2,938 2,738
Mill and leach stockpiles 1,727 1,423
Other current assets 629 580
Total current assets 15,305 13,790
Property, plant, equipment
and mine 42,327 40,736
development costs, net
Long-term tax receivables 1,104 810
Long-term mill and leach 1,024 1,173
stockpiles
Other assets 1,719 1,658
Total assets $ 61,479 $ 58,167
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and $ 4,727 $ 4,565
accrued liabilities
Current portion of debt 1,680 466
Accrued income taxes 590 456
Current portion of
environmental and 374 313
asset retirement
obligations (AROs)
Dividends payable - common 218 219
stock
Total current liabilities 7,589 6,019
Long-term debt, less 7,718 8,913
current portion
Environmental and AROs,
less current 5,609 5,541
portion
Deferred income taxes 4,772 4,622
Long-term leases, less 958 1,010
current portion
Other liabilities 1,220 1,296
Total liabilities 27,866 27,401
Equity:
Stockholders’ equity:
Common stock 163 163
Capital in excess of par 23,674 23,680
value
Retained earnings 3,775 1,385
Accumulated other -302 -305
comprehensive loss
Common stock held in -6,329 -6,024
treasury
Total stockholders’ equity 20,981 18,899
Noncontrolling interests 12,632 11,867
Total equity 33,613 30,766
Total liabilities and $ 61,479 $ 58,167
equity
V
FREEPORT
CONSOLIDATED
STATEMENTS OF
CASH FLOWS
(Unaudited)
Cash flow from Nine Months
operating Ended 2026
activities: September 30, (In Millions) 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 4,466 $ 3,587
Adjustments to
reconcile net
income to
net cash
provided by
operating
activities:
DD&A 1,557 1,759
Gain on PTFI
mud rush
incident -699 —
insurance
settlement
Proceeds from
PTFI mud rush
incident 699 —
insurance
settlement
Gain on sale of -18 -16
assets
Net charges for
environmental
and AROs, 237 166
including
accretion
Payments for
environmental -151 -177
and AROs
Stock-based 131 98
compensation
Net charges for
defined pension
and 34 43
postretirement
plans
Pension plan -59 -29
contributions
Deferred income 149 -16
taxes
Charges for
PTFI social 40 77
investment
programs
Payments for
PTFI social -35 -44
investment
programs
Other, net 18 -21
Changes in
working capital
and other:
Accounts -30 -408
receivable
Inventories -601 -113
Other current -69 46
assets
Accounts
payable and -64 283
accrued
liabilities
Accrued income
taxes and -81 -293
timing of other
tax payments
Net cash
provided by 5,524 4,942
operating
activities
Cash flow from
investing
activities:
Capital
expenditures:
U.S. copper -827 -843
mines
South America -477 -287
operations
Indonesia -1,435 -1,927
operations
Molybdenum -69 -74
mines
Other -428 -358
Acquisition of
additional
ownership -107 —
interest in
Cerro Verde
Other, net 30 22
Net cash used
in investing -3,313 -3,467
activities
Cash flow from
financing
activities:
Proceeds from 2,919 2,180
debt
Repayments of -2,904 -1,843
debt
Finance lease -32 -24
payments
Cash dividends
and
distributions
paid:
Common stock -650 -649
Noncontrolling -625 -1,274
interests
Treasury stock -305 -107
purchases
Proceeds from
exercised stock 27 6
options
Payments for
withholding of
employee -44 -22
taxes related
to stock-based
awards
Debt issuance -11 —
costs
Net cash used
in financing -1,625 -1,733
activities
Net increase
(decrease) in
cash and cash
equivalents and 586 -258
restricted cash
and cash
equivalents
Cash and cash
equivalents and
restricted
cash and cash 4,173 4,911
equivalents at
beginning
of year
Cash and cash
equivalents and
restricted
cash and cash $ 4,759 $ 4,653
equivalents at
end of
perioda
a. Includes current and long-term restricted cash and cash equivalents of $0.4
billion at September 30, 2026, and $0.3 billion at September 30, 2025.
VI
FREEPORT
ADJUSTED NET INCOME
Management uses adjusted net income to evaluate FCX’s operating performance and
believes that investors’ understanding of FCX’s performance is enhanced by
disclosing this measure, which excludes certain items that management believes
are not directly related to ongoing operations and are not indicative of future
business trends and operations. This information differs from net income
attributable to common stock determined in accordance with U.S. generally
accepted accounting principles (GAAP) and should not be considered in isolation
or as a substitute for measures of performance determined in accordance with
U.S. GAAP. FCX’s adjusted net income, which may not be comparable to similarly
titled measures reported by other companies, follows (in millions, except per
share amounts).
Th…
Mo…
En…
Se…
30,
20… P… 2… Per
Pr… A… S… P… Af… Sh…
──────────────────────────────────────────────────────────────────────────────
…
…
… N/A $ 1,… $ 0.… N… $ 6… $ 0…
…
…
…
…
…
…
…
-
…
…
…
…
…
…
…
…
… -… -72 -0… -1… -… -…
…
…
… -… -19 -0… -24 -7 —
…
…
…
… 9 3 — -26 -8 -…
…
…
…
…
…
…
…
… -1 -1 — 11 11 0…
…
…
…
…
…
…
… -… -24 -0… -4 -4 —
…
…
…
…
… — — — 16 16 0…
…
…
…
… — 14 0.… — — —
…
…
…
… -3 -2 — — -6 —
…
…
… $ -… $ -1… $ -0… $ -1… $ -… $ -…
…
…
…
…
… N/A $ 1,… $ 0.… N… $ 7… $ 0…
…
…
…
Ni…
Mo…
En…
Se…
30,
20… P… 2… Per
Pr… A… S… P… Af… Sh…
──────────────────────────────────────────────────────────────────────────────
…
…
… N/A $ 3,… $ 2.… N… $ 1… $ 1…
…
…
…
…
…
…
…
-
…
…
…
…
…
…
…
…
… $ -… $ -2… $ -0… $ -1… $ -… $ -…
…
…
… -… -70 -0… -24 -7 —
…
…
…
… 9 3 — -56 -… -…
…
…
…
…
…
…
…
… 6… 207 0.… — — —
…
…
…
…
…
…
…
… -… -9 -0… 8 8 0…
…
…
…
…
…
…
… -… -24 -0… -17 -… -…
…
…
…
…
… 18 16 0.… 16 16 0…
…
…
…
… 12 34 0.… 5 6 —
…
…
…
…
… 22 12 0.… — — —
…
…
…
… -… -38 -0… -17 -… -…
…
…
… $ -… $ -1… $ -0… $ -2… $ -… $ -…
…
…
…
…
… N/A $ 3,… $ 2.… N… $ 1… $ 1…
…
…
…
a. Reflects impact to FCX’s net income attributable to common stock (i.e., net
of any taxes and noncontrolling interests).
b. The third quarter and first nine months of 2026 primarily include charges for
adjustments to oil and gas AROs including $24 million recorded to production and
delivery costs and $4 million recorded to selling, general and administrative
expenses.
The third quarter and first nine months of 2025 include charges to production
and delivery costs primarily associated with impairments of oil and gas
properties.
c. The third quarter and first nine months of 2026 include net tax credits of
$31 million ($14 million net of noncontrolling interest) associated with income
tax benefits related to smelter development attributable to the year 2025 (refer
to “Income Taxes,” beginning on page VIII for additional information). The first
nine months of 2026 also include net credits associated with PTFI’s 2022
corporate income tax audit. The first nine months of 2025 include net credits
associated with PTFI’s 2020 corporate income tax audit.
In accordance with PTFI’s shareholder agreement, settlements of historical tax
matters that originated before December 31, 2022, are attributed based on the
economics from the initial period (as defined in the agreement, i.e.
approximately 81% to FCX and 19% to PT Mineral Industri Indonesia).
VII
FREEPORT
ADJUSTED NET INCOME (continued)
d. The first nine months of 2026 include credits recorded to other income, net,
for interest collected by Cerro Verde associated with the closure of its 2020
income tax audit.
e. The first nine months of 2026 primarily include charges for (i) inventory
write-offs ($18 million to production and delivery costs), (ii) termination of a
lease ($7 million to selling, general and administrative expenses), (iii)
historical costs associated with withholding taxes on PTFI’s senior notes ($5
million to DD&A, $3 million to interest expense, net and $6 million to other
income, net), (iv) historical costs of placing assets into service at our U.S.
copper mines ($9 million to DD&A and $6 million to interest expense, net) and
(v) debt extinguishment costs associated with revolving credit facilities ($3
million to other income, net).
The first nine months of 2025 include charges to production and delivery costs
for the reversal of previously capitalized land lease costs associated with
PTFI’s downstream processing facilities, partially offset by an adjustment to
PTFI’s ARO.
f. May not sum because of rounding.
INCOME TAXES
Following is a summary of the approximate amounts used in the calculation of
FCX’s consolidated income tax provision (in millions, except percentages):
Thr…
Mon…
End…
Sep…
30, In… Inc…
2026 Eff… Tax 20… Ef… Tax
Inc… Tax (P… In… Tax (Pr…
(Lo… Rate Be… (L… Ra… Ben…
──────────────────────────────────────────────────────────────────────────────
U.… $ 678 11% $ -76 c $ 155 4% $ -6
So… 1,0… 39% -407 508 40% -2…
Am…
In… 627 30% -190 d 1,2… 36% -4…
El…
and -49 N/A 13 -25 N/A 12
ot…
Ra… — N/A 50 — N/A -7
ad…
Co… $ 2,2… 27% $ -610 $ 1,9… 35% $ -6…
op…
Nine
Mon…
End…
Sep…
30, Inc… In…
2026 Ef… Tax Eff… Tax
Inc… Tax (Pr… 2025 Tax (P…
(Lo… Ra… Ben… Inc… Rate Be…
──────────────────────────────────────────────────────────────────────────────
U.… $ 1,7… 8% $ -1… c $ 153 3% $ -4
So… 2,6… 40% -1… 1,… 39% -546
Am…
In… 1,9… 33% -6… d 3,… 36% -1,…
El…
and -40 N/A 16 97 N/A -60
ot…
Ra… — N/A -2 — N/A 22
ad…
Co… $ 6,2… 29% $ -1… $ 5,… 36% $ -2,…
op…
a. Represents income (loss) before income taxes, equity in affiliated companies’
net earnings (losses), and noncontrolling interests.
b. In addition to FCX’s U.S. copper and molybdenum mines, the U.S. jurisdiction
reflects non-operating sites and corporate-level expenses, which include
interest expense associated with FCX’s senior notes and general and
administrative expenses. Refer to “Business Divisions and Segments,” beginning
on page X for additional information.
c. The U.S. income tax provision for the third quarter and first nine months of
2026 primarily relates to the U.S. Corporate Alternative Minimum Tax (CAMT)
provisions, which do not benefit from regular tax U.S. net operating loss
carryforwards.
d. In third-quarter 2026, PTFI received confirmation of income tax benefits
associated with its smelter development, which includes benefits attributable to
a six-year incentive period from 2025 through 2030. In third-quarter 2026, PTFI
recognized tax benefits associated with the year 2025 and first nine months of
2026.
e. In accordance with applicable accounting standards, FCX adjusts its interim
provision for income taxes equal to its consolidated tax rate .
VIII
FREEPORT
INCOME TAXES (continued)
Assuming achievement of current sales volume and cost estimates and prices of
$6.50 per pound for copper, $4,000 per ounce for gold and $32.00 per pound for
molybdenum in fourth-quarter 2026, FCX estimates its consolidated effective tax
rate for the year 2026 would approximate 30%, including estimated effective
rates of 40% for Peru, 36% for Indonesia and 10% for the U.S. (associated with
CAMT provisions). Changes in projected sales volumes, commodity prices, and the
relative proportion of jurisdictional income during fourth-quarter 2026 could
impact FCX’s consolidated effective tax rate for the year 2026.
NET DEBT
FCX believes that net debt provides investors with information related to the
performance-based payout framework in its financial policy, which requires FCX
to maintain its net debt at a level not to exceed the net debt target of $3
billion to $4 billion (excluding project debt for PTFI’s downstream processing
facilities). FCX defines net debt as consolidated debt less consolidated cash
and cash equivalents. This information differs from consolidated debt determined
in accordance with U.S. GAAP and should not be considered in isolation or as a
substitute for consolidated debt determined in accordance with U.S. GAAP. FCX’s
net debt, which may not be comparable to similarly titled measures reported by
other companies, follows (in millions):
As of September 30,
2026
────────────────────────────────────────────────────────────────────────────
Current portion of debt $ 1,680
Long-term debt, less current portion 7,718
Consolidated debt 9,398
Less: consolidated cash and cash 4,335
equivalents
FCX net debt 5,063
Less: debt for PTFI’s downstream 3,237 a
processing facilities
FCX net debt, excluding debt for PTFI’s $ 1,826
downstream processing facilities
a. Represents PTFI’s senior notes and $250 million of borrowings under PTFI’s
revolving credit facility.
DERIVATIVE INSTRUMENTS
For the nine months ended September 30, 2026, FCX’s mined copper was sold 37% as
cathode, 35% as rod, and 28% in concentrate. All of FCX’s copper concentrate and
some cathode sales contracts provide final copper pricing in a specified future
month (generally one to four months from the shipment date) based primarily on
quoted London Metal Exchange (LME) monthly average settlement copper prices. FCX
records revenues and invoices customers at the time of shipment based on then-
current LME prices, which results in an embedded derivative on provisionally
priced concentrate and cathode sales that is adjusted to fair value through
earnings each period, using the period-end forward prices, until final pricing
on the date of settlement.
FCX’s average realized copper price was $6.54 per pound in third-quarter 2026,
reflecting copper sales from South America and Indonesia operations that are
generally based on quoted LME monthly average settlement copper prices, which
averaged $6.40 per pound in third-quarter 2026, and copper sales from U.S.
copper mines that are generally based on prevailing Commodity Exchange Inc.
(COMEX) monthly average settlement copper prices, which averaged $6.48 per pound
in third-quarter 2026.
Following is a summary of the adjustments to prior period and current period
provisionally priced copper sales (in millions, except per share amounts):
Th…
Mo…
En…
Se…
30,
20… 20…
Pr… Cu… Pr… C…
Pe… Pe… To… Pe… P… T…
──────────────────────────────────────────────────────────────────────────────
R… $ 52 $ 64 $ 116 $ 11 $ 71 $ 82
N…
i…
a… $ 17 $ 21 $ 38 $ 1 $ 24 $ 25
to
c…
s…
D…
n…
i…
p… $ 0.… $ 0.… $ 0.… c $ — $ 0.… $ 0.…
s…
of
c…
s…
a. Reflects adjustments to provisionally priced copper sales at June 30, 2026
and 2025.
b. Reflects adjustments to provisionally priced copper sales during the third
quarters of 2026 and 2025.
c. Does not sum because of rounding.
IX
FREEPORT
DERIVATIVE INSTRUMENTS (continued)
Ni…
Mo…
En…
Se…
30,
20… 20…
Pr… Cu… Pr… Cur…
Pe… Pe… To… Pe… Per… Tot…
──────────────────────────────────────────────────────────────────────────────
R… $ 58 $ 174 $ 232 $ 63 $ 169 $ 232
N…
i…
a… $ 24 $ 59 $ 82 $ 21 $ 56 $ 77
to
c…
s…
D…
n…
i…
p… $ 0.… $ 0.… $ 0.… $ 0.… $ 0.… $ 0.…
s…
of
c…
s…
a. Reflects adjustments to provisionally priced copper sales at December 31,
2025 and 2024.
b. Reflects adjustments to provisionally priced copper sales for the first nine
months of 2026 and 2025.
At September 30, 2026, FCX had provisionally priced copper sales totaling 239
million pounds (134 million pounds net of intercompany sales and noncontrolling
interests) recorded at an average price of $6.55 per pound, subject to final LME
settlement prices over the next several months. FCX estimates that each $0.05
change in the price realized from the quarter-end provisional price would have
an approximate $12 million effect on 2026 revenues ($4 million to net income
attributable to common stock). The LME copper settlement price was $6.58 per
pound on October 26, 2026.
DEFERRED PROFITS
FCX defers recognizing profits on intercompany sales from its mining operations
to Atlantic Copper until final sales to third parties occur. Changes in these
deferrals attributable to variability in intercompany volumes resulted in net
additions to operating income totaling $24 million ($8 million to net income
attributable to common stock) in third-quarter 2026, $13 million ($15 million to
net income attributable to common stock) in third-quarter 2025, $76 million ($25
million to net income attributable to common stock) for the first nine months of
2026 and $161 million ($58 million to net income attributable to common stock)
for the first nine months of 2025. FCX’s net deferred profits on inventories at
Atlantic Copper to be recognized in future periods’ operating income totaled $77
million ($25 million to net income attributable to common stock) at September
30, 2026. Quarterly variations in ore grades, the timing of intercompany
shipments and changes in product prices will result in variability in FCX’s net
deferred profits and quarterly earnings.
NONCONTROLLING INTERESTS
Net income attributable to noncontrolling interests, which is primarily
associated with PTFI, Cerro Verde and El Abra, totaled $514 million in third-
quarter 2026 (which represented 22% of FCX’s consolidated income before income
taxes), $573 million in third-quarter 2025 (which represented 30% of FCX’s
consolidated income before income taxes), $1.4 billion for the first nine months
of 2026 (which represented 23% of FCX’s consolidated income before income taxes)
and $1.8 billion for the first nine months of 2025 (which represented 32% of
FCX’s consolidated income before income taxes). Refer to “Business Divisions and
Segments” below for net income attributable to noncontrolling interests for each
of FCX’s business segments.
In May 2026, FCX increased its ownership interest in Cerro Verde from 55.08% to
55.66%.
Based on achievement of current sales volume and cost estimates, and assuming
prices of $6.50 per pound of copper, $4,000 per ounce of gold and $32.00 per
pound of molybdenum in fourth-quarter 2026, FCX estimates that net income
attributable to noncontrolling interests will approximate $2.3 billion for the
year 2026, which would represent approximately 24% of FCX’s consolidated income
before income taxes. The actual amount will depend on many factors, including
relative performance of each business segment, commodity prices, costs and other
factors.
BUSINESS DIVISIONS AND SEGMENTS
FCX has organized its mining operations into four primary divisions – U.S.
copper mines, South America operations, Indonesia operations and Molybdenum
mines.
In the U.S., FCX operates seven copper operations – Morenci, Bagdad, Safford
(including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in
New Mexico, and two molybdenum mines – Henderson and Climax in Colorado. A
majority of the copper produced at the U.S. copper mines is cast into copper rod
by the U.S. Rod & Refining operations.
In South America, FCX operates two copper operations – Cerro Verde in Peru and
El Abra in Chile.
In Indonesia, PTFI operates the Grasberg minerals district. With the completion
of its downstream processing facilities, PTFI is a fully integrated producer of
refined copper, gold and silver.
X
FREEPORT
BUSINESS DIVISIONS AND SEGMENTS (continued)
U.S. Rod & Refining consists of copper conversion facilities, including a
refinery and two rod mills. These operations process copper produced at FCX’s
U.S. copper mines and purchased copper into copper cathode and rod. At times,
these operations refine copper and produce copper rod for customers on a toll
basis.
Atlantic Copper in Spain smelts and refines copper concentrate and markets
refined copper and precious metals in slimes.
Intersegment sales are based on terms similar to arm’s-length transactions with
third parties at the time of the sale. Intersegment sales may not be reflective
of the actual prices ultimately realized because of a variety of factors,
including additional processing, the timing of sales to unaffiliated customers
and transportation premiums.
FCX allocates certain operating costs, expenses and capital expenditures to its
business divisions and segments. However, not all costs and expenses applicable
to an operation are allocated. U.S. federal and state income taxes are recorded
and managed at the corporate level (included in Corporate, Other & Eliminations
in the below tables), whereas foreign income taxes are recorded and managed at
the applicable country level. In addition, some selling, general and
administrative costs are not allocated to the business divisions and segments.
Accordingly, the following information reflects management determinations that
may not be indicative of what the actual financial performance of each business
division and segment would be if it was an independent entity.
XI
FREEPORT
BUSINESS DIVISIONS AND SEGMENTS (continued)
──────────────────────────────────────────────────────────────────────────────
XII
FREEPORT
BUSINESS DIVISIONS AND SEGMENTS (continued)
──────────────────────────────────────────────────────────────────────────────
XIII
FREEPORT
BUSINESS DIVISIONS AND SEGMENTS (continued)
a. Includes revenues from FCX’s molybdenum sales company, which includes sales
of molybdenum produced by FCX’s primary molybdenum mines and certain of the U.S.
copper mines and the Cerro Verde mine.
b. Includes idle facility, direct recovery and restoration costs associated with
the September 2025 external mud rush incident. For a summary of these charges,
refer to “Adjusted Net Income,” beginning on page VII.
c. Includes income tax benefits associated with PTFI’s smelter development.
Refer to “Income Taxes,” beginning on page VIII for additional information.
d. Includes charges totaling $73 million associated with planned maintenance
turnaround costs at the Miami smelter.
PRODUCT REVENUES AND PRODUCTION COSTS
FCX believes unit net cash costs (credits) per pound of copper and molybdenum
are measures intended to provide investors with information about the cash-
generating capacity of its mining operations expressed on a basis relating to
the primary metal product for the respective operations. FCX uses this measure
for the same purpose and for monitoring operating performance by its mining
operations. This information differs from measures of performance determined in
accordance with U.S. GAAP and should not be considered in isolation or as a
substitute for measures of performance determined in accordance with U.S. GAAP.
These measures are presented by other metals mining companies, although FCX’s
measures may not be comparable to similarly titled measures reported by other
companies.
FCX presents gross profit per pound of copper in the following tables using both
a “by-product” method and a “co-product” method. FCX uses the by-product method
in its presentation of gross profit per pound of copper because (i) the majority
of its revenues are copper revenues, (ii) it mines ore, which contains copper,
gold, molybdenum and other metals, (iii) it is not possible to specifically
assign all of FCX’s costs to revenues from the copper, gold, molybdenum and
other metals it produces and (iv) it is the method used by FCX’s management and
Board of Directors to monitor its mining operations and to compare mining
operations in certain industry publications. In the co-product method
presentations, shared costs are allocated to the different products based on
their relative revenue values, which will vary to the extent FCX’s metals sales
volumes and realized prices change.
FCX shows revenue adjustments for prior period open sales as a separate line
item. Because these adjustments result from prior period sales, these amounts
have been reflected separately from revenues on current period sales. Noncash
and other costs, net, which are removed from site production and delivery costs
in the calculation of unit net cash costs, consist of items such as ARO
accretion and other adjustments, inventory write-offs and adjustments, stock-
based compensation costs, long-lived asset impairments, idle facility costs,
feasibility and optimization study costs, operational readiness and start-up
costs, restructuring and/or unusual charges. As discussed above, gold,
molybdenum and other metal revenues at copper mines are reflected as credits
against site production and delivery costs in the by-product method. The
following schedules are presentations under both the by-product and co-product
methods together with reconciliations to amounts reported in FCX’s consolidated
financial statements.
XIV
FR…
PR…
RE…
AND
PR…
CO…
(c…
U.…
Co…
Mi…
Pr…
Re…
Pr…
Co…
and
Un…
Net
Ca…
Co…
Th…
Mo…
En…
Se…
30,
20… Co-…
(In By-… Met…
mi… Met… Cop… Mol… Oth… Tot…
──────────────────────────────────────────────────────────────────────────────
Re… $ 2,1… $ 2,1… $ 267 $ 89 $ 2,5…
Si…
pr…
and
de…
be…
net 1,3… 1,1… 167 62 1,3…
no…
and
ot…
co…
sh…
be…
By… -296 — — — —
cr…
Tr… 41 38 — 3 41
ch…
Net
ca… 1,0… 1,1… 167 65 1,4…
co…
DD… 154 138 11 5 154
No…
and
ot… 89 c 81 6 2 89
co…
net
To… 1,2… 1,3… 184 72 1,6…
co…
Gr… $ 884 $ 784 $ 83 $ 17 $ 884
pr…
Co…
sa…
(m… 332 332
of
re…
po…
Mo…
sa…
(m… 8
of
re…
po…
Gr…
pr…
per
po…
of
co…
Re… $ 6.55 $ 6.55 $ 31.…
Si…
pr…
and
de…
be…
net 3.93 3.42 19.…
no…
and
ot…
co…
sh…
be…
By… -0.… — —
cr…
Tr… 0.12 0.11 —
ch…
Un…
net 3.16 3.53 19.…
ca…
co…
DD… 0.46 0.42 1.29
No…
and
ot… 0.27 c 0.24 0.76
co…
net
To…
un… 3.89 4.19 21.…
co…
Gr…
pr… $ 2.66 $ 2.36 $ 9.77
per
po…
Re…
to
Am…
Re…
Pro…
Rev… and DD&A
Del…
To…
pr… $ 2,5… $ 1,3… $ 154
ab…
Tr… — 41 —
ch…
No…
and
ot… — 89 —
co…
net
El…
and 4 7 —
ot…
U.…
co… 2,5… 1,5… 154
mi…
Ot… 7,3… 5,2… 348
mi…
Co…
ot… -2,… -2,… 18
&
el…
As
re…
in
FC… $ 7,5… $ 4,4… $ 520
co…
fi…
st…
a. Reflects sales of molybdenum produced by certain of the U.S. copper mines to
FCX’s molybdenum sales company at market-based pricing.
b. Includes gold sales of 7 thousand ounces ($4,307 per ounce average realized
price), silver sales of 0.5 million ounces ($63.46 per ounce average realized
price) and related production costs.
c. Includes charges totaling $26 million ($0.08 per pound of copper) for
feasibility and optimization studies and $22 million ($0.07 per pound of copper)
for materials and supplies inventory write-offs.
d. Represents the combined total for FCX’s South America and Indonesia
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
e. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XV
FR…
PR…
RE…
AND
PR…
CO…
(c…
U.…
Co…
Mi…
Pr…
Re…
Pr…
Co…
and
Un…
Net
Ca…
Co…
Th…
Mo…
En…
Se…
30,
20… Co-…
(In By-… Met…
mi… Met… Cop… Mol… Oth… Tot…
──────────────────────────────────────────────────────────────────────────────
Re… $ 1,6… $ 1,6… $ 199 $ 60 $ 1,9…
Si…
pr…
and
de…
be…
net 1,2… 1,0… 151 44 1,2…
no…
and
ot…
co…
sh…
be…
By… -208 — — — —
cr…
Tr… 45 43 — 2 45
ch…
Net
ca… 1,0… 1,1… 151 46 1,3…
co…
DD… 135 119 13 3 135
No…
and
ot… 63 c 59 3 1 63
co…
net
To… 1,2… 1,3… 167 50 1,5…
co…
Gr… $ 417 $ 375 $ 32 $ 10 $ 417
pr…
Co…
sa…
(m… 341 341
of
re…
po…
Mo…
sa…
(m… 8
of
re…
po…
Gr…
pr…
per
po…
of
co…
Re… $ 4.92 $ 4.92 $ 23.…
Si…
pr…
and
de…
be…
net 3.59 3.17 17.…
no…
and
ot…
co…
sh…
be…
By… -0.… — —
cr…
Tr… 0.13 0.13 —
ch…
Un…
net 3.11 3.30 17.…
ca…
co…
DD… 0.40 0.35 1.51
No…
and
ot… 0.18 c 0.17 0.40
co…
net
To…
un… 3.69 3.82 19.…
co…
Gr…
pr… $ 1.23 $ 1.10 $ 3.81
per
po…
Re…
to
Am…
Re…
Pro…
Rev… and DD&A
Del…
To…
pr… $ 1,9… $ 1,2… $ 135
ab…
Tr… 1 46 —
ch…
No…
and
ot… — 63 —
co…
net
El…
and 3 9 -1
ot…
U.…
co… 1,9… 1,3… 134
mi…
Ot… 6,8… 4,5… 476
mi…
Co…
ot… -1,… -1,… 15
&
el…
As
re…
in
FC… $ 6,9… $ 4,2… $ 625
co…
fi…
st…
a. Reflects sales of molybdenum produced by certain of the U.S. copper mines to
FCX’s molybdenum sales company at market-based pricing.
b. Includes gold sales of 4 thousand ounces ($3,879 per ounce average realized
price), silver sales of 0.4 million ounces ($45.99 per ounce average realized
price) and related production costs.
c. Includes charges totaling $23 million ($0.07 per pound of copper) for
feasibility and optimization studies.
d. Represents the combined total for FCX’s South America and Indonesia
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
e. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XVI
FR…
PR…
RE…
AND
PR…
CO…
(c…
U.…
Co…
Mi…
Pr…
Re…
Pr…
Co…
and
Un…
Net
Ca…
Co…
Ni…
Mo…
En…
Se…
30,
20… Co-…
(In By-… Met…
mi… Met… Cop… Mol… Oth… To…
──────────────────────────────────────────────────────────────────────────────
Re…
ex… $ 6,0… $ 6,0… $ 730 $ 233 $ 7,0…
ad…
Si…
pr…
and
de…
be…
net 3,6… 3,1… 478 155 3,7…
no…
and
ot…
co…
sh…
be…
By… -811 — — — —
cr…
Tr… 130 121 — 9 130
ch…
Net
ca… 2,9… 3,2… 478 164 3,8…
co…
DD… 454 396 37 21 454
No…
and
ot… 183 c 166 14 3 183
co…
net
To… 3,5… 3,8… 529 188 4,5…
co…
Ot…
re…
ad…
pr…
for
pr… 6 6 — 1 7
on
pr…
pe…
op…
sa…
Gr… $ 2,4… $ 2,2… $ 201 $ 46 $ 2,4…
pr…
Co…
sa…
(m… 971 971
of
re…
po…
Mo…
sa…
(m… 25
of
re…
po…
Gr…
pr…
per
po…
of
co…
Re…
ex… $ 6.22 $ 6.22 $ 28.…
ad…
Si…
pr…
and
de…
be…
net 3.71 3.22 18.…
no…
and
ot…
co…
sh…
be…
By… -0.… — —
cr…
Tr… 0.13 0.12 —
ch…
Un…
net 3.01 3.34 18.…
ca…
co…
DD… 0.47 0.41 1.43
No…
and
ot… 0.19 c 0.17 0.56
co…
net
To…
un… 3.67 3.92 20.…
co…
Ot…
re…
ad…
pr…
for
pr… 0.01 0.01 —
on
pr…
pe…
op…
sa…
Gr…
pr… $ 2.56 $ 2.31 $ 7.84
per
po…
Re…
to
Am…
Re…
Pro…
Rev… and DD&A
Del…
To…
pr… $ 7,0… $ 3,7… $ 454
ab…
Tr… — 130 —
ch…
No…
and
ot… — 183 —
co…
net
Ot…
re…
ad…
pr…
for
pr… 7 — —
on
pr…
pe…
op…
sa…
El…
and 4 13 —
ot…
U.…
co… 7,0… 4,0… 454
mi…
Ot… 20,… 14,… 1,0…
mi…
Co…
ot… -6,… -6,… 60
&
el…
As
re…
in
FC… $ 20,… $ 12,… $ 1,5…
co…
fi…
st…
a. Reflects sales of molybdenum produced by certain of the U.S. copper mines to
FCX’s molybdenum sales company at market-based pricing.
b. Includes gold sales of 17 thousand ounces ($4,470 per ounce average realized
price), silver sales of 1.4 million ounces ($67.03 per ounce average realized
price) and related production costs.
c. Includes charges totaling $61 million ($0.06 per pound of copper) for
feasibility and optimization studies and $22 million ($0.02 per pound of copper)
for materials and supplies inventory write-offs.
d. Represents the combined total for FCX’s South America and Indonesia
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
e. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XVII
FR…
PR…
RE…
AND
PR…
CO…
(c…
U.…
Co…
Mi…
Pr…
Re…
Pr…
Co…
and
Un…
Net
Ca…
Co…
Ni…
Mo…
En…
Se…
30,
20… Co-…
(In By-… Met…
mi… Met… Cop… Mol… Oth… To…
──────────────────────────────────────────────────────────────────────────────
Re…
ex… $ 4,5… $ 4,5… $ 525 $ 152 $ 5,2…
ad…
Si…
pr…
and
de…
be…
net 3,3… 2,9… 413 117 3,5…
no…
and
ot…
co…
sh…
be…
By… -530 — — — —
cr…
Tr… 130 124 — 6 130
ch…
Net
ca… 2,9… 3,1… 413 123 3,6…
co…
DD… 376 337 31 8 376
No…
and
ot… 153 c 141 10 2 153
co…
net
To… 3,4… 3,5… 454 133 4,1…
co…
Ot…
re…
ad…
pr…
for
pr… 4 4 — 1 5
on
pr…
pe…
op…
sa…
Gr… $ 1,0… $ 1,0… $ 71 $ 20 $ 1,0…
pr…
Co…
sa…
(m… 957 957
of
re…
po…
Mo…
sa…
(m… 25
of
re…
po…
Gr…
pr…
per
po…
of
co…
Re…
ex… $ 4.78 $ 4.78 $ 21.…
ad…
Si…
pr…
and
de…
be…
net 3.51 3.11 16.…
no…
and
ot…
co…
sh…
be…
By… -0.… — —
cr…
Tr… 0.14 0.13 —
ch…
Un…
net 3.09 3.24 16.…
ca…
co…
DD… 0.39 0.35 1.28
No…
and
ot… 0.16 c 0.15 0.38
co…
net
To…
un… 3.64 3.74 18.…
co…
Ot…
re…
ad…
pr…
for
pr… 0.01 0.01 —
on
pr…
pe…
op…
sa…
Gr…
pr… $ 1.15 $ 1.05 $ 2.86
per
po…
Re…
to
Am…
Re…
Pro…
Rev… and DD&A
Del…
To…
pr… $ 5,2… $ 3,5… $ 376
ab…
Tr… -9 121 —
ch…
No…
and
ot… — 153 —
co…
net
Ot…
re…
ad…
pr…
for
pr… 5 — —
on
pr…
pe…
op…
sa…
El…
and 32 40 —
ot…
U.…
co… 5,2… 3,8… 376
mi…
Ot… 19,… 12,… 1,3…
mi…
Co…
ot… -4,… -4,… 40
&
el…
As
re…
in
FC… $ 20,… $ 12,… $ 1,7…
co…
fi…
st…
a. Reflects sales of molybdenum produced by certain of the U.S. copper mines to
FCX’s molybdenum sales company at market-based pricing.
b. Includes gold sales of 11 thousand ounces ($3,497 per ounce average realized
price), silver sales of 1.4 million ounces ($38.92 per ounce average realized
price) and related production costs.
c. Includes charges totaling $63 million ($0.07 per pound of copper) for
feasibility and optimization studies.
d. Represents the combined total for FCX’s South America and Indonesia
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
e. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XVIII
FREE…
PROD…
REVE…
AND
PROD…
COSTS
(con…
South
Amer…
Oper…
Prod…
Reve…
Prod…
Costs
and
Unit
Net
Cash
Costs
Three
Mont…
Ended
Sept…
30,
2026 Co-Pr…
(In By-Pr… Method
mill… Method Copper Othe… Total
──────────────────────────────────────────────────────────────────────────────
Reve…
excl… $ 1,728 $ 1,728 $ 223 $ 1,951
adju…
Site
prod…
and
deli…
befo…
net 827 744 97 841
nonc…
and
other
costs
shown
below
By-p… -210 — — —
cred…
Trea… 9 9 — 9
char…
Roya…
on 3 3 — 3
meta…
Net
cash 629 756 97 853
costs
DD&A 107 95 12 107
Nonc…
and
other 35 b 33 2 35
cost…
net
Total 771 884 111 995
costs
Other
reve…
adju…
prim…
for
pric… 63 63 1 64
on
prior
peri…
open
sales
Gross $ 1,020 $ 907 $ 113 $ 1,020
prof…
Copp…
sales
(mil… 263 263
of
reco…
poun…
Gross
prof…
per
pound
of
copp…
Reve…
excl… $ 6.56 $ 6.56
adju…
Site
prod…
and
deli…
befo…
net 3.14 2.83
nonc…
and
other
costs
shown
below
By-p… -0.79 —
cred…
Trea… 0.03 0.03
char…
Roya…
on 0.01 0.01
meta…
Unit
net 2.39 2.87
cash
costs
DD&A 0.41 0.36
Nonc…
and
other 0.13 b 0.12
cost…
net
Total
unit 2.93 3.35
costs
Other
reve…
adju…
prim…
for
pric… 0.24 0.24
on
prior
peri…
open
sales
Gross
prof… $ 3.87 $ 3.45
per
pound
Reco…
to
Amou…
Repo…
Produ…
Reven… and DD&A
Deliv…
Tota…
pres… $ 1,951 $ 841 $ 107
above
Trea… -9 — —
char…
Roya…
on -3 — —
meta…
Nonc…
and
other — 35 —
cost…
net
Other
reve…
adju…
prim…
for
pric… 64 — —
on
prior
peri…
open
sales
Elim…
and — -1 —
other
South
Amer… 2,003 875 107
oper…
Other 7,868 5,865 395
mini…
Corp…
other -2,325 -2,261 18
&
elim…
As
repo…
in
FCX’s $ 7,546 $ 4,479 $ 520
cons…
fina…
stat…
a. Includes silver sales of 0.9 million ounces ($61.76 per ounce average
realized price). Also reflects sales of molybdenum produced by Cerro Verde to
FCX’s molybdenum sales company at market-based pricing.
b. Includes charges totaling $14 million ($0.05 per pound of copper) for
feasibility and optimization studies and $13 million ($0.05 per pound of copper)
for materials and supplies inventory write-offs.
c. Represents the combined total for FCX’s U.S. copper mines, Indonesia
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
d. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XIX
FREE…
PROD…
REVE…
AND
PROD…
COSTS
(con…
South
Amer…
Oper…
Prod…
Reve…
Prod…
Costs
and
Unit
Net
Cash
Costs
Three
Mont…
Ended
Sept…
30,
2025 Co-Pr…
(In By-Pr… Method
mill… Method Copper Othe… Total
──────────────────────────────────────────────────────────────────────────────
Reve…
excl… $ 1,278 $ 1,278 $ 154 $ 1,432
adju…
Site
prod…
and
deli…
befo…
net 764 690 86 776
nonc…
and
other
costs
shown
below
By-p… -144 — — —
cred…
Trea… 18 18 — 18
char…
Roya…
on 2 2 — 2
meta…
Net
cash 640 710 86 796
costs
DD&A 114 101 13 114
Nonc…
and
other 26 b 25 1 26
cost…
net
Total 780 836 100 936
costs
Other
reve…
adju…
prim…
for
pric… — — 2 2
on
prior
peri…
open
sales
Gross $ 498 $ 442 $ 56 $ 498
prof…
Copp…
sales
(mil… 278 278
of
reco…
poun…
Gross
prof…
per
pound
of
copp…
Reve…
excl… $ 4.60 $ 4.60
adju…
Site
prod…
and
deli…
befo…
net 2.75 2.49
nonc…
and
other
costs
shown
below
By-p… -0.52 —
cred…
Trea… 0.06 0.06
char…
Roya…
on 0.01 0.01
meta…
Unit
net 2.30 2.56
cash
costs
DD&A 0.41 0.36
Nonc…
and
other 0.10 b 0.09
cost…
net
Total
unit 2.81 3.01
costs
Other
reve…
adju…
prim…
for
pric… — —
on
prior
peri…
open
sales
Gross
prof… $ 1.79 $ 1.59
per
pound
Reco…
to
Amou…
Repo…
Produ…
Reven… and DD&A
Deliv…
Tota…
pres… $ 1,432 $ 776 $ 114
above
Trea… -18 — —
char…
Roya…
on -2 — —
meta…
Nonc…
and
other — 26 —
cost…
net
Other
reve…
adju…
prim…
for
pric… 2 — —
on
prior
peri…
open
sales
South
Amer… 1,414 802 114
oper…
Other 7,352 5,094 496
mini…
Corp…
other -1,794 -1,691 15
&
elim…
As
repo…
in
FCX’s $ 6,972 $ 4,205 $ 625
cons…
fina…
stat…
a. Includes silver sales of 0.9 million ounces ($44.89 per ounce average
realized price). Also reflects sales of molybdenum produced by Cerro Verde to
FCX’s molybdenum sales company at market-based pricing.
b. Includes charges totaling $18 million ($0.06 per pound of copper) for
feasibility and optimization studies.
c. Represents the combined total for FCX’s U.S. copper mines, Indonesia
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
d. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XX
FREE…
PROD…
REVE…
AND
PROD…
COSTS
(con…
South
Amer…
Oper…
Prod…
Reve…
Prod…
Costs
and
Unit
Net
Cash
Costs
Nine
Mont…
Ended
Sept…
30,
2026 Co-P…
(In By-P… Meth…
mill… Meth… Copp… Othe… Total
──────────────────────────────────────────────────────────────────────────────
Reve…
excl… $ 4,761 $ 4,761 $ 655 $ 5,416
adju…
Site
prod…
and
deli…
befo…
net 2,422 2,148 316 2,464
nonc…
and
other
costs
shown
below
By-p… -626 — — —
cred…
Trea… 21 21 — 21
char…
Roya…
on 8 7 1 8
meta…
Net
cash 1,825 2,176 317 2,493
costs
DD&A 317 279 38 317
Nonc…
and
other 79 b 73 6 79
cost…
net
Total 2,221 2,528 361 2,889
costs
Other
reve…
adju…
prim…
for
pric… 47 47 13 60
on
prior
peri…
open
sales
Gross $ 2,587 $ 2,280 $ 307 $ 2,587
prof…
Copp…
sales
(mil… 756 756
of
reco…
poun…
Gross
prof…
per
pound
of
copp…
Reve…
excl… $ 6.30 $ 6.30
adju…
Site
prod…
and
deli…
befo…
net 3.20 2.84
nonc…
and
other
costs
shown
below
By-p… -0.83 —
cred…
Trea… 0.03 0.03
char…
Roya…
on 0.01 0.01
meta…
Unit
net 2.41 2.88
cash
costs
DD&A 0.42 0.36
Nonc…
and
other 0.11 b 0.10
cost…
net
Total
unit 2.94 3.34
costs
Other
reve…
adju…
prim…
for
pric… 0.06 0.06
on
prior
peri…
open
sales
Gross
prof… $ 3.42 $ 3.02
per
pound
Reco…
to
Amou…
Repo…
Prod…
Reve… and DD&A
Deli…
Tota…
pres… $ 5,416 $ 2,464 $ 317
above
Trea… -21 — —
char…
Roya…
on -8 — —
meta…
Nonc…
and
other — 79 —
cost…
net
Other
reve…
adju…
prim…
for
pric… 60 — —
on
prior
peri…
open
sales
Elim…
and — -3 —
other
South
Amer… 5,447 2,540 317
oper…
Other 21,619 16,366 1,180
mini…
Corp…
other -6,257 -6,042 60
&
elim…
As
repo…
in
FCX’s $ 20,809 $ 12,864 $ 1,557
cons…
fina…
stat…
a. Includes silver sales of 2.6 million ounces ($67.05 per ounce average
realized price). Also reflects sales of molybdenum produced by Cerro Verde to
FCX’s molybdenum sales company at market-based pricing.
b. Includes charges totaling $34 million ($0.04 per pound of copper) for
feasibility and optimization studies, $13 million ($0.02 per pound of copper)
for materials and supplies inventory write-offs and $10 million ($0.01 per pound
of copper) for inventory write-offs.
c. Represents the combined total for FCX’s U.S. copper mines, Indonesia
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
d. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XXI
FREE…
PROD…
REVE…
AND
PROD…
COSTS
(con…
South
Amer…
Oper…
Prod…
Reve…
Prod…
Costs
and
Unit
Net
Cash
Costs
Nine
Mont…
Ended
Sept…
30,
2025 Co-P…
(In By-P… Meth…
mill… Meth… Copp… Othe… Total
──────────────────────────────────────────────────────────────────────────────
Reve…
excl… $ 3,649 $ 3,649 $ 406 $ 4,055
adju…
Site
prod…
and
deli…
befo…
net 2,254 2,050 248 2,298
nonc…
and
other
costs
shown
below
By-p… -364 — — —
cred…
Trea… 54 54 — 54
char…
Roya…
on 6 5 1 6
meta…
Net
cash 1,950 2,109 249 2,358
costs
DD&A 338 304 34 338
Nonc…
and
other 61 b 59 2 61
cost…
net
Total 2,349 2,472 285 2,757
costs
Other
reve…
adju…
prim…
for
pric… 53 54 1 55
on
prior
peri…
open
sales
Gross $ 1,353 $ 1,231 $ 122 $ 1,353
prof…
Copp…
sales
(mil… 818 818
of
reco…
poun…
Gross
prof…
per
pound
of
copp…
Reve…
excl… $ 4.46 $ 4.46
adju…
Site
prod…
and
deli…
befo…
net 2.75 2.50
nonc…
and
other
costs
shown
below
By-p… -0.45 —
cred…
Trea… 0.07 0.07
char…
Roya…
on 0.01 0.01
meta…
Unit
net 2.38 2.58
cash
costs
DD&A 0.42 0.37
Nonc…
and
other 0.07 b 0.07
cost…
net
Total
unit 2.87 3.02
costs
Other
reve…
adju…
prim…
for
pric… 0.07 0.07
on
prior
peri…
open
sales
Gross
prof… $ 1.66 $ 1.51
per
pound
Reco…
to
Amou…
Repo…
Prod…
Reve… and DD&A
Deli…
Tota…
pres… $ 4,055 $ 2,298 $ 338
above
Trea… -54 — —
char…
Roya…
on -6 — —
meta…
Nonc…
and
other — 61 —
cost…
net
Other
reve…
adju…
prim…
for
pric… 55 — —
on
prior
peri…
open
sales
Elim…
and 1 -1 —
other
South
Amer… 4,051 2,358 338
oper…
Other 20,946 14,312 1,381
mini…
Corp…
other -4,715 -4,427 40
&
elim…
As
repo…
in
FCX’s $ 20,282 $ 12,243 $ 1,759
cons…
fina…
stat…
a. Includes silver sales of 2.5 million ounces ($39.10 per ounce average
realized price). Also reflects sales of molybdenum produced by Cerro Verde to
FCX’s molybdenum sales company at market-based pricing.
b. Includes charges totaling $51 million ($0.06 per pound of copper) for
feasibility and optimization studies.
c. Represents the combined total for FCX’s U.S. copper mines, Indonesia
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
d. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XXII
F…
P…
R…
A…
P…
C…
(…
I…
O…
P…
R…
P…
C…
a…
U…
N…
C…
(…
C…
T…
M…
E…
S…
3…
2… Co… Si…
(… By… Me… &
m… Me… Co… Go… Ot… Tot…
──────────────────────────────────────────────────────────────────────────────
R…
e… $ 993 $ 993 $ 418 $ 120 $ 1,…
a…
S…
p…
a…
d…
b…
n… 294 191 80 23 294
n…
a…
o…
c…
s…
b…
B… -540 — — — —
c…
T… 60 39 16 5 60
c…
E… 2 1 1 — 2
d…
R…
on 55 37 16 2 55
m…
N…
c… -129 268 113 30 411
(…
c…
D… 210 b 136 57 17 210
N…
a…
o… 269 c 175 73 21 269
c…
n…
T… 350 579 243 68 890
c…
O…
r…
a…
p…
f…
p… — — 1 1 2
on
p…
p…
o…
s…
G… $ 643 $ 414 $ 176 $ 53 $ 643
p…
C…
s…
(… 153 153
of
r…
p…
G…
s…
(… 98
of
r…
o…
G…
p…
p…
p…
of
c…
o…
of
g…
R…
e… $ 6.48 $ 6.48 $ 4,2…
a…
S…
p…
a…
d…
b…
n… 1.92 1.25 822
n…
a…
o…
c…
s…
b…
B… -3.… — —
c…
T… 0.39 0.25 167
c…
E… 0.01 0.01 5
d…
R…
on 0.36 0.24 160
m…
U…
n…
c… -0.… 1.75 1,1…
(…
c…
D… 1.37 b 0.89 586
N…
a…
o… 1.75 c 1.14 750
c…
n…
T…
u… 2.28 3.78 2,4…
c…
O…
r…
a…
p…
f…
p… — — 12
on
p…
p…
o…
s…
G…
p… $ 4.20 $ 2.70 $ 1,7…
p…
p…
R…
to
A…
R…
Pr…
Re… and DD…
De…
T…
p… $ 1,5… $ 294 $ 210
a…
T… — 60 d —
c…
E… -2 — —
d…
R…
on -55 — —
m…
N…
a…
o… — 269 —
c…
n…
O…
r…
a…
p…
f…
p… 2 — —
on
p…
p…
o…
s…
I… 1,4… 623 210
o…
O… 8,3… 6,1… 292
m…
C…
o… -2,… -2,… 18
&
e…
As
r…
in
F… $ 7,5… $ 4,4… $ 520
c…
f…
s…
a. Includes silver sales of 0.8 million ounces ($63.31 per ounce average
realized price) and incremental metals and sulfuric acid produced by PT Smelting
and PTFI’s downstream processing facilities.
b. Includes $64 million ($0.42 per pound of copper) of idle facility costs
associated with the September 2025 external mud rush incident.
c. Includes $244 million ($1.59 per pound of copper) of idle facility and
restoration costs associated with the September 2025 external mud rush incident
and $22 million ($0.14 per pound of copper) for operational readiness and start-
up costs associated with PTFI’s downstream processing facilities, partially
offset by a $9 million ($0.06 per pound of copper) gain associated with
insurance recoveries related to the October 2024 incident at PTFI’s smelter.
d. Primarily represents tolling costs paid to PT Smelting, and excludes idle
facility related tolling fees that are included in noncash and other costs, net
(refer to note c above).
e. Represents the combined total for FCX’s U.S. copper mines, South America
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
f. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XXIII
FR…
PR…
RE…
AND
PR…
CO…
(c…
In…
Op…
Pr…
Re…
Pr…
Co…
and
Un…
Net
Ca…
(C…
Co…
Th…
Mo…
En…
Se…
30,
20… Co… Si…
(In By… Me… &
mi… Me… Co… Go… Ot… Tot…
──────────────────────────────────────────────────────────────────────────────
Re…
ex… $ 1,6… $ 1,6… $ 1,1… $ 88 $ 2,…
ad…
Si…
pr…
and
de…
be…
net 663 373 270 20 663
no…
and
ot…
co…
sh…
be…
By… -1,… — — — —
cr…
Tr… 32 18 13 1 32
ch…
Ex… 135 77 55 3 135
du…
Ro…
on 105 62 41 2 105
me…
Net
ca… -330 530 379 26 935
(c…
co…
DD… 330 b 186 134 10 330
No…
and
ot… 315 c 177 128 10 315
co…
net
To… 315 893 641 46 1,…
co…
Ot…
re…
ad…
pr…
for
pr… 13 13 4 1 18
on
pr…
pe…
op…
sa…
Gr… $ 1,3… $ 744 $ 535 $ 43 $ 1,…
pr…
Co…
sa…
(m… 360 360
of
re…
po…
Go…
sa…
(t… 332
of
re…
ou…
Gr…
pr…
per
po…
of
co…
ou…
of
go…
Re…
ex… $ 4.52 $ 4.52 $ 3,5…
ad…
Si…
pr…
and
de…
be…
net 1.84 1.04 813
no…
and
ot…
co…
sh…
be…
By… -3.… — —
cr…
Tr… 0.09 0.05 39
ch…
Ex… 0.38 0.21 166
du…
Ro…
on 0.29 0.17 125
me…
Un…
net
ca… -0.… 1.47 1,1…
(c…
co…
DD… 0.92 b 0.52 404
No…
and
ot… 0.88 c 0.49 386
co…
net
To…
un… 0.88 2.48 1,9…
co…
Ot…
re…
ad…
pr…
for
pr… 0.04 0.04 11
on
pr…
pe…
op…
sa…
Gr…
pr… $ 3.68 $ 2.08 $ 1,6…
per
po…
Re…
to
Am…
Re…
Pr…
Re… and DD…
De…
To…
pr… $ 2,8… $ 663 $ 330
ab…
Tr… 13 45 d —
ch…
Ex… -135 — —
du…
Ro…
on -105 — —
me…
No…
and
ot… — 315 —
co…
net
Ot…
re…
ad…
pr…
for
pr… 18 — —
on
pr…
pe…
op…
sa…
Ot… — 1 1
In… 2,6… 1,0… 331
op…
Ot… 6,0… 4,8… 279
mi…
Co…
ot… -1,… -1,… 15
&
el…
As
re…
in
FC… $ 6,9… $ 4,2… $ 625
co…
fi…
st…
a. Includes silver sales of 1.8 million ounces ($40.81 per ounce average
realized price) and incremental metals and sulfuric acid produced by PT Smelting
and PTFI’s downstream processing facilities.
b. Includes $24 million ($0.07 per pound of copper) of idle facility costs
associated with the September 2025 external mud rush incident.
c. Includes charges totaling (i) $171 million ($0.47 per pound of copper) for
idle facility and direct recovery costs associated with the September 2025
external mud rush incident, (ii) $83 million ($0.23 per pound of copper) for
operational readiness and start-up costs associated with PTFI’s downstream
processing facilities (iii) $39 million ($0.11 per pound of copper) associated
with PT Smelting planned maintenance and idle facility related tolling fees and
(iv) $26 million ($0.07 per pound of copper) for remediation costs related to
the October 2024 incident at PTFI’s smelter.
d. Primarily represents tolling costs paid to PT Smelting and excludes $39
million of tolling fees that were recognized as idle facility costs in noncash
and other costs, net (refer to note c above) associated with PT Smelting’s
planned maintenance turnaround.
e. Represents the combined total for FCX’s U.S. copper mines, South America
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
f. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XXIV
F…
P…
R…
A…
P…
C…
(…
I…
O…
P…
R…
P…
C…
a…
U…
N…
C…
(…
C…
N…
M…
E…
S…
3…
2… Co… Si…
(… By… Me… &
m… Me… Co… Go… Ot… Tot…
──────────────────────────────────────────────────────────────────────────────
R…
e… $ 2,4… $ 2,4… $ 1,5… $ 255 $ 4,…
a…
S…
p…
a…
d…
b…
n… 888 512 322 54 888
n…
a…
o…
c…
s…
b…
B… -1,… — — — —
c…
T… 181 104 66 11 181
c…
E… 2 1 1 — 2
d…
R…
on 162 97 60 5 162
m…
N…
c… -543 714 449 70 1,…
(…
c…
D… 632 b 364 229 39 632
N…
a…
o… 991 c 571 360 60 991
c…
n…
T… 1,0… 1,6… 1,0… 169 2,…
c…
O…
r…
a…
p…
f…
p… 9 9 1 — 10
on
p…
p…
o…
s…
G… $ 1,3… $ 772 $ 483 $ 86 $ 1,…
p…
C…
s…
(… 388 388
of
r…
p…
G…
s…
(… 332
of
r…
o…
G…
p…
p…
p…
of
c…
o…
of
g…
R…
e… $ 6.21 $ 6.21 $ 4,5…
a…
S…
p…
a…
d…
b…
n… 2.28 1.32 972
n…
a…
o…
c…
s…
b…
B… -4.… — —
c…
T… 0.47 0.27 198
c…
E… — — 2
d…
R…
on 0.42 0.25 183
m…
U…
n…
c… -1.… 1.84 1,3…
(…
c…
D… 1.63 b 0.94 692
N…
a…
o… 2.55 c 1.47 1,0…
c…
n…
T…
u… 2.78 4.25 3,1…
c…
O…
r…
a…
p…
f…
p… 0.02 0.02 4
on
p…
p…
o…
s…
G…
p… $ 3.45 $ 1.98 $ 1,4…
p…
p…
R…
to
A…
R…
Pr…
Re… and DD…
De…
T…
p… $ 4,1… $ 888 $ 632
a…
T… -3 178 d —
c…
E… -2 — —
d…
R…
on -162 — —
m…
N…
a…
o… — 991 —
c…
n…
O…
r…
a…
p…
f…
p… 10 — —
on
p…
p…
o…
s…
I… 4,0… 2,0… 632
o…
O… 23,… 16,… 865
m…
C…
o… -6,… -6,… 60
&
e…
As
r…
in
F… $ 20,… $ 12,… $ 1,5…
c…
f…
s…
a. Includes silver sales of 1.9 million ounces ($71.01 per ounce average
realized price) and incremental metals and sulfuric acid produced by PT Smelting
and PTFI’s downstream processing facilities.
b. Includes $236 million ($0.61 per pound of copper) of idle facility costs
associated with the September 2025 external mud rush incident.
c. Includes $934 million ($2.40 per pound of copper) of idle facility and
restoration costs associated with the September 2025 external mud rush incident
and $30 million ($0.08 per pound of copper) for operational readiness and start-
up costs associated with PTFI’s downstream processing facilities, partially
offset by a $9 million ($0.02 per pound of copper) gain associated with
insurance recoveries related to the October 2024 incident at PTFI’s smelter.
d. Primarily represents tolling costs paid to PT Smelting, and excludes idle
facility related tolling fees that are included in noncash and other costs, net
(refer to note c above).
e. Represents the combined total for FCX’s U.S. copper mines, South America
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
f. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XXV
F…
P…
R…
A…
P…
C…
(…
I…
O…
P…
R…
P…
C…
a…
U…
N…
C…
(…
C…
N…
M…
E…
S…
3…
2… Co… Si…
(… By… Me… &
m… Me… Co… Go… Ot… Tot…
──────────────────────────────────────────────────────────────────────────────
R…
e… $ 4,8… $ 4,8… $ 3,2… $ 159 $ 8,…
a…
S…
p…
a…
d…
b…
n… 2,0… 1,1… 813 40 2,…
n…
a…
o…
c…
s…
b…
B… -3,… — — — —
c…
T… 175 103 69 3 175
c…
E… 337 196 134 7 337
d…
R…
on 304 179 122 3 304
m…
N…
c… -581 1,6… 1,1… 53 2,…
(…
c…
D… 905 b 529 358 18 905
N…
a…
o… 490 c 286 195 9 490
c…
n…
T… 814 2,4… 1,6… 80 4,…
c…
O…
r…
a…
p…
f…
p… 19 19 16 1 36
on
p…
p…
o…
s…
G… $ 4,0… $ 2,3… $ 1,5… $ 80 $ 4,…
p…
C…
s…
(… 1,0… 1,0…
of
r…
p…
G…
s…
(… 975
of
r…
o…
G…
p…
p…
p…
of
c…
o…
of
g…
R…
e… $ 4.42 $ 4.42 $ 3,3…
a…
S…
p…
a…
d…
b…
n… 1.88 1.10 834
n…
a…
o…
c…
s…
b…
B… -3.… — —
c…
T… 0.16 0.09 71
c…
E… 0.31 0.18 138
d…
R…
on 0.28 0.16 125
m…
U…
n…
c… -0.… 1.53 1,1…
(…
c…
D… 0.82 b 0.49 367
N…
a…
o… 0.45 c 0.26 199
c…
n…
T…
u… 0.74 2.28 1,7…
c…
O…
r…
a…
p…
f…
p… 0.01 0.01 16
on
p…
p…
o…
s…
G…
p… $ 3.69 $ 2.15 $ 1,6…
p…
p…
R…
to
A…
R…
Pr…
Re… and DD…
De…
T…
p… $ 8,2… $ 2,0… $ 905
a…
T… 9 184 d —
c…
E… -337 — —
d…
R…
on -304 — —
m…
N…
a…
o… — 490 —
c…
n…
O…
r…
a…
p…
f…
p… 36 — —
on
p…
p…
o…
s…
E…
a… -1 — 1
o…
I… 7,6… 2,7… 906
o…
O… 17,… 13,… 813
m…
C…
o… -4,… -4,… 40
&
e…
As
r…
in
F… $ 20,… $ 12,… $ 1,7…
c…
f…
s…
a. Includes silver sales of 3.3 million ounces ($37.82 per ounce average
realized price ) and incremental metals and sulfuric acid produced by PT
Smelting and PTFI’s downstream processing facilities.
b. Includes $24 million ($0.02 per pound of copper) of idle facility costs
associated with the September 2025 external mud rush incident.
c. Includes charges totaling (i) $185 million ($0.17 per pound of copper) for
operational readiness and start-up costs associated with PTFI’s downstream
processing facilities, (ii) $171 million ($0.16 per pound of copper) for idle
facility and direct recovery costs associated with the September 2025 external
mud rush incident, (iii) $56 million ($0.05 per pound of copper) for remediation
costs related to the October 2024 incident at PTFI’s smelter, (iv) $39 million
($0.04 per pound of copper) associated with PT Smelting planned maintenance and
idle facility related tolling fees and (v) $24 million ($0.02 per pound of
copper) related to the reversal of previously capitalized land lease costs
associated with PTFI’s downstream processing facilities.
d. Primarily represents tolling costs paid to PT Smelting and excludes $39
million of tolling fees that were recognized as idle facility costs in noncash
and other costs, net (refer to note c above) associated with PT Smelting’s
planned maintenance turnaround.
e. Represents the combined total for FCX’s U.S. copper mines, South America
operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as
presented in “Business Divisions and Segments,” beginning on page X.
f. Represents Corporate, other & eliminations as presented in "Business
Divisions and Segments," beginning on page X.
XXVI
FREEPORT
PRODUCT
REVENUES AND
PRODUCTION
COSTS
(continued)
Molybdenum
Mines Product
Revenues,
Production
Costs and
Unit Net Cash
Costs
(In millions)
Revenues,
excluding
adjustmentsa
Site
production
and delivery,
before net
noncash
and other
costs shown
below
Treatment
charges and
other
Net cash
costs
DD&A
Noncash and
other costs,
net
Total costs
Gross profit 241 186
Molybdenum 147 144
sales 8 9
(millions of 155 153
recoverable 24 22
pounds)a Three Months 7 6
Gross profit Ended 186 181
per pound of September 30, 55 5
molybdenum: 2026 8 2025 8
──────────────────────────────────────────────────────────────────────────────
Revenues,
excluding $ 31.18 $ 23.57
adjustmentsa
Site
production
and delivery,
before net 19.05 18.32
noncash
and other
costs shown
below
Treatment
charges and 0.99 1.09
other
Unit net cash 20.04 19.41
costs
DD&A 3.04 2.72
Noncash and
other costs, 1.02 0.80
net
Total unit 24.10 22.93
costs
Gross profit $ 7.08 $ 0.64
per pound
Reconciliati…
to Amounts
Reported
Production
Three Months
Ended Revenues and Delivery DD&A
September 30,
2026
Totals
presented $ 241 $ 147 $ 24
above
Treatment
charges and -8 — —
other
Noncash and
other costs, — 7 —
net
Molybdenum 233 154 24
mines
Other miningb 9,638 6,586 478
Corporate,
other & -2,325 -2,261 18
eliminationsc
As reported
in FCX’s
consolidated $ 7,546 $ 4,479 $ 520
financial
statements
Three Months
Ended
September 30,
2025
Totals
presented $ 186 $ 144 $ 22
above
Treatment
charges and -9 — —
other
Noncash and
other costs, — 6 —
net
Molybdenum 177 150 22
mines
Other miningb 8,589 5,746 588
Corporate,
other & -1,794 -1,691 15
eliminationsc
As reported
in FCX’s
consolidated $ 6,972 $ 4,205 $ 625
financial
statements
a. Reflects sales of the Molybdenum mines’ production to FCX’s molybdenum sales
company at market-based pricing. On a consolidated basis, realizations are based
on the actual contract terms for sales to third parties; as a result, FCX’s
consolidated average realized price per pound of molybdenum will differ from the
amounts reported in this table.
b. Represents the combined total for FCX’s U.S. copper mines, South America and
Indonesia operations, U.S. Rod & Refining and Atlantic Copper as presented in
“Business Divisions and Segments,” beginning on page X.
c. Represents Corporate, other & eliminations as presented in “Business
Divisions and Segments,” beginning on page X. Also includes amounts associated
with our molybdenum sales company, including sales of molybdenum produced by the
Molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde
mine.
XXVII
FREEPORT
PRODUCT
REVENUES
AND
PRODUCTION
COSTS
(continue…
Molybdenum
Mines
Product
Revenues,
Production
Costs and
Unit Net
Cash Costs
(In
millions)
Revenues,
excluding
adjustmen…
Site
production
and
delivery,
before net
noncash
and other
costs
shown
below
Treatment
charges
and other
Net cash
costs
DD&A
Noncash
and other
costs, net
Total
costs
Gross
profit
Molybdenum
sales 673 561
(millions 414 382
of 24 27
recoverab… 438 409
pounds)a Nine Months 70 74
Gross Ended 27 18
profit per September 535 501
pound of 30, 138 60
molybdenu… 2026 25 b 2025 26
──────────────────────────────────────────────────────────────────────────────
Revenues,
excluding $ 27.95 $ 21.37
adjustmen…
Site
production
and
delivery,
before net 17.20 14.56
noncash
and other
costs
shown
below
Treatment
charges 0.99 1.04
and other
Unit net 18.19 15.60
cash costs
DD&A 2.88 2.80
Noncash
and other 1.16 b 0.68
costs, net
Total unit 22.23 19.08
costs
Gross
profit per $ 5.72 $ 2.29
pound
Reconcili…
to Amounts
Reported
Production
Nine
Months and
Ended Revenues Delivery DD&A
September
30, 2026
Totals
presented $ 673 $ 414 $ 70
above
Treatment
charges -24 — —
and other
Noncash
and other — 27 —
costs, net
Molybdenum 649 441 70
mines
Other 26,417 18,465 1,427
miningc
Corporate,
other & -6,257 -6,042 60
eliminati…
As
reported
in FCX’s $ 20,809 $ 12,864 $ 1,557
consolida…
financial
statements
Nine
Months
Ended
September
30, 2025
Totals
presented $ 561 $ 382 $ 74
above
Treatment
charges -27 — —
and other
Noncash
and other — 18 —
costs, net
Molybdenum 534 400 74
mines
Other 24,463 16,270 1,645
miningc
Corporate,
other & -4,715 -4,427 40
eliminati…
As
reported
in FCX’s $ 20,282 $ 12,243 $ 1,759
consolida…
financial
statements
a. Reflects sales of the Molybdenum mines’ production to FCX’s molybdenum sales
company at market-based pricing. On a consolidated basis, realizations are based
on the actual contract terms for sales to third parties; as a result, FCX’s
consolidated average realized price per pound of molybdenum will differ from the
amounts reported in this table.
b. Includes charges totaling $7 million ($0.28 per pound of molybdenum) for
inventory write-offs.
c. Represents the combined total for FCX’s U.S. copper mines, South America and
Indonesia operations, U.S. Rod & Refining and Atlantic Copper as presented in
“Business Divisions and Segments,” beginning on page X.
d. Represents Corporate, other & eliminations as presented in “Business
Divisions and Segments,” beginning on page X. Also includes amounts associated
with our molybdenum sales company, including sales of molybdenum produced by the
Molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde
mine.
XXVIII