Freeport-McMoRan Inc.

FCX · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987
Valuation
Market cap	$72,931	$54,718	$61,044	$54,314	$61,279	$38,210	$19,266	$15,140	$27,842	$19,369	$7,825	$24,264	$37,815	$32,456	$34,840	$55,006	$33,236	$9,336	$34,932	$10,646	$9,699	$6,966	$6,566	$2,427	$1,929	$1,318	$3,456	$1,831	$3,100	$5,797	$5,748	$5,041	$4,855	$4,562	$4,447	$4,201	$4,161	$5,055	$5,055
Enterprise value	$91,776	$71,730	$76,803	$66,436	$72,019	$52,986	$35,470	$30,158	$39,752	$34,357	$32,292	$47,123	$60,954	$36,182	$36,466	$56,995	$39,677	$17,305	$41,756	$10,632	$10,413	$8,586	$8,518	$4,587	$4,353	$3,604	$5,779	$4,428	$5,540	$7,428	$6,989	$5,629	$5,149	$4,762	$4,777	$4,473	$4,265	$5,031	$5,058
P/E (TTM) at period end	33.09×	28.97×	33.03×	15.66×	14.23×	63.79×	–	5.82×	15.32×	–	–	–	14.23×	10.67×	7.64×	12.87×	13.15×	–	12.62×	7.31×	9.75×	34.44×	36.14×	14.74×	17.07×	17.12×	25.32×	11.90×	12.65×	25.63×	22.67×	38.72×	95.58×	35.12×	46.23×	45.37×	42.16×	53.67×	116.48×
P/S (TTM) at period end	2.81×	2.15×	2.67×	2.38×	2.68×	2.69×	1.34×	0.81×	1.70×	1.31×	0.54×	1.21×	1.96×	1.80×	1.67×	2.90×	2.44×	0.48×	2.05×	1.84×	2.32×	2.94×	2.97×	1.27×	1.05×	0.71×	1.83×	1.04×	1.55×	3.04×	3.13×	4.16×	5.24×	6.39×	9.51×	9.68×	11.31×	15.09×	26.61×
P/B at period end	3.86×	3.11×	3.66×	3.49×	4.38×	3.76×	2.07×	1.55×	3.49×	3.20×	1.00×	1.33×	1.81×	1.85×	2.23×	4.40×	3.64×	1.62×	1.92×	4.35×	5.26×	5.99×	8.46×	9.10×	18.47×	2.57×	5.05×	3.03×	3.98×	4.93×	4.16×	3.37×	4.11×	7.06×	25.78×	20.11×	28.95×	36.11×	52.12×
EV / EBITDA (TTM)	10.47×	7.88×	9.26×	7.34×	6.95×	13.36×	14.17×	4.63×	7.36×	–	–	13.22×	8.00×	5.17×	3.59×	5.64×	5.19×	–	5.34×	3.43×	4.27×	10.33×	7.96×	5.03×	5.26×	4.63×	6.59×	5.20×	6.31×	9.15×	9.75×	17.44×	23.10×	13.92×	22.12×	18.64×	18.69×	–	–
EV / Sales (TTM)	3.54×	2.82×	3.36×	2.92×	3.15×	3.73×	2.46×	1.62×	2.42×	2.32×	2.21×	2.36×	3.15×	2.01×	1.75×	3.00×	2.91×	0.90×	2.46×	1.84×	2.49×	3.62×	3.85×	2.40×	2.37×	1.93×	3.06×	2.52×	2.77×	3.90×	3.81×	4.64×	5.56×	6.67×	10.22×	10.30×	11.59×	15.02×	26.62×
Returns
Return on equity	11.7%	10.7%	11.1%	22.3%	30.8%	5.9%	(2.6%)	26.6%	22.8%	(68.6%)	(156.3%)	(7.2%)	12.7%	17.3%	29.2%	34.2%	27.7%	(196.4%)	15.2%	59.6%	54.0%	17.4%	23.4%	61.7%	108.2%	15.0%	19.9%	25.5%	31.5%	19.2%	18.4%	8.7%	4.3%	20.1%	55.8%	44.3%	68.7%	67.3%	44.7%
Return on invested capital	11.0%	12.6%	11.8%	16.8%	23.7%	4.6%	–	14.3%	12.9%	(13.0%)	(36.1%)	(0.7%)	7.6%	19.8%	34.4%	40.6%	25.2%	(72.7%)	15.9%	67.8%	46.9%	9.4%	12.7%	10.7%	9.3%	5.7%	8.0%	8.5%	10.6%	10.9%	11.7%	6.1%	5.0%	18.2%	24.4%	22.1%	42.9%	88.9%	49.5%
Dividend yield	1.2%	1.6%	1.4%	1.6%	0.5%	0.2%	1.5%	1.4%	0.0%	0.0%	7.7%	5.4%	6.0%	3.5%	4.1%	1.6%	–	7.4%	1.2%	8.6%	4.7%	2.9%	1.2%	1.5%	–	7.9%	1.5%	4.6%	8.2%	4.7%	4.0%	3.4%	–	–	2.3%	2.8%	2.3%	–	–
Financial health
Current ratio	2.29×	2.42×	2.42×	2.46×	2.52×	2.72×	2.47×	3.14×	2.16×	2.45×	1.73×	1.75×	2.09×	3.08×	3.42×	2.62×	2.48×	1.66×	1.53×	2.21×	1.48×	2.09×	1.74×	1.19×	0.87×	0.90×	1.10×	1.05×	0.97×	1.11×	1.24×	1.40×	1.49×	3.92×	12.24×	2.32×	2.18×	2.21×	2.58×
Debt / equity	0.50×	0.51×	0.56×	0.68×	0.68×	0.95×	1.06×	1.14×	1.66×	2.65×	2.60×	1.03×	0.99×	0.20×	0.23×	0.38×	0.70×	1.27×	0.40×	0.27×	0.68×	1.68×	2.87×	7.64×	22.39×	4.27×	3.14×	4.07×	3.07×	1.33×	0.84×	0.37×	0.22×	0.85×	2.30×	1.46×	0.97×	0.29×	0.41×
Effective tax rate	34.9%	36.5%	37.8%	33.8%	30.0%	52.5%	166.7%	25.5%	30.4%	(10.7%)	13.8%	(28.1%)	30.5%	27.5%	35.0%	35.0%	39.7%	21.4%	39.3%	42.5%	44.9%	57.6%	57.9%	59.4%	56.6%	67.5%	58.9%	52.6%	48.6%	52.2%	48.0%	48.7%	52.7%	44.4%	30.9%	48.0%	47.7%	48.5%	36.1%
Share count
Diluted shares outstanding	1,443	1,445	1,443	1,451	1,482	1,461	1,451	1,458	1,454	1,318	1,082	1,039	1,006	954	955	949	938	763	794	442	441	370	318	293	290	309	329	351	393	392	409	412	396	372	363	343	340	413	413

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987
Revenue and gross profit
Revenue	$25,868	$25,915	$25,455	$22,855	$22,780	$22,845	$14,198	$14,402	$18,628	$16,403	$14,830	$14,607	$20,001	$19,331	$18,010	$20,880	$18,982	$13,638	$19,258	$16,999	$5,790	$4,179	$2,372	$2,212	$1,910	$1,839	$1,869	$1,887	$1,757	$2,001	$1,905	$1,834	$1,212	$926	$714	$468	$434	$368	$335	$190
Cost of revenue	($18,868)	($18,618)	($17,795)	($15,695)	($15,089)	($14,030)	($11,655)	($13,125)	($13,466)	($11,980)	($17,534)	($27,415)	($18,494)	($13,632)	($11,561)	($10,920)	($9,371)	($8,138)	($13,235)	($9,854)	($2,765)	($1,898)	($1,665)	($1,078)	($942)	($953)	($1,020)	($940)	($818)	($1,026)	($952)	($932)	($781)	($567)	($292)	($204)	($160)	($118)	($99)	($80)
Gross profit	$7,000	$7,297	$7,660	$7,160	$7,691	$8,815	$2,543	$1,277	$5,162	$4,423	($2,704)	($12,808)	$1,507	$5,699	$6,449	$9,960	$9,611	$5,500	$6,023	$7,145	$3,026	$2,281	$707	$1,134	$969	$886	$849	$947	$940	$975	$953	$902	$432	$359	$423	$263	$274	$249	$236	$110
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($271)	–	($90)	($292)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($561)	($545)	($513)	($479)	($420)	($383)	($370)	($394)	($422)	($477)	($597)	($558)	($580)	($645)	($431)	($415)	($381)	($321)	($269)	($466)	($157)	($104)	($90)	($80)	($68)	($59)	($71)	($71)	($88)	($97)	($141)	($185)	($109)	($136)	($81)	($47)	($34)	($21)	($16)	($10)
Total operating expenses	($77)	($779)	($796)	($935)	($654)	($449)	($106)	($186)	($408)	($733)	($25)	($704)	($1,805)	($879)	($635)	($820)	($543)	$1,003	($18,733)	($590)	($157)	($104)	($90)	($311)	($329)	($343)	($355)	($364)	($365)	($310)	($315)	($309)	($184)	($204)	($146)	($86)	($70)	($46)	($36)	($33)
Total costs and expenses	($18,945)	($19,397)	($18,591)	($16,630)	($15,743)	($14,479)	($11,761)	($13,311)	($13,874)	($12,713)	($17,559)	($28,119)	($20,299)	($14,511)	($12,196)	($11,740)	($9,914)	($7,135)	($31,968)	($10,444)	($2,922)	($2,002)	($1,755)	($1,389)	($1,270)	($1,296)	($1,374)	($1,304)	($1,183)	($1,337)	($1,267)	($1,242)	($965)	($771)	($438)	($290)	($230)	($164)	($135)	($113)
Operating income	$6,923	$6,518	$6,864	$6,225	$7,037	$8,366	$2,437	$1,091	$4,754	$3,690	($2,729)	($13,512)	($298)	$4,820	$5,814	$9,140	$9,068	$6,503	($12,710)	$6,555	$2,869	$2,177	$617	$823	$640	$543	$494	$583	$574	$664	$638	$592	$248	$155	$276	$178	$204	$204	$200	$77
Earnings
EBITDA	$9,070	$8,762	$9,105	$8,293	$9,056	$10,364	$3,965	$2,503	$6,508	$5,404	($119)	($10,015)	$3,565	$7,617	$6,993	$10,162	$10,104	$7,640	($10,839)	$7,819	$3,102	$2,437	$831	$1,070	$913	$827	$778	$876	$852	$878	$812	$717	$323	$223	$342	$216	$240	$228	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$46	$82	$141	$31	$17	$6	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($426)	($369)	($319)	($515)	($560)	($602)	($598)	($620)	($945)	($801)	($755)	($617)	($606)	($518)	($186)	($312)	($462)	($586)	($584)	($513)	($76)	($132)	($148)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$6,654	$6,372	$6,907	$6,006	$6,715	$7,659	$1,797	$306	$3,892	$2,902	($3,472)	($14,128)	($800)	$4,390	$5,487	$8,818	$8,512	$5,816	($13,309)	$6,111	$2,826	$2,037	$574	$584	$413	$359	$237	$332	$324	$476	$473	$488	$254	$128	$234	$148	$178	$189	$183	$68
Income tax expense	($2,068)	($2,221)	($2,523)	($2,270)	($2,267)	($2,299)	($944)	($510)	($991)	($883)	($371)	$1,951	($225)	($1,340)	($1,510)	($3,087)	($2,983)	($2,307)	$2,844	($2,400)	($1,201)	($915)	($331)	($338)	($246)	($203)	($160)	($196)	($171)	($231)	($247)	($234)	($123)	($68)	($104)	($46)	($86)	($90)	($89)	($24)
Net income	$2,945	$2,204	$1,889	$1,848	$3,468	$4,306	$599	($189)	$2,602	$1,817	($4,025)	($12,089)	($745)	$3,441	$3,041	$5,747	$5,544	$3,534	($10,450)	$3,779	$1,457	$995	$202	$182	$165	$113	$77	$136	$154	$245	$226	$254	$130	$51	$130	$96	$93	$99	$94	$43
Per share
Diluted EPS (GAAP)	$2.03	$1.52	$1.30	$1.28	$2.39	$2.90	$0.41	($0.17)	$1.78	$1.25	($3.16)	($11.31)	($1.26)	$2.64	$3.19	$4.78	$4.57	$2.93	($14.86)	$3.75	$3.31	$2.33	$0.425	$0.49	$0.44	$0.27	$0.13	$0.31	$0.34	$0.53	$0.45	$0.49	$0.19	$0.055	$0.33	$0.27	$0.27	$0.29	$0.23	$0.11
Basic EPS (GAAP)	$2.03	$1.53	$1.31	$1.28	$2.40	$2.93	$0.41	($0.17)	$1.79	$1.25	($3.16)	($11.31)	($1.26)	$2.65	$3.20	$4.81	$4.67	$3.05	($14.86)	$4.06	$3.66	$2.59	$0.43	$0.50	$0.44	$0.27	$0.13	$0.31	$0.34	$0.53	$0.45	$0.49	$0.19	$0.055	$0.33	$0.27	$0.27	$0.29	$0.23	$0.11
Basic shares outstanding	1,439	1,437	1,438	1,434	1,441	1,466	1,453	1,451	1,449	1,447	1,318	1,082	1,039	1,002	949	947	915	829	763	682	382	361	365	312	289	288	308	327	351	393	388	409	412	396	372	363	343	340	413	413
Margins
Gross margin	27.1%	28.2%	30.1%	31.3%	33.8%	38.6%	17.9%	8.9%	27.7%	27.0%	(18.2%)	(87.7%)	7.5%	29.5%	35.8%	47.7%	50.6%	40.3%	31.3%	42.0%	52.3%	54.6%	29.8%	51.3%	50.7%	48.2%	45.4%	50.2%	53.5%	48.7%	50.0%	49.2%	35.6%	38.8%	59.2%	56.3%	63.1%	67.8%	70.6%	58.1%
Operating margin	26.8%	25.2%	27.0%	27.2%	30.9%	36.6%	17.2%	7.6%	25.5%	22.5%	(18.4%)	(92.5%)	(1.5%)	24.9%	32.3%	43.8%	47.8%	47.7%	(66.0%)	38.6%	49.5%	52.1%	26.0%	37.2%	33.5%	29.5%	26.5%	30.9%	32.7%	33.2%	33.5%	32.3%	20.4%	16.7%	38.7%	38.0%	47.1%	55.3%	59.7%	40.6%
Net margin	11.4%	8.5%	7.4%	8.1%	15.2%	18.8%	4.2%	(1.3%)	14.0%	11.1%	(27.1%)	(82.8%)	(3.7%)	17.8%	16.9%	27.5%	29.2%	25.9%	(54.3%)	22.2%	25.2%	23.8%	8.5%	8.2%	8.6%	6.1%	4.1%	7.2%	8.8%	12.2%	11.9%	13.8%	10.7%	5.5%	18.2%	20.6%	21.3%	26.8%	28.1%	22.8%

Analyst consensus

Buy41 analysts

Bearish · 2 · Hold · 14 · Bullish · 25

Earnings history

	EPS	Estimate
Q3 2024	$0.38	$0.36	Beat
Q4 2024	$0.31	$0.36	Miss
Q1 2025	$0.24	$0.24	Match
Q2 2025	$0.54	$0.45	Beat
Q3 2025	$0.50	$0.42	Beat
Q4 2025	$0.47	$0.29	Beat
Q1 2026	$0.57	$0.47	Beat
Q2 2026	$0.68	$0.60	Beat

Peers

Company overview

IPO dateJul 10, 1995

CEOKathleen L. Quirk

Employees29,000

SectorBasic Materials

IndustryCopper

CountryUS

ExchangeNew York Stock Exchange

Websitefcx.com

Freeport-McMoRan Inc. is a prominent mining enterprise conducting extensive operations across North America, South America, and Indonesia. The company primarily focuses on the exploration and extraction of key mineral resources such as copper, gold, molybdenum, and silver, alongside other valuable metals. Additionally, it maintains a significant presence in the oil and gas sector. Its diverse portfolio of assets features the notable Grasberg minerals district in Indonesia; numerous sites in the United States including Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado. In South America, its holdings include Cerro Verde in Peru and El Abra in Chile. Beyond its mineral interests, Freeport-McMoRan operates a collection of oil and gas properties, predominantly situated off the coasts of California and in the Gulf of Mexico, managing approximately 135 wells as of December 31, 2021. Founded in 1987 and headquartered in Phoenix, Arizona, the company adopted its current name, Freeport-McMoRan Inc., in July 2014, having previously operated as Freeport-McMoRan Copper & Gold Inc.

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