FCX
Updated: 25/09/2026, 00:27:52
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.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$25.2B
FY 2025 · Reported
Net income
$4.2B
FY 2025 · Reported
Gross margin
26.1%
FY 2025 · Calculated
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.1B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Leading international metals company foremost in copper
Leading international metals company headquartered in Phoenix, Arizona; one of the world's largest publicly traded copper producers with Grasberg (Indonesia), Morenci (Arizona) and Cerro Verde (Peru).
“We are a leading international metals company with the objective of being foremost in copper.”
PTFI fully integrated downstream processing
PTFI is a fully integrated producer of refined copper and gold following completion of its Indonesian smelting facilities; smelting suspended in Q4 2025 after mud rush
“With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper and gold”
Pricing mechanism for sales contracts
Customers may request fixed prices and receive COMEX average price in month of shipment while paying the fixed price; FCX hedges with copper futures/swap contracts with hedging gains/losses recorded in revenues
“receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts.”
Reserves by geography at Dec 31, 2025
Proven & probable reserves allocation 2025: copper US 38%, South America 40%, Indonesia 22%; gold Indonesia 97%; molybdenum US 74%.
“CopperGoldMolybdenum U.S.38 %3 %74 %”
Product revenue breakdown 2025
Copper cathode $8,147M; concentrate $6,310M; rod/other refined $4,419M; purchased copper $449M; gold $3,900M; molybdenum $1,966M; silver and other $749M; total revenues $25,915M (2025) vs $25,455M (2024) vs $22,855M (2023)
“Copper: Cathode$8,147 $8,317 $6,588 Concentrate6,310 6,734 7,132 Rod and other refined copper products4,419 3,851 3,659 Purchased coppera 449 684 452 Gold3,900 4,446 3,472 Molybdenum1,966 1,786 1,991 Silver and other749 646 600”
Revenue mix by product 2025
2025 consolidated revenues primarily: copper 75%, gold 15%, molybdenum 8%.
“Our consolidated revenues for 2025 primarily included sales of copper (75%), gold (15%) and molybdenum (8%).”
Copper product forms sold in 2025
During 2025, 43% of mined copper sold in concentrate, 33% as cathode, 24% as rod.
“During 2025, 43% of our mined copper was sold in concentrate, 33% as cathode and 24% as rod.”
Copper hedge accounting positions
FCX held hedge-accounted copper futures/swaps for 104M lbs at avg $5.05/lb through Dec 2027; Atlantic Copper held net forward sales of 79M lbs at $5.36/lb through Feb 2026
“FCX held copper futures and swap contracts that qualified for hedge accounting for 104 million pounds at an average contract price of $5.05 per pound, with maturities through December 2027.”
2025 copper price benchmarks
2025 LME copper avg $4.51/lb, COMEX avg $4.82/lb (7% premium on tariff-driven differential); US sales priced off COMEX, South America/Indonesia off LME.
“For the year 2025, the average COMEX copper settlement price was 7% higher than the average LME copper settlement price.”
Realized/unrealized copper hedge gains summary
Fair value hedges on copper futures/swaps: unrealized derivative gains $100M offset by hedged firm sales commitments -$100M; realized gains $58M in 2025
“Unrealized gains (losses): Derivative financial instruments$100 $(32)$3 Hedged item – firm sales commitments (100)32 (3) Realized gains (losses): Matured derivative financial instruments 58 29 (4)”
Downstream processing facilities
Operates Miami AZ smelter/rod mill, El Paso TX refinery/rod mill, Atlantic Copper in Spain, and PTFI's newly completed Gresik smelter & PMR making PTFI fully integrated; all Grasberg concentrate now processed within Indonesia.
“With the completion of PTFI's downstream processing facilities during 2025, all of Grasberg's copper concentrate is processed within Indonesia.”
Purchased copper for rod operations
FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations
“a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations.”
Collective labor agreement coverage
As of Dec 31, 2025, ~28% of global employees covered by collective labor agreements; 11% covered by agreements expiring in 2026
“approximately 28% of our global employee population was covered by collective labor agreements, and 11% of our global employee population was covered by agreements that are scheduled to expire during 2026”
Copper end-use markets (Wood Mackenzie 2025)
Copper end-use shares: electrical 30%, construction 24%, consumer products 21%, transportation 14%, industrial machinery 11% (Wood Mackenzie 2025).
“copper's end-use markets (and their estimated shares of total consumption) are electrical applications (30%), construction (24%), consumer products (21%), transportation (14%) and industrial machinery (11%).”
AI and technology initiatives in mining and leaching
FCX developing AI for decision support, autonomous operation, and leaching innovation initiatives
“we may develop and apply AI in decision support systems, material characterization, equipment reliability enhancement, mineral extraction optimization and remote/autonomous operation”
PTFI IUPK extension beyond 2041 and ownership evolution
PTFI preparing application during 2026 for extension beyond 2041; FCX to hold ~49% through 2041, ~37% from 2042
“FCX expects to maintain its ownership interest in PTFI of approximately 49% through 2041 and hold approximately 37% beginning in 2042”
Debt carrying amount and fair value
Debt carrying amount $9,379M (fair value $9,493M) at Dec 31, 2025 vs $8,948M ($8,807M) at Dec 31, 2024; Level 2 valuation
“Debtd 9,379 9,493 — — 9,493 —”
Favorable copper demand fundamentals
Management believes copper fundamentals favorable: electrification, urbanization, data centers/AI growth, increased defense spending, growing connectivity.
“We believe fundamentals for copper are favorable with growing demand supported by copper's critical role in electrification initiatives, continued urbanization in developing countries, data centers and artificial intelligence (AI) growth, increased defense spending and growing connectivity globally.”
September 2025 Grasberg mud rush incident
September 2025 mud rush at Grasberg; DMLZ and Big Gossan restarted late Oct 2025; phased restart of Grasberg Block Cave anticipated to begin in Q2 2026.
“Our 2025 operations and results were impacted by the September 2025 mud rush incident at the Grasberg minerals district in Central Papua, Indonesia.”
March 2025 Indonesia export proceeds regulation
Indonesia regulation effective Mar 1, 2025 requires 100% of PTFI export proceeds deposited in Indonesian banks for 12 months
“requires 100% of PTFI’s export proceeds to be deposited into Indonesia banks for 12 months”
Indonesia export regulation on PTFI proceeds
2024 restricted cash included $0.7B of PTFI export proceeds temporarily deposited in Indonesian banks for 90 days under a prior Indonesia regulation, plus $0.1B assurance bonds for downstream processing facilities
“b.Included (i) $0.7 billion associated with a portion of PTFI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a previous Indonesia regulation and (ii) $0.1 billion in assurance bonds to support PTFI’s commitment for its downstream processing facilities.”
September 2025 Grasberg Block Cave mud rush incident
~800,000 metric tons of wet material entered the Grasberg Block Cave mine on Sep 8, 2025; seven fatalities; phased restart expected 2Q26; significant 2026 impact
“On September 8, 2025, PTFI experienced an unprecedented mud rush incident, during which approximately 800,000 metric tons of wet material entered the Grasberg Block Cave underground mine”
Export license expiration for PTFI concentrate
PTFI's export license expired Sep 16, 2025; all concentrate must be processed by its Indonesian downstream facilities
“Following the expiration of its export license on September 16, 2025, PTFI expects all of its concentrate to be processed by its downstream processing facilities”
Cybersecurity — no cyber insurance
FCX does not maintain cyber risk insurance; has experienced past cybersecurity events
“We do not maintain cyber risk insurance, and the lack of insurance coverage could adversely affect our cash flows and overall profitability”
Commodity price volatility risk
Extended material declines in copper/gold (and to a lesser extent molybdenum) prices could materially adversely affect results, covenant compliance, and cause impairments.
“Fluctuations in the market prices of the commodities we produce have caused and may continue to cause significant volatility in our financial performance and in the trading prices of our common stock.”
Holding company structure risk
Holding company structure may impact ability to service debt, declare dividends, and repurchase shares and debt
“We are a holding company with no material assets other than the capital stock and intercompany receivables of our subsidiaries.”
Social license to operate / Indigenous Peoples risk
Loss of community/Indigenous Peoples support could block expansions or new projects temporarily or for extended periods and result in loss of rights to explore, operate or develop projects
“Failure or the perceived failure to manage our relationships with the communities and/or Indigenous Peoples where we operate or that are near our operations could harm our reputation and social license to operate.”
Indonesia/IUPK and international risks
International risks include PTFI's failure to meet commitments to achieve extension of its IUPK beyond 2041, plus geopolitical/regulatory/social risks.
“PTFI's failure to meet its commitments to achieve the extension of its IUPK.”
Input cost and supply chain risk
Consumables prices (natural gas, diesel, coal, ammonium nitrate, sulfuric acid, steel products) subject to volatility from supply chain disruptions, labor shortages, inflation, energy costs, tariffs.
“Prices of consumables used in our operations (such as natural gas, diesel, coal, other sources of energy, ammonium nitrate, chemical reagents, including sulfuric acid, and steel-related products)”
Cerro Verde December 2025 strike
Three-day strike by a union at Cerro Verde in Dec 2025; declared unfounded; no significant disruption
“In December 2025, a group of employees who are members of one of the unions at our Cerro Verde operations, participated in a three-day strike action”
Force majeure notices to commercial counterparties
PTFI notified certain commercial counterparties of force majeure under its contracts after the incident
“PTFI notified certain commercial counterparties of a force majeure under its contracts”
Underground mining and geotechnical risks
Continued geotechnical challenges from older mines and deeper pits; unanticipated instabilities may require suspension of operations
“We are facing continued geotechnical challenges because of the older age of some of our mines and a trend toward mining deeper pits and more complex deposits”
Derivative counterparty credit exposure
Maximum credit exposure from derivative transactions (commodity, FX, interest rate swaps) was $289 million at Dec 31, 2025
“As of December 31, 2025, the maximum amount of credit exposure associated with derivative transactions was $289 million.”
Operations may be on or adjacent to Indigenous Peoples' ancestral lands
Operations may take place on or adjacent to Indigenous Peoples' ancestral lands, with potential consent requirements for significant impacts
“our operations may take place on or adjacent to Indigenous Peoples’ ancestral lands, and such Indigenous Peoples may assert rights to such lands.”
Sustainability disclosure compliance and reputational risk
Evolving sustainability-related disclosure standards create compliance costs and reputational/market-access risk, including preferential buying of competitors' products
“If we do not adapt to or comply with stakeholder or other third parties’ expectations, including with respect to evolving sustainability-related disclosure standards and frameworks, or if we are perceived to have not responded appropriately ... we may suffer from reputational damage and our business, financial condition, cost of capital and/or stock price could be materially adversely affected.”
Water variability at Indonesia operations
PTFI project area susceptible to floods/mudslides from heavy rain and to extended dry periods impacting milling operations
“The PTFI project area receives considerable rainfall that makes it susceptible to periodic floods and mudslides”
Long-lived assets and changing stakeholder expectations / local government capability
Changing stakeholder expectations over mine life and under-resourced local governments could increase costs, liabilities and reputational risks
“To the extent local governments, including Tribal authorities, lack resources, preparedness or technical capability, they may be less able to address infrastructure and environmental risks.”
Customer sustainability-driven procurement risk
Customers may impose sustainability-related procedures/standards, potentially shifting purchases to competitors
“our customers, commodity markets, end users and other third parties may require that we implement certain additional procedures or standards before they will start or continue to do business with us, which could lead to preferential buying of our competitors’ products”
Copper is 75% of 2025 revenues; US sales priced off COMEX, South America/Indonesia off LME monthly averages.
“Our consolidated revenues for 2025 primarily included sales of copper (75%), gold (15%) and molybdenum (8%).”
The mud rush incident halted Grasberg Block Cave production, suspending smelting and reducing 2025/2026 sales volumes.
“we expect the incident to have a significant impact on our 2026 operating and financial results”
FCX's largest revenue line is copper cathode ($8,147M) and concentrate ($6,310M); revenues and derivatives are priced off LME/COMEX copper prices with embedded derivative gains of $534M in 2025.
“Copper: Cathode$8,147 $8,317 $6,588 Concentrate6,310 6,734 7,132”
Indonesian regulations (export license expiration, March 2025 export proceeds regulation) directly constrain PTFI's ability to produce, export and repatriate cash.
“requires 100% of PTFI’s export proceeds to be deposited into Indonesia banks for 12 months”
A large share of Indonesian reserves lies beyond 2031; failure to obtain IUPK extension would strand reserves.
“If PTFI does not fulfill its defined fiscal and other obligations to the Indonesia government as set forth in the IUPK, the IUPK may not be extended from 2031 through 2041”
Indonesia hosts Grasberg (22% of copper reserves, 97% of gold reserves, 98% of gold production); 2025 mud rush disrupted operations; IUPK extension beyond 2041 is a key risk.
“PTFI's failure to meet its commitments to achieve the extension of its IUPK.”
With no export licenses, PTFI's entire concentrate output depends on domestic downstream facilities being operational.
“if the downstream processing facilities are not operational when copper concentrate is available, PTFI could be required to reduce production levels or be subject to increased costs”
Copper concentrate availability and processing drive PTFI production, smelting rates, and sales; FCX's core product is refined copper.
“smelting operations in Indonesia at both PTFI’s smelter and PT Smelting were temporarily suspended during fourth-quarter 2025 as a result of limited copper concentrate availability”
Gold revenues of $3,900M in 2025; provisional pricing based on the London PM gold price creates embedded derivatives.
“Gold3,900 4,446 3,472”
Loss of community or Indigenous Peoples support could block expansions or new projects and result in loss of rights to explore, operate or develop projects, affecting production growth.
“could lead to delays and/or increased costs if expansions or new projects are blocked either temporarily or for extended periods”
Management cites data centers and AI growth as a driver of growing copper demand, alongside electrification and renewable power.
“data centers and artificial intelligence (AI) growth, increased defense spending and growing connectivity globally.”
Heavy rainfall and dry periods at PTFI, plus geotechnical instabilities linked to weather, can suspend operations and raise costs.
“The PTFI project area receives considerable rainfall that makes it susceptible to periodic floods and mudslides, the nature and magnitude of which cannot be predicted”
PTFI's export proceeds were required to be temporarily deposited in Indonesian banks for 90 days ($0.7B in 2024 restricted cash) and assurance bonds support downstream processing commitments ($0.1B); PTFI export duties of $337M in 2025.
“(i) $0.7 billion associated with a portion of PTFI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a previous Indonesia regulation”
Copper prices may be affected by demand from China, the largest consumer of refined copper, amid US-China tensions and uncertainty about China's economy.
“copper prices may be affected by demand from China, which is currently the largest consumer of refined copper in the world”
Increasingly automated and integrated operations heighten cybersecurity exposure, and FCX lacks cyber insurance.
“We do not maintain cyber risk insurance, and the lack of insurance coverage could adversely affect our cash flows and overall profitability”
Diesel and other energy prices are cited as volatile consumable costs impacting production costs.
“as well as fuel and energy costs (for example, the price of diesel)”
Evolving sustainability disclosure obligations require management time and expense; non-compliance or perceived non-compliance could materially harm business, cost of capital and stock price.
“Maintaining adequate systems and processes in place to comply with the various tracking and disclosure obligations ... will require management’s time and expense.”
FCX is exposed to credit loss from financial institutions for commodity, foreign exchange and interest rate swaps, with maximum credit exposure of $289 million at Dec 31, 2025.
“FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay.”
Commodity price volatility drivers include the strength of the U.S. dollar compared to foreign currencies; US copper sales priced off COMEX.
“the strength of the U.S. dollar compared to foreign currencies”
Customers may require additional sustainability procedures before doing business, risking preferential buying of competitors' products.
“which could lead to preferential buying of our competitors’ products based on perceived sustainability-related practices”
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