FREEPORT-MCMORAN INC FCX
and 2. Business and Properties.
We are a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, we operate large, long-lived, geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. We are one of the world's largest publicly traded copper producers. Our 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.
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.19B | $25.17B | $22.70B | $23.27B | $22.42B | $13.89B | $14.35B | $18.95B | $15.89B | $14.56B |
| Cost of revenue | $18.62B | $17.80B | $15.70B | $15.09B | $14.03B | $11.65B | $13.12B | $13.47B | $11.98B | $17.53B |
| Gross profit | $6.57B | $7.37B | $7.01B | $8.18B | $8.39B | $2.24B | $1.22B | $5.48B | $3.91B | -$2.97B |
| SG&A | $545.0M | $513.0M | $479.0M | $420.0M | $383.0M | $370.0M | $394.0M | $422.0M | $477.0M | $597.0M |
| Total operating expenses | $19.40B | $18.59B | $16.63B | $15.74B | $14.48B | $11.76B | $13.31B | $13.87B | $12.71B | $17.56B |
| Operating income | $6.52B | $6.86B | $6.22B | $7.04B | $8.37B | $2.44B | $1.09B | $4.75B | $3.69B | -$2.73B |
| Interest expense | $369.0M | $319.0M | $515.0M | $560.0M | $602.0M | $598.0M | $620.0M | $945.0M | $801.0M | $755.0M |
| Pre-tax income | $6.37B | $6.91B | $6.01B | $6.71B | $7.66B | $1.80B | $306.0M | $3.89B | $2.90B | -$3.47B |
| Income tax | $2.22B | $2.52B | $2.27B | $2.27B | $2.30B | $944.0M | $510.0M | $991.0M | $883.0M | $371.0M |
| Net income | $2.20B | $1.89B | $1.85B | $3.47B | $4.31B | $865.0M | -$189.0M | $2.89B | $2.10B | -$4.03B |
| EPS, basic | — | — | — | — | 2.93 | 0.41 | -0.17 | 1.79 | 1.25 | -3.16 |
| EPS, diluted | — | — | — | — | 2.90 | 0.41 | -0.17 | 1.78 | 1.25 | -3.16 |
| Shares, diluted (wtd. avg.) | $1.44B | $1.45B | $1.44B | $1.45B | $1.48B | $1.46B | $1.45B | $1.46B | $1.45B | $1.32B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.82B | $3.92B | $6.06B | $8.39B | $8.31B | $3.90B | $2.28B | $4.46B | $4.71B | $4.42B |
| Receivables | $977.0M | $578.0M | $1.21B | $1.34B | $1.17B | $892.0M | $741.0M | $829.0M | $1.32B | $1.13B |
| Total current assets | $13.79B | $13.30B | $14.06B | $15.61B | $14.83B | $9.30B | $7.92B | $10.46B | $10.63B | $10.44B |
| Property, plant and equipment | $40.74B | $38.51B | $35.30B | $32.63B | $30.34B | $29.82B | $29.58B | $28.01B | $22.99B | $23.22B |
| Other intangibles | $432.0M | $428.0M | $422.0M | $416.0M | $412.0M | $401.0M | $402.0M | $398.0M | $307.0M | $305.0M |
| Total assets | $58.17B | $54.85B | $52.51B | $51.09B | $48.02B | $42.14B | $40.81B | $42.22B | $37.30B | $37.32B |
| Accounts payable | $2.95B | $2.79B | $2.47B | $2.70B | $2.04B | $1.47B | $1.65B | $1.66B | $1.55B | $1.54B |
| Short-term debt | $466.0M | $41.0M | $766.0M | $1.04B | $372.0M | $34.0M | $5.0M | $17.0M | $1.41B | $1.23B |
| Total current liabilities | $6.02B | $5.50B | $5.82B | $6.34B | $5.89B | $3.42B | $3.21B | $3.33B | $4.91B | $4.26B |
| Long-term debt | $8.91B | $8.91B | $8.66B | $9.58B | $9.08B | $9.68B | $9.82B | $11.12B | $11.81B | $2.23B |
| Total liabilities | $27.40B | $26.07B | $25.20B | $26.22B | $25.00B | $23.48B | $23.36B | $24.32B | $26.01B | $28.06B |
| Retained earnings | $1.39B | -$170.0M | -$2.06B | -$3.91B | -$7.38B | -$11.68B | -$12.28B | -$12.04B | -$14.72B | -$16.54B |
| Total equity | $18.90B | $17.58B | $27.31B | $24.87B | $23.02B | $18.67B | $17.45B | $17.89B | $11.30B | $9.26B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.61B | $7.16B | $5.28B | $5.14B | $7.71B | $3.02B | $1.48B | $3.86B | $4.67B | $3.74B |
| Depreciation and amortisation | $2.24B | $2.24B | $2.07B | $2.02B | $2.00B | $1.53B | $1.41B | $1.75B | $1.71B | $2.61B |
| Stock-based compensation | $121.0M | $109.0M | $109.0M | $95.0M | $98.0M | $99.0M | $63.0M | $76.0M | $71.0M | $86.0M |
| Capital expenditure | $4.49B | $4.81B | $4.82B | $3.47B | $2.12B | $1.96B | $2.65B | $1.97B | $1.41B | $2.81B |
| Investing cash flow | -$4.47B | -$5.03B | -$4.96B | -$3.44B | -$1.96B | -$1.26B | -$2.10B | -$5.02B | -$1.32B | $3.55B |
| Financing cash flow | -$1.88B | -$3.28B | -$2.65B | -$1.62B | -$1.34B | -$128.0M | -$1.56B | $900.0M | -$3.06B | -$3.17B |
| Dividends paid | $865.0M | $865.0M | $863.0M | $866.0M | $331.0M | $73.0M | $291.0M | $218.0M | $2.0M | $6.0M |
| Buybacks | $107.0M | $59.0M | $0 | $1.35B | $488.0M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-173666.
Others in SIC 1000
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|---|---|---|---|---|
| SCCO | SOUTHERN COPPER CORP/ | $165.83B | 37.9x | 17.4% |
| MP | MP Materials Corp. / DE | $9.71B | — | 10.1% |
| CLF | CLEVELAND-CLIFFS INC. | $7.13B | — | -3.0% |
| USAR | USA Rare Earth, Inc. | $2.34B | — | — |
| TMC | TMC the metals Co Inc. | $1.96B | 5.3x | — |
| IE | Ivanhoe Electric Inc. | $1.59B | 12.6x | 11.8% |
| LAC | LITHIUM AMERICAS CORP. | $1.09B | — | — |
| DC | Dakota Gold Corp. | $798.3M | — | — |