NYSE: FCX · Copper
Freeport-McMoRan
Freeport-McMoRan is one of the world’s largest publicly traded copper producers, with the Grasberg district in Indonesia, the Morenci district in Arizona and Cerro Verde in Peru. Citing Wood Mackenzie, it says it is the world’s largest producer of molybdenum. 2025 revenue was $25,915 million and net income attributable to common stockholders $2,204 million. A September 2025 mud rush at Grasberg killed seven workers and cut 2025 copper production to 3.4 billion pounds from 4.2 billion. A phased restart began at the end of March 2026; PTFI expects about 65% of capacity in H2 2026 and near-full capacity by end-2027.
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:15 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-1310-Q (quarter ended 2026-09-30) · filed 2026-11-06Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 12.8%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 25.2%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -1.3 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 0.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.35x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 19.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.48
Higher than 73% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 71% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 22% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 29% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 38% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$63.17close on 2026-11-04
Market cap$90.71B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 19.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 4.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 11.0x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.5%
At FY2025 year-end: 33.4x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 3.9x
Book value at FY2025 year-end
At FY2025 year-end: 9.0x
EBITDA for FY2025
At FY2025 year-end: 1.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
- Revenue$7.58B → $7.03B (vs. a year earlier)↓ −7.3%$7.58B → $7.03B (vs. a year earlier)
- Operating margin32.1% → 28.5% (vs. a year earlier)↓ −3.6 pts32.1% → 28.5% (vs. a year earlier)
- Net income$1.55B → $1.39B (vs. a year earlier)↓ −10.1%$1.55B → $1.39B (vs. a year earlier)
- Cash$3.74B → $4.08B (vs. previous quarter-end)↑ +9.2%$3.74B → $4.08B (vs. previous quarter-end)
- Long-term debt$9.41B → $9.39B (vs. previous quarter-end)→ −0.3%$9.41B → $9.39B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook • Issued
Expects capital spending of about $4.4B, including $3.0B for major mining projects. Source sentence
Capital expenditures are expected to approximate $4.4 billion, including $3.0 billion for major mining projects, for the year 2026.
Key changes
Unit net cash costs $2.07 per pound of copper in Q3. Source sentence
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.
Returned $955M to shareholders in the first nine months. Source sentence
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.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- FREEPORT-MCMORAN INC
- Headquarters
- PHOENIX, AZ
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: FCX
- Industry
- Copper
- CIK
- 831259
- Website
- https://www.fcx.com/ ↗
- IR page
- https://investors.fcx.com/ ↗
Workforce (as of FY2025 year-end)
Employees
29,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 22–24 days after quarter end (Jan 22, 2026; Jan 23, 2025; Jan 24, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–27 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Nov 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 23, 2026 (+23 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | May 8, 2026 10-Q (+38 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 22, 2026 (+22 days) | Feb 13, 2026 10-K (+44 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 23, 2025 (+23 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 23, 2025 (+23 days) | Aug 8, 2025 10-Q (+39 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 24, 2025 (+24 days) | May 8, 2025 10-Q (+38 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 23, 2025 (+23 days) | Feb 14, 2025 10-K (+45 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 22, 2024 (+22 days) | Nov 8, 2024 10-Q (+39 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 23, 2024 (+23 days) | Aug 7, 2024 10-Q (+38 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 23, 2024 (+23 days) | May 8, 2024 10-Q (+38 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 24, 2024 (+24 days) | Feb 16, 2024 10-K (+47 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Copper
Copper cathode, rod and concentrate
Examples: Morenci, Cerro Verde, Grasberg
2025 copper production 3,383 million pounds.
Gold
Gold
Examples: Grasberg
2025 production 956 thousand ounces, down from 1,880 thousand.
Molybdenum
Molybdenum and molybdenum chemicals
Examples: Henderson and Climax mines
2025 production 92 million pounds.
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Molybdenum and molybdenum-based chemicals
Molybdenum producers worldwide
U.S. share
—
Not disclosedWorldwide share
Largest
Company-disclosed“According to Wood Mackenzie, we are the world’s largest producer of molybdenum and molybdenum-based chemicals.”
Copper
Publicly traded copper producers worldwide
U.S. share
—
Not disclosedWorldwide share
One of the largest
Company-disclosed“One of the world’s largest publicly traded copper producers.”
07
Recent strategic focusSite analysis
Recent developments.
H1 2026
Revenue $13,263M versus $13,310M; net income attributable to common stockholders $1,865M versus $1,124M, including a $699M insurance settlement gain for the mud rush.
Source: Form 10-Q Q2 2026
Grasberg restart
Production Blocks 2 and 3 began ramp-up at the end of March 2026 and met planned rates in Q2; idle facility and restoration costs were $690M in H1 2026.
Source: Form 10-Q Q2 2026
Financing
Replaced its $3.0B revolver with a new facility in May 2026; PTFI extended its $1.75B facility to 2031.
Source: Forms 8-K 2026-05-20 and 2026-09-08
Capex ÷ D&A (FY2025)
2.00x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$4,494M ÷ $2,244M = 2.00x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $1.96B in FY2020 to $4.49B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$25.92B
As reported in the 10-K
Revenue CAGR (5 years)
+12.8%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($25,915M ÷ $14,198M) ^ (1÷5) − 1 = 12.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
25.2%▲favorable
+8.0pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$6,518M ÷ $25,915M × 100 = 25.2%
ROE (FY2025)
22.8%▲favorable
6-year average: 25.8%
As reported in the 10-K
P/B (FY2025 end)
3.86x
formulafiscal year-end closing price ÷ book value per share
e.g.$50.79 ÷ $13.16 = 3.86x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
9.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($72,934M + $9,379M − $3,824M) ÷ ($6,518M + $2,244M) = 9.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +12.8% a year over 5 years (strong growth)
From $14.2B in FY2020 to $25.92B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 17.2% → 25.2%
How much operating profit is left per $100 of revenue. It moved +8.0 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 32.5% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 25.8% over 6 years (latest: 22.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- PT Freeport Indonesia (Indonesian government partners)
- Imerys / Cyprus Mines talc settlement
07 · what it does
Key activities
- Open-pit and underground mining
- Leaching, smelting and refining
- Rod production (about 1 billion pounds a year)
06 · what it draws on
Key resources
- About 29,000 employees
- Large, long-lived mineral reserves
- Capital spending of $4.5B (2025)
02 · why customers buy
Value propositions
- Copper, gold and molybdenum from large, high-grade ore bodies; Freeport says its position rests on ore body size, quality and grade and cost management.
04 · how it keeps them
Customer relationships
- Long-term concentrate sales agreements and annual contracts with customers.
03 · how it reaches them
Channels
- Sold as cathode, rod and concentrate to smelters, fabricators and other buyers; refined copper and gold from PTFI's downstream facilities.
01 · who it serves
Customer segments
- Copper fabricators, rod and cathode buyers, molybdenum chemical users, gold buyers
09 · where money goes
Cost structure
FY2025, share of revenue ($25.92B)
- Cost of revenue71.8%
- Selling, general & administrative2.1%
- Other operating costs0.9%
Operating profit left: 25.2% of revenue. Depreciation & amortization (inside the costs above): $2.24B. Capital spending: $4.49B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Indonesia mining $8,618M
- Rod & refining $6,850M
- South America mining $4,615M
- Atlantic Copper $3,155M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Mines copper, gold and molybdenum in Indonesia, the Americas and South America, and processes copper into cathode and rod in its U.S. Rod & Refining and Atlantic Copper (Spain) operations.
01 what it draws on
Inputs & resources
- About 29,000 employees
- Large, long-lived mineral reserves
- Capital spending of $4.5B (2025)
02 what it does
Activities
- Open-pit and underground mining
- Leaching, smelting and refining
- Rod production (about 1 billion pounds a year)
03 who it serves
Customers
- Copper fabricators, rod and cathode buyers, molybdenum chemical users, gold buyers
04 how money comes in
How it earns
- Indonesia mining $8,618M
- Rod & refining $6,850M
- South America mining $4,615M
- Atlantic Copper $3,155M (2025)
How the business makes money
- 2025 average realized copper price $4.75 per pound, up from $4.21.
- PTFI (48.76%-owned) and Cerro Verde have large noncontrolling interests, so net income attributable to FCX is well below consolidated net income.
- Leaching initiatives reached a run rate of about 240 million pounds of copper a year in late 2025, targeting 300 million in 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Freeport faces frequent new environmental rules; tariffs have had little cost impact.
Environmental rules
Environmental regulation
New or revised environmental requirements may substantially raise costs; CERCLA exposure applies.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Trade & export rules
Tariffs
U.S. tariffs did not significantly affect 2025 costs.
Supports and constrainsTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Indonesia mining (PTFI)
8,618 (33%)U.S. Rod & Refining
6,850 (26%)South America mining
4,615 (18%)Atlantic Copper smelting & refining
3,155 (12%)Corporate, other & eliminations
2,065 (8%)North America copper mines
612 (2%)
Source: Form 10-K (FY2025) — business segment information Revenues from unaffiliated customers; total $25,915M. Much North America mine output is sold internally to Rod & Refining.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
PT Freeport Indonesia (Indonesian government partners)
FCX owns 48.76% of PTFI and consolidates it; a February 2026 MOU covers extending operating rights for the life of the resource.
Source: Form 8-K (2026-02-24) — Grasberg operating rights MOU
Business partnership
Imerys / Cyprus Mines talc settlement
Global settlement in the Imerys and Cyprus Mines bankruptcies, with FCX's CAMC contributing $195M over seven years.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Buyers of copper cathode, rod and concentrate, gold and molybdenum products.
Named by the company
No customer is named.
Suppliers
Energy, equipment, explosives, reagents and purchased copper cathode for the rod operations.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K does not name specific competitors; the proxy statement's PSU TSR peer group lists major global miners.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
PSU relative-TSR peer group (8 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Global mining companies used to measure FCX's relative total shareholder return for performance share units.
- Anglo Americansite ↗
- Antofagastasite ↗
- BHPsite ↗
- Glencoresite ↗
- Rio Tintosite ↗
- Southern Coppersite ↗
- Teck Resourcessite ↗
- Valesite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 14,198 | 22,845 | 22,780 | 22,855 | 25,455 | 25,915 |
| Operating income | 2,437 | 8,366 | 7,037 | 6,225 | 6,864 | 6,518 |
| Pretax income | 1,797 | 7,659 | 6,715 | 6,006 | 6,907 | 6,372 |
| Net income (attributable) | 865 | 5,365 | 4,479 | 3,751 | 4,399 | 4,152 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 60.9% | -0.3% | 0.3% | 11.4% | 1.8% |
| Operating margincalcoperating income ÷ revenue × 100 | 17.2% | 36.6% | 30.9% | 27.2% | 27.0% | 25.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 6.1% | 23.5% | 19.7% | 16.4% | 17.3% | 16.0% |
| Balance sheet ($M) | ||||||
| Total assets | 42,144 | 48,022 | 51,093 | 52,506 | 54,848 | 58,167 |
| Total equity | 18,668 | 23,019 | 24,871 | 27,310 | 28,778 | 30,766 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 9,711 | 9,450 | 10,620 | 9,422 | 8,948 | 9,379 |
| Equity ratio | 24.1% | 29.1% | 30.4% | 31.8% | 32.1% | 32.5% |
| ROE | 8.5% | 44.4% | 30.3% | 23.3% | 25.7% | 22.8% |
| Cash flow ($M) | ||||||
| Operating CF | 3,017 | 7,715 | 5,139 | 5,279 | 7,160 | 5,610 |
| Investing CF | -1,264 | -1,964 | -3,440 | -4,956 | -5,028 | -4,472 |
| Financing CF | -128 | -1,340 | -1,623 | -2,650 | -3,284 | -1,876 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,056 | 5,600 | 1,670 | 455 | 2,352 | 1,116 |
| Cash and equivalents | 3,657 | 8,068 | 8,146 | 4,758 | 3,923 | 3,824 |
| Per share & other | ||||||
| EPS ($) | 0.41 | 2.90 | 2.39 | 1.28 | 1.30 | 1.52 |
| BVPS ($) | 6.98 | 9.60 | 10.88 | 11.63 | 12.23 | 13.16 |
| Dividend per share ($) | 0.00as paid 0.00÷2 | 0.19as paid 0.38÷2 | 0.30as paid 0.60÷2 | 0.30as paid 0.60÷2 | 0.30as paid 0.60÷2 | 0.30as paid 0.60÷2 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 0.0% | 6.5% | 12.6% | 23.4% | 23.1% | 19.7% |
| P/E (x) | 63.5 | 14.4 | 15.9 | 33.3 | 29.3 | 33.4 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 11.1 | 6.0 | 6.3 | 7.9 | 14.7 | 9.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 3.73 | 4.35 | 3.49 | 3.66 | 3.11 | 3.86 |
Because of stock splits, all per-share figures are restated onto the most recent period’s share count (the as-filed figure is shown underneath). A payout ratio isn’t computed for a year in which a split occurred mid-year, since the interim and final dividend use different bases. P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income |
|---|---|---|---|
| 2026-06-30 | $7.03B-7.3% | $2B-17.6% | $1.39B-10.1% |
| 2026-03-31 | $6.23B+8.8% | $2.14B+64.0% | $1.39B+74.9% |
| 2025-12-31 † | $5.63B-1.5% | $811M-34.8% | $565M-21.6% |
| 2025-09-30 | $6.97B+2.7% | $1.97B+1.8% | $1.25B+0.9% |
| 2025-06-30 | $7.58B | $2.43B | $1.55B |
| 2025-03-31 | $5.73B | $1.3B | $793M |
| 2024-12-31 † | $5.72B | $1.24B | $721M |
| 2024-09-30 | $6.79B | $1.94B | $1.24B |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
10.6%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$6,518M × (1 − 36.5%) ÷ $38,936M × 100 = 10.6%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
11.96%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $72.93B ÷ ($72.93B + $9.38B) = 88.6%
e.g.Debt weight: $9.38B ÷ ($72.93B + $9.38B) = 11.4%
e.g.WACC: 13.1% × 88.6% + 5.0% × (1 − 36.5%) × 11.4% = 11.96%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 9.8%–14.4% and ROIC − WACC runs −3.8 to +0.8 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 11.96% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.48 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 13.09%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 36.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 89% : 11%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 11.96%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.48 (price-derived adjusted beta. Raw β 1.72, R² 0.31, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.722 + 0.33 = 1.483
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.48 × 5.5% = 13.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
10.8%
Perpetual FCF growth: g = r − FCF ÷ EV = 12.0% − 1.2%
Past FCF growth (FY2020–FY2025)
+1.1%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+12.8%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.12B (operating CF − capex); enterprise value $96.27B = market cap $90.71B (latest close, 2026-11-04) + debt $9.38B − cash and short-term investments $3.82B; r = WACC of 12.0% using this page’s default assumptions (β 1.48, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$93B
FCF $1.12B ÷ (12.0% − 10.8%)
Theoretical ÷ actual enterprise value
0.97x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 10.0% | 11.0% | 12.0% | 13.0% | 14.0% |
|---|---|---|---|---|---|
| 0% | 0.12x | 0.11x | 0.10x | 0.09x | 0.08x |
| 2% | 0.14x | 0.13x | 0.12x | 0.11x | 0.10x |
| 4% | 0.19x | 0.17x | 0.14x | 0.13x | 0.12x |
| 6% | 0.29x | 0.23x | 0.19x | 0.17x | 0.14x |
| 8% | 0.58x | 0.39x | 0.29x | 0.23x | 0.19x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.74x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.6%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 102%
Most profit comes from core operations.
- ✓
Days sales outstanding: 23 → 11 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$5,610M ÷ $4,152M = 1.35x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$6,518M ÷ $6,372M × 100 = 102%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($578M + $977M) ÷ 2 ÷ $25,915M × 365 = 11 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 86.9%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 13.1%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 234 of 416
- Beta (adjusted)
- 1.48
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 56% of covered companies have more
above 1 = swings more than the market
- 1,248.5M shares reported by 1,891 13F filers ÷ 1,436.0M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-23 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
19
Strengths & weaknessesSite analysis
Strengths
1. World-class reserves
Grasberg is one of the world's largest copper and gold deposits.
Evidence: Form 10-K FY2025
2. Molybdenum leadership
The world's largest producer of molybdenum and molybdenum-based chemicals, according to Wood Mackenzie as cited in the 10-K.
Evidence: Form 10-K FY2025
3. Copper price leverage
Average realized copper price rose from $3.85 (2023) to $4.75 per pound (2025).
Evidence: Form 10-K FY2025
Weaknesses
1. Grasberg disruption
Copper production fell 20% in 2025 and gold production about 49% after the September 2025 mud rush.
Evidence: Form 10-K FY2025
2. Large minority interests
Net income attributable to common stockholders was $2,204M against consolidated net income of $4,152M in 2025.
Evidence: Form 10-K FY2025
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
33.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.18%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
20%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
1.5%
(Operating CF − capex) ÷ market cap
1. Copper demand
The company cites electrification, data centers and AI, defense and urbanization as drivers of copper demand.
- What has to hold
- Copper prices stay high.
- The other side
- China demand risk.
Evidence: Form 10-K FY2025
2. Production recovery
Grasberg returning toward full capacity by end-2027 would lift volumes from the depressed 2025 level.
- What has to hold
- Ramp-up proceeds safely.
- The other side
- Further geotechnical incidents.
Evidence: Form 10-Q Q2 2026
Net income in the financial tables is consolidated, including noncontrolling interests in PTFI and Cerro Verde; net income attributable to FCX was $2,204M in 2025. Interest expense is not shown because it is tagged net of interest income.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
8.2x
$3.82B vs. $466M
Interest coverage (operating income ÷ interest expense)
Not disclosed
Interest expense isn’t reported as a separate line.
Free cash flow ÷ dividends paid
1.3x
$1.12B vs. $865M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -0.3% in FY2022 ($22.85B → $22.78B) | Yes, by FY2023 |
| Operating income | -15.9% in FY2022 ($8.37B → $7.04B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Geographic diversity
Operations in the U.S., South America and Indonesia.
Source: Form 10-K FY2025
Insurance
Received a $699M insurance settlement for the Grasberg incident in 2026.
Source: Form 10-Q Q2 2026
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
FCX reports large volumes of asbestos and talc claims, a talc bankruptcy settlement for Cyprus Mines, long-running Arizona water-rights adjudications, and environmental remediation programs. Management does not expect any pending proceeding to have a material adverse effect on its financial condition.
3 open matters (1 flagged as major) · 1 settled or closed
Cyprus Mines / Imerys talc bankruptcy settlement
PendingProduct liabilityMajorTalc claimants v. Cyprus Mines, CAMC and FCX (Imerys and Cyprus Mines bankruptcy cases)
CAMC agreed to contribute $195 million over seven years to a claimant trust, guaranteed by FCX; claimants approved the global settlement in January 2025. A separate J&J settlement paid Imerys and Cyprus Mines $505 million (shared 50/50). FCX's litigation reserve was $477 million at end-2025.
- Amounts
- $477 million reserve
- Next step
- Remains subject to bankruptcy court approvals in both cases.
Asbestos and talc personal injury claims
PendingProduct liabilityPlaintiffs v. various FCX affiliates
Since about 1990, affiliates have faced many suits alleging exposure to asbestos or talc in industrial products or facilities; FCX believes losses are not material.
Gila River water-rights adjudication
PendingRegulatory proceedingIn re General Adjudication of All Rights to Use Water in the Gila River System (Maricopa County Superior Court)
Decades-long adjudication of surface water claims affecting the Morenci, Safford and Sierrita mines; recharacterizing groundwater as surface “subflow” could limit water supplies.
Navajo Nation uranium mine remediation
SettledEnvironmentalUnited States, Navajo Nation and two FCX subsidiaries (Consent Decree, D. Ariz.)
Under a 2017 consent decree the U.S. contributed $335 million and FCX subsidiaries are investigating and remediating 94 former uranium mine sites, a program expected to take more than 20 years.
Company statement: No significant updates to previously reported proceedings as of the Q2 2026 10-Q.
Based on Form 10-K (FY2025) — Item 3, Legal Proceedings, reviewed 2026-10-24. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Disaster
Mine safety and geotechnical events
- Company disclosure (summarized from the 10-K)
- The September 8, 2025 mud rush at Grasberg caused seven fatalities and suspended operations; ramp-up costs are being expensed as idle facility costs.
- Company’s stated mitigation
- Phased restart with drainage and cave-management technology.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Commodity prices
- Company disclosure (summarized from the 10-K)
- Results depend on copper, gold and molybdenum prices, with China the largest copper consumer.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Law & regulation
Indonesian operating rights and policy
- Company disclosure (summarized from the 10-K)
- PTFI's operations depend on its IUPK and government policies on exports, taxes and ownership.
- Company’s stated mitigation
- February 2026 MOU for life-of-resource extension.
- This site’s assessment
- Impact High / Likelihood Med
- 4Law & regulation
Environmental rules and water rights
- Company disclosure (summarized from the 10-K)
- EPA's Copper Smelter Rule affects the Miami, Arizona smelter; Arizona water-rights adjudication could limit groundwater use.
- Company’s stated mitigation
- Two-year exemption for the Miami smelter (October 2025 proclamation).
- This site’s assessment
- Impact Med / Likelihood Med
- 5Costs & inflation
Operating costs
- Company disclosure (summarized from the 10-K)
- Energy, labor and consumables costs affect unit costs.
- Company’s stated mitigation
- Leaching technology initiatives.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
Additionally, on July 4, 2025, the President signed into law H.R.1 (also referred to as the One Big Beautiful Bill Act), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain provisions of the Tax Cuts & Jobs Act of 2017. H.R.1 did not have a material impact on our consolidated financial results for the year 2025. The aggregate impact of H.R.1, including how it will be interpreted and applied to us, remains uncertain.
With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper and gold. Read more
Following the September 2025 mud rush incident, 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. PT Smelting restarted operations in late December 2025 and is expected to operate at reduced rates pending the anticipated second-quarter 2026 restart of mining at the Grasberg Block Cave underground mine. Shipments to PTFI’s smelter are expected to recommence in the second half of 2026, pending the successful ramp up of mining operations. We expect higher variability between PTFI’s production and sales until its downstream processing facilities achieve normalized operating rates.
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 and does not have export licenses for copper concentrate or anode slimes. Read more
As such, 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, which could adversely impact our revenues and operations.
In 2023, the Indonesia government issued a regulation that required 30% of PTFI’s gross export proceeds to be temporarily deposited into Indonesia banks for a period of 90 days before withdrawal. Read more
Effective March 1, 2025, the Indonesia government implemented a new regulation (March 2025 Regulation) for export proceeds that requires 100% of PTFI’s export proceeds to be deposited into Indonesia banks for 12 months. The March 2025 Regulation allows the use of funds for ongoing business requirements, including dividends to shareholders, payment of taxes and other obligations to the Indonesia government, payment for materials or capital expenditures that are not available domestically and repayment of loans. The Indonesia government is considering additional changes to the March 2025 Regulation; however, the details of the modifications have not been finalized.
With the completion of PTFI’s downstream processing facilities during 2025, FCX and PTFI have advanced discussions with the Indonesia government for a long-term extension of PTFI’s operating rights beyond the current expiration in 2041. Read more
PTFI is preparing its application for a long-term extension expected to cover the life of the resource, which is expected to be submitted during 2026. In connection with the extension, PTFI would pursue additional exploration, conduct studies for future additional development and expand its social programs. FCX expects to maintain its ownership interest in PTFI of approximately 49% through 2041 and hold approximately 37% beginning in 2042, following the transfer of an additional interest in PTFI to an Indonesia state-owned enterprise. FCX expects the existing governance agreements would continue over the life of the resource. We cannot guarantee that…
The mud removal and other remediation activities, and the phased restart and ramp-up of the Grasberg Block Cave underground mine following the September 2025 mud rush incident may not be achieved as planned which could adversely impact our results of operations and financial condition.
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 from the former Grasberg open pit and traveled rapidly to multiple levels of the mine, including a service level where seven team members were later found deceased.
Mining operations were temporarily suspended to prioritize the recovery of the seven team members fatally injured during the incident and to conduct investigations. Read more
Following the September 2025 mud rush incident, PTFI has been engaged in activities to address the incident and advance preparation for a safe and sustainable restart of operations. In late October 2025, PTFI restarted operations at the unaffected Deep Mill Level Zone (DMLZ) and Big Gossan underground mines. Investigations and remedial plans were completed in fourth-quarter 2025 and a phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026. The incident impacted our results for the second half of 2025, and we expect the incident to have a significant impact on our 2026 operating and financial results.
No longer in the text (4)
In October 2024, a fire occurred during commissioning of PT-FI’s new smelter in Eastern Java, Indonesia, requiring a temporary suspension of smelting operations to complete repairs. Read more
Procurement of long-lead items is advanced, and repairs are scheduled to be completed by mid-2025. Current regulations in Indonesia prohibit exports of copper concentrate as of January 1, 2025. Pursuant to the terms of its IUPK regarding force majeure events, PT-FI has requested approval from the Indonesia government to permit the export of copper concentrates in 2025 until the required repairs of its new smelter following the October 2024 fire incident and full ramp-up are complete. Based on discussions with the Indonesia government, PT-FI expects to re-commence exports of copper concentrate during first-quarter 2025, and pursuant to current regulations, would be required to pay a 7.5% export duty on all…
Beginning in 2022, the Indonesia government divided the Indonesia portion of the island of New Guinea from two provinces into a total of six provinces, which has resulted in public protest and civil unrest. Read more
For further discussion of violence, civil and religious strife, and activism affecting our operations in Indonesia, see the related risk factor below. Further, we cannot predict the impact of splitting provinces on local and regional regulations, permits and other governmental administrative functions, which could have an adverse impact on our business.
In accordance with a regulation issued by the Indonesia government in 2023, 30% of PT-FI’s gross export proceeds are being temporarily deposited into Indonesia banks for a period of 90 days before withdrawal. Read more
The Indonesia government is considering changes to this regulation, which could increase the amount and length of the requirement, but also allow withdrawals from the balances to fund business requirements. The details of the modifications have not been finalized.
PT-FI and the Indonesia government continue to engage in discussions regarding the extension of PT-FI’s IUPK beyond 2041. Read more
While PT-FI expects to apply for an extension during 2025, pending agreement with MIND ID on a purchase and sale agreement for the transfer in 2041 of an additional 10% interest in PT-FI, we cannot predict whether the application will be successful in extending PT-FI’s IUPK beyond 2041.
9 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 13, 2026 ↗ with the 10-K filed Feb 14, 2025 ↗.
25
What to watch going forwardSite analysis
- Grasberg ramp-up: about 65% of capacity in H2 2026, 80% by mid-2027 and near full by end-2027.
- Final terms of the Indonesian life-of-resource operating-rights extension.
- Bankruptcy court approval of the Imerys/Cyprus Mines talc settlement.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:15 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-13Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Freeport-McMoRan’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.