Freeport-mcmoran — Income Statement, Cash Flows & Balance Sheet
Is Freeport-McMoRan profitable?
Revenue grew modestly in 2025, but a serious operational incident at the Indonesian mine held operating profit below 2024 levels.
| Metric | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Revenues ($M) | $22,855 | $25,455 | $25,915 | +$460 / +2% |
| Total cost of sales ($M) | $15,695 | $17,795 | $18,618 | +$823 / +5% |
| Operating income ($M) | $6,225 | $6,864 | $6,518 | -$346 / -5% |
| Operating margin | 27.2% | 27.0% | 25.2% | -1.8 pts |
Revenue edged higher in 2025, but costs grew faster — in large part because of a September 2025 mud rush (a sudden inflow of wet material) at the Grasberg mine in Indonesia that forced a temporary shutdown and generated roughly $743 million in idle facility costs and asset write-offs. Strip those out and the underlying business remains highly profitable.
Net income attributable to Freeport-McMoRan's own shareholders rose meaningfully despite the incident.
| Metric | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Net income — total ($M) | $3,751 | $4,399 | $4,152 | -$247 / -6% |
| Net income — attributable to FCX shareholders ($M) | $1,848 | $1,889 | $2,204 | +$315 / +17% |
| Diluted EPS | $1.28 | $1.30 | $1.52 | +$0.22 / +17% |
Because a large slice of profits at the Indonesian and Peruvian mines flows to minority partners (noncontrolling interests), what FCX shareholders actually keep is a smaller but growing share. The drop in total net income reflects the mine incident, but FCX's own portion rose as minority payouts fell alongside Indonesia's lower production.
Where does Freeport-McMoRan's revenue come from?
Indonesia is FCX's profit engine, but a mine accident sharply cut its 2025 contribution.
| Segment | 2023 Op. Income ($M) | 2024 Op. Income ($M) | 2025 Op. Income ($M) | Change |
|---|---|---|---|---|
| Indonesia operations | $4,708 | $5,622 | $3,840 | -$1,782 / -32% |
| Cerro Verde (Peru) | $1,174 | $1,327 | $1,818 | +$491 / +37% |
| Morenci (U.S.) | $502 | $315 | $607 | +$292 / +93% |
The Indonesian Grasberg mine ordinarily generates the lion's share of FCX's profits, but the September 2025 mud rush — which killed seven workers and halted much of the underground mine — cost the segment roughly $800 million in one-time charges. Peru's Cerro Verde was the standout performer, posting strong growth, while the U.S. Morenci mine rebounded after a soft 2024 that included one-time labour contract charges.
Does Freeport-McMoRan generate cash?
FCX generates substantial operating cash flow, though 2025 saw a meaningful dip from 2024's unusually strong result.
| Metric | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Cash from operations ($M) | $5,279 | $7,160 | $5,610 | -$1,550 / -22% |
| Capital expenditures ($M) | ($4,956) | ($5,028) | ($4,494) | +$534 / +11% |
| Approximate free cash flow ($M) | $323 | $2,132 | $1,116 | -$1,016 / -48% |
The drop in operating cash flow was partly driven by a large swing in working capital, notably a near-$900 million unfavourable move in accrued income taxes. Capital spending fell as PTFI's smelter construction wound down, which freed up cash. Even after heavy capital investment, FCX produced meaningful free cash flow (operating cash minus capex) and returned it to shareholders through dividends ($865 million to common stockholders) and modest share buybacks ($107 million).
How strong is Freeport-McMoRan's balance sheet?
Debt is moderate and manageable, with a well-laddered maturity schedule and ample liquidity.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total debt ($M) | $8,948 | $9,379 | +$431 |
| Cash & equivalents ($M) | $3,923 | $3,824 | -$99 |
| Net debt (approx.) ($M) | $5,025 | $5,555 | +$530 |
| Total equity ($M) | $28,778 | $30,766 | +$1,988 |
Debt ticked up slightly, mostly from Atlantic Copper's short-term working capital lines, while long-term senior notes held roughly flat. No meaningful debt matures until 2027, and FCX has a combined $5 billion in undrawn revolving credit facilities. The balance sheet strengthened overall, with total equity growing by roughly $2 billion, and FCX moved from a retained earnings deficit to a positive balance for the first time in recent years — a healthy sign.
Environmental and closure liabilities are large, long-dated obligations that investors should keep on their radar.
| Liability | 2024 ($M) | 2025 ($M) | Change |
|---|---|---|---|
| Environmental obligations | $2,040 | $2,018 | -$22 |
| Asset retirement obligations (mine reclamation) | $3,684 | $3,836 | +$152 |
| Total | $5,724 | $5,854 | +$130 |
These obligations — covering mine cleanup, water treatment and reclamation across dozens of sites — are real but long-tailed, with the vast majority of expected payments extending well beyond 2030. They are factored into FCX's balance sheet and are not new, but they represent a structural cost of owning a century-old mining portfolio.