FREEPORT-MCMORAN INCFCX
FREEPORT-MCMORAN INC Debt Disclosure
DEBT
FCX’s debt is net of reductions of $49 million at December 31, 2025, and $58 million at December 31, 2024, for unamortized net discounts and unamortized debt issuance costs. The components of debt follow:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Revolving credit facilities: | |||||||||||
| PTFI | $ | 250 | $ | 250 | |||||||
| FCX | — | — | |||||||||
| Cerro Verde | — | — | |||||||||
| Senior notes and debentures: | |||||||||||
| Issued by FCX: | |||||||||||
5.00% Senior Notes due 2027 | 450 | 449 | |||||||||
4.125% Senior Notes due 2028 | 484 | 484 | |||||||||
4.375% Senior Notes due 2028 | 431 | 431 | |||||||||
5.25% Senior Notes due 2029 | 471 | 469 | |||||||||
4.25% Senior Notes due 2030 | 447 | 447 | |||||||||
4.625% Senior Notes due 2030 | 590 | 589 | |||||||||
5.40% Senior Notes due 2034 | 724 | 724 | |||||||||
5.450% Senior Notes due 2043 | 1,690 | 1,688 | |||||||||
| Issued by PTFI: | |||||||||||
4.763% Senior Notes due 2027 | 748 | 747 | |||||||||
5.315% Senior Notes due 2032 | 1,492 | 1,491 | |||||||||
6.200% Senior Notes due 2052 | 745 | 745 | |||||||||
| Issued by FMC: | |||||||||||
7 1/8% Debentures due 2027 | 115 | 115 | |||||||||
| 9 1/2% Senior Notes due 2031 | 118 | 119 | |||||||||
| 6 1/8% Senior Notes due 2034 | 119 | 119 | |||||||||
Atlantic Coppera | 482 | 57 | |||||||||
| Other | 23 | 24 | |||||||||
| Total debt | 9,379 | 8,948 | |||||||||
Less current portion of debtb | (466) | (41) | |||||||||
| Long-term debt | $ | 8,913 | $ | 8,907 | |||||||
a.Includes short-term lines of credit used for working capital requirements, primarily based on the Secured Overnight Financing Rate (SOFR) plus a spread.
b.At December 31, 2025, the weighted average interest rate of FCX’s current portion of debt was 3.9%.
Revolving Credit Facilities.
FCX. FCX and PTFI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion, with a $1.5 billion sublimit on the issuance of letters of credit and a $500 million limit on PTFI’s borrowing capacity. At December 31, 2025, there were no borrowings and $5 million in letters of credit issued under FCX’s revolving credit facility. Interest on loans made under the revolving credit facility may, at the option of FCX or PTFI, be determined based on SOFR plus a spread to be determined by reference to a grid based on FCX’s credit rating.
The revolving credit facility contains customary affirmative covenants and representations, and also contains various negative covenants that, among other things and subject to certain exceptions, restrict the ability of FCX’s subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and the ability of FCX or FCX’s subsidiaries to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. In addition, the revolving credit facility contains a total leverage ratio financial covenant.
PTFI. At December 31, 2025, PTFI had $250 million in borrowings outstanding under its $1.75 billion senior unsecured revolving credit facility that matures in November 2028. PTFI’s revolving credit facility is available for its general corporate purposes. Interest on loans made under PTFI’s revolving credit facility is determined based on SOFR plus a spread.
PTFI’s revolving credit facility contains customary affirmative covenants and representations and also contains standard negative covenants that, among other things, restrict, subject to certain exceptions, the ability of PTFI to incur additional indebtedness; create liens on assets; enter into sale and leaseback transactions; sell assets; and modify or amend the shareholders agreement or related governance structure. The credit facility also contains financial covenants governing maximum total leverage and minimum interest expense coverage and other covenants addressing certain environmental and social compliance requirements.
Cerro Verde. At December 31, 2025, Cerro Verde had no borrowings outstanding under its $350 million senior unsecured revolving credit facility that matures in May 2027. Cerro Verde’s revolving credit facility contains customary representations and affirmative and negative covenants.
At December 31, 2025, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants.
Senior Notes.
FCX. FCX’s 5.00% senior notes due 2027 are redeemable at 100% of principal. The senior notes listed below are redeemable in whole or in part, at the option of FCX, at specified redemption prices prior to the dates stated below and beginning on the dates stated below at 100% of principal.
| Debt Instrument | Date | |||||||
4.125% Senior Notes due 2028 | March 1, 2026 | |||||||
4.375% Senior Notes due 2028 | August 1, 2026 | |||||||
5.25% Senior Notes due 2029 | September 1, 2027 | |||||||
4.25% Senior Notes due 2030 | March 1, 2028 | |||||||
4.625% Senior Notes due 2030 | August 1, 2028 | |||||||
The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below and beginning on the dates stated below at 100% of principal.
| Debt Instrument | Date | |||||||
5.40% Senior Notes due 2034 | May 14, 2034 | |||||||
5.450% Senior Notes due 2043 | September 15, 2042 | |||||||
FCX’s senior notes contain limitations on liens and rank equally with FCX’s other existing and future unsecured and unsubordinated indebtedness.
PTFI. The senior notes listed below are redeemable in whole or in part, at the option of PTFI, at a make-whole redemption price prior to the dates stated below and beginning on the dates stated below at 100% of principal.
| Debt Instrument | Date | |||||||
4.763% Senior Notes due 2027 | March 14, 2027 | |||||||
5.315% Senior Notes due 2032 | January 14, 2032 | |||||||
6.200% Senior Notes due 2052 | October 14, 2051 | |||||||
FMC. The FMC senior notes are redeemable in whole or in part, at the option of FMC, at stated make-whole redemption prices at any time prior to maturity.
Maturities. Maturities of debt instruments based on the principal amounts outstanding at December 31, 2025, total $0.5 billion in 2026, $1.3 billion in 2027, $1.2 billion in 2028, $0.5 billion in 2029, $1.0 billion in 2030 and $4.9 billion thereafter.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.