FREEPORT-MCMORAN INCFCX
FREEPORT-MCMORAN INC Segments Disclosure
BUSINESS SEGMENT INFORMATION
Product Revenues. FCX’s revenues attributable to the products it sold for the years ended December 31 follow:
| 2025 | 2024 | 2023 | |||||||||||||||
| Copper: | |||||||||||||||||
| Cathode | $ | 8,147 | $ | 8,317 | $ | 6,588 | |||||||||||
| Concentrate | 6,310 | 6,734 | 7,132 | ||||||||||||||
| Rod and other refined copper products | 4,419 | 3,851 | 3,659 | ||||||||||||||
Purchased coppera | 449 | 684 | 452 | ||||||||||||||
| Gold | 3,900 | 4,446 | 3,472 | ||||||||||||||
| Molybdenum | 1,966 | 1,786 | 1,991 | ||||||||||||||
| Silver and other | 749 | 646 | 600 | ||||||||||||||
| Adjustments to revenues: | |||||||||||||||||
Royalty expenseb | (354) | (442) | (346) | ||||||||||||||
PTFI export dutiesc | (337) | (457) | (307) | ||||||||||||||
Treatment chargesd | (63) | (396) | (538) | ||||||||||||||
| Revenues from contracts with customers | 25,186 | 25,169 | 22,703 | ||||||||||||||
Embedded derivativese | 729 | 286 | 152 | ||||||||||||||
| Total consolidated revenues | $ | 25,915 | $ | 25,455 | $ | 22,855 | |||||||||||
a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations.
b.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
c.Prior to the expiration of its export license on September 16, 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5%. Refer to Note 11 for further discussion.
d.Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with the sales volumes and the price of copper. Lower charges in 2025 primarily reflect lower treatment charge rates as a result of favorable market conditions.
e.Refer to Note 12 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.
Geographic Area. Information concerning financial data by geographic area follows:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Long-lived assets:a | |||||||||||
| Indonesia | $ | 24,059 | $ | 22,580 | |||||||
| U.S. | 11,388 | 10,468 | |||||||||
| Peru | 6,604 | 6,452 | |||||||||
| Chile | 1,213 | 1,120 | |||||||||
| Other | 671 | 496 | |||||||||
| Total | $ | 43,935 | $ | 41,116 | |||||||
a.Excludes deferred tax assets and intangible assets.
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Revenues:a | |||||||||||||||||
| U.S. | $ | 9,034 | $ | 7,806 | $ | 7,264 | |||||||||||
| Switzerland | 5,334 | 4,251 | 3,971 | ||||||||||||||
| Japan | 2,850 | 5,930 | 3,431 | ||||||||||||||
| Indonesia | 2,180 | 1,108 | 767 | ||||||||||||||
| Singapore | 1,246 | 1,116 | 1,178 | ||||||||||||||
| United Kingdom | 1,136 | 115 | 171 | ||||||||||||||
| Spain | 723 | 1,052 | 1,251 | ||||||||||||||
| China | 636 | 743 | 1,081 | ||||||||||||||
| Chile | 471 | 451 | 428 | ||||||||||||||
| Germany | 332 | 500 | 714 | ||||||||||||||
| France | 315 | 306 | 226 | ||||||||||||||
| Egypt | 261 | 239 | 229 | ||||||||||||||
| South Korea | 193 | 203 | 267 | ||||||||||||||
| India | 163 | 273 | 354 | ||||||||||||||
| Philippines | 3 | 283 | 396 | ||||||||||||||
| Other | 1,038 | 1,079 | 1,127 | ||||||||||||||
| Total | $ | 25,915 | $ | 25,455 | $ | 22,855 | |||||||||||
a.Revenues are attributed to countries based on the location of the customer.
Major Customers and Affiliated Companies. Sales to MMC, PTFI’s joint venture partner in PT Smelting, totaled $1.7 billion in 2025, $4.4 billion in 2024 and $2.0 billion in 2023. Sales to MMC totaled 17% of FCX’s consolidated revenues in 2024, and they are the only customer that accounted for 10% or more of FCX’s annual consolidated revenues during the three years ended December 31, 2025.
Consolidated revenues include sales to the noncontrolling interest owners of FCX’s South America operations and Morenci’s joint venture partners totaling $1.5 billion in 2025, $1.6 billion in 2024 and $1.4 billion in 2023.
Labor Matters. As of December 31, 2025, approximately 28% of FCX’s global labor force was covered by collective labor agreements (CLAs), and approximately 11% was covered by agreements that will or are scheduled to expire during 2026.
Reportable Segments. FCX has organized its mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines.
In the U.S., FCX operates seven copper operations – Morenci (72%-owned), Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines – Henderson and Climax in Colorado. A majority of the copper produced at the U.S. copper mines is cast into copper rod by the U.S. Rod & Refining operations.
In South America, FCX operates two copper operations – Cerro Verde in Peru and El Abra in Chile.
In Indonesia, PTFI operates in the Grasberg minerals district. With the completion of its downstream processing facilities during 2025, PTFI is a fully integrated producer of refined copper and gold.
Operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations and U.S. Rod & Refining operations. Though not quantitatively material, FCX has also voluntarily disclosed the Morenci copper mine and Atlantic Copper as reportable segments in the following tables.
•Morenci. The Morenci open-pit mine, located in southeastern Arizona, produces copper cathode and copper concentrate. In addition to copper, the Morenci mine also produces molybdenum concentrate. During 2025, the Morenci mine produced 38% of copper from FCX’s U.S. copper mines and 15% of FCX’s consolidated copper production.
•Cerro Verde. The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathode and copper concentrate. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver. During 2025, the Cerro Verde mine produced 81% of copper from FCX’s South America operations and 26% of FCX’s consolidated copper production.
•Indonesia Operations. Indonesia operations include PTFI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver, and PTFI’s downstream processing facilities. PTFI’s smelter will exclusively receive concentrate from the Grasberg minerals district and the PMR will receive anode slimes from the smelter and from PT Smelting. During 2025, PTFI’s Grasberg minerals district produced 30% of FCX’s consolidated copper production and 98% of FCX’s consolidated gold production.
•U.S. Rod & Refining. The U.S. Rod & Refining segment consists of copper conversion facilities located in the U.S., and includes a refinery and two rod mills. These operations process copper primarily produced at FCX’s U.S. copper mines and purchased copper into copper cathode and rod. At times these operations refine copper and produce copper rod for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products.
•Atlantic Copper. Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes. During 2025, Atlantic Copper purchased 77% of its concentrate requirements from unaffiliated third parties, 21% from FCX’s South America operations and 2% from FCX’s U.S. copper mines.
Intersegment sales between FCX’s operating segments are based on terms similar to arm’s-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.
FCX allocates certain operating costs, expenses and capital expenditures to its operating segments. However, not all costs and expenses applicable to an operation are allocated. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each reportable segment would be if it was an independent entity.
FCX's Chief Executive Officer is identified as its chief operating decision maker (CODM) under segment reporting guidance. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions.
Financial Information by Reportable Segment as of and for the year ended December 31, 2025
| Reportable Segments | ||||||||||||||||||||||||||||||||||||||
| U.S. | Total | |||||||||||||||||||||||||||||||||||||
| Cerro | Indonesia | Rod & | Atlantic | Reportable | ||||||||||||||||||||||||||||||||||
| Morenci | Verde | Operations | Refining | Copper | Segments | |||||||||||||||||||||||||||||||||
| Segment revenues: | ||||||||||||||||||||||||||||||||||||||
| Unaffiliated customers | $ | 303 | $ | 3,776 | $ | 8,618 | $ | 6,850 | $ | 3,155 | $ | 22,702 | ||||||||||||||||||||||||||
| Intersegment | 2,345 | 930 | 4 | 40 | 14 | 3,333 | ||||||||||||||||||||||||||||||||
| 2,648 | 4,706 | 8,622 | 6,890 | 3,169 | 26,035 | |||||||||||||||||||||||||||||||||
| Reconciliation of revenues | ||||||||||||||||||||||||||||||||||||||
Other segments’ revenue - unaffiliated customersa | 3,213 | |||||||||||||||||||||||||||||||||||||
Other segments’ revenue - intersegmenta | 5,480 | |||||||||||||||||||||||||||||||||||||
| Elimination of intersegment revenue | (8,813) | |||||||||||||||||||||||||||||||||||||
| Total consolidated revenues, net | $ | 25,915 | ||||||||||||||||||||||||||||||||||||
| Segment measure of profit: | ||||||||||||||||||||||||||||||||||||||
| 1,804 | 2,492 | 3,551 | b | 6,854 | 3,099 | |||||||||||||||||||||||||||||||||
| DD&A | 209 | 373 | 1,094 | c | 5 | 27 | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1 | 7 | 132 | — | 32 | |||||||||||||||||||||||||||||||||
| Exploration and research expenses | 34 | 16 | 5 | — | — | |||||||||||||||||||||||||||||||||
| Environmental obligations and shutdown costs | (7) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Segment operating income | $ | 607 | $ | 1,818 | $ | 3,840 | $ | 31 | $ | 11 | $ | 6,307 | ||||||||||||||||||||||||||
| Reconciliation of operating income | ||||||||||||||||||||||||||||||||||||||
Other segments’ operating incomea | 695 | d,e | ||||||||||||||||||||||||||||||||||||
| Corporate expenses and elimination of intersegment operating income | (484) | d,f | ||||||||||||||||||||||||||||||||||||
| Consolidated interest expense, net | (369) | |||||||||||||||||||||||||||||||||||||
| Consolidated other income, net | 223 | |||||||||||||||||||||||||||||||||||||
| Total consolidated income before income taxes and equity in affiliated companies’ net earnings | $ | 6,372 | ||||||||||||||||||||||||||||||||||||
| Segment assets | $ | 3,407 | $ | 9,074 | $ | 27,270 | $ | 333 | $ | 2,170 | $ | 42,254 | ||||||||||||||||||||||||||
| Reconciliation of segment assets | ||||||||||||||||||||||||||||||||||||||
Total assets for other segmentsa | 36,309 | |||||||||||||||||||||||||||||||||||||
| Corporate assets and elimination of investments in consolidated subsidiaries | (20,396) | |||||||||||||||||||||||||||||||||||||
| Total consolidated assets | $ | 58,167 | ||||||||||||||||||||||||||||||||||||
| Segment capital expenditures | $ | 232 | $ | 353 | $ | 2,358 | $ | 80 | $ | 202 | $ | 3,225 | ||||||||||||||||||||||||||
| Reconciliation of capital expenditures | ||||||||||||||||||||||||||||||||||||||
Total capital expenditures for other segmentsa | 1,264 | |||||||||||||||||||||||||||||||||||||
| Corporate capital expenditures | 5 | |||||||||||||||||||||||||||||||||||||
| Total consolidated capital expenditures | $ | 4,494 | ||||||||||||||||||||||||||||||||||||
a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration. Also includes legacy oil and gas properties.
b.Includes charges totaling $625 million for idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident, $81 million for asset impairment and other write-offs, $65 million for remediation related to the October 2024 smelter fire incident and $39 million for tolling fees that were recognized as idle facility costs associated with PT Smelting’s planned major maintenance turnaround.
c.Includes charges totaling $118 million for idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident.
d.Includes DD&A of $535 million related to other operating segments and $1 million related to corporate assets.
e.Includes charges totaling $118 million, primarily for impairments of legacy oil and gas properties and adjustments to abandonment obligations, including assumed obligations resulting from bankruptcies of other companies. Also includes charges totaling $73 million associated with planned maintenance turnaround costs at the Miami smelter.
f.Corporate expenses include amounts not allocated to individual operating segments.
Financial Information by Reportable Segment as of and for the year ended December 31, 2024
| Reportable Segments | ||||||||||||||||||||||||||||||||||||||
| U.S. | Total | |||||||||||||||||||||||||||||||||||||
| Cerro | Indonesia | Rod & | Atlantic | Reportable | ||||||||||||||||||||||||||||||||||
| Morenci | Verde | Operations | Refining | Copper | Segments | |||||||||||||||||||||||||||||||||
| Segment revenues: | ||||||||||||||||||||||||||||||||||||||
| Unaffiliated customers | $ | 101 | $ | 3,618 | $ | 9,774 | $ | 6,196 | $ | 3,009 | $ | 22,698 | ||||||||||||||||||||||||||
| Intersegment | 2,246 | 638 | 544 | 43 | 8 | 3,479 | ||||||||||||||||||||||||||||||||
| 2,347 | 4,256 | 10,318 | 6,239 | 3,017 | 26,177 | |||||||||||||||||||||||||||||||||
| Reconciliation of revenues | ||||||||||||||||||||||||||||||||||||||
Other segments’ revenue - unaffiliated customersa | 2,757 | |||||||||||||||||||||||||||||||||||||
Other segments’ revenue - intersegmenta | 4,581 | |||||||||||||||||||||||||||||||||||||
| Elimination of intersegment revenue | (8,060) | |||||||||||||||||||||||||||||||||||||
| Total consolidated revenues, net | $ | 25,455 | ||||||||||||||||||||||||||||||||||||
| Segment measure of profit: | ||||||||||||||||||||||||||||||||||||||
| Production and delivery | 1,826 | 2,529 | b | 3,368 | c | 6,206 | 2,912 | |||||||||||||||||||||||||||||||
| DD&A | 187 | 380 | 1,193 | 4 | 28 | |||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 2 | 8 | 127 | — | 28 | |||||||||||||||||||||||||||||||||
| Exploration and research expenses | 17 | 12 | 8 | — | — | |||||||||||||||||||||||||||||||||
| Segment operating income | $ | 315 | $ | 1,327 | $ | 5,622 | $ | 29 | $ | 49 | $ | 7,342 | ||||||||||||||||||||||||||
| Reconciliation of operating income | ||||||||||||||||||||||||||||||||||||||
Other segments’ operating lossa | (86) | d,e | ||||||||||||||||||||||||||||||||||||
| Corporate expenses and elimination of intersegment operating income | (392) | d,f | ||||||||||||||||||||||||||||||||||||
| Consolidated interest expense, net | (319) | |||||||||||||||||||||||||||||||||||||
| Consolidated other income, net | 362 | |||||||||||||||||||||||||||||||||||||
| Total consolidated income before income taxes and equity in affiliated companies’ net earnings | $ | 6,907 | ||||||||||||||||||||||||||||||||||||
| Segment assets | $ | 3,228 | $ | 8,096 | $ | 27,309 | $ | 202 | $ | 1,705 | $ | 40,540 | ||||||||||||||||||||||||||
| Reconciliation of segment assets | ||||||||||||||||||||||||||||||||||||||
Total assets for other segmentsa | 34,844 | |||||||||||||||||||||||||||||||||||||
| Corporate assets and elimination of investments in consolidated subsidiaries | (20,536) | |||||||||||||||||||||||||||||||||||||
| Total consolidated assets | $ | 54,848 | ||||||||||||||||||||||||||||||||||||
| Segment capital expenditures | $ | 184 | $ | 293 | $ | 2,908 | $ | 35 | $ | 142 | $ | 3,562 | ||||||||||||||||||||||||||
| Reconciliation of capital expenditures | ||||||||||||||||||||||||||||||||||||||
Total capital expenditures for other segmentsa | 1,237 | |||||||||||||||||||||||||||||||||||||
| Corporate capital expenditures | 9 | |||||||||||||||||||||||||||||||||||||
| Total consolidated capital expenditures | $ | 4,808 | ||||||||||||||||||||||||||||||||||||
a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration. Also includes legacy oil and gas properties.
b.Includes nonrecurring labor-related charges totaling $97 million associated with Cerro Verde’s new CLAs with its two unions.
c.Includes charges totaling $144 million associated with ARO adjustments.
d.Includes DD&A of $447 million related to other operating segments and $2 million related to corporate assets.
e.Includes charges totaling $222 million, primarily for impairments of legacy oil and gas properties and adjustments to abandonment obligations, including assumed obligations resulting from bankruptcies of other companies.
f.Corporate expenses include amounts not allocated to individual operating segments.
Financial Information by Reportable Segment as of and for the year ended December 31, 2023
| Reportable Segments | ||||||||||||||||||||||||||||||||||||||
| U.S. | Total | |||||||||||||||||||||||||||||||||||||
| Cerro | Indonesia | Rod & | Atlantic | Reportable | ||||||||||||||||||||||||||||||||||
| Morenci | Verde | Operations | Refining | Copper | Segments | |||||||||||||||||||||||||||||||||
| Segment revenues: | ||||||||||||||||||||||||||||||||||||||
| Unaffiliated customers | $ | 91 | $ | 3,330 | $ | 7,816 | $ | 5,886 | $ | 2,791 | $ | 19,914 | ||||||||||||||||||||||||||
| Intersegment | 2,328 | 787 | 621 | 40 | 19 | 3,795 | ||||||||||||||||||||||||||||||||
| 2,419 | 4,117 | 8,437 | 5,926 | 2,810 | 23,709 | |||||||||||||||||||||||||||||||||
| Reconciliation of revenues | ||||||||||||||||||||||||||||||||||||||
Other segments’ revenue - unaffiliated customersa | 2,941 | |||||||||||||||||||||||||||||||||||||
Other segments’ revenue - intersegmenta | 4,615 | |||||||||||||||||||||||||||||||||||||
| Elimination of intersegment revenue | (8,410) | |||||||||||||||||||||||||||||||||||||
| Total consolidated revenues, net | $ | 22,855 | ||||||||||||||||||||||||||||||||||||
| Segment measure of profit: | ||||||||||||||||||||||||||||||||||||||
| Production and delivery | 1,730 | 2,529 | 2,570 | b | 5,901 | 2,718 | ||||||||||||||||||||||||||||||||
| DD&A | 175 | 395 | 1,028 | 5 | 28 | |||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 2 | 9 | 129 | — | 28 | |||||||||||||||||||||||||||||||||
| Exploration and research expenses | 11 | 10 | 2 | — | — | |||||||||||||||||||||||||||||||||
| Environmental obligations and shutdown costs | (1) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Segment operating income | $ | 502 | $ | 1,174 | $ | 4,708 | $ | 20 | $ | 36 | $ | 6,440 | ||||||||||||||||||||||||||
| Reconciliation of operating income | ||||||||||||||||||||||||||||||||||||||
Other segments’ operating incomea | 235 | c,d | ||||||||||||||||||||||||||||||||||||
| Corporate expenses and elimination of intersegment operating income | (450) | c,e | ||||||||||||||||||||||||||||||||||||
| Consolidated interest expense, net | (515) | |||||||||||||||||||||||||||||||||||||
| Consolidated net gain on early extinguishment of debt | 10 | |||||||||||||||||||||||||||||||||||||
| Consolidated other income, net | 286 | |||||||||||||||||||||||||||||||||||||
| Total consolidated income before income taxes and equity in affiliated companies’ net earnings | $ | 6,006 | ||||||||||||||||||||||||||||||||||||
| Segment assets | $ | 3,195 | $ | 8,120 | $ | 25,548 | $ | 172 | $ | 1,326 | $ | 38,361 | ||||||||||||||||||||||||||
| Reconciliation of segment assets | ||||||||||||||||||||||||||||||||||||||
Total assets for other segmentsa | 35,913 | |||||||||||||||||||||||||||||||||||||
| Corporate assets and elimination of investments in consolidated subsidiaries | (21,768) | |||||||||||||||||||||||||||||||||||||
| Total consolidated assets | $ | 52,506 | ||||||||||||||||||||||||||||||||||||
| Segment capital expenditures | $ | 232 | $ | 271 | $ | 3,411 | $ | 13 | $ | 64 | $ | 3,991 | ||||||||||||||||||||||||||
| Reconciliation of capital expenditures | ||||||||||||||||||||||||||||||||||||||
Total capital expenditures for other segmentsa | 832 | |||||||||||||||||||||||||||||||||||||
| Corporate capital expenditures | 1 | |||||||||||||||||||||||||||||||||||||
| Total consolidated capital expenditures | $ | 4,824 | ||||||||||||||||||||||||||||||||||||
a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration. Also includes legacy oil and gas properties.
b.Includes charges for administrative fines of $55 million and credits totaling $112 million associated with ARO adjustments.
c.Includes DD&A of $432 million related to other operating segments and $5 million related to corporate assets.
d.Includes charges totaling $74 million, primarily for the impairment of legacy oil and gas properties. Also includes charges totaling $65 million associated with the proposed settlement of talc-related litigation.
e.Corporate expenses include amounts not allocated to individual operating segments.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.