Freeport-Mcmoran
FCX · NYSEMetal Mining · Fiscal year ends Dec 31
Freeport-Mcmoran reported revenue of $25.2B in the fiscal year ended Dec 2025, up 0.1% from the year before. Operating income was $6.5B, an operating margin of 25.9%, and net income was $4.2B. Operating cash flow of $5.6B less capital expenditure of $4.5B left free cash flow of $1.1B. Net debt was $5.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $22.4B | $23.3B | $22.7B | $25.2B | $25.2B |
| Cost of revenue | $14B | $15.1B | $15.7B | $17.8B | $18.6B |
| Gross profit | $8.4B | $8.2B | $7B | $7.4B | $6.6B |
| Selling, general & admin | $383M | $420M | $479M | $513M | $545M |
| Operating income | $8.4B | $7B | $6.2B | $6.9B | $6.5B |
| Net interest incomeBanks | −$602M | −$560M | −$515M | −$319M | −$369M |
| Pre-tax income | $7.7B | $6.7B | $6B | $6.9B | $6.4B |
| Income tax | $2.3B | $2.3B | $2.3B | $2.5B | $2.2B |
| Net income | $5.4B | $4.5B | $3.8B | $4.4B | $4.2B |
| Diluted EPS | 2.90 | – | – | – | – |
| Diluted shares | 1,482M | 1,451M | 1,443M | 1,445M | 1,443M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $8.1B | $8.1B | $4.8B | $3.9B | $3.8B |
| Receivables | $1.2B | $1.3B | $1.2B | $578M | $977M |
| Current assets | $14.8B | $15.6B | $14.1B | $13.3B | $13.8B |
| Net PP&E | $30.3B | $32.6B | $35.3B | $38.5B | $40.7B |
| Total assets | $48B | $51.1B | $52.5B | $54.8B | $58.2B |
| Payables | $2B | $2.7B | $2.5B | $2.8B | $2.9B |
| Deferred revenue | $191M | $76M | $161M | $91M | $106M |
| Current liabilities | $5.9B | $6.3B | $5.8B | $5.5B | $6B |
| Short-term debt | $372M | $1B | $766M | $41M | $466M |
| Long-term debt | $9.1B | $9.6B | $8.7B | $8.9B | $8.9B |
| Total liabilities | $25B | $26.2B | $25.2B | $26.1B | $27.4B |
| Shareholders' equity | $14B | $15.6B | $16.7B | $17.6B | $18.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $7.7B | $5.1B | $5.3B | $7.2B | $5.6B |
| Capital expenditure | $2.1B | $3.5B | $4.8B | $4.8B | $4.5B |
| Free cash flow | $5.6B | $1.7B | $455M | $2.4B | $1.1B |
| Depreciation & amortisation | $2B | $2B | $2.1B | $2.2B | $2.2B |
| Stock-based compensation | $98M | $95M | $109M | $109M | $121M |
| Share buybacks | $488M | $1.3B | $0 | $59M | $107M |
| Dividends paid | $331M | $866M | $863M | $865M | $865M |
| Dividend per share | 0.38 | 0.60 | 0.60 | 0.60 | 0.60 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.8% | −2.4% | 10.9% | 0.1% |
| Operating income growth (YoY) | – | −15.9% | −11.5% | 10.3% | −5.0% |
| Gross margin | 37.4% | 35.2% | 30.9% | 29.3% | 26.1% |
| Operating margin | 37.3% | 30.2% | 27.4% | 27.3% | 25.9% |
| Net margin | 23.9% | 19.2% | 16.5% | 17.5% | 16.5% |
| Return on equityBlank when equity is negative | 38.4% | 28.8% | 22.5% | 25.0% | 22.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.9% | 15.7% | 13.3% | 13.9% | 12.5% |
| Free cash flow margin | 25.0% | 7.2% | 2.0% | 9.3% | 4.4% |
| Cash conversion (CFO ÷ net income) | 1.44x | 1.15x | 1.41x | 1.63x | 1.35x |
| Receivable days | 19 | 21 | 19 | 8 | 14 |
| Payable days | 53 | 65 | 57 | 57 | 58 |
| Debt ÷ equity | 0.68x | 0.68x | 0.56x | 0.51x | 0.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.4B | $2.5B | $4.7B | $5B | $5.6B |
| Current ratio | 2.52x | 2.46x | 2.42x | 2.42x | 2.29x |
Recent filings
More in Metal Mining
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.