Freeport-McMoRan (FCX) financials

NYSE · Basic Materials · Copper · 29,000 employees · CEO Kathleen L. Quirk

Price: $62.45 -5.58%
Market cap: $89.8B
Enterprise value: $95.8B
Last report: Q3 '26 filed 2026-10-27
Next report: 2027-01-28 EPS est. $1.03

Revenue (TTM)$26.4B+1.7% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)27.6%+1.3 pp vs a year agoOperating income $7.3B

Net income (TTM)$3.45B+66.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$6.13B+51.1% vs a year agoCapex $103M

Diluted EPS (TTM)$2.38+66.4% vs a year agoSum of the last 4 quarters

Net cash-$6.02B-26.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $89.8B
Revenue: $26.4B
Revenue growth: +16%
Profit margin: 13.0%
P/E: 26.2×
P/S: 3.4×
EV / EBITDA: 10.4×
Free cash flow: $6.13B
Net income: $3.45B
Revenue estimate: $29.9B
Earnings: 2027-01-28
Dividend: $0.60

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-27): revenue beat by 2.5%, EPS beat by 8.0%Revenue $7.55B vs $7.36B expected (+2.5%); EPS $0.88 vs $0.82 (+8.0%).
Revenue growth accelerating: 8.2% year on yearQ3 '26 revenue $7.55B, against an average of 1.3% over the four quarters before.
Operating margin 27.6% (TTM), +1.3 pp on a year agoOperating income grew 6.8% while revenue grew 1.7%.
Capex 0.4% of revenue (a year ago 8.8%)$103M invested in the last 4 quarters (-95.5% on a year earlier). Free cash flow $6.13B = 178.0% of net income.
Returned $199M to shareholders = 3.2% of free cash flowBuybacks $198M (a year earlier $107M), dividends $1M, stock-based pay $178M (TTM).
Diluted share count down 0.1% in a year1.44B diluted shares in Q3 '26, 1.44B a year earlier.
Net debt $6.02BCash + short-term investments $4.34B, debt incl. leases $10.4B; a year ago net debt $4.75B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$7.55B	$6.97B	+8.2%
Gross margin	33.8%	29.9%	+3.8 pp
Operating income	$2.35B	$1.96B	+20.3%
Operating margin	31.2%	28.1%	+3.1 pp
Net income	$1.17B	$674M	+74.2%
Diluted EPS	$0.81	$0.47	+72.3%
Operating cash flow	$1.98B	$1.66B	+19.1%
Capex	$1.16B	$1.06B	+9.8%
Free cash flow	$822M	$608M	+35.2%
R&D	$55M	$0	–
Stock-based compensation	$28M	$0	–

Reported vs consensus

2026-10-27

	Actual	Consensus	vs consensus
Revenue	$7.55B	$7.36B	+2.5%
EPS (as estimated)	$0.88	$0.82	+8.0%

From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Copper Cathode	$2.65B	+21.8%	39.6%	$8.65B	-30.9%
Copper In Concentrates	$976M	-51.8%	14.6%	$4.96B	-51.1%
Gold	$640M	-65.1%	9.6%	$2.92B	-56.7%
Refined Copper Products	$1.53B	+58.2%	22.9%	$5.53B	-4.4%
Molybdenum	$728M	+52.0%	10.9%	$2.39B	-7.4%
Purchased Copper	$164M	-5.2%	2.5%	$271M	-76.7%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
North America	$1.88B	–	61.4%	–	–
South America	$1.18B	–	38.6%	–	–
Grasberg Segment	–	–	–	–	–
South America Mines Segment	–	–	–	–	–
Other Mines South America Segment	–	–	–	–	–
Cerro Verde South America Segment	–	–	–	–	–
North America Copper Mines Segment	–	–	–	–	–
Morenci North America Copper Mines Segment	–	–	–	–	–
Other Mines North America Copper Mines Segment	–	–	–	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Molybdenum	–	–	–	–	–	–	–
Rod And Refining Segment	–	–	$22M	+214.3%	–	–	$52M
Atlantic Copper Smelting And Refining Segment	–	–	$26M	+100.0%	–	–	$41M
Corporate And Eliminations	–	–	–	–	–	–	–
Morenci	–	–	$265M	+100.8%	–	–	–
Cerro Verde	–	–	$736M	+116.5%	–	–	–
Grasberg Segment	–	–	$499M	-73.3%	–	–	–
Material Reconciling Items	–	–	$656M	+362.0%	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $6.24B
Capex: -$103M
Buybacks: -$198M
Dividends: -$1M
Acquisitions: $0
Net debt issued: -$300M
Stock-based compensation: $178M
Free cash flow: $6.13B
Returned to shareholders / FCF: 3.2%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	26.2×	25.1×	14.2× – 33.3×
EV / EBITDA	10.4×	7.1×	6.1× – 9.3×
EV / Sales	3.6×	2.7×	2.4× – 3.2×
Price / FCF	14.6×	53.4×	10.9× – 134.2×
Price / Book	4.3×	3.7×	3.1× – 4.4×
FCF yield	6.8%	3.7%	0.7% – 9.2%
Return on invested capital	9.4%	9.7%	7.8% – 12.9%
Return on equity	17.3%	17.3%	10.7% – 30.8%

Analysts

Consensus target $74.00 (+18.5%)
range $47.00 – $88.00 · rating Buy

Strong buy0

Buy26

Hold13

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$29.9B	+16.2%	$3.17	+108.4%	19.7×	9
FY2027	$36.4B	+21.7%	$4.27	+34.7%	14.6×	14
FY2028	$38.4B	+5.4%	$4.73	+10.9%	13.2×	9
FY2029	$42.3B	+10.3%	$4.87	+2.9%	12.8×	3
FY2030	$41.9B	-1.0%	$2.80	-42.5%	22.3×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 287 figures Freeport-McMoRan Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$1.1B	$1.26B	-12.5%	–	–	–
Accounts Payable and Accrued Liabilities, Current	$4.58B	$4.29B	+6.9%	$4.57B	$4.06B	+12.5%
Accounts Payable and Other Accrued Liabilities, Current	$151M2025-12-31	$108M	+39.8%	$151M	$108M	+39.8%
Accounts Payable, Current	$2.95B2025-12-31	$2.79B	+5.7%	$2.95B	$2.79B	+5.7%
Accounts Receivable, after Allowance for Credit Loss, Current	$716M	$941M	-23.9%	$977M	$578M	+69.0%
Accrual for Environmental Loss Contingencies	$2.02B2025-12-31	$2.04B	-1.1%	$2.02B	$2.04B	-1.1%
Accrual for Environmental Loss Contingencies, Gross	$4.3B2025-12-31	$4.4B	-2.3%	$4.3B	$4.4B	-2.3%
Accrual for Environmental Loss Contingencies, Increase (Decrease) for Acquisitions and Divestitures	–	–	–	-$91M	$1.9B	-104.8%
Accrual for Environmental Loss Contingencies, Payments	–	–	–	$119M	$112M	+6.3%
Accrual for Environmental Loss Contingencies, Revision in Estimates	$81M2025-09-30	–	–	-$14M2022-12-31	-$20M	+30.0%
Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, after Year Five	$3.8B2025-12-31	$3.8B	0.0%	$3.8B	$3.8B	0.0%
Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year Five	$61M2025-12-31	$77M	-20.8%	$61M	$77M	-20.8%
Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year Four	$86M2025-12-31	$112M	-23.2%	$86M	$112M	-23.2%
Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year One	$125M2025-12-31	$131M	-4.6%	$125M	$131M	-4.6%
Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year Three	$118M2025-12-31	$122M	-3.3%	$118M	$122M	-3.3%
Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year Two	$120M2025-12-31	$111M	+8.1%	$120M	$111M	+8.1%
Accrual for Taxes Other than Income Taxes, Current	$79M2025-12-31	$81M	-2.5%	$79M	$81M	-2.5%
Accrued Environmental Loss Contingencies, Current	$125M2025-12-31	$131M	-4.6%	$125M	$131M	-4.6%
Accrued Environmental Loss Contingencies, Noncurrent	$1.89B2025-12-31	$1.91B	-0.8%	$1.89B	$1.91B	-0.8%
Accrued Income Taxes, Current	$509M	$389M	+30.8%	$456M	$859M	-46.9%
Accrued Salaries, Current	$382M2025-12-31	$361M	+5.8%	$382M	$361M	+5.8%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$25.7B2025-12-31	$23.8B	+7.8%	$25.7B	$23.8B	+7.8%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$303M	-$311M	+2.6%	-$305M	-$314M	+2.9%
Additional Paid in Capital	$23.7B	$23.6B	+0.1%	$23.7B	$23.8B	-0.5%
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings	$483M	$729M	-33.7%	$2.14B	$2.7B	-20.7%
Administrative Fees Expense	–	–	–	$4M2024-12-31	$55M	-92.7%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	–	11M2019-12-31	1M	+1,000.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$18M	$14M	+28.6%	$63M	$54M	+16.7%
Asset Impairment Charges	–	–	–	$73M	–	–
Asset Retirement Obligation	$3.84B2025-12-31	$3.68B	+4.1%	$3.84B	$3.68B	+4.1%
Asset Retirement Obligation, Accretion Expense	–	–	–	$175M	$154M	+13.6%
Asset Retirement Obligation, Cash Paid to Settle	–	–	–	$126M	$122M	+3.3%
Asset Retirement Obligation, Current	$188M2025-12-31	$189M	-0.5%	$188M	$189M	-0.5%
Asset Retirement Obligation, Liabilities Incurred	–	–	–	$2M	$16M	-87.5%
Asset Retirement Obligation, Revision of Estimate	–	–	–	$101M	$635M	-84.1%
Asset Retirement Obligations, Noncurrent	$3.65B2025-12-31	$3.5B	+4.4%	$3.65B	$3.5B	+4.4%
Assets	$59.7B	$56.5B	+5.7%	$58.2B	$54.8B	+6.1%
Assets, Current	$14.2B	$13.6B	+3.9%	$13.8B	$13.3B	+3.7%
Cash and Cash Equivalents, at Carrying Value	$4.08B	$4.49B	-9.1%	$3.82B	$3.92B	-2.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$4.49B	$4.82B	-6.9%	$4.17B	$4.91B	-15.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$342M	-$124M	+375.8%	-$738M	-$1.15B	+35.9%
Common Stock, Dividends, Per Share, Declared	$0.15	$0.15	0.0%	$0.60	$0.60	0.0%
Common Stock, Par or Stated Value Per Share	$0.102025-12-31	$0.10	0.0%	$0.10	$0.10	0.0%
Common Stock, Shares Authorized	3B2025-12-31	3B	0.0%	3B	3B	0.0%
Common Stock, Shares, Issued	1.63B2025-12-31	1.62B	+0.2%	1.63B	1.62B	+0.2%
Common Stock, Value, Issued	$163M	$163M	0.0%	$163M	$162M	+0.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$407M	$775M	-47.5%	$1.95B	$2.51B	-22.4%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$985M	$774M	+27.3%	$2.21B	$1.85B	+19.7%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$1.39B	$1.55B	-10.1%	$4.16B	$4.36B	-4.6%
Contract with Customer, Liability	$106M2025-12-31	$91M	+16.5%	$106M	$91M	+16.5%
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	$4.21B2025-09-30	$4.08B	+3.1%	$15.6B2024-12-31	$13.6B	+14.1%
Cost of Revenue	$4.84B	$4.95B	-2.2%	$18.6B	$17.8B	+4.6%
Cost, Depreciation, Amortization and Depletion	$523M	$668M	-21.7%	$2.24B	$2.24B	+0.1%
Costs and Expenses	$5.03B	$5.15B	-2.4%	$19.4B	$18.6B	+4.3%
Credit Derivative, Maximum Exposure, Undiscounted	$86M	$107M	-19.6%	$289M	$20M	+1,345.0%
Current Federal Tax Expense (Benefit)	–	–	–	$0	-$36M	+100.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$1.97B	$2.64B	-25.4%
Current Income Tax Expense (Benefit)	–	–	–	$1.97B	$2.6B	-24.1%
Current State and Local Tax Expense (Benefit)	–	–	–	$6M	$1M	+500.0%
Debt Issuance Costs, Net	$49M2025-12-31	$58M	-15.5%	$49M	$58M	-15.5%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01