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Saturday 17 October 2026 Export FCX’s income statement to Excel — free account

Freeport-McMoRan Inc.

FCX Basic Materials Copper

Freeport-McMoRan Inc.’s revenue for fiscal 2025 (year ended December 2025) was $25.9 billion, up 1.81% from fiscal 2024. In the quarter to June 2026, revenue fell 7.29%, EPS grew 28.3%, free cash flow grew 1.07% and total debt rose 1.46%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for five consecutive years, revenue growth for three.

69.32 0.74 −1.06%
Market cap
$100.7B
P/E
34.1×
Fwd P/E
26.2×
Dividend yield
0.43%
F-score
6/9
Altman Z
2.61
Beneish M
−2.09
Dividend safety
28/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Freeport-McMoRan Inc. (FCX) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Freeport-McMoRan generated revenue of $25.9 billion, operating income of $6.5 billion and net income of $4.2 billion in FY2025. Diluted EPS was $1.52 in FY2025, and free cash flow was $1.1 billion in FY2025.

In Q2 FY2026, revenue was $7.0 billion, gross profit was $2.2 billion, operating income was $2.0 billion and net income was $1.4 billion. Diluted EPS reached $0.68 in Q2 FY2026, while free cash flow was $944.0 million in Q2 FY2026. Market capitalisation was $103.6 billion as of September 28, 2026.

Growth

Revenue increased 1.81% in FY2025 against FY2024, reaching $25.9 billion in FY2025. Revenue compound annual growth was 4.39% in FY2022–FY2025 and 12.8% in FY2020–FY2025. Diluted EPS increased 16.9% in FY2025 against FY2024 to $1.52 in FY2025, although its compound annual growth was −14.0% in FY2022–FY2025.

Free cash flow declined 52.6% in FY2025 against FY2024 to $1.1 billion in FY2025. In Q2 FY2026, revenue rose 12.8% against Q1 FY2026, EPS rose 11.5% against Q1 FY2026 and free cash flow rose 80.8% against Q1 FY2026. Against Q2 FY2025, Q2 FY2026 revenue declined 7.29%, while EPS increased 28.3% and free cash flow increased 1.07%.

Profitability

Gross margin was 28.2%, operating margin was 25.2%, pre-tax margin was 24.6% and net margin was 16.0% in FY2025. Each was lower in FY2025 than in FY2024, with changes of −1.9 percentage points for gross margin, −1.8 percentage points for operating margin, −2.5 percentage points for pre-tax margin and −1.3 percentage points for net margin in FY2024–FY2025.

Over FY2020–FY2025, gross margin increased 10.2 percentage points, operating margin increased 8.0 percentage points, pre-tax margin increased 11.9 percentage points and net margin increased 9.9 percentage points. Return on equity was 7.40%, return on assets was 3.90% and return on invested capital was 11.3% in FY2025. In Q2 FY2026, gross margin was 31.1% and operating margin was 28.5%.

Balance sheet

Total debt was $9.4 billion, cash and short-term investments were $4.1 billion and net debt was $5.3 billion in FY2025. Shareholders’ equity was $30.8 billion, working capital was $7.8 billion and book value per share was $21.41 in FY2025.

Net debt decreased to $5.0 billion in Q2 FY2026 from $5.4 billion in Q1 FY2026. The current ratio was 2.1× and debt to equity was 0.3× in Q2 FY2026. Net debt was $497.0 million higher in Q2 FY2026 against Q2 FY2025.

Cash flow & capital return

Operating cash flow was $5.6 billion and capital expenditure was $4.5 billion in FY2025, resulting in free cash flow of $1.1 billion in FY2025. Free cash flow represented 26.9% of net income in FY2025. Operating cash flow declined 21.6% and free cash flow declined 52.6% in FY2025 against FY2024.

Dividends paid were $2.1 billion and net share repurchases were $95.0 million in FY2025, with capital returned to shareholders of $2.2 billion in FY2025. Capital returned to shareholders totalled $10.5 billion in FY2021–FY2025. Weighted average shares were 1.4 billion shares in FY2025, while share count changed −1.10% in FY2020–FY2025. Free cash flow was $944.0 million in Q2 FY2026.

Valuation

The P/E was 35.5× as of September 28, 2026, higher than the 29.5× five-year median as of September 28, 2026, over the five fiscal years to FY2025, and higher than the 20.0× sector median as of September 28, 2026. The P/S was 4.0× as of September 28, 2026, higher than its 2.6× five-year median and 2.3× ten-year median, while lower than the 4.4× industry median as of September 28, 2026.

P/B was 3.2× as of September 28, 2026, higher than its 2.2× five-year median and 2.1× ten-year median, and equal to the 3.2× industry median. EV/Sales was 4.2× as of September 28, 2026, higher than its 2.7× five-year median and 2.4× ten-year median, while lower than the 4.8× industry median. EV/Cash flow was 65.2× as of September 28, 2026, higher than its 33.9× five-year median.

What changed since last quarter

Revenue was $7.0 billion in Q2 FY2026, up 12.8% against Q1 FY2026 and down 7.29% against Q2 FY2025. Diluted EPS was $0.68 in Q2 FY2026, up 11.5% against Q1 FY2026 and up 28.3% against Q2 FY2025. Free cash flow was $944.0 million in Q2 FY2026, up 80.8% against Q1 FY2026 and up 1.07% against Q2 FY2025.

Gross margin was 31.1% in Q2 FY2026, up 4.6 percentage points against Q1 FY2026 but down 3.6 percentage points against Q2 FY2025. Operating margin was 28.5% in Q2 FY2026, down 5.8 percentage points against Q1 FY2026 and down 3.6 percentage points against Q2 FY2025. No management explanation for these changes is available.

Open questions

  • What operational factors contributed to the quarterly revenue decline from a year earlier?
  • What accounts for the divergence between quarterly EPS growth and the change in revenue from a year earlier?
  • What were the drivers of the change in operating margin from the preceding quarter?
  • How is capital expenditure allocated across the company’s operations?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.