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v3.25.3

Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Revenue from External Customers by Products and Services | Product Revenues. FCX’s revenues attributable to the products it sold for the third quarters and for the first nine months of 2025 and 2024 follow:
| Three Months Ended |  | Nine Months Ended |
| September 30, |  | September 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Copper: |  |  |  |  |  |  |  |
Concentrate | $ | 1,967 |  |  | $ | 1,788 |  |  | $ | 5,376 |  |  | $ | 5,204 |  |
Cathode | 1,817 |  |  | 2,072 |  |  | 6,015 |  |  | 6,304 |  |
Rod and other refined copper products | 1,330 |  |  | 1,012 |  |  | 3,259 |  |  | 2,939 |  |
Purchased copper a | 18 |  |  | 150 |  |  | 489 |  |  | 558 |  |
Gold | 1,204 |  |  | 1,394 |  |  | 3,512 |  |  | 3,497 |  |
Molybdenum | 504 |  |  | 450 |  |  | 1,425 |  |  | 1,339 |  |
Silver and other | 223 |  |  | 173 |  |  | 535 |  |  | 470 |  |
Adjustments to revenues: |  |  |  |  |  |  |  |
PTFI export duties b | (135) |  |  | (129) |  |  | (337) |  |  | (360) |  |
Royalty expense c | (107) |  |  | (131) |  |  | (310) |  |  | (344) |  |
Treatment charges d | (2) |  |  | (99) |  |  | (45) |  |  | (318) |  |
Revenues from contracts with customers | 6,819 |  |  | 6,680 |  |  | 19,919 |  |  | 19,289 |  |
Embedded derivatives e | 153 |  |  | 110 |  |  | 363 |  |  | 446 |  |
Total consolidated revenues | $ | 6,972 |  |  | $ | 6,790 |  |  | $ | 20,282 |  |  | $ | 19,735 |  |
a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations. During 2025, FCX has been able to meet customer demand for copper rod with copper cathode produced by its U.S. copper mines and South America operations, resulting in a decrease in purchased copper volumes. b.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%. c.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices. 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. The 2025 periods primarily reflect lower treatment charge rates as a result of favorable market conditions. e.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Schedule of Segment Reporting Information, by Segment | Financial Information by Business Segment
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  |  |  |  |  |  |  | Corporate, |  |  |
| U.S. Copper Mines |  | South America Operations |  |  |  |  |  |  |  | U.S. |  | Copper |  |  |  |  |  |  |  | Other |  |  |
|  |  |  |  |  |  |  |  | Cerro |  |  |  |  |  | Indonesia |  |  |  | Molybdenum |  | Rod & |  | Smelting |  |  |  |  |  |  |  | & Elimi- |  | FCX |
| Morenci |  |  |  | Other |  | Total |  | Verde |  | Other |  | Total |  | Operations |  |  |  | Mines |  | Refining |  | & Refining |  |  |  |  |  |  |  | nations |  | Total |
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 46 |  |  |  |  | $ | 12 |  |  | $ | 58 |  |  | $ | 979 |  |  | $ | 204 |  |  | $ | 1,183 |  |  | $ | 2,675 |  |  |  |  | $ | — |  |  | $ | 1,774 |  |  | $ | 768 |  |  |  |  |  |  |  |  | $ | 514 |  | a | $ | 6,972 |  |
Intersegment | 653 |  |  |  |  | 1,229 |  |  | 1,882 |  |  | 226 |  |  | 5 |  |  | 231 |  |  | — |  |  |  |  | 177 |  |  | 12 |  |  | 6 |  |  |  |  |  |  |  |  | (2,308) |  |  | — |  |
Production and delivery | 499 |  |  |  |  | 895 |  |  | 1,394 |  |  | 636 |  |  | 166 |  |  | 802 |  |  | 1,024 |  | b |  |  | 150 |  |  | 1,773 |  |  | 753 |  |  |  |  |  |  |  |  | (1,691) |  |  | 4,205 |  |
Depreciation, depletion and amortization (DD&A) | 55 |  |  |  |  | 79 |  |  | 134 |  |  | 97 |  |  | 17 |  |  | 114 |  |  | 331 |  | b |  |  | 22 |  |  | 2 |  |  | 7 |  |  |  |  |  |  |  |  | 15 |  |  | 625 |  |
Selling, general and administrative expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 36 |  |  |  |  | — |  |  | — |  |  | 7 |  |  |  |  |  |  |  |  | 85 |  |  | 131 |  |
Exploration and research expenses | 11 |  |  |  |  | 4 |  |  | 15 |  |  | 3 |  |  | — |  |  | 3 |  |  | 2 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 35 |  |  | 55 |  |
Gain on sales of assets | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (16) |  |  | (16) |  |
Operating income (loss) | 134 |  |  |  |  | 262 |  |  | 396 |  |  | 467 |  |  | 26 |  |  | 493 |  |  | 1,282 |  |  |  |  | 5 |  |  | 11 |  |  | 7 |  |  |  |  |  |  |  |  | (222) |  |  | 1,972 |  |
Interest expense, net | — |  |  |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | (5) |  |  | (25) |  |  |  |  | — |  |  | — |  |  | (8) |  |  |  |  |  |  |  |  | (69) |  |  | (107) |  |
Other (expense) income, net | (1) |  |  |  |  | 3 |  |  | 2 |  |  | 17 |  |  | 6 |  |  | 23 |  |  | 16 |  |  |  |  | — |  |  | (1) |  |  | (1) |  |  |  |  |  |  |  |  | 20 |  |  | 59 |  |
(Provision for) benefit from income taxes | — |  |  |  |  | — |  |  | — |  |  | (192) |  |  | (10) |  |  | (202) |  |  | (466) |  |  |  |  | — |  |  | — |  |  | 3 |  |  |  |  |  |  |  |  | (4) |  |  | (669) |  |
Equity in affiliated companies’ net (losses) earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 1 |  |  | (8) |  |
Net (income) loss attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | (143) |  |  | (2) |  |  | (145) |  |  | (436) |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 8 |  |  | (573) |  |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 674 |  |
Total assets at September 30, 2025 | 3,289 |  |  |  |  | 7,342 |  |  | 10,631 |  |  | 8,290 |  |  | 2,147 |  |  | 10,437 |  |  | 27,464 |  |  |  |  | 2,037 |  |  | 389 |  |  | 1,615 |  |  |  |  |  |  |  |  | 4,255 |  |  | 56,828 |  |
Capital expenditures | 66 |  |  |  |  | 249 |  |  | 315 |  |  | 99 |  |  | 11 |  |  | 110 |  |  | 483 |  |  |  |  | 28 |  |  | 19 |  |  | 42 |  |  |  |  |  |  |  |  | 59 |  |  | 1,056 |  |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 40 |  |  |  |  | $ | 12 |  |  | $ | 52 |  |  | $ | 886 |  |  | $ | 237 |  |  | $ | 1,123 |  |  | $ | 2,856 |  |  |  |  | $ | — |  |  | $ | 1,560 |  |  | $ | 759 |  |  |  |  |  |  |  |  | $ | 440 |  | a | $ | 6,790 |  |
Intersegment | 553 |  |  |  |  | 986 |  |  | 1,539 |  |  | 193 |  |  | — |  |  | 193 |  |  | 126 |  |  |  |  | 132 |  |  | 11 |  |  | 6 |  |  |  |  |  |  |  |  | (2,007) |  |  | — |  |
Production and delivery | 492 |  |  |  |  | 811 |  |  | 1,303 |  |  | 630 |  | c | 187 |  |  | 817 |  |  | 918 |  |  |  |  | 140 |  |  | 1,562 |  |  | 754 |  |  |  |  |  |  |  |  | (1,417) |  | d | 4,077 |  |
DD&A | 47 |  |  |  |  | 62 |  |  | 109 |  |  | 92 |  |  | 18 |  |  | 110 |  |  | 340 |  |  |  |  | 19 |  |  | 2 |  |  | 6 |  |  |  |  |  |  |  |  | 14 |  |  | 600 |  |
Selling, general and administrative expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 32 |  |  |  |  | — |  |  | — |  |  | 6 |  |  |  |  |  |  |  |  | 76 |  |  | 117 |  |
Exploration and research expenses | 4 |  |  |  |  | 4 |  |  | 8 |  |  | 3 |  |  | (1) |  |  | 2 |  |  | 2 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 26 |  |  | 38 |  |
Environmental obligations and shutdown costs | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 20 |  |  | 20 |  |
Operating income (loss) | 50 |  |  |  |  | 120 |  |  | 170 |  |  | 352 |  |  | 33 |  |  | 385 |  |  | 1,690 |  |  |  |  | (27) |  |  | 7 |  |  | (1) |  |  |  |  |  |  |  |  | (286) |  |  | 1,938 |  |
Interest expense, net | — |  |  |  |  | — |  |  | — |  |  | (6) |  |  | — |  |  | (6) |  |  | (10) |  |  |  |  | — |  |  | — |  |  | (10) |  |  |  |  |  |  |  |  | (46) |  |  | (72) |  |
Other (expense) income, net | (1) |  |  |  |  | 10 |  |  | 9 |  |  | 22 |  |  | (2) |  |  | 20 |  |  | 42 |  |  |  |  | — |  |  | (1) |  |  | (7) |  |  |  |  |  |  |  |  | 34 |  |  | 97 |  |
(Provision for) benefit from income taxes | — |  |  |  |  | — |  |  | — |  |  | (148) |  |  | (10) |  |  | (158) |  |  | (625) |  |  |  |  | — |  |  | — |  |  | (1) |  |  |  |  |  |  |  |  | 47 |  |  | (737) |  |
Equity in affiliated companies’ net earnings | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 4 |  |  | 10 |  |
Net (income) loss attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | (114) |  | e | (12) |  |  | (126) |  |  | (601) |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 17 |  |  | (710) |  |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 526 |  |
Total assets at September 30, 2024 | 3,172 |  |  |  |  | 6,647 |  |  | 9,819 |  |  | 8,276 |  |  | 2,013 |  |  | 10,289 |  |  | 27,474 |  |  |  |  | 1,955 |  |  | 294 |  |  | 1,491 |  |  |  |  |  |  |  |  | 4,078 |  |  | 55,400 |  |
Capital expenditures | 48 |  |  |  |  | 215 |  |  | 263 |  |  | 82 |  |  | 18 |  |  | 100 |  |  | 713 |  |  |  |  | 25 |  |  | 7 |  |  | 28 |  |  |  |  |  |  |  |  | 63 |  |  | 1,199 |  |

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