Summary
Freeport-McMoRan Inc. (FCX) filed its 2025 10-K on February 12, 2026, detailing operational performance, financial results, and strategic outlook. The report highlights a year impacted by the September 2025 mud rush incident at the Grasberg minerals district in Indonesia, which caused temporary operational suspensions and significant fatalities. Despite this event, the company restarted operations at unaffected mines in late October 2025, with a phased restart of the Grasberg Block Cave underground mine anticipated for Q2 2026. FCX experienced strong copper and gold prices in 2025, which supported revenues, although the Grasberg incident led to lower overall production volumes compared to 2024. The company is advancing its technological innovations in leaching processes in the U.S. and South America, targeting increased copper production in 2026. Looking ahead, FCX remains focused on managing costs, optimizing its diverse asset portfolio, and advancing growth projects while maintaining a solid balance sheet and liquidity.
Financial Highlights
50 data points| Revenue | $25.91B |
| Cost of Revenue | $18.62B |
| Gross Profit | $7.30B |
| SG&A Expenses | $545.00M |
| Operating Expenses | $19.40B |
| Operating Income | $6.52B |
| Net Income | $2.20B |
| Shares Outstanding (Basic) | 1.44B |
| Shares Outstanding (Diluted) | 1.44B |
Key Highlights
- 1The company's 2025 operations were significantly impacted by a mud rush incident at the Grasberg minerals district in Indonesia on September 8, 2025, resulting in seven fatalities and temporary operational suspensions. A phased restart of the Grasberg Block Cave underground mine is expected in Q2 2026.
- 2Despite the Grasberg incident, FCX reported higher average realized prices for copper (up 13% to $4.75/lb) and gold (up 42% to $3,423/oz) in 2025 compared to 2024, contributing to total revenues of $25.9 billion.
- 3Consolidated copper production in 2025 was 3,383 million pounds, a decrease from 4,214 million pounds in 2024, primarily due to the Grasberg incident. Gold production also saw a substantial decrease from 1,880 thousand ounces in 2024 to 956 thousand ounces in 2025.
- 4FCX is advancing leaching and technology innovation initiatives in its U.S. and South America operations, aiming for 300 million pounds of copper production in 2026 from these efforts.
- 5The company's mineral reserves remain substantial, with estimated recoverable proven and probable copper reserves totaling 112.3 billion pounds, gold at 20.6 million ounces, and molybdenum at 3.5 billion pounds as of December 31, 2025.
- 6FCX's financial policy emphasizes maintaining a solid balance sheet, with net debt of $2.3 billion (excluding PTFI's downstream processing facilities debt) as of December 31, 2025, and aims to return cash to shareholders through dividends and share repurchases.
- 7The company anticipates capital expenditures of approximately $4.3 billion for 2026, including major projects focused on underground mine development in Indonesia and U.S. expansion projects.