01—Abstract
Summary
Summary of the 10-K filed February 13, 2026. Cited figures are marked; the original filing is the authoritative source.
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.
02—Key points
Key Highlights
- The 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.
- Despite 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.
- Consolidated 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.
- FCX 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.
- The 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.
- FCX'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.
- The 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.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Freeport-McMoRan Inc kept $0.09.
- Revenue$25.91B100.0%
- Cost of revenue−$18.62B71.8%
- Gross profit$7.30B28.2%
- Operating costs−$779.0M3.0%
- Operating income$6.52B25.2%
- Interest, other & tax−$4.31B16.6%
- Net income$2.20B8.5%
Where FY2025 revenue went
$25.91B- Cost of revenue: $18.62B, 72% of revenue
- Interest, other & tax: $4.31B, 17% of revenue
- Net income: $2.20B, 8.5% of revenue
- SG&A: $545.0M, 2.1% of revenue
- Other operating costs: $234.0M, 0.9% of revenue
Kept 8.5% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 13, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $25.91B$25.17B | +3.0% |
| Cost of Revenue | $18.62B$17.80B | +4.6% |
| Gross Profit | $7.30B$7.37B | −1.0% |
| SG&A Expenses | $545.00M$513.00M | +6.2% |
| Operating Expenses | $19.40B$18.59B | +4.3% |
| Operating Income | $6.52B$6.86B | −5.0% |
| Net Income | $2.20B$1.89B | +16.7% |
| Shares Outstanding (Basic) | 1.44B1.44B | −0.1% |
| Shares Outstanding (Diluted) | 1.44B1.45B | −0.1% |
05—Questions
Frequently Asked Questions
What was the primary operational challenge faced by FCX in 2025?
The primary operational challenge was the mud rush incident at the Grasberg minerals district in Indonesia on September 8, 2025, which resulted in seven fatalities, temporary suspension of mining operations, and a subsequent phased restart plan.
How did commodity prices affect FCX's financial performance in 2025?
Higher average realized prices for copper (up 13%) and gold (up 42%) in 2025 positively impacted FCX's revenues, offsetting some of the production declines caused by the Grasberg incident. Molybdenum prices also saw a slight increase.
What is FCX's outlook for copper production in 2026?
FCX is targeting 300 million pounds of copper production in 2026 from its leaching and technology innovation initiatives in the U.S. and South America. Overall consolidated copper sales are projected to be around 3,380 million pounds in 2026, with an expected improvement throughout the year as PTFI's operations ramp up.
What is FCX's approach to capital allocation and shareholder returns?
FCX's financial policy focuses on maintaining a solid balance sheet and net debt within a target range. The company plans to return cash to shareholders through base and variable dividends, and has an ongoing share repurchase program, with up to $3.0 billion available as of December 31, 2025.
06—Continue