10-QPeriod: Q2 FY2025

FREEPORT-MCMORAN INC Quarterly Report for Q2 Ended Jun 30, 2025

Filed August 8, 2025For Securities:FCX

Summary

Freeport-McMoRan Inc. (FCX) reported solid financial results for the second quarter of 2025, driven by increased revenues from higher gold prices and strong copper sales volumes. The company's net income attributable to common stockholders rose to $772 million from $616 million in the prior year's second quarter, with diluted earnings per share of $0.53 compared to $0.42. Operating income also saw a significant increase, reflecting improved pricing and operational efficiencies. Key developments during the quarter include the commencement of start-up activities for PT Freeport Indonesia's (PTFI) new copper smelter, a significant step towards full integration. While managing its robust operational performance, FCX also continued its share repurchase program and declared dividends, demonstrating a commitment to returning value to shareholders. The company maintains a strong balance sheet with substantial liquidity, positioning it well to navigate market dynamics and pursue future growth opportunities.

Financial Highlights

50 data points
Beta

Revenue

$7.58B

34.7% Gross Margin

Net Income

$772.00M

10.2% Net Margin

EPS (Diluted)

$0.53

Total Assets

$56.49B

Cash & Equivalents

$4.49B

Free Cash Flow

$2.19B

Financial Statements
Beta
Revenue$7.58B
Cost of Revenue$4.95B
Gross Profit$2.63B
SG&A Expenses$127.00M
Operating Expenses$5.15B
Operating Income$2.43B
Net Income$772.00M
EPS (Basic)$0.53
EPS (Diluted)$0.53
Shares Outstanding (Basic)1.44B
Shares Outstanding (Diluted)1.44B

Key Highlights

  • 1Net income attributable to common stockholders increased to $772 million ($0.53 per diluted share) in Q2 2025 from $616 million ($0.42 per diluted share) in Q2 2024.
  • 2Consolidated revenues grew to $7.58 billion in Q2 2025 from $6.62 billion in Q2 2024, driven by higher gold prices and increased copper sales volumes.
  • 3PT Freeport Indonesia (PTFI) commenced start-up activities for its new large-scale copper smelter, advancing its integration as a refined copper and gold producer.
  • 4Operating income increased to $2.43 billion in Q2 2025 from $2.05 billion in Q2 2024, reflecting improved pricing and operational performance.
  • 5The company repurchased approximately 1.53 million shares for $52 million during the quarter and has $3.0 billion remaining under its share repurchase program.
  • 6FCX declared a quarterly dividend of $0.15 per share, comprising a $0.075 base dividend and a $0.075 variable dividend.
  • 7Consolidated cash and cash equivalents stood at $4.49 billion at June 30, 2025, with total debt of $9.25 billion, resulting in a net debt of $4.76 billion (or $1.53 billion excluding PTFI's project debt).

Frequently Asked Questions

Revenue growth was primarily driven by higher average realized prices for gold and copper, alongside increased copper sales volumes. The increase in gold prices was particularly notable, contributing significantly to the overall revenue improvement.

The commencement of start-up activities for PTFI's new copper smelter marks a critical step towards becoming a fully integrated producer of refined copper and gold. This is expected to enhance value addition and potentially improve margins as PTFI processes more of its own concentrate domestically.

Freeport-McMoRan maintains a strong liquidity position with $4.49 billion in cash and cash equivalents and substantial availability under its revolving credit facilities. The company's financial policy aims to keep net debt within a target range, excluding project debt, and balances shareholder returns with debt reduction and growth investments.

The report indicates that the recently announced U.S. tariffs, effective August 1, 2025, have caused COMEX copper prices to decline and align with LME prices, consistent with historical trends. While the immediate financial impact is still being assessed, the company is evaluating alternative sourcing to mitigate potential cost increases.