10-QPeriod: Q3 FY2025

FREEPORT-MCMORAN INC Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 6, 2025For Securities:FCX

Summary

Freeport-McMoRan Inc. (FCX) reported solid financial results for the third quarter and first nine months of 2025, with revenues increasing to $6.97 billion and $20.28 billion, respectively. Net income attributable to common stockholders rose to $674 million ($0.46 per diluted share) in the third quarter and $1.8 billion ($1.24 per diluted share) for the nine-month period. The company benefited from higher average realized prices for copper and gold, which offset slightly lower sales volumes. Despite a significant mud rush incident at its Grasberg minerals district in Indonesia that caused temporary operational suspensions and resulted in charges of $195 million, FCX maintained a strong liquidity position with $4.3 billion in cash and cash equivalents and an undrawn revolving credit facility of $3.0 billion. The company also reaffirmed its commitment to returning capital to shareholders through dividends and share repurchases, with $3.0 billion remaining under its share repurchase program. Looking ahead, FCX projects consolidated copper sales volumes of 3.5 billion pounds for 2025, with fourth-quarter volumes expected to be impacted by the ongoing recovery in Indonesia. Unit net cash costs for copper are projected to average $1.68 per pound for the year, excluding the impact of the mud rush incident. The company is focused on managing operating costs and capital expenditures prudently as it navigates the aftermath of the incident and evaluates future production plans. FCX also continues to advance its long-term growth initiatives, including exploring opportunities for operational enhancements and technological innovations.

Financial Statements
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Key Highlights

  • 1Revenues increased to $6.97 billion for Q3 2025 and $20.28 billion for the first nine months of 2025, driven by higher commodity prices.
  • 2Net income attributable to common stockholders was $674 million ($0.46/share) for Q3 and $1.8 billion ($1.24/share) for the nine months, up from the prior year periods.
  • 3A significant mud rush incident at the Grasberg minerals district in Indonesia resulted in seven fatalities and temporary operational suspensions, with associated charges of $195 million recorded in Q3.
  • 4Despite the incident, FCX maintained a strong balance sheet with $4.3 billion in cash and cash equivalents and $3.0 billion in availability under its revolving credit facility.
  • 5The company reiterated its commitment to shareholder returns, declaring a quarterly dividend of $0.15 per share and maintaining a $3.0 billion share repurchase authorization with substantial availability.
  • 6FCX provided an updated 2025 outlook, projecting consolidated copper sales volumes of 3.5 billion pounds, with unit net cash costs for copper expected to average $1.68 per pound (excluding incident-related costs).
  • 7Discussions are advancing with the Indonesian government for a long-term extension of PTFI's operating rights beyond 2041.

Frequently Asked Questions

The mud rush incident at the Grasberg minerals district in Indonesia, which occurred on September 8, 2025, resulted in temporary operational suspensions and the recording of $195 million in charges during the third quarter of 2025. These charges included $152 million for idle facility costs and $43 million related to recovery efforts. The incident is expected to have a significant impact on the company's fourth-quarter 2025 and 2026 operating and financial results.

Higher average realized prices for copper and gold were a significant driver of FCX's revenue growth in the third quarter and first nine months of 2025 compared to the prior year. Copper prices averaged $4.68/lb and gold prices averaged $3,539/oz in Q3 2025. These higher prices helped offset slightly lower sales volumes, particularly impacted by the situation in Indonesia, and contributed to improved net income.

Freeport-McMoRan maintained a strong liquidity position with $4.3 billion in cash and cash equivalents as of September 30, 2025. The company also has access to a $3.0 billion revolving credit facility with no borrowings outstanding. Consolidated operating cash flows are estimated to approximate $5.5 billion for the full year 2025, which is expected to be sufficient to cover projected capital expenditures and other cash requirements.

Discussions are advancing with the Indonesian government for a long-term extension of PTFI's operating rights beyond the current expiration in 2041. PTFI is preparing its application for this extension, which is expected to be submitted in the fourth quarter of 2025. An extension would support continuity of operations and potential future growth opportunities.