FREEPORT-MCMORAN INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FREEPORT-MCMORAN INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2023	FY2025
Revenue	14,830	16,403	18,945	14,402	14,198	22,845	23,271	22,855	25,455	25,915
Cost of revenue	17,534	11,980	13,466	13,125	11,655	14,030	15,089	15,695	17,795	18,618
Gross profit	-2,704	4,423	5,479	1,277	2,543	8,815	8,182	7,160	7,660	7,297
Selling, general and administrative	597	477	422	394	370	383	420	479	513	545
Operating income	-2,729	3,690	4,754	1,091	2,437	8,366	7,037	6,225	6,864	6,518
Other non-operating income	49	49	76	-138	59	-105	207	286	362	223
Pre-tax income	-3,472	2,902	3,892	306	1,797	7,659	6,715	6,006	6,907	6,372
Income tax	371	883	991	510	944	2,299	2,267	2,270	2,523	2,221
Income from continuing operations	-3,901	1,751	2,613	-245	596	4,299
Net income to minority interests	-290	278	292	-50	266	1,059	1,011	1,903	2,510	1,948
Net income	-4,154	1,817	2,602	-239	599	4,306	3,468	1,848	1,889	2,204
EBITDA	-119	5,404	6,508	2,503	3,965	10,364	9,056	8,293	9,105	8,762
EPS, basic	-3.16	1.25	1.79	-0.17	0.41	2.93
EPS, diluted	-3.16	1.25	1.78	-0.17	0.41	2.90
Shares, basic (weighted)	1,318	1,447	1,449	1,451	1,453	1,466	1,441	1,434	1,438	1,437
Shares, diluted (weighted)	1,318	1,454	1,458	1,451	1,461	1,482	1,451	1,443	1,445	1,443
Dividend per share	0.00	0.00	0.20	0.20	0.00	0.38	0.60	0.60	0.60	0.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2023	FY2025
Cash and equivalents	4,245	4,526	4,217	2,020	3,657	8,068	8,146	4,758	3,923	3,824
Receivables	1,126	1,322	829	741	892	1,168	1,336	1,209	578	977
Other current assets	199	286	422	655	341	523	381	375	535	580
Total current assets	10,435	10,626	10,464	7,915	9,303	14,830	15,613	14,065	13,296	13,790
Property, plant and equipment	23,219	22,994	28,010	29,584	29,818	30,345	32,627	35,295	38,514	40,736
Lease right-of-use assets				232	207	337	342	448	853	1,205
Intangible assets	305	307	398	402	401	412	416	422	428	432
Long-term investments					70	74	79	84	102	125
Other non-current assets	1,956	2,273	2,172	1,885	1,560	1,460	1,601	1,810	1,507	1,658
Total assets	37,317	37,302	42,216	40,809	42,144	48,022	51,093	52,506	54,848	58,167
Accounts payable	1,540	1,546	1,661	1,654	1,473	2,035	2,701	2,466	2,789	2,948
Deferred revenue	82	91	35
Short-term debt	1,232	1,414	17	5	34	372	1,037	766	41	466
Total current liabilities	4,265	4,914	3,329	3,209	3,417	5,892	6,345	5,815	5,496	6,019
Long-term debt	14,795	11,815	11,124	9,821	9,677	9,078	9,583	8,656	8,907	8,913
Lease liabilities			0	204	190	281	294	347	692	1,010
Other non-current liabilities	1,745	2,012	2,230	2,491	2,269	1,683	1,562	1,648	1,195	1,296
Total liabilities	28,060	26,006	24,324	23,361	23,476	25,003	26,222	25,196	26,070	27,401
Total debt	2,228	11,815	11,141	9,826	9,711	9,450	10,620	9,422	8,948	9,379
Paid-in capital	26,690	26,751	26,013	25,830	26,037	25,875	25,322	24,637	23,797	23,680
Retained earnings	-16,540	-14,722	-12,041	-12,280	-11,681	-7,375	-3,907	-2,059	-170	1,385
Treasury stock	-3,708	-3,723	-3,727	-3,734	-3,758	-4,292	-5,701	-5,773	-5,894	-6,024
Other comprehensive income	-548	-487	-605	-676	-583	-388	-320	-274	-314	-305
Shareholders' equity	6,051	7,977	9,798	9,298	10,174	13,980	15,555	16,693	17,581	18,899
Minority interests	3,206	3,319	8,094	8,150	8,494	9,039	9,316	10,617	11,197	11,867
Total equity	9,257	11,296	17,892	17,448	18,668	23,019	24,871	27,310	28,778	30,766
Total liabilities and equity	37,317	37,302	42,216	40,809	42,144	48,022	51,093	52,506	54,848	58,167

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2023	FY2025
Net income	-4,025	2,095	2,894	-189	865	5,365	4,479	3,751	4,399	4,152
Depreciation and amortization	2,610	1,714	1,754	1,412	1,528	1,998	2,019	2,068	2,241	2,244
Stock-based compensation	86	71	76	63	99	98	95	109	109	121
Deferred income tax	273	-163	216	45	298	211	299	373	-74	253
Change in receivables	-175	427	649	119	132	-472	56	166	460	-521
Change in inventory	117	-169	-537	259	42	-618	-573	-873	-638	-709
Change in payables	-28	110	-106	-60	115	487	-73	-161	143	802
Cash from operations	3,737	4,666	3,863	1,482	3,017	7,715	5,139	5,279	7,160	5,610
Capital expenditures	-2,813	-1,410	-1,971	-2,652	-1,961	-2,115	-3,469	-4,824	-4,808	-4,494
Cash from investing	3,553	-1,321	-5,018	-2,103	-1,264	-1,964	-3,440	-4,956	-5,028	-4,472
Debt issued	3,681	955	632	1,879	3,531	1,201	5,735	1,781	2,251	3,195
Debt repaid	-7,625	-3,812	-2,717	-3,197	-3,724	-1,461	-4,515	-2,980	-2,731	-2,777
Stock issued	1,515	0	3,500	2	51	210	125	47	29	12
Share buybacks				0	0	-488	-1,347	0	-59	-107
Dividends paid	-6	-2	-218	-291	-73	-331	-866	-863	-865	-865
Cash from financing	-3,166	-3,055	900	-1,556	-128	-1,340	-1,623	-2,650	-3,284	-1,876
Net change in cash	4,124	290	-255	-2,177	1,625	4,411	76	-2,327	-1,152	-738
Free cash flow	924	3,256	1,892	-1,170	1,056	5,600	1,670	455	2,352	1,116
Interest paid	743	565	500	591	472	640	417	419	206	256
Income taxes paid	203	702	2,000	610	397	1,300	3,100	2,007	2,552	2,898

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $72.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.1%	Gross profit / revenue.
Operating margin	26.7%	Operating income / revenue.
EBITDA margin	35.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	25.7%	Pre-tax income / revenue.
Net margin	11.4%	Net income / revenue.
Operating cash flow margin	22.8%	Cash from operations / revenue.
Effective tax rate	31.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.9%	Net income / average total assets.
Return on invested capital (ROIC)	18.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	2.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	8.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	23.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-5.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	16.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-14.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	29.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-21.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-52.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-12.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	7.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.07x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.60x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.47x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.7%	Total debt / total assets.
Liabilities / assets	46.1%	Total liabilities / total assets.
Net debt	$5.31B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.59x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$7.31B	Current assets - current liabilities.
Tangible book value	$20.11B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	0.62x	Revenue / average property, plant and equipment.
Receivables turnover	36.2x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
Days payables	89 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$17.94	Revenue / diluted weighted shares.
Operating cash flow per share	$4.09	Cash from operations / diluted weighted shares.
Book value per share	$13.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.94	Tangible book value / shares outstanding.
Cash per share	$2.83	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$103.84B	Share price x shares outstanding.
Enterprise value	$109.14B	Market cap + total debt - cash - short-term investments.
P/E	35.3x	Market cap / net income. Only when net income is positive.
P/S	4.01x	Market cap / revenue.
P/B	5.16x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.16x	Market cap / tangible book value, when positive.
P/OCF	17.6x	Market cap / cash from operations, when positive.
EV/Sales	4.22x	Enterprise value / revenue.
EV/EBIT	15.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.0x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	1.0%	(Dividends paid + share buybacks) / market cap.

What was FREEPORT-MCMORAN INC's revenue in fiscal 2025?

FREEPORT-MCMORAN INC reported revenue of $25.92B for fiscal 2025, 1.8% higher than the year before.

Was FREEPORT-MCMORAN INC profitable in fiscal 2025?

Yes. Net income was $2.20B, a net margin of 8.5%.

How much free cash flow did FREEPORT-MCMORAN INC generate in fiscal 2025?

Cash from operations of $5.61B minus capital expenditures of $4.49B left free cash flow of $1.12B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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