Revenue growth has been volatile, with 2026Q2 revenue down -7.3% YoY to $7.0B, yet gross margin of 31.1% remains above the 10-quarter average of 27.7%, supported by gold byproduct credits from Grasberg.
Freeport-McMoRan Inc. (FCX) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 25.87B | 25.74B | 25.45B | 22.71B | 23.33B | 22.36B | 13.87B | 14.36B | 18.97B | 15.86B | 14.6B | 14.96B | 21.23B | 21.41B | 17.93B | 21.43B | 18.33B | 13.64B | 19.26B | 17B | 5.79B | 4.18B | 2.37B | 2.21B | 1.91B | 1.84B | 1.87B | 1.89B | 1.76B | 2B | 1.91B |
| Revenue Growth % | 0.67% | 1.12% | 12.1% | -2.69% | 4.37% | 61.17% | -3.37% | -24.31% | 19.61% | 8.63% | -2.42% | -29.54% | -0.83% | 19.36% | -16.3% | 16.92% | 34.37% | -29.18% | 13.29% | 193.57% | 38.56% | 76.2% | 7.22% | 15.79% | 3.89% | -1.59% | -0.99% | 7.41% | -12.18% | 5.03% | 3.85% |
| Cost of Goods Sold | 18.92B | 18.8B | 17.95B | 15.83B | 15.24B | 14.07B | 11.47B | 13.17B | 13.23B | 11.76B | 13.32B | 14.36B | 15.89B | 14.85B | 11.86B | 11.19B | 9.5B | 8.14B | 13.23B | 9.85B | 2.76B | 1.9B | 1.67B | 1.08B | 941.57M | 952.63M | 1.02B | 940.3M | 817.6M | 1.03B | 951.9M |
| COGS % of Revenue | - | 73.02% | 70.52% | 69.7% | 65.32% | 62.93% | 82.66% | 91.72% | 69.73% | 74.16% | 91.22% | 96.01% | 74.84% | 69.37% | 66.13% | 52.22% | 51.84% | 59.67% | 68.72% | 57.97% | 47.75% | 45.41% | 70.21% | 48.72% | 49.29% | 51.81% | 54.57% | 49.82% | 46.53% | 51.29% | 49.97% |
| Gross Profit | 6.95B | 6.95B | 7.5B | 6.88B | 8.09B | 8.29B | 2.41B | 1.19B | 5.74B | 4.1B | 1.28B | 597M | 5.34B | 6.56B | 6.07B | 10.24B | 8.82B | 5.5B | 6.02B | 7.14B | 3.03B | 2.28B | 706.5M | 1.13B | 968.89M | 886.24M | 848.84M | 947M | 939.5M | 974.7M | 953.1M |
| Gross Margin % | 26.85% | 26.98% | 29.48% | 30.3% | 34.68% | 37.07% | 17.34% | 8.28% | 30.27% | 25.84% | 8.78% | 3.99% | 25.16% | 30.63% | 33.87% | 47.78% | 48.16% | 40.33% | 31.28% | 42.03% | 52.25% | 54.58% | 29.79% | 51.28% | 50.71% | 48.19% | 45.43% | 50.18% | 53.47% | 48.71% | 50.03% |
| Gross Profit Growth % | - | -7.44% | 9.04% | -14.98% | -2.34% | 244.43% | 102.53% | -79.31% | 40.13% | 219.58% | 114.74% | -88.82% | -18.54% | 7.97% | -40.67% | 16.01% | 60.45% | -8.68% | -15.7% | 136.13% | 32.64% | 222.88% | -37.72% | 17.08% | 9.33% | 4.41% | -10.37% | 0.8% | -3.61% | 2.27% | 5.68% |
| Operating Expenses | 38M | 655M | 640M | 798M | 541M | 474M | 513M | 519M | 532M | 716M | 542M | 636M | 711M | 606M | 409M | 549M | 381M | 321M | 269M | 448M | 157.07M | 103.89M | 89.93M | 276.49M | 328.75M | 343.31M | 354.51M | 363.8M | 365.2M | 310.5M | 314.9M |
| OpEx % of Revenue | - | 2.54% | 2.51% | 3.51% | 2.32% | 2.12% | 3.7% | 3.62% | 2.8% | 4.52% | 3.71% | 4.25% | 3.35% | 2.83% | 2.28% | 2.56% | 2.08% | 2.35% | 1.4% | 2.64% | 2.71% | 2.49% | 3.79% | 12.5% | 17.21% | 18.67% | 18.97% | 19.28% | 20.78% | 15.52% | 16.53% |
| Selling, General & Admin | 561M | 545M | 513M | 479M | 420M | 383M | 354M | 414M | 443M | 472M | 522M | 558M | 592M | 540M | 431M | 415M | 381M | 321M | 269M | 448M | 157.07M | 103.89M | 89.93M | 80.28M | 68.31M | 59.42M | 70.95M | 70.6M | 87.8M | 96.6M | 140.9M |
| SG&A % of Revenue | - | 2.12% | 2.02% | 2.11% | 1.8% | 1.71% | 2.55% | 2.88% | 2.34% | 2.98% | 3.58% | 3.73% | 2.79% | 2.52% | 2.4% | 1.94% | 2.08% | 2.35% | 1.4% | 2.64% | 2.71% | 2.49% | 3.79% | 3.63% | 3.58% | 3.23% | 3.8% | 3.74% | 5% | 4.83% | 7.4% |
| Research & Development | 91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 271M | 0 | 90M | 292M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.26% | - | 0.66% | 1.52% | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 110M | 127M | 319M | 121M | 91M | 159M | 105M | 89M | 244M | 20M | 78M | 119M | 66M | -22M | -137M | 0 | -90M | -292M | -145M | 0 | 0 | 0 | 230.8M | 260.45M | 283.89M | 283.56M | 293.2M | 277.4M | 213.9M | 174M |
| Operating Income | 6.91B | 6.29B | 6.86B | 6.08B | 7.55B | 7.81B | 1.89B | 669M | 5.21B | 3.38B | 740M | -39M | 4.63B | 5.95B | 5.67B | 9.69B | 8.44B | 5.18B | 5.75B | 6.7B | 2.87B | 2.18B | 616.58M | 823.31M | 640.14M | 542.93M | 494.33M | 583.2M | 574.3M | 664.2M | 638.2M |
| Operating Margin % | 26.7% | 24.44% | 26.97% | 26.79% | 32.36% | 34.95% | 13.65% | 4.66% | 27.46% | 21.32% | 5.07% | -0.26% | 21.81% | 27.8% | 31.59% | 45.22% | 46.08% | 37.97% | 29.88% | 39.4% | 49.54% | 52.1% | 26% | 37.22% | 33.51% | 29.53% | 26.45% | 30.9% | 32.68% | 33.2% | 33.5% |
| Operating Income Growth % | - | -8.36% | 12.84% | -19.45% | -3.34% | 312.73% | 182.96% | -87.16% | 54.07% | 356.89% | 1997.44% | -100.84% | -22.19% | 5.07% | -41.53% | 14.74% | 63.04% | -9.99% | -14.08% | 133.45% | 31.76% | 253.13% | -25.11% | 28.61% | 17.9% | 9.83% | -15.24% | 1.55% | -13.54% | 4.07% | 7.71% |
| EBITDA | 9.05B | 8.53B | 9.11B | 8.15B | 9.57B | 9.81B | 3.42B | 2.08B | 6.96B | 5.09B | 3.27B | 3.2B | 8.49B | 8.75B | 6.84B | 10.71B | 9.48B | 6.19B | 7.54B | 7.96B | 3.1B | 2.43B | 822.98M | 1.07B | 912.61M | 826.82M | 777.89M | 876.4M | 851.7M | 878.1M | 812.2M |
| EBITDA Margin % | 35% | 33.15% | 35.77% | 35.9% | 41.02% | 43.88% | 24.66% | 14.5% | 36.71% | 32.13% | 22.4% | 21.4% | 40.01% | 40.87% | 38.16% | 49.99% | 51.73% | 45.41% | 39.13% | 46.83% | 53.47% | 58.12% | 34.7% | 48.38% | 47.77% | 44.96% | 41.63% | 46.44% | 48.47% | 43.89% | 42.64% |
| EBITDA Growth % | 0.62% | -6.27% | 11.7% | -14.84% | -2.45% | 186.79% | 64.39% | -70.11% | 36.66% | 55.81% | 2.16% | -62.31% | -2.91% | 27.83% | -36.1% | 12.99% | 53.08% | -17.82% | -5.34% | 157.11% | 27.48% | 195.12% | -23.11% | 17.28% | 10.38% | 6.29% | -11.24% | 2.9% | -3.01% | 8.11% | 13.34% |
| D&A (Non-Cash Add-back) | 2.15B | 2.24B | 2.24B | 2.07B | 2.02B | 2B | 1.53B | 1.41B | 1.75B | 1.71B | 2.53B | 3.24B | 3.86B | 2.8B | 1.18B | 1.02B | 1.04B | 1.01B | 1.78B | 1.26B | 227.57M | 251.51M | 206.41M | 247M | 272.48M | 283.89M | 283.56M | 293.2M | 277.4M | 213.9M | 174M |
| EBIT | 6.85B | 6.51B | 7.23B | 6.52B | 7.28B | 8.26B | 2.4B | 838M | 4.47B | 3.56B | -2.72B | -13.51B | 206M | 5.43B | 5.67B | 9.13B | 8.97B | 6.4B | -12.72B | 6.65B | 2.9B | 2.17B | 722.49M | 857.9M | 640.14M | 542.93M | 494.33M | 583.2M | 574.3M | 664.2M | 638.2M |
| Net Interest Income | -426M | -369M | -319M | -515M | -560M | -602M | -598M | -532M | -575M | -656M | -755M | -617M | -630M | -518M | -186M | -312M | -462M | -540M | -502M | -372M | -44.99M | -114.84M | -142.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46M | 82M | 141M | 30.6M | 16.8M | 5.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 426M | 369M | 319M | 515M | 560M | 602M | 598M | 532M | 575M | 656M | 755M | 617M | 630M | 518M | 186M | 312M | 462M | 586M | 584M | 513M | 75.59M | 131.64M | 148.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -261M | 82M | 58M | -62M | -806M | -149M | -84M | -351M | -1.31B | -469M | -4.2B | -14.09B | -5.05B | -1.04B | -175M | -855M | 83M | 662M | -19.05B | -564M | -42.88M | -140.35M | -42.19M | -239.53M | -226.92M | -184.15M | -257.77M | -251M | -249.9M | -187.8M | -164.8M |
| Pretax Income | 6.65B | 6.37B | 6.92B | 6.02B | 6.75B | 7.66B | 1.81B | 318M | 3.9B | 2.91B | -3.46B | -14.13B | -421M | 4.92B | 5.49B | 8.83B | 8.53B | 5.84B | -13.29B | 6.13B | 2.83B | 2.04B | 574.38M | 583.77M | 413.22M | 358.78M | 236.56M | 332.2M | 324.4M | 476.4M | 473.4M |
| Pretax Margin % | 25.69% | 24.75% | 27.19% | 26.52% | 28.91% | 34.28% | 13.04% | 2.22% | 20.56% | 18.36% | -23.71% | -94.46% | -1.98% | 22.96% | 30.61% | 41.23% | 46.53% | 42.83% | -69.03% | 36.08% | 48.8% | 48.74% | 24.22% | 26.39% | 21.63% | 19.51% | 12.66% | 17.6% | 18.46% | 23.81% | 24.85% |
| Income Tax | 2.07B | 2.22B | 2.52B | 2.27B | 2.27B | 2.3B | 944M | 510M | 991M | 883M | 371M | -1.95B | 324M | 1.48B | 1.51B | 3.09B | 2.98B | 2.31B | -2.84B | 2.4B | 1.2B | 915.07M | 330.68M | 338.05M | 245.52M | 202.98M | 159.57M | 195.7M | 170.6M | 231.3M | 247.2M |
| Effective Tax Rate % | 31.12% | 34.86% | 36.45% | 37.7% | 33.61% | 30% | 52.18% | 160.38% | 25.41% | 30.32% | -10.72% | 13.81% | -76.96% | 30% | 27.5% | 34.94% | 34.98% | 39.5% | 21.39% | 39.13% | 42.51% | 44.92% | 57.57% | 57.91% | 59.42% | 56.58% | 67.46% | 58.91% | 52.59% | 48.55% | 52.22% |
| Net Income | 2.94B | 2.2B | 1.88B | 1.84B | 3.46B | 4.3B | 596M | -245M | 2.61B | 1.76B | -3.96B | -12.24B | -1.31B | 2.66B | 3.04B | 4.56B | 4.34B | 2.75B | -11.07B | 2.94B | 1.46B | 995.13M | 202.27M | 181.66M | 164.65M | 113.03M | 76.99M | 136.5M | 153.8M | 245.1M | 226.2M |
| Net Margin % | 11.38% | 8.56% | 7.4% | 8.11% | 14.83% | 19.23% | 4.3% | -1.71% | 13.78% | 11.07% | -27.12% | -81.81% | -6.17% | 12.42% | 16.96% | 21.28% | 23.66% | 20.16% | -57.47% | 17.31% | 25.15% | 23.81% | 8.53% | 8.21% | 8.62% | 6.15% | 4.12% | 7.23% | 8.75% | 12.25% | 11.87% |
| Net Income Growth % | 54.03% | 17.05% | 2.23% | -46.78% | -19.49% | 621.31% | 343.27% | -109.38% | 48.8% | 144.35% | 67.65% | -833.56% | -149.32% | -12.59% | -33.31% | 5.17% | 57.73% | 124.84% | -476.17% | 101.99% | 46.36% | 391.99% | 11.34% | 10.33% | 45.68% | 46.81% | -43.6% | -11.25% | -37.25% | 8.36% | -10.8% |
| Net Income (Continuing) | 4.58B | 4.15B | 4.4B | 3.75B | 4.48B | 5.37B | 865M | -192M | 2.91B | 2.03B | -3.83B | -12.18B | -745M | 3.44B | 3.98B | 5.75B | 5.54B | 3.53B | -10.45B | 3.73B | 1.62B | 1.12B | 243.7M | 197.25M | 167.7M | 113.03M | 76.99M | 136.5M | 153.8M | 245.1M | 226.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | -58M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 12.11B | 11.87B | 11.2B | 10.62B | 9.32B | 9.04B | 8.49B | 8.15B | 7.89B | 3.32B | 3.21B | 4.98B | 4.94B | 5.01B | 3.77B | 2.91B | 2.06B | 1.64B | 1.33B | 1.24B | 213.03M | 222.99M | 219.45M | 187.56M | 129.69M | 92.95M | 103.8M | 181.9M | 146.5M | 60.5M | 105.6M |
| EPS (Diluted) | 2.04 | 1.52 | 1.30 | 1.28 | 2.39 | 2.90 | 0.41 | -0.17 | 1.79 | 1.21 | -3.00 | -11.31 | -1.26 | 2.64 | 3.19 | 4.78 | 4.57 | 2.93 | -14.84 | 3.71 | 3.32 | 2.34 | 0.43 | 0.49 | 0.44 | 0.27 | 0.13 | 0.31 | 0.34 | 0.53 | 0.45 |
| EPS Growth % | 54.55% | 16.92% | 1.56% | -46.44% | -17.59% | 607.32% | 342.89% | -109.42% | 48.4% | 140.21% | 73.44% | -797.74% | -147.73% | -17.24% | -33.26% | 4.6% | 55.97% | 119.74% | -500.62% | 11.77% | 41.97% | 449.41% | -13.27% | 11.36% | 62.96% | 107.69% | -58.06% | -8.82% | -35.85% | 17.78% | -8.16% |
| EPS (Basic) | - | 1.53 | 1.31 | 1.28 | 2.40 | 2.93 | 0.41 | -0.17 | 1.80 | 1.21 | -3.00 | -11.31 | -1.26 | 2.65 | 3.20 | 4.81 | 4.67 | 3.05 | -14.84 | 4.01 | 3.66 | 2.59 | 0.43 | 0.50 | 0.44 | 0.27 | 0.13 | 0.31 | 0.34 | 0.53 | 0.45 |
| Diluted Shares Outstanding | 1.44B | 1.44B | 1.45B | 1.44B | 1.45B | 1.48B | 1.46B | 1.45B | 1.46B | 1.45B | 1.32B | 1.08B | 1.04B | 1.01B | 954M | 955M | 948M | 938M | 764M | 794M | 442M | 440.94M | 369.85M | 318.2M | 292.84M | 289.88M | 309.04M | 329.13M | 350.71M | 393.4M | 392.36M |
| Basic Shares Outstanding | 1.44B | 1.44B | 1.45B | 1.43B | 1.44B | 1.47B | 1.45B | 1.45B | 1.45B | 1.45B | 1.32B | 1.08B | 1.04B | 1B | 949M | 947M | 916M | 828M | 764M | 682M | 382M | 360.54M | 364.54M | 311.61M | 289.3M | 287.9M | 307.99M | 327.23M | 350.71M | 393.4M | 388M |
| Dividend Payout Ratio | - | 39.25% | 45.94% | 46.85% | 25.02% | 7.7% | 12.25% | - | 8.34% | 0.11% | - | - | - | 85.82% | 37.13% | 31.21% | 20.41% | - | - | 14.31% | 62.87% | 45.47% | 98.28% | 42.41% | 22.65% | - | 134.63% | 37.88% | 54.42% | 103.1% | 120.34% |
Quick answers to the most common questions about buying FCX stock.
For fiscal year 2025, Freeport-McMoRan Inc. (FCX) reported total revenue of $25.74B. This represents a 1251.2% increase compared to $1.91B in 1996.
Freeport-McMoRan Inc. (FCX) is profitable, generating $2.20B in net income for the fiscal year ending 2025 with a net profit margin of 8.6%.
Freeport-McMoRan Inc. (FCX) reported an operating income of $6.29B, resulting in an operating profit margin of 24.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Freeport-McMoRan Inc. (FCX) generated $6.95B in gross profit for the year, representing a gross profit margin of 27.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Copper price and Grasberg restart
Metrics are mathematically derived from official filings.
Revenue Growth Stalls Amid Price Volatility
Revenue growth decelerated to -7.3% YoY in 2026Q2, despite a 12.2% rebound in 2026Q1, reflecting copper price swings and Grasberg ramp-up disruptions. According to the latest quarterly report, revenue reached $7.0B, down from $7.6B a year earlier.
The 10-quarter revenue path shows a clear cyclical pattern, with peaks in 2025Q2 and troughs in 2025Q1 and 2025Q4. The 2026Q2 decline appears driven by lower copper prices and the phased Grasberg restart, offsetting volume gains. Investors should monitor whether the block cave ramp-up can sustain volume growth, as the current trajectory suggests revenue is more price-driven than volume-driven.
Gross Margin Resilience Hinges on Byproduct Credits
Gross margin contracted to 31.1% in 2026Q2 from 34.1% in 2025Q2, yet remains above the 10-quarter average of 27.7%. As reported in financial statements, the margin is supported by gold byproduct credits from Grasberg, which offset lower copper prices.
The margin compression in 2026Q2 aligns with softer copper prices, but the absolute level still exceeds peers like TECK (21.8%) and AA (16.9%), underscoring the structural advantage of Grasberg's gold credits. However, the 18.1% gross margin in 2025Q4 highlights vulnerability to price troughs. The sustainability of this margin depends on gold prices and the cost curve, which may face upward pressure from the Grasberg restart.
Operating Leverage Amplifies Earnings Swings
Operating income swung from $2.4B in 2025Q2 to $811M in 2025Q4, then recovered to $2.0B in 2026Q2, demonstrating high operating leverage. Based on reported figures, SG&A remained stable around $130M, indicating fixed overhead that magnifies profit volatility.
The stability of SG&A (ranging from $117M to $162M) against revenue swings of $5.6B to $7.6B confirms a high fixed-cost base. This leverage cuts both ways: in 2026Q2, a 7.3% revenue decline led to a 16.7% drop in operating income from the prior year. As the Grasberg ramp-up matures, fixed costs should be spread over higher volumes, potentially improving operating leverage if copper prices hold.
Net Income Quality Clouded by Non-Controlling Interests
Net income of $984M in 2026Q2 translates to a 14.0% net margin, but a significant portion of Grasberg earnings belongs to Indonesian non-controlling interests. According to the income statement, EPS of $0.68 trails net income growth, reflecting the minority stake.
The gap between net income and EPS growth (28.3% EPS growth vs. 27.5% net income growth in 2026Q2) is modest, but the NCI drag is structural. Investors should adjust for the 51.2% NCI in PT-FI to assess true shareholder value. Additionally, stock-based compensation of $35M in 2026Q2 is small relative to net income, but the variability (zero in some quarters) suggests timing effects that may not reflect recurring costs.
COGS Dominates Cost Structure, R&D Emerges
COGS averaged 70% of revenue over the last ten quarters, while SG&A remained lean at ~2% of revenue. Notably, R&D appeared in 2026Q1 and Q2 ($38M and $53M), signaling investment in leaching technology, as per the income statement data.
The cost structure is heavily weighted toward production costs, which are sensitive to energy, labor, and ore grades. The emergence of R&D spending is a new development, likely tied to the proprietary leaching technology mentioned in the company intelligence. While small, this investment could drive future margin expansion if successful, but it also adds to fixed costs in the near term. Management's expense discipline is evident in the stable SG&A, but COGS volatility remains the primary margin driver.
Grasberg Ramp-Up Marks Key Inflection Point
The completion of the Grasberg underground transition in 2025 shifted the company from high-capex to cash-generation mode, yet the September 2025 mud rush disrupted momentum. As reported in the latest quarter, revenue and margins remain below 2025Q2 peaks, indicating the restart is still in progress.
The 2025Q2 quarter represented the operational peak with $7.6B revenue and 34.1% gross margin, likely reflecting the initial full ramp-up of the block cave. The subsequent decline and partial recovery in 2026Q2 suggest the restart is phased and not yet at full capacity. The lasting impact of this inflection is a structurally lower cost base, but the timing of full recovery is uncertain. Investors should monitor production guidance and cost per pound to gauge when the harvesting phase fully materializes.
Copper Price and Grasberg Restart Risks
The bull case hinges on copper price strength and a smooth Grasberg restart, but the 2025Q4 margin collapse to 18.1% shows the downside. According to the income statement, revenue growth turned negative in 2026Q2, and any further copper weakness could compress margins disproportionately.
Short-sellers would argue that the current valuation ignores the cyclicality of copper and the operational risk at Grasberg. The 2025Q4 quarter, with revenue of $5.6B and net margin of 7.2%, illustrates the earnings collapse possible when prices and volumes align negatively. Additionally, the phased restart may lead to cost overruns or lower grades, pressuring margins. The company's high operating leverage means a 10% drop in copper prices could halve EPS, making the stock highly sensitive to macro headwinds.