Revenue growth remains highly volatile, swinging from a 10.6% contraction in 2025Q1 to a 12.2% expansion in 2026Q1, reflecting the firm's sensitivity to global copper pricing.
| 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 | 26.42B | 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 % | 7.91% | 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 | 19.08B | 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 | 7.34B | 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 % | 27.8% | 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 | 9M | 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 | 553M | 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 | 38M | 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 | 7.34B | 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 % | 27.77% | 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 | 9.63B | 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 % | 36.44% | 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 % | 17.14% | -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) | 2.29B | 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 | 7.3B | 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 | -413M | -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 | 413M | 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 | -223M | 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 | 7.11B | 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 % | 26.92% | 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 | 2.37B | 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 % | 33.38% | 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 | 2.73B | 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 % | 10.34% | 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 % | 56.17% | 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) | 4.74B | 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 | 12.01B | 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) | 1.89 | 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 % | 56.2% | 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% |
Indonesian Geopolitical Regulatory Exposure
As reported in recent financial filings, FCX experienced a 12.2% revenue growth in 2026Q1, yet the historical data reveals significant quarterly fluctuations, with revenue growth rates swinging from a 10.6% contraction in 2025Q1 to a 19.0% expansion in 2025Q2, reflecting the company's high sensitivity to LME copper pricing.
The inconsistent revenue trajectory underscores the company's reliance on volatile commodity markets rather than recurring contract-based income. Investors should monitor whether the recent growth acceleration is sustainable or merely a function of temporary price spikes in copper and gold byproducts.
Based on the provided income statement data, the company's gross margin has fluctuated between 18.1% and 34.1% over the last ten quarters, indicating that the cost structure remains highly susceptible to energy price volatility and the varying ore grades inherent in its global mining operations.
The margin compression observed in late 2025 suggests that the company struggles to maintain profitability during periods of lower commodity pricing. This volatility highlights the necessity of the Grasberg gold byproduct credits to offset the high fixed-cost base of its mining infrastructure.
According to the quarterly income statement, operating income has demonstrated extreme sensitivity to gross profit changes, with operating margins reaching as high as 34.3% in 2026Q1, suggesting that the company's fixed-cost structure provides significant operating leverage when commodity prices are favorable for the firm's output.
While this leverage is beneficial during price upswings, it creates substantial downside risk during cyclical downturns. The efficiency of SG&A management appears relatively stable, but it cannot fully mitigate the impact of large-scale operational costs on the bottom line during periods of price weakness.
Based on reported figures, net income has shown significant variance, ranging from $274 million to $881 million over the last ten quarters, a trend further complicated by inconsistent stock-based compensation charges that reached $74 million in 2025Q2 before dropping to zero in subsequent periods.
The lack of consistency in stock-based compensation and the impact of provisionally priced sales suggest that reported net income may not always reflect underlying operational performance. Investors should be cautious of these non-operating adjustments when evaluating the true earnings power of the core mining business.
As indicated by the company's heavy reliance on the Indonesian Grasberg district, the primary risk remains the potential for regulatory friction, which could disrupt the cash flow from the firm's most profitable asset and force a re-evaluation of the current valuation relative to its peers.
Short-sellers might focus on the potential for margin compression if Indonesian export regulations tighten or if the transition to domestic smelting increases capital intensity beyond current projections. The company's dependence on a single, high-risk jurisdiction warrants a cautious outlook despite recent operational successes.
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.