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Business Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
FCX has organized its mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations (including the Grasberg minerals district and PTFI’s downstream processing facilities), and U.S. Rod & Refining operations. FCX has also separately disclosed the Morenci copper mine and Atlantic Copper Smelting & Refining segments in the following tables.

FCX's Chief Executive Officer is identified as its chief operating decision maker (CODM) under business segment reporting guidance. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions.

Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.

FCX defers recognizing profits on intercompany sales to Atlantic Copper until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.

FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual operating segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, some selling, general and administrative costs are not allocated to the operating divisions or individual operating segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or individual operating segment would be if it was an independent entity.
Product Revenues. FCX’s revenues attributable to the products it sold for the third quarters and for the first nine months of 2025 and 2024 follow:
Three Months EndedNine Months Ended
September 30,September 30,
 2025202420252024
Copper:
Concentrate$1,967 $1,788 $5,376 $5,204 
Cathode1,817 2,072 6,015 6,304 
Rod and other refined copper products1,330 1,012 3,259 2,939 
Purchased coppera
18 150 489 558 
Gold1,204 1,394 3,512 3,497 
Molybdenum504 450 1,425 1,339 
Silver and other223 173 535 470 
Adjustments to revenues:
PTFI export dutiesb
(135)(129)(337)(360)
Royalty expensec
(107)(131)(310)(344)
Treatment chargesd
(2)(99)(45)(318)
Revenues from contracts with customers6,819 6,680 19,919 19,289 
Embedded derivativese
153 110 363 446 
Total consolidated revenues$6,972 $6,790 $20,282 $19,735 
a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations. During 2025, FCX has been able to meet customer demand for copper rod with copper cathode produced by its U.S. copper mines and South America operations, resulting in a decrease in purchased copper volumes.
b.Prior to the expiration of its export license on September 16, 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5%.
c.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
d.Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with the sales volumes and the price of copper. The 2025 periods primarily reflect lower treatment charge rates as a result of favorable market conditions.
e.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Financial Information by Business Segment
AtlanticCorporate,
U.S. Copper MinesSouth America OperationsU.S.CopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended September 30, 2025           
Revenues:            
Unaffiliated customers$46 $12 $58 $979 $204 $1,183 $2,675 $— $1,774 $768 $514 
a
$6,972 
Intersegment653 1,229 1,882 226 5 231 — 177 12 6 (2,308)— 
Production and delivery499 895 1,394 636 166 802 1,024 
b
150 1,773 753 (1,691)4,205 
Depreciation, depletion and amortization (DD&A)55 79 134 97 17 114 331 
b
22 2 7 15 625 
Selling, general and administrative expenses— 1 1 2 — 2 36 — — 7 85 131 
Exploration and research expenses11 4 15 3 — 3 2 — — — 35 55 
Gain on sales of assets— — — — — — — — — — (16)(16)
Operating income (loss)134 262 396 467 26 493 1,282 5 11 7 (222)1,972 
Interest expense, net— — — (5)— (5)(25)— — (8)(69)(107)
Other (expense) income, net(1)3 2 17 6 23 16 — (1)(1)20 59 
(Provision for) benefit from income taxes— — — (192)(10)(202)(466)— — 3 (4)(669)
Equity in affiliated companies’ net (losses) earnings — — — — — — (9)— — — 1 (8)
Net (income) loss attributable to noncontrolling interests— — — (143)(2)(145)(436)— — — 8 (573)
Net income attributable to common stockholders$674 
Total assets at September 30, 20253,289 7,342 10,631 8,290 2,147 10,437 27,464 2,037 389 1,615 4,255 56,828 
Capital expenditures66 249 315 99 11 110 483 28 19 42 59 1,056 
Three Months Ended September 30, 2024            
Revenues:            
Unaffiliated customers$40 $12 $52 $886 $237 $1,123 $2,856 

$— $1,560 $759 $440 
a
$6,790 
Intersegment553 986 1,539 

193 — 193 126 132 11 6 (2,007)— 
Production and delivery492 811 1,303 630 
c
187 817 918 140 1,562 754 

(1,417)
d
4,077 
DD&A47 62 109 92 18 110 340 19 2 6 14 600 
Selling, general and administrative expenses— 1 1 2 — 2 32 — — 6 76 117 
Exploration and research expenses4 4 8 3 (1)2 2 — — — 26 38 
Environmental obligations and shutdown costs— — — — — — — — — — 20 20 
Operating income (loss)50 120 170 352 33 385 1,690 (27)7 (1)(286)1,938 
Interest expense, net— — — (6)— (6)(10)— — (10)(46)(72)
Other (expense) income, net(1)10 9 22 (2)20 42 — (1)(7)34 97 
(Provision for) benefit from income taxes— — — (148)(10)(158)(625)— — (1)47 (737)
Equity in affiliated companies’ net earnings — — — — — — 6 — — — 4 10 
Net (income) loss attributable to noncontrolling interests— — — (114)
e
(12)(126)(601)— — — 17 (710)
Net income attributable to common stockholders$526 
Total assets at September 30, 20243,172 6,647 9,819 8,276 2,013 10,289 27,474 1,955 294 1,491 4,078 55,400 
Capital expenditures48 215 263 82 18 100 713 25 7 28 63 1,199 
Includes revenues from the molybdenum sales company, which includes sales of molybdenum produced by FCX’s primary molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.
b.Includes charges totaling $195 million in the third quarter and first nine months of 2025 associated with the September 2025 mud rush incident, consisting of $128 million of idle facility costs and $43 million of recovery expenses that were recorded to production and delivery costs, and $24 million of DD&A associated with idle facilities.
The third quarter and first nine months of 2025 also include $26 million and $56 million, respectively, recorded to production and delivery costs for remediation related to the October 2024 fire incident at the smelter not recoverable under PTFI’s construction insurance program.
In addition, the third quarter and first nine months of 2025 include $39 million of tolling fees recorded to production and delivery costs that were recognized as idle facility costs associated with PT Smelting’s (PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia) planned maintenance turnaround.
c.Includes $34 million in third-quarter 2024 and $99 million for the first nine months of 2024 of nonrecurring labor-related charges at Cerro Verde associated with new collective labor agreements.
d.Includes charges for oil and gas properties associated with the write down of a historical contingent consideration asset totaling $32 million in the third quarter and first nine months of 2024. The first nine months of 2024 also includes $99 million for assumed oil and gas abandonment obligations (and related adjustments) resulting from bankruptcies of other companies.
e.Prior to September 2024, FCX’s interest in Cerro Verde was 53.56%.
f.Includes charges totaling $73 million for the first nine months of 2025 associated with planned maintenance turnaround costs at the Miami smelter.
g.Includes a net benefit to income taxes totaling $182 million for the first nine months of 2024 associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters. FCX's economic and ownership interest in PTFI is 48.76% except for net income associated with the settlement of these historical tax matters, which was attributed based on the economics prior to January 1, 2023 (i.e., approximately 81% to FCX and 19% to PT Mineral Industri Indonesia). Refer to Note 2 of FCX’s 2024 Form 10-K for further discussion.