Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Geographic sources of FCX’s (provision) benefit for income taxes follow:

	Nine Months Ended
	September 30,
	2025		2024
U.S.	$	(4)	$	30
International	(2,015)		(2,033)
Total	$	(2,019)	$	(2,003)

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 36% for the first nine months of 2025 and 35% for the first nine months of 2024. The provision for income taxes for the first nine months of 2024 included net benefits of $182 million related to closure of PT Freeport Indonesia’s (PTFI) 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

During the first nine months of 2025 and 2024, FCX’s U.S. operations projected full-year net losses that would not result in a realized tax benefit; accordingly, applicable accounting rules required FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. net losses.

On July 4, 2025, the President signed into law H.R.1 (also referred to as the One Big Beautiful Bill Act), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain provisions of the Tax Cuts & Jobs Act of 2017. FCX does not expect H.R.1 to have a material impact on its consolidated financial results.