FCX 8-K
Freeport-Mcmoran Inc (FCX)
8-K
2026-07-23
For: 2026-07-23
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July 23, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (602 ) 366-8100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
Freeport-McMoRan Inc. (FCX) issued a press release dated July 23, 2026, announcing its second-quarter and six-month 2026 financial and operating results. A copy of the press release is furnished hereto as Exhibit 99.1.
Item 7.01. Regulation FD Disclosure.
The slides to be presented in connection with FCX’s previously announced second-quarter 2026 earnings conference call being webcast on the internet at 10:00 a.m. Eastern Time on July 23, 2026, are furnished hereto as Exhibit 99.2.
The information furnished pursuant to Item 2.02 and Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Exhibit Title | ||||
Press release dated July 23, 2026, titled “Freeport Reports Second-Quarter and Six-Month 2026 Results.” | |||||
Slides presented in connection with FCX’s second-quarter 2026 earnings conference call conducted via the internet on July 23, 2026. | |||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Freeport-McMoRan Inc.
By: /s/ Ellie L. Mikes
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Ellie L. Mikes
Vice President and Chief Accounting Officer
(authorized signatory and
Principal Accounting Officer)
Date: July 23, 2026
Freeport Reports
Second-Quarter and Six-Month 2026 Results
•Strong operational execution:
◦Consolidated copper sales exceeded April 2026 estimates
◦Consolidated average unit net cash costs favorable to April 2026 estimates
•Ramp-up of the Grasberg Block Cave underground mine progressing on schedule
•Advancing organic copper growth projects, including:
◦Innovative leach and technology initiatives and potential brownfield expansions in the U.S.
◦Potential major expansion at El Abra in Chile
•Strong margins and cash flows; positive operational and market outlook
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•Net income attributable to common stock in second-quarter 2026 totaled $984 million, $0.68 per share, and adjusted net income attributable to common stock totaled $1.1 billion, $0.74 per share.
•Consolidated production totaled 786 million pounds of copper, 192 thousand ounces of gold and 23 million pounds of molybdenum in second-quarter 2026.
•Consolidated sales totaled 710 million pounds of copper, 123 thousand ounces of gold and 25 million pounds of molybdenum in second-quarter 2026.
•Consolidated sales are expected to approximate 3.1 billion pounds of copper, 650 thousand ounces of gold and 93 million pounds of molybdenum for the year 2026, including 750 million pounds of copper, 160 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2026.
•Average realized prices were $6.17 per pound for copper, $4,520 per ounce for gold and $28.75 per pound for molybdenum in second-quarter 2026.
•Average unit net cash costs were $1.97 per pound of copper in second-quarter 2026 and are expected to average $1.90 per pound of copper for the year 2026.
•Operating cash flows totaled $2.0 billion, net of $0.6 billion of working capital and other uses, in second-quarter 2026. Assuming prices of $6.00 per pound for copper, $4,000 per ounce for gold and $30.00 per pound for molybdenum for the second half of 2026, operating cash flows are expected to approximate $8.3 billion, net of $0.3 billion of working capital and other uses, for the year 2026.
•Capital expenditures totaled $1.1 billion, including $0.7 billion for major mining projects, in second-quarter 2026. Capital expenditures are expected to approximate $4.3 billion, including $3.0 billion for major mining projects, for the year 2026.
•During second-quarter 2026, FCX purchased 2.0 million shares of Cerro Verde common stock in the open market for $107 million, increasing its ownership interest in Cerro Verde from 55.08% to 55.66%.
•At June 30, 2026, consolidated debt totaled $9.4 billion and consolidated cash and cash equivalents totaled $4.1 billion. At June 30, 2026, net debt totaled $2.1 billion, excluding $3.2 billion of debt for PT Freeport Indonesia’s (PTFI) downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.
•During second-quarter 2026, FCX purchased 1.7 million shares of its common stock for a total cost of $110 million ($64.34 average cost per share).
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PHOENIX, AZ, July 23, 2026 – Freeport (NYSE: FCX) reported second-quarter 2026 net income attributable to common stock of $984 million, $0.68 per share, and adjusted net income attributable to common stock of $1.1 billion, $0.74 per share, after excluding after-tax net charges totaling $96 million, $0.06 per share, primarily for idle facility and restoration costs associated with PTFI’s September 2025 external mud rush incident. For additional information, refer to the supplemental schedule, “Adjusted Net Income,” on page VII.
Kathleen Quirk, President and Chief Executive Officer, said, “The Freeport team achieved strong results in the second quarter, supported by solid execution of our operating plans and favorable pricing for our products. We made steady progress with our Grasberg ramp-up and our Americas operations delivered excellent performance, which resulted in year-over-year improvements to bottom-line results, demonstrating the strength of our diversified portfolio. As we look forward, we remain focused on restoring full operations at Grasberg safely and sustainably and continuing to build momentum on initiatives across our global footprint to grow margins, cash flow and earnings. Freeport is firmly positioned as “America’s Copper Champion” and as a global leader in copper with large-scale, geographically diverse operations and a pipeline of attractive growth options to support a growing market and build value for stockholders.”
SUMMARY FINANCIAL DATA
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||||||||||||
Revenuesa,b | $ | 7,029 | $ | 7,582 | $ | 13,263 | $ | 13,310 | ||||||||||||||||||
Operating incomea,c | $ | 2,003 | $ | 2,432 | $ | 4,140 | $ | 3,735 | ||||||||||||||||||
Net income attributable to common stockb,c,d | $ | 984 | $ | 772 | $ | 1,865 | $ | 1,124 | ||||||||||||||||||
Diluted net income per share of common stockb,c,d | $ | 0.68 | $ | 0.53 | $ | 1.29 | $ | 0.77 | ||||||||||||||||||
Diluted weighted-average common shares outstanding | 1,443 | 1,443 | 1,444 | 1,444 | ||||||||||||||||||||||
Operating cash flowse | $ | 2,048 | $ | 2,195 | $ | 3,543 | $ | 3,253 | ||||||||||||||||||
| Capital expenditures | $ | 1,104 | $ | 1,261 | $ | 2,077 | $ | 2,433 | ||||||||||||||||||
| At June 30: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,080 | $ | 4,490 | $ | 4,080 | $ | 4,490 | ||||||||||||||||||
| Total debt, including current portion | $ | 9,386 | $ | 9,251 | $ | 9,386 | $ | 9,251 | ||||||||||||||||||
a.For segment financial results, refer to the supplemental schedule, “Business Divisions and Segments,” beginning on page X.
b.Includes favorable (unfavorable) adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $98 million ($35 million to net income attributable to common stock or $0.02 per share) in second-quarter 2026, $(35) million ($(10) million to net income attributable to common stock or $(0.01) per share) in second-quarter 2025, $58 million ($24 million to net income attributable to common stock or $0.02 per share) for the first six months of 2026 and $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the first six months of 2025. For further discussion, refer to the supplemental schedule, “Derivative Instruments,” beginning on page IX.
c.FCX defers recognizing profits on intercompany sales until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net (reductions) additions to operating income totaling $(18) million ($(6) million to net income attributable to common stock or less than $0.01 per share) in second-quarter 2026, $34 million ($9 million to net income attributable to common stock or $0.01 per share) in second-quarter 2025, $52 million ($17 million to net income attributable to common stock or $0.01 per share) for the first six months of 2026 and $148 million ($44 million to net income attributable to common stock or $0.03 per share) for the first six months of 2025. Refer to the supplemental schedule, “Deferred Profits,” on page X.
d.Includes after-tax net charges totaling $96 million ($0.06 per share) in second-quarter 2026, $18 million ($0.01 per share) in second-quarter 2025, $45 million ($0.03 per share) for the first six months of 2026 and $24 million ($0.02 per share) for the first six months of 2025, that are described in the supplemental schedule, “Adjusted Net Income,” on page VII.
e.Cash used for working capital, including tax payments, totaled $596 million in second-quarter 2026, $45 million in second-quarter 2025, $457 million for the first six months of 2026 and $342 million for the first six months of 2025.
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SUMMARY OPERATING DATA
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
Copper (millions of recoverable pounds) | |||||||||||||||||||||||||||||
| Production | 786 | 963 | 1,448 | 1,831 | |||||||||||||||||||||||||
| Sales, excluding purchases | 710 | 1,016 | 1,367 | 1,888 | |||||||||||||||||||||||||
| Average realized price per pound | $ | 6.17 | $ | 4.54 | $ | 6.04 | $ | 4.48 | |||||||||||||||||||||
Site production and delivery costs per pounda | $ | 3.28 | b | $ | 2.71 | $ | 3.28 | b | $ | 2.65 | |||||||||||||||||||
Unit net cash costs per pounda | $ | 1.97 | b | $ | 1.13 | $ | 1.94 | b | $ | 1.56 | |||||||||||||||||||
Gold (thousands of recoverable ounces) | |||||||||||||||||||||||||||||
| Production | 192 | 317 | 289 | 604 | |||||||||||||||||||||||||
| Sales | 123 | 522 | 244 | 650 | |||||||||||||||||||||||||
| Average realized price per ounce | $ | 4,520 | $ | 3,291 | $ | 4,704 | $ | 3,260 | |||||||||||||||||||||
Molybdenum (millions of recoverable pounds) | |||||||||||||||||||||||||||||
| Production | 23 | 22 | 45 | 45 | |||||||||||||||||||||||||
| Sales, excluding purchases | 25 | 22 | 49 | 42 | |||||||||||||||||||||||||
| Average realized price per pound | $ | 28.75 | $ | 21.10 | $ | 27.03 | $ | 21.37 | |||||||||||||||||||||
a.Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit net cash costs (credits) by operating division to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
b.Excludes idle facility and restoration costs associated with PTFI’s September 2025 external mud rush incident. Refer to “Adjusted Net Income,” on page VII for a summary of these charges.
Consolidated Sales Volumes
Copper
•Second-quarter 2026 sales of 710 million pounds were higher than the April 2026 estimate of 690 million pounds, primarily reflecting timing of shipments and improved operating performance. As expected, second-quarter 2026 sales were below second-quarter 2025 sales of 1.0 billion pounds, primarily reflecting lower operating rates at PTFI during the phased ramp-up of the Grasberg Block Cave underground mine.
Gold
•Second-quarter 2026 sales of 123 thousand ounces were lower than the April 2026 estimate of 140 thousand ounces, primarily reflecting the timing of refined gold shipments in Indonesia. As expected, second-quarter 2026 sales were below second-quarter 2025 sales, reflecting lower operating rates at PTFI during the phased ramp-up of the Grasberg Block Cave underground mine.
Molybdenum
•Second-quarter 2026 sales of 25 million pounds were higher than both the April 2026 estimate and second-quarter 2025 sales of 22 million pounds, primarily reflecting a reduction in inventory.
Consolidated sales volumes for the year 2026 are expected to approximate 3.1 billion pounds of copper, 650 thousand ounces of gold and 93 million pounds of molybdenum, including 750 million pounds of copper, 160 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2026.
Consolidated copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.
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Consolidated Unit Net Cash Costs
Consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs associated with the phased ramp-up of the Grasberg Block Cave underground mine) for FCX’s copper mines averaged $1.97 per pound of copper in second-quarter 2026, which were favorable to the April 2026 estimate of $2.24 per pound, primarily reflecting higher molybdenum by-product credits and copper volumes. Second-quarter 2026 average unit net cash costs were unfavorable to second-quarter 2025 average unit net cash costs of $1.13 per pound of copper, primarily reflecting the impact of lower copper volumes at PTFI.
During the phased ramp-up period of the Grasberg Block Cave underground mine and until PTFI’s operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs totaled $284 million in second-quarter 2026 and $690 million for the first half of 2026, which were excluded from consolidated net cash costs.
Based on achievement of current sales volume and cost estimates and assuming average prices of $4,000 per ounce of gold and $30.00 per pound of molybdenum for the second half of 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs) for FCX’s copper mines are expected to average $1.90 per pound of copper for the year 2026 (including $2.00 per pound of copper in third-quarter 2026).
The impact of price changes on consolidated unit net cash costs for the second half of 2026 would approximate $0.02 per pound of copper for each $100 per ounce change in the average price of gold and $0.03 per pound of copper for each $2 per pound change in the average price of molybdenum.
Projected sales volumes and unit net cash costs for the year 2026 are dependent on operational performance; the phased ramp-up of the Grasberg Block Cave underground mine at PTFI; changes in energy costs and other consumables; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.
OPERATIONS
Leaching and Technology Innovation Initiatives. FCX is incorporating new applications, technologies and data analytics into its leaching processes across its United States (U.S.) and South America operations. Incremental copper production from these initiatives totaled 47 million pounds in second-quarter 2026 and 101 million pounds for the first six months of 2026.
FCX continues to apply operational enhancements on a larger scale and is advancing testing of innovative technologies to target significant increases in incremental production from leaching initiatives. FCX is targeting reaching an annual run rate of 300 million pounds of copper from these initiatives by the end of 2026, with potential for further significant increases in recoverable metal in future years. FCX is deploying large-scale testing of an internally developed additive product at its Morenci operations with encouraging early results. In addition, FCX plans to field-test two additional additives which, together with the application of heat to its stockpiles, could further enhance recoveries. Continued success with these initiatives would be expected to contribute to additions in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.
In addition to its innovative leaching initiatives, FCX is pursuing opportunities to leverage new technologies and analytic tools in automation and operating practices with a goal of improving operating efficiencies and reducing costs and capital intensity of its current operations and future development projects. FCX believes its innovative leaching and technology initiatives will strengthen its operational performance and enhance opportunities for profitable growth.
United States. FCX manages seven copper operations in the U.S. – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. FCX also operates a copper smelter and rod mill in Miami, Arizona, and a copper refinery and rod mill in El Paso, Texas. In addition to copper, certain of these operations produce molybdenum concentrate, gold and silver.
All of FCX’s U.S. operations are wholly owned, except for Morenci. FCX records its 72% undivided joint venture interest in Morenci using the proportionate consolidation method.
Development Activities. FCX has substantial reserves, resources and future opportunities for organic growth in the U.S. associated with existing operations. Several initiatives are underway to target significant future growth in U.S. copper operations, including the leaching and technology innovation initiatives discussed above.
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FCX has defined an opportunity to more than double the concentrator capacity of the Bagdad operation in northwest Arizona. Bagdad’s reserve life currently exceeds 80 years and supports an expanded operation. FCX completed technical and economic studies in late 2023 and has advanced these studies in preparation for a potential investment decision during the second half of 2026. These studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year and increase molybdenum production by 10 to 12 million pounds per year. Expanded operations would position Bagdad as the second largest copper mine in the U.S. (behind FCX’s flagship Morenci mine) and among the lowest cost mines in FCX’s U.S. portfolio, and Bagdad would benefit from improved efficiency and lower unit net cash costs through economies of scale.
Capital cost estimates are being finalized, taking into account current estimates, including for materials, equipment and labor. Current estimates, which continue to be reviewed, indicate project capital cost increases of approximately 30% above the prior $3.5 billion estimate prepared in 2023. The revisions incorporate the impact of cost escalation, revisions in scope and revised estimates associated with additional engineering. Taking into account higher capital cost estimates and enhanced operational plans, the project economics continue to be supported at an incentive copper price of approximately $4.00 per pound and would require three to four years to complete. The decision to proceed with and timing of the potential expansion will take into account overall copper market conditions and other factors.
FCX continues to advance pre-feasibility studies in the Safford/Lone Star district to define a potential significant expansion opportunity. Positive drilling conducted in recent years indicates a large, mineralized district with opportunities to pursue a significant expansion project. FCX expects to complete these studies during 2026. The decision to proceed with and timing of the potential expansion will take into account results of technical and economic studies, overall copper market conditions and other factors.
Operating Data. Following is summary consolidated operating data for the U.S. copper mines:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Copper (millions of recoverable pounds) | ||||||||||||||||||||||||||
Production | 332 | 336 | 641 | 637 | ||||||||||||||||||||||
Sales, excluding purchases | 312 | 308 | 639 | 615 | ||||||||||||||||||||||
| Average realized price per pound | $ | 6.25 | $ | 4.81 | $ | 6.05 | $ | 4.71 | ||||||||||||||||||
Molybdenum (millions of recoverable pounds) | ||||||||||||||||||||||||||
Productiona | 10 | 9 | 17 | 17 | ||||||||||||||||||||||
Unit net cash costs per pound of copperb | ||||||||||||||||||||||||||
Site production and delivery, excluding adjustments | $ | 3.71 | $ | 3.44 | $ | 3.59 | $ | 3.46 | ||||||||||||||||||
By-product credits | (0.92) | (0.55) | (0.80) | (0.52) | ||||||||||||||||||||||
Treatment charges | 0.15 | 0.15 | 0.14 | 0.14 | ||||||||||||||||||||||
Unit net cash costs | $ | 2.94 | $ | 3.04 | $ | 2.93 | $ | 3.08 | ||||||||||||||||||
a.Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at FCX’s U.S. copper mines.
b.For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
FCX’s consolidated copper sales volumes from the U.S. copper mines totaled 312 million pounds in second-quarter 2026 and 308 million pounds in second-quarter 2025. Consolidated copper sales from FCX’s U.S. copper mines are expected to approximate 1.4 billion pounds for the year 2026.
Average unit net cash costs (net of by-product credits) for the U.S. copper mines of $2.94 per pound of copper in second-quarter 2026 were lower than second-quarter 2025 average unit net cash costs of $3.04 per pound of copper, primarily reflecting higher by-product credits, partly offset by higher costs for supplies, diesel fuel and other consumables.
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Based on achievement of current sales volume and cost estimates and assuming an average price of $30.00 per pound of molybdenum for the second half of 2026, average unit net cash costs (net of by-product credits) for the U.S. copper mines are expected to approximate $2.96 per pound of copper for the year 2026. The U.S. copper mines’ average unit net cash costs for the year 2026 would change by approximately $0.03 per pound for each $2 per pound change in the average price of molybdenum for the second half of 2026.
South America. FCX manages two copper operations in South America – Cerro Verde in Peru (55.66%-owned) and El Abra in Chile (51%-owned). These operations are consolidated in FCX’s financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.
Development Activities. At the El Abra operations in Chile, FCX has an attractive opportunity to expand the operation to include a major mill facility similar to the large-scale concentrator at Cerro Verde. The project could result in the addition of over 700 million pounds of copper production per year. In March 2026, El Abra submitted an environmental impact study to Chile regulatory authorities. Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound. The decision to proceed with and timing of the potential project will take into account required permitting, market conditions and other factors.
Operating Data. Following is summary consolidated operating data for South America operations:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Copper (millions of recoverable pounds) | ||||||||||||||||||||||||||
Production | 249 | 268 | 507 | 539 | ||||||||||||||||||||||
Sales | 245 | 265 | 493 | 540 | ||||||||||||||||||||||
Average realized price per pound | $ | 6.11 | $ | 4.47 | $ | 6.03 | $ | 4.39 | ||||||||||||||||||
Molybdenum (millions of recoverable pounds) | ||||||||||||||||||||||||||
Productiona | 5 | 4 | 11 | 10 | ||||||||||||||||||||||
Unit net cash costs per pound of copperb | ||||||||||||||||||||||||||
Site production and delivery, excluding adjustments | $ | 3.33 | $ | 2.76 | $ | 3.25 | $ | 2.76 | ||||||||||||||||||
By-product credits | (0.90) | (0.37) | (0.85) | (0.41) | ||||||||||||||||||||||
Treatment charges | 0.04 | 0.06 | 0.02 | 0.07 | ||||||||||||||||||||||
Royalty on metals | 0.01 | 0.01 | 0.01 | 0.01 | ||||||||||||||||||||||
Unit net cash costs | $ | 2.48 | $ | 2.46 | $ | 2.43 | $ | 2.43 | ||||||||||||||||||
a.Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at Cerro Verde.
b.For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
FCX’s consolidated copper sales volumes from South America operations of 245 million pounds in second-quarter 2026 were lower than second-quarter 2025 copper sales volumes of 265 million pounds, primarily reflecting lower leach production and the processing of lower grade stockpile ore as a result of mine sequencing. Copper sales from South America operations are expected to approximate 1.0 billion pounds for the year 2026.
Average unit net cash costs (net of by-product credits) for South America operations of $2.48 per pound of copper in second-quarter 2026 were slightly higher than second-quarter 2025 average unit net cash costs of $2.46 per pound of copper, primarily reflecting lower copper volumes, and higher labor and energy costs, partially offset by higher by-product credits.
Based on achievement of current sales volume and cost estimates and assuming an average price of $30.00 per pound of molybdenum for the second half of 2026, average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.56 per pound of copper for the year 2026.
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South America operations’ average unit net cash costs for the year 2026 would change by approximately $0.04 per pound for each $2 per pound change in the average price of molybdenum for the second half of 2026.
Indonesia. PTFI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. In addition to copper and gold, the Grasberg minerals district also produces silver. With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper, gold and silver. FCX has a 48.76% ownership interest in PTFI and manages its operations. PTFI’s results are consolidated in FCX’s financial statements.
Operating, Development and Exploration Activities. Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone (DMLZ) and Big Gossan) and completed related expansion of the milling facilities. At normal operating rates, PTFI’s underground operations produce approximately 1.7 billion pounds of copper and 1.3 million ounces of gold per year and are among the lowest cost operations in the world.
PTFI has identified additional exploration targets to leverage its infrastructure in the Grasberg minerals district, including a potential extension below the DMLZ underground mine, which requires further drilling and evaluation.
Kucing Liar. Since 2022, PTFI has conducted long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district. PTFI’s long-term mine plans include a ramp-up of Kucing Liar, commencing in the 2030 timeframe, to a design capacity of approximately 130,000 metric tons of ore per day. Average annual Kucing Liar production at full rates would approximate 750 million pounds of copper and 735 thousand ounces of gold and would enable continuity of large-scale production in the Grasberg minerals district.
At June 30, 2026, PTFI had incurred approximately $1.4 billion for Kucing Liar development, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year).
Long-Term Mining Rights. In February 2026, FCX and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration in 2041. Under the terms of the MOU, FCX would maintain its current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042. The existing governance and operating structure, and terms of the existing shareholder agreement, special mining business license (IUPK) and other agreements in effect will continue over the life of the resource.
In June 2026, PTFI submitted its application for extension of its IUPK, and FCX and PTFI are working with the Indonesia government to complete the formal license process. An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.
Grasberg Block Cave Ramp-Up. Following the September 2025 external mud rush incident, PTFI has progressed a series of activities to address the incident and remains focused on a safe and sustainable ramp-up to full operating capacity.
PTFI completed remediation and restoration activities required for the restart of Production Blocks 2 and 3 and commenced initial ramp-up activities at the end of March 2026. During second-quarter 2026, PTFI made steady progress on its phased ramp-up and achieved its planned operating rates for the period. Planned upgrades to the material handling system at the Grasberg Block Cave haulage level are advancing on schedule.
PTFI continues to advance activities for a planned future restart of Production Block 1S and risk mitigation strategies associated with drainage and cave management technologies.
PTFI’s overall production rates are expected to approximate 65% in the second half of 2026, 80% by mid-2027 and approach full capacity by the end of 2027.
Downstream Processing Facilities. PTFI’s smelter and PT Smelting, PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia, smelt and refine copper concentrate from PTFI, and the Precious Metals Refinery (PMR) processes anode slimes from PTFI’s smelter and PT Smelting.
During the phased ramp-up period of the Grasberg Block Cave underground mine, smelting operations in Indonesia at both PTFI’s smelter and PT Smelting were adjusted as a result of limited copper concentrate availability. By the end of second-quarter 2026, PT Smelting was operating at capacity and shipments to PTFI’s
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7 | ||||||||
smelter are expected to recommence in the second half of 2026 at a reduced rate dependent on available copper concentrate from PTFI’s mining operations.
The PMR continues to operate on a limited basis following the September 2025 external mud rush incident, primarily processing anode slimes from PT Smelting.
FCX expects higher variability between PTFI’s production and sales until its downstream processing facilities achieve normalized operating rates.
Operating Data. Following is summary consolidated operating data for Indonesia operations:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Copper (millions of recoverable pounds) | ||||||||||||||||||||||||||
Production | 205 | 359 | 300 | 655 | ||||||||||||||||||||||
Sales | 153 | 443 | 235 | 733 | ||||||||||||||||||||||
Average realized price per pound | $ | 6.12 | $ | 4.40 | $ | 6.04 | $ | 4.35 | ||||||||||||||||||
Gold (thousands of recoverable ounces) | ||||||||||||||||||||||||||
Production | 184 | 311 | 276 | 595 | ||||||||||||||||||||||
Sales | 118 | 518 | 234 | 643 | ||||||||||||||||||||||
Average realized price per ounce | $ | 4,529 | $ | 3,290 | $ | 4,709 | $ | 3,260 | ||||||||||||||||||
Unit net cash credits per pound of coppera | ||||||||||||||||||||||||||
| Site production and delivery, excluding adjustments | $ | 2.30 | b | $ | 2.17 | $ | 2.52 | b | $ | 1.90 | ||||||||||||||||
| By-product credits | (3.96) | (3.98) | (5.26) | (2.98) | ||||||||||||||||||||||
| Treatment charges | 0.47 | b,c | 0.19 | 0.52 | b,c | 0.19 | ||||||||||||||||||||
| Export duties | — | 0.33 | — | 0.28 | ||||||||||||||||||||||
Royalty on metals | 0.38 | 0.30 | 0.46 | 0.27 | ||||||||||||||||||||||
| Unit net cash credits | $ | (0.81) | $ | (0.99) | $ | (1.76) | $ | (0.34) | ||||||||||||||||||
a.For a reconciliation of unit net cash credits per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
b.Excludes idle facility and restoration costs associated with the September 2025 external mud rush incident. Refer below and to “Adjusted Net Income,” on page VII for a summary of these charges.
c.Reflects downstream tolling fees and operating costs and does not represent market treatment and refining rates. Favorable offsets associated with incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities are included in revenues and by-product credits.
PTFI’s consolidated sales volumes of 153 million pounds of copper and 118 thousand ounces of gold in second-quarter 2026 were lower than second-quarter 2025 sales volumes of 443 million pounds of copper and 518 thousand ounces of gold, reflecting lower operating rates at PTFI during the phased ramp-up of the Grasberg Block Cave underground mine.
PTFI’s unit net cash credits (including by-product credits) of $0.81 per pound of copper in second-quarter 2026 were lower than second-quarter 2025 unit net cash credits of $0.99 per pound of copper, primarily reflecting lower copper volumes.
During the phased ramp-up period of the Grasberg Block Cave underground mine and until PTFI’s operations return to normal capacity, a portion of PTFI’s production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs totaled $284 million ($1.86 per pound of copper) in second-quarter 2026 and $690 million ($2.93 per pound of copper) for the first six months of 2026, which were excluded from PTFI's unit net cash credits.
Consolidated sales volumes from PTFI are expected to approximate 0.7 billion pounds of copper and 650 thousand ounces of gold for the year 2026. Copper and gold production volumes for the year 2026 are expected to
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8 | ||||||||
exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.
Based on achievement of current sales volume and cost estimates and assuming an average price of $4,000 per ounce of gold for the second half of 2026, average unit net cash credits (including by-product credits and excluding idle facility and restoration costs) for PTFI are expected to approximate $1.22 per pound of copper for the year 2026. PTFI’s average unit net cash credits for the year 2026 would change by approximately $0.06 per pound of copper for each $100 per ounce change in the average price of gold for the second half of 2026.
Molybdenum Mines. FCX operates two wholly owned primary molybdenum operations in Colorado – the Climax open-pit mine and the Henderson underground mine. The Climax and Henderson mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. The majority of the molybdenum concentrate produced at the Climax and Henderson mines and at FCX’s U.S. copper mines and Cerro Verde mine is processed at FCX’s conversion facilities.
Operating and Development Activities. Production from the Molybdenum mines totaled 8 million pounds of molybdenum in second-quarter 2026 and 9 million pounds in second-quarter 2025. FCX’s consolidated molybdenum sales and average realized prices include sales of molybdenum produced at the primary molybdenum operations and at FCX’s U.S. copper mines and Cerro Verde mine, which are presented on page 3.
Average unit net cash costs for the Molybdenum mines of $19.20 per pound of molybdenum in second-quarter 2026 were higher than average unit net cash costs of $14.20 per pound in second-quarter 2025, primarily reflecting lower volumes and higher costs for supplies, energy and labor. Average unit net cash costs for the Molybdenum mines are expected to approximate $17.91 per pound of molybdenum for the year 2026, based on achievement of current sales volume and cost estimates.
For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
LIQUIDITY, CASH FLOWS, CASH AND DEBT
Liquidity. At June 30, 2026, FCX had $4.1 billion in consolidated cash and cash equivalents. FCX also had $3.0 billion of availability under its revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.
Operating Cash Flows. In second-quarter 2026, FCX generated operating cash flows of $2.0 billion, net of $0.6 billion of working capital and other uses, including tax payments, and included $0.7 billion in pre-tax proceeds collected by PTFI for an insurance settlement associated with the September 2025 external mud rush incident under its property and business interruption policies.
FCX’s consolidated operating cash flows are expected to approximate $8.3 billion for the year 2026, net of $0.3 billion of working capital and other uses, based on current sales volume and cost estimates, and assuming prices of $6.00 per pound of copper, $4,000 per ounce of gold and $30.00 per pound of molybdenum for the second half of 2026. The impact of price changes for the second half of 2026 on operating cash flows would approximate $150 million for each $0.10 per pound change in the average price of copper, $40 million for each $100 per ounce change in the average price of gold and $45 million for each $2 per pound change in the average price of molybdenum.
Capital Expenditures. Capital expenditures totaled $1.1 billion in second-quarter 2026, including $0.7 billion for major mining projects, and $2.1 billion for the first six months of 2026, including $1.3 billion for major mining projects.
Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects. Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district and a leaching project at El Abra, and $1.6 billion for discretionary growth projects.
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9 | ||||||||
Cash. Following is a summary of the U.S. and international components of consolidated cash and cash equivalents available to the parent company, net of noncontrolling interests’ share and withholding taxes, at June 30, 2026 (in billions):
| Cash at domestic companies | $ | 2.0 | ||||||
| Cash at international operations | 2.1 | |||||||
| Total consolidated cash and cash equivalents | 4.1 | |||||||
| Noncontrolling interests’ share | (0.9) | |||||||
| Cash, net of noncontrolling interests’ share | 3.2 | |||||||
| Withholding taxes | (0.1) | |||||||
| Net cash available | $ | 3.1 | ||||||
Debt. Following is a summary of consolidated debt and the weighted-average interest rates at June 30, 2026 (in billions, except percentages):
| Weighted- Average Interest Rate | |||||||||||
| Senior notes: | |||||||||||
| Issued by FCX | $ | 5.3 | 5.0% | ||||||||
| Issued by PTFI | 3.0 | 5.4% | |||||||||
| Issued by Freeport Minerals Corporation | 0.4 | 7.5% | |||||||||
| PTFI revolving credit facility | 0.3 | 5.3% | |||||||||
| Atlantic Copper lines of credit and other | 0.5 | 4.0% | |||||||||
| Total consolidated debt | $ | 9.4 | a | 5.2% | |||||||
a.Does not foot because of rounding.
In May 2026, FCX entered into a new $3.0 billion, five-year senior unsecured revolving credit facility that matures in May 2031, which replaced its prior revolving credit facility, and Cerro Verde entered into a new $350 million, five-year, senior unsecured revolving credit facility that matures in May 2031, which replaced its prior revolving credit facility. The terms of the new facilities are substantially similar to FCX's and Cerro Verde's respective prior facilities.
At June 30, 2026, there were (i) no borrowings and $5 million in letters of credit issued under FCX’s $3.0 billion revolving credit facility, (ii) $250 million in borrowings outstanding under PTFI’s $1.75 billion revolving credit facility, and (iii) no borrowings outstanding under Cerro Verde’s $350 million revolving credit facility.
FCX’s consolidated debt has an average remaining duration of approximately eight years. PTFI has $0.7 billion in scheduled senior note maturities in April 2027, and FCX has $0.6 billion in scheduled senior note maturities in the second half of 2027.
FINANCIAL POLICY
FCX’s financial policy is aligned with its strategic objectives of maintaining a solid balance sheet, providing cash returns to common stockholders and advancing opportunities for future growth. The policy includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to common stockholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to FCX maintaining its net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding project debt for PTFI’s downstream processing facilities). FCX’s Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.
Net Debt. At June 30, 2026, FCX’s net debt totaled $2.1 billion, which excludes $3.2 billion of debt for PTFI’s downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.
Common Stock Dividends. On June 24, 2026, FCX’s Board declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which will be paid on August 3, 2026, to common stockholders of record as of July 15, 2026. The declaration and payment of dividends (base or variable) are at the
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discretion of the Board and will depend on FCX’s financial results, cash requirements, global economic conditions and other factors deemed relevant by the Board.
Share Repurchase Program. During second-quarter 2026, FCX purchased 1.7 million shares of its common stock for a total cost of $110 million ($64.34 average cost per share) bringing total purchases during the first six months of 2026 to 3.4 million shares for a total cost of $203 million ($59.30 average cost per share).
As of July 22, 2026, FCX has 1.4 billion shares of common stock outstanding and has purchased 55.4 million shares for a total cost of $2.2 billion ($39.80 average cost per share) under its $5.0 billion share repurchase program. The timing and amount of share repurchases is at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.
CONFERENCE CALL
A conference call with securities analysts to discuss FCX’s second-quarter 2026 results is scheduled for today at 10:00 a.m. Eastern Time. The conference call will be broadcast on the internet along with slides. Interested parties may listen to the conference call live and view the slides by accessing fcx.com. A replay of the webcast will be available through Friday, August 21, 2026.
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FREEPORT: Foremost in Copper
FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.
FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in the U.S. and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.
By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX’s website at fcx.com.
Cautionary Statement: This press release contains forward-looking statements in which FCX discusses its potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; restoration and remediation efforts, and phased restart and ramp-up of production and downstream processing following the September 2025 external mud rush incident at PTFI’s Grasberg Block Cave underground mine and the anticipated impact on FCX’s business, production, sales, results of operations and operating plans; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; the life of resource extension of operating rights in the Grasberg minerals district, including the extension of PTFI’s IUPK beyond 2041; timing of shipments of inventoried production; FCX’s sustainability-related commitments, aspirations and targets; FCX’s overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; achievement of FCX’s 2030 climate targets and its 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities and investment decisions; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of FCX’s financial policy and future returns to common stockholders, including dividend payments (base or variable) and share repurchases. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “future,” “commitments,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration and payment of dividends (base or variable), and timing and amount of any share repurchases are at the discretion of the Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by the Board or management, as applicable. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.
FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX’s actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities FCX produces, primarily copper and gold; changes in export duties and tariff rates; production rates; timing of shipments and sales; reduced customer demand or capacity; changes in the terms of arrangements or contracts; PTFI’s ability to repair mud rush incident-related damage, implement enhanced operating procedures, safely restart with a phased ramp-up and achieve full operating rates of production and downstream processing on the expected timeline and optimize production plans; resolve force majeure declarations and maintain relationships with commercial counterparties; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in cash requirements, financial position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or industry conditions, including market volatility regarding trade policies and tariff
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uncertainty; reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations, including the ability to smelt and refine or inventory; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PTFI’s IUPK to extend mining rights from 2031 through 2041; delays in Indonesia government approvals or failure to obtain Indonesia government approval, including on the agreed upon terms of the MOU and relating to the amendment to the IUPK to extend PTFI’s operating rights beyond 2041; delays in consummating the terms of the MOU, including entering into any definitive agreements; cybersecurity risks; any major public health crisis; labor relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; impacts, expenses or results from litigation or investigations; tailings management; FCX’s ability to comply with its responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading “Risk Factors” in FCX’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission.
Investors are cautioned that many of the assumptions upon which FCX’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX undertakes no obligation to update any forward-looking statements, which are as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.
This press release also contains measures such as net debt, adjusted net income and unit net cash costs (credits) per pound of copper and molybdenum, which are not recognized under U.S. generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP measures to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of this press release. For forward-looking unit net cash costs (credits) per pound of copper and molybdenum measures, FCX is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods, and the information needed to reconcile these measures is dependent upon future events, many of which are outside of FCX’s control as described above. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.
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12 | ||||||||
| FREEPORT | ||||||||||||||||||||||||||
| SELECTED OPERATING DATA | ||||||||||||||||||||||||||
| Three Months Ended June 30, | ||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Production | Sales | |||||||||||||||||||||||||
COPPER (millions of recoverable pounds) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| United States (U.S.) | ||||||||||||||||||||||||||
Morenci (72%)a | 117 | 130 | 113 | 118 | ||||||||||||||||||||||
| Safford (100%) | 82 | 73 | 74 | 66 | ||||||||||||||||||||||
| Sierrita (100%) | 46 | 44 | 43 | 42 | ||||||||||||||||||||||
| Chino (100%) | 42 | 36 | 40 | 34 | ||||||||||||||||||||||
| Bagdad (100%) | 35 | 44 | 33 | 39 | ||||||||||||||||||||||
| Tyrone (100%) | 7 | 8 | 6 | 8 | ||||||||||||||||||||||
| Miami (100%) | 2 | 2 | 2 | 2 | ||||||||||||||||||||||
| Other (100%) | 1 | (1) | 1 | (1) | ||||||||||||||||||||||
| Total U.S. | 332 | 336 | 312 | 308 | ||||||||||||||||||||||
| South America | ||||||||||||||||||||||||||
Cerro Verde (55.66%)b | 202 | 215 | 193 | 212 | ||||||||||||||||||||||
| El Abra (51%) | 47 | 53 | 52 | 53 | ||||||||||||||||||||||
| Total South America | 249 | 268 | 245 | 265 | ||||||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||
| Grasberg minerals district (48.76%) | 205 | 359 | 153 | 443 | ||||||||||||||||||||||
| Consolidated | 786 | 963 | 710 | c | 1,016 | c | ||||||||||||||||||||
| Less noncontrolling interests | 218 | 307 | 190 | 348 | ||||||||||||||||||||||
| Net | 568 | 656 | 520 | 668 | ||||||||||||||||||||||
| Average realized price per pound | $ | 6.17 | $ | 4.54 | ||||||||||||||||||||||
GOLD (thousands of recoverable ounces) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| U.S. (100%) | 8 | 6 | 5 | 4 | ||||||||||||||||||||||
| Indonesia (48.76%) | 184 | 311 | 118 | 518 | ||||||||||||||||||||||
| Consolidated | 192 | 317 | 123 | 522 | ||||||||||||||||||||||
| Less noncontrolling interests | 95 | 159 | 61 | 266 | ||||||||||||||||||||||
| Net | 97 | 158 | 62 | 256 | ||||||||||||||||||||||
| Average realized price per ounce | $ | 4,520 | $ | 3,291 | ||||||||||||||||||||||
MOLYBDENUM (millions of recoverable pounds) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| Climax (100%) | 5 | 6 | N/A | N/A | ||||||||||||||||||||||
| Henderson (100%) | 3 | 3 | N/A | N/A | ||||||||||||||||||||||
U.S. copper mines (100%)a | 10 | 9 | N/A | N/A | ||||||||||||||||||||||
Cerro Verde (55.66%)b | 5 | 4 | N/A | N/A | ||||||||||||||||||||||
| Consolidated | 23 | 22 | 25 | 22 | ||||||||||||||||||||||
| Less noncontrolling interests | 2 | 2 | 2 | 3 | ||||||||||||||||||||||
| Net | 21 | 20 | 23 | 19 | ||||||||||||||||||||||
| Average realized price per pound | $ | 28.75 | $ | 21.10 | ||||||||||||||||||||||
| a. Amounts are net of Morenci’s joint venture partners’ undivided interests. | ||||||||||||||||||||||||||
| b. FCX’s interest in Cerro Verde is 55.66%, and prior to May 2026 it was 55.08%. | ||||||||||||||||||||||||||
c. Consolidated sales volumes exclude purchased copper of 37 million pounds in second-quarter 2026 and 35 million pounds in second-quarter 2025. | ||||||||||||||||||||||||||
I
| FREEPORT | ||||||||||||||||||||||||||
| SELECTED OPERATING DATA (continued) | ||||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Production | Sales | |||||||||||||||||||||||||
COPPER (millions of recoverable pounds) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| U.S | ||||||||||||||||||||||||||
Morenci (72%)a | 232 | 242 | 236 | 235 | ||||||||||||||||||||||
| Safford (100%) | 150 | 135 | 147 | 130 | ||||||||||||||||||||||
| Sierrita (100%) | 89 | 89 | 88 | 87 | ||||||||||||||||||||||
| Chino (100%) | 84 | 71 | 83 | 68 | ||||||||||||||||||||||
| Bagdad (100%) | 68 | 80 | 67 | 75 | ||||||||||||||||||||||
| Tyrone (100%) | 14 | 17 | 14 | 17 | ||||||||||||||||||||||
| Miami (100%) | 4 | 4 | 4 | 4 | ||||||||||||||||||||||
| Other (100%) | — | (1) | — | (1) | ||||||||||||||||||||||
| Total U.S | 641 | 637 | 639 | 615 | ||||||||||||||||||||||
| South America | ||||||||||||||||||||||||||
Cerro Verde (55.66%)b | 412 | 426 | 398 | 422 | ||||||||||||||||||||||
| El Abra (51%) | 95 | 113 | 95 | 118 | ||||||||||||||||||||||
| Total South America | 507 | 539 | 493 | 540 | ||||||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||
| Grasberg minerals district (48.76%) | 300 | 655 | 235 | 733 | ||||||||||||||||||||||
| Consolidated | 1,448 | 1,831 | 1,367 | c | 1,888 | c | ||||||||||||||||||||
| Less noncontrolling interests | 385 | 583 | 345 | 623 | ||||||||||||||||||||||
| Net | 1,063 | 1,248 | 1,022 | 1,265 | ||||||||||||||||||||||
| Average realized price per pound | $ | 6.04 | $ | 4.48 | ||||||||||||||||||||||
GOLD (thousands of recoverable ounces) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| U.S. (100%) | 13 | 9 | 10 | 7 | ||||||||||||||||||||||
| Indonesia (48.76%) | 276 | 595 | 234 | 643 | ||||||||||||||||||||||
| Consolidated | 289 | 604 | 244 | 650 | ||||||||||||||||||||||
| Less noncontrolling interests | 142 | 305 | 120 | 330 | ||||||||||||||||||||||
| Net | 147 | 299 | 124 | 320 | ||||||||||||||||||||||
| Average realized price per ounce | $ | 4,704 | $ | 3,260 | ||||||||||||||||||||||
MOLYBDENUM (millions of recoverable pounds) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| Climax (100%) | 11 | 12 | N/A | N/A | ||||||||||||||||||||||
| Henderson (100%) | 6 | 6 | N/A | N/A | ||||||||||||||||||||||
U.S. copper mines (100%)a | 17 | 17 | N/A | N/A | ||||||||||||||||||||||
Cerro Verde (55.66%)b | 11 | 10 | N/A | N/A | ||||||||||||||||||||||
| Consolidated | 45 | 45 | 49 | 42 | ||||||||||||||||||||||
| Less noncontrolling interests | 5 | 5 | 5 | 5 | ||||||||||||||||||||||
| Net | 40 | 40 | 44 | 37 | ||||||||||||||||||||||
| Average realized price per pound | $ | 27.03 | $ | 21.37 | ||||||||||||||||||||||
| a. Amounts are net of Morenci’s joint venture partners’ undivided interests. | ||||||||||||||||||||||||||
| b. FCX’s interest in Cerro Verde is 55.66%, and prior to May 2026 it was 55.08%. | ||||||||||||||||||||||||||
c. Consolidated sales volumes exclude purchased copper of 47 million pounds for the first six months of 2026 and 101 million pounds for the first six months of 2025. | ||||||||||||||||||||||||||
II
| FREEPORT | ||||||||||||||||||||||||||
| SELECTED OPERATING DATA (continued) | ||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
U.S.a | ||||||||||||||||||||||||||
| Leach Operations | ||||||||||||||||||||||||||
Leach ore placed in stockpiles (metric tons per day) | 885,400 | 621,200 | 790,900 | 602,600 | ||||||||||||||||||||||
| Average copper ore grade (%) | 0.19 | 0.21 | 0.20 | 0.21 | ||||||||||||||||||||||
Copper production (millions of recoverable pounds) | 219 | 203 | 419 | 394 | ||||||||||||||||||||||
| Mill Operations | ||||||||||||||||||||||||||
Ore milled (metric tons per day) | 336,700 | 335,500 | 337,300 | 328,700 | ||||||||||||||||||||||
| Average ore grades (%): | ||||||||||||||||||||||||||
Copper | 0.29 | 0.32 | 0.29 | 0.31 | ||||||||||||||||||||||
Molybdenum | 0.02 | 0.02 | 0.02 | 0.02 | ||||||||||||||||||||||
| Copper recovery rate (%) | 82.6 | 85.4 | 82.2 | 84.8 | ||||||||||||||||||||||
Production (millions of recoverable pounds): | ||||||||||||||||||||||||||
Copper | 158 | 183 | 312 | 337 | ||||||||||||||||||||||
Molybdenum | 10 | 9 | 18 | 17 | ||||||||||||||||||||||
| South America | ||||||||||||||||||||||||||
| Leach Operations | ||||||||||||||||||||||||||
Leach ore placed in stockpiles (metric tons per day) | 147,200 | 182,800 | 130,300 | 175,600 | ||||||||||||||||||||||
| Average copper ore grade (%) | 0.38 | 0.35 | 0.40 | 0.37 | ||||||||||||||||||||||
Copper production (millions of recoverable pounds) | 58 | 69 | 120 | 146 | ||||||||||||||||||||||
| Mill Operations | ||||||||||||||||||||||||||
Ore milled (metric tons per day) | 416,400 | 404,800 | 418,400 | 408,100 | ||||||||||||||||||||||
| Average ore grades (%): | ||||||||||||||||||||||||||
Copper | 0.29 | 0.31 | 0.29 | 0.30 | ||||||||||||||||||||||
Molybdenum | 0.01 | 0.01 | 0.01 | 0.01 | ||||||||||||||||||||||
| Copper recovery rate (%) | 83.2 | 83.9 | 83.4 | 83.8 | ||||||||||||||||||||||
Production (millions of recoverable pounds): | ||||||||||||||||||||||||||
Copper | 191 | 199 | 387 | 393 | ||||||||||||||||||||||
Molybdenum | 5 | 4 | 11 | 10 | ||||||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||
Ore extracted and milled (metric tons per day): | ||||||||||||||||||||||||||
| Deep Mill Level Zone underground mine | 69,900 | 61,400 | 68,400 | 60,900 | ||||||||||||||||||||||
| Grasberg Block Cave underground mine | 53,000 | 114,500 | 28,800 | 104,100 | ||||||||||||||||||||||
| Big Gossan underground mine | 6,700 | 7,300 | 7,000 | 6,900 | ||||||||||||||||||||||
| Other adjustments | 1,500 | (700) | 3,500 | 200 | ||||||||||||||||||||||
Total | 131,100 | 182,500 | 107,700 | 172,100 | ||||||||||||||||||||||
Average ore grades: | ||||||||||||||||||||||||||
| Copper (%) | 0.91 | 1.15 | 0.81 | 1.14 | ||||||||||||||||||||||
Gold (grams per metric ton) | 0.62 | 0.77 | 0.56 | 0.80 | ||||||||||||||||||||||
| Recovery rates (%): | ||||||||||||||||||||||||||
Copper | 89.8 | 88.1 | 90.0 | 88.0 | ||||||||||||||||||||||
Gold | 80.0 | 74.8 | 79.9 | 75.5 | ||||||||||||||||||||||
Production (recoverable): | ||||||||||||||||||||||||||
Copper (millions of pounds) | 205 | 359 | 300 | 655 | ||||||||||||||||||||||
Gold (thousands of ounces) | 184 | 311 | 276 | 595 | ||||||||||||||||||||||
Molybdenumb | ||||||||||||||||||||||||||
Ore milled (metric tons per day) | 28,500 | 32,500 | 30,600 | 32,500 | ||||||||||||||||||||||
| Average molybdenum ore grade (%) | 0.16 | 0.16 | 0.16 | 0.17 | ||||||||||||||||||||||
| Molybdenum production (millions of recoverable pounds) | 8 | 9 | 17 | 18 | ||||||||||||||||||||||
a.Amounts represent 100% operating data, including Morenci’s joint venture partners’ share. | ||||||||||||||||||||||||||
| b. Represents FCX’s primary molybdenum operations in Colorado. | ||||||||||||||||||||||||||
III
| FREEPORT | ||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (In Millions, Except Per Share Amounts) | ||||||||||||||||||||||||||
Revenuesa | $ | 7,029 | $ | 7,582 | $ | 13,263 | $ | 13,310 | ||||||||||||||||||
| Cost of sales: | ||||||||||||||||||||||||||
Production and deliveryb | 4,320 | 4,282 | 8,385 | 8,038 | ||||||||||||||||||||||
| Depreciation, depletion and amortization (DD&A) | 523 | 668 | 1,037 | 1,134 | ||||||||||||||||||||||
| Total cost of sales | 4,843 | 4,950 | 9,422 | 9,172 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 135 | 127 | 297 | 281 | ||||||||||||||||||||||
| Exploration and research expenses | 53 | 46 | 91 | 85 | ||||||||||||||||||||||
| Environmental obligations and shutdown costs | 13 | 27 | 30 | 37 | ||||||||||||||||||||||
| Gain on PT Freeport Indonesia (PTFI) mud rush incident insurance settlement | — | — | (699) | — | ||||||||||||||||||||||
| Gain on sale of assets | (18) | — | (18) | — | ||||||||||||||||||||||
| Total costs and expenses | 5,026 | 5,150 | 9,123 | 9,575 | ||||||||||||||||||||||
| Operating income | 2,003 | 2,432 | 4,140 | 3,735 | ||||||||||||||||||||||
Interest expense, netc | (95) | (82) | (209) | (152) | ||||||||||||||||||||||
| Other income, net | 22 | 41 | 33 | 99 | ||||||||||||||||||||||
| Income before income taxes and equity in affiliated companies’ net earnings | 1,930 | 2,391 | 3,964 | 3,682 | ||||||||||||||||||||||
Provision for income taxesd | (544) | (850) | (1,197) | (1,350) | ||||||||||||||||||||||
| Equity in affiliated companies’ net earnings | 5 | 6 | 11 | 8 | ||||||||||||||||||||||
| Net income | 1,391 | 1,547 | 2,778 | 2,340 | ||||||||||||||||||||||
Net income attributable to noncontrolling interestse | (407) | (775) | (913) | (1,216) | ||||||||||||||||||||||
Net income attributable to common stockholdersf,g | $ | 984 | $ | 772 | $ | 1,865 | $ | 1,124 | ||||||||||||||||||
| Diluted net income per share attributable to common stock | $ | 0.68 | $ | 0.53 | $ | 1.29 | $ | 0.77 | ||||||||||||||||||
| Diluted weighted-average common shares outstanding | 1,443 | 1,443 | 1,444 | 1,444 | ||||||||||||||||||||||
| Dividends declared per share of common stock | $ | 0.15 | $ | 0.15 | $ | 0.30 | $ | 0.30 | ||||||||||||||||||
a.Includes adjustments to provisionally priced concentrate and cathode sales. For a summary of adjustments to provisionally priced copper sales, refer to “Derivative Instruments,” beginning on page IX.
b.Includes charges totaling (i) $33 million in second-quarter 2026, $52 million in second-quarter 2025, $64 million for the first six months of 2026 and $88 million for the first six months of 2025 for feasibility and optimization studies primarily associated with potential future expansion projects at FCX’s mining operations, and (ii) $58 million in second-quarter 2025 and $102 million for the first six months of 2025 for operational readiness and start-up costs associated with PTFI’s downstream processing facilities.
c.Consolidated interest costs (before capitalization) totaled $240 million in second-quarter 2026, $181 million in second-quarter 2025, $414 million for the first six months of 2026 and $355 million for the first six months of 2025. Higher consolidated interest costs (before capitalization) in the 2026 periods primarily reflect charges for historical costs associated with withholding taxes on PTFI’s senior notes.
d.For a summary of FCX’s income taxes, refer to “Income Taxes,” on page VIII.
e.Net income attributable to noncontrolling interests is associated with PTFI, Cerro Verde and El Abra. For further discussion, refer to “Noncontrolling Interests,” on page X.
f.FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to “Deferred Profits,” on page X.
g.Refer to “Adjusted Net Income,” on page VII, for a summary of net charges impacting FCX’s consolidated statements of income.
IV
| FREEPORT | ||||||||||||||
| CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||||||||
| June 30, | December 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| (In Millions) | ||||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 4,080 | $ | 3,824 | ||||||||||
| Restricted cash and cash equivalents | 278 | 230 | ||||||||||||
Trade accounts receivable | 716 | 977 | ||||||||||||
| Value added and other tax receivables | 654 | 686 | ||||||||||||
Inventories: | ||||||||||||||
Product | 3,363 | 3,332 | ||||||||||||
Materials and supplies, net | 2,924 | 2,738 | ||||||||||||
Mill and leach stockpiles | 1,577 | 1,423 | ||||||||||||
Other current assets | 573 | 580 | ||||||||||||
Total current assets | 14,165 | 13,790 | ||||||||||||
| Property, plant, equipment and mine development costs, net | 41,705 | 40,736 | ||||||||||||
| Long-term mill and leach stockpiles | 1,074 | 1,173 | ||||||||||||
| Long-term tax receivables | 1,066 | 810 | ||||||||||||
| Other assets | 1,717 | 1,658 | ||||||||||||
| Total assets | $ | 59,727 | $ | 58,167 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $ | 4,582 | $ | 4,565 | ||||||||||
Current portion of debt | 1,220 | 466 | ||||||||||||
Accrued income taxes | 509 | 456 | ||||||||||||
| Current portion of environmental and asset retirement obligations (AROs) | 327 | 313 | ||||||||||||
| Dividends payable - common stock | 218 | 219 | ||||||||||||
Total current liabilities | 6,856 | 6,019 | ||||||||||||
| Long-term debt, less current portion | 8,166 | 8,913 | ||||||||||||
| Environmental and AROs, less current portion | 5,616 | 5,541 | ||||||||||||
| Deferred income taxes | 4,658 | 4,622 | ||||||||||||
| Long-term leases, less current portion | 973 | 1,010 | ||||||||||||
| Other liabilities | 1,236 | 1,296 | ||||||||||||
Total liabilities | 27,505 | 27,401 | ||||||||||||
| Equity: | ||||||||||||||
| Stockholders’ equity: | ||||||||||||||
Common stock | 163 | 163 | ||||||||||||
Capital in excess of par value | 23,659 | 23,680 | ||||||||||||
| Retained earnings | 2,817 | 1,385 | ||||||||||||
Accumulated other comprehensive loss | (303) | (305) | ||||||||||||
Common stock held in treasury | (6,227) | (6,024) | ||||||||||||
| Total stockholders’ equity | 20,109 | 18,899 | ||||||||||||
| Noncontrolling interests | 12,113 | 11,867 | ||||||||||||
Total equity | 32,222 | 30,766 | ||||||||||||
| Total liabilities and equity | $ | 59,727 | $ | 58,167 | ||||||||||
V
| FREEPORT | ||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||
| Six Months Ended | ||||||||||||||
| June 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (In Millions) | ||||||||||||||
| Cash flow from operating activities: | ||||||||||||||
| Net income | $ | 2,778 | $ | 2,340 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| DD&A | 1,037 | 1,134 | ||||||||||||
| Gain on PTFI mud rush incident insurance settlement | (699) | — | ||||||||||||
| Proceeds from PTFI mud rush incident insurance settlement | 699 | — | ||||||||||||
| Gain on sale of assets | (18) | — | ||||||||||||
| Net charges for environmental and AROs, including accretion | 147 | 116 | ||||||||||||
| Payments for environmental and AROs | (96) | (113) | ||||||||||||
Stock-based compensation | 103 | 74 | ||||||||||||
Net charges for defined pension and postretirement plans | 24 | 29 | ||||||||||||
Pension plan contributions | (40) | (9) | ||||||||||||
Deferred income taxes | 35 | 34 | ||||||||||||
| Charges for PTFI social investment programs | 26 | 50 | ||||||||||||
| Payments for PTFI social investment programs | (24) | (41) | ||||||||||||
Other, net | 28 | (19) | ||||||||||||
Changes in working capital and other: | ||||||||||||||
Accounts receivable | 268 | (320) | ||||||||||||
Inventories | (171) | (62) | ||||||||||||
Other current assets | (48) | 16 | ||||||||||||
Accounts payable and accrued liabilities | (362) | 428 | ||||||||||||
Accrued income taxes and timing of other tax payments | (144) | (404) | ||||||||||||
| Net cash provided by operating activities | 3,543 | 3,253 | ||||||||||||
| Cash flow from investing activities: | ||||||||||||||
Capital expenditures: | ||||||||||||||
| U.S. copper mines | (496) | (528) | ||||||||||||
| South America operations | (285) | (177) | ||||||||||||
| Indonesia operations | (972) | (1,444) | ||||||||||||
Molybdenum mines | (49) | (46) | ||||||||||||
Other | (275) | (238) | ||||||||||||
| Acquisition of additional ownership interest in Cerro Verde | (107) | — | ||||||||||||
| Other, net | 7 | 1 | ||||||||||||
Net cash used in investing activities | (2,177) | (2,432) | ||||||||||||
| Cash flow from financing activities: | ||||||||||||||
Proceeds from debt | 2,077 | 1,630 | ||||||||||||
Repayments of debt | (2,072) | (1,338) | ||||||||||||
| Finance lease payments | (24) | (15) | ||||||||||||
Cash dividends and distributions paid: | ||||||||||||||
| Common stock | (434) | (433) | ||||||||||||
Noncontrolling interests | (359) | (625) | ||||||||||||
| Treasury stock purchases | (203) | (107) | ||||||||||||
| Proceeds from exercised stock options | 22 | 2 | ||||||||||||
| Payments for withholding of employee taxes related to stock-based awards | (44) | (22) | ||||||||||||
| Debt issuance costs | (11) | — | ||||||||||||
| Net cash used in financing activities | (1,048) | (908) | ||||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 318 | (87) | ||||||||||||
| Cash and cash equivalents and restricted cash and cash equivalents at beginning of year | 4,173 | 4,911 | ||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents at end of perioda | $ | 4,491 | $ | 4,824 | ||||||||||
a.Includes current and long-term restricted cash and cash equivalents of $0.4 billion at June 30, 2026, and $0.3 billion at June 30, 2025.
VI
FREEPORT
ADJUSTED NET INCOME
Management uses adjusted net income to evaluate FCX’s operating performance and believes that investors’ understanding of FCX’s performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. This information differs from net income attributable to common stock determined in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. FCX’s adjusted net income, which may not be comparable to similarly titled measures reported by other companies, follows (in millions, except per share amounts).
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Pre-tax | After-taxa | Per Share | Pre-tax | After-taxa | Per Share | |||||||||||||||||||||||||||||||||
| Net income attributable to common stock | N/A | $ | 984 | $ | 0.68 | N/A | $ | 772 | $ | 0.53 | ||||||||||||||||||||||||||||
| PTFI mud rush incident - idle facility and restoration costs: | ||||||||||||||||||||||||||||||||||||||
| Production and delivery costs | (284) | (84) | (0.06) | — | — | — | ||||||||||||||||||||||||||||||||
| DD&A | (79) | (23) | (0.02) | — | — | — | ||||||||||||||||||||||||||||||||
| PTFI smelter fire repair costs, net of insurance | — | — | — | (7) | (2) | — | ||||||||||||||||||||||||||||||||
| Net adjustments to environmental obligations and litigation reserves | (5) | (3) | — | (10) | (10) | (0.01) | ||||||||||||||||||||||||||||||||
| Gain on sale of assets | 18 | 16 | 0.01 | — | — | — | ||||||||||||||||||||||||||||||||
PTFI historical tax mattersb | 12 | 20 | 0.01 | 5 | 6 | — | ||||||||||||||||||||||||||||||||
Other net chargesc | (40) | (21) | (0.01) | (18) | (12) | (0.01) | ||||||||||||||||||||||||||||||||
Total net chargese | $ | (377) | $ | (96) | $ | (0.06) | $ | (30) | $ | (18) | $ | (0.01) | ||||||||||||||||||||||||||
| Adjusted net income attributable to common stock | N/A | $ | 1,080 | $ | 0.74 | N/A | $ | 790 | $ | 0.54 | ||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Pre-tax | After-taxa | Per Share | Pre-tax | After-taxa | Per Share | |||||||||||||||||||||||||||||||||
| Net income attributable to common stock | N/A | $ | 1,865 | $ | 1.29 | N/A | $ | 1,124 | $ | 0.77 | ||||||||||||||||||||||||||||
| PTFI mud rush incident - idle facility and restoration costs: | ||||||||||||||||||||||||||||||||||||||
| Production and delivery costs | $ | (690) | $ | (204) | $ | (0.14) | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
| DD&A | (172) | (51) | (0.04) | — | — | — | ||||||||||||||||||||||||||||||||
| PTFI smelter fire repair costs, net of insurance | — | — | — | (30) | (9) | (0.01) | ||||||||||||||||||||||||||||||||
| Net adjustments to environmental obligations and litigation reserves | (10) | (8) | (0.01) | (3) | (3) | — | ||||||||||||||||||||||||||||||||
| Gain on PTFI mud rush incident insurance settlement | 699 | 207 | 0.14 | — | — | — | ||||||||||||||||||||||||||||||||
| Gain on sale of assets | 18 | 16 | 0.01 | — | — | — | ||||||||||||||||||||||||||||||||
PTFI historical tax mattersb | 12 | 20 | 0.01 | 5 | 6 | — | ||||||||||||||||||||||||||||||||
Cerro Verde historical tax mattersd | 22 | 12 | 0.01 | — | — | — | ||||||||||||||||||||||||||||||||
Other net chargesc | (55) | (36) | (0.02) | (31) | (18) | (0.01) | ||||||||||||||||||||||||||||||||
Total net chargese | $ | (175) | $ | (45) | $ | (0.03) | $ | (58) | $ | (24) | $ | (0.02) | ||||||||||||||||||||||||||
| Adjusted net income attributable to common stock | N/A | $ | 1,910 | $ | 1.32 | N/A | $ | 1,148 | $ | 0.79 | ||||||||||||||||||||||||||||
a.Reflects impact to FCX’s net income attributable to common stock (i.e., net of any taxes and noncontrolling interests).
b.The second quarter and first six months of 2026 include net credits associated with PTFI’s 2022 corporate income tax audit. The second quarter and first six months of 2025 include net credits associated with PTFI’s 2020 corporate income tax audit. In accordance with PTFI’s shareholder agreement, settlements of historical tax matters that originated before December 31, 2022, are attributed based on the economics from the initial period (as defined in the agreement, i.e. approximately 81% to FCX and 19% to PT Mineral Industri Indonesia).
c.The second quarter and first six months of 2026 primarily include net charges (i) for inventory write-offs ($17 million to production and delivery costs), (ii) termination of a lease ($7 million to selling, general and administrative expenses), (iii) historical costs associated with withholding taxes on PTFI’s senior notes ($5 million to DD&A, $3 million to interest expense, net and $6 million to other income, net) and (iv) debt extinguishment costs associated with revolving credit facilities ($2 million to other income, net). The first six months of 2026 also includes charges associated with placing assets into service at our U.S. copper mines ($9 million to DD&A and $6 million to interest expense, net).
The second quarter and first six months of 2025 include charges to production and delivery costs for the impairment of oil and gas properties and other asset impairments. The first six months of 2025 also include charges to production and delivery costs for the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities, partly offset by an adjustment to PTFI’s ARO.
d.The first six months of 2026 includes credits recorded to other income, net, for interest collected by Cerro Verde associated with the closure of its 2020 income tax audit.
e.May not foot because of rounding.
VII
FREEPORT
INCOME TAXES
Following is a summary of the approximate amounts used in the calculation of FCX’s consolidated income tax provision (in millions, except percentages):
| Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Income Tax | Income Tax | |||||||||||||||||||||||||||||||||||||
| Income | Effective | (Provision) | Effective | (Provision) | ||||||||||||||||||||||||||||||||||
(Loss)a | Tax Rate | Benefit | Incomea | Tax Rate | Benefit | |||||||||||||||||||||||||||||||||
U.S.b | $ | 615 | 9% | $ | (53) | c | $ | 73 | —% | $ | — | |||||||||||||||||||||||||||
| South America | 850 | 40% | (343) | 395 | 38% | (151) | ||||||||||||||||||||||||||||||||
| Indonesia | 497 | 33% | (164) | 1,877 | 36% | (677) | ||||||||||||||||||||||||||||||||
| Eliminations and other | (32) | N/A | 15 | 46 | N/A | (30) | ||||||||||||||||||||||||||||||||
Rate adjustmentd | — | N/A | 1 | — | N/A | 8 | ||||||||||||||||||||||||||||||||
| Continuing operations | $ | 1,930 | 28% | $ | (544) | $ | 2,391 | 36% | $ | (850) | ||||||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Income Tax | Income Tax | |||||||||||||||||||||||||||||||||||||
| Effective | (Provision) | Income | Effective | (Provision) | ||||||||||||||||||||||||||||||||||
Incomea | Tax Rate | Benefit | (Loss)a | Tax Rate | Benefit | |||||||||||||||||||||||||||||||||
U.S.b | $ | 1,049 | 6% | $ | (58) | c | $ | (2) | —% | $ | 2 | |||||||||||||||||||||||||||
| South America | 1,571 | 40% | (624) | 890 | 39% | (344) | ||||||||||||||||||||||||||||||||
| Indonesia | 1,335 | 35% | (466) | 2,672 | 36% | (965) | ||||||||||||||||||||||||||||||||
| Eliminations and other | 9 | N/A | 3 | 122 | N/A | (72) | ||||||||||||||||||||||||||||||||
Rate adjustmentd | — | N/A | (52) | — | N/A | 29 | ||||||||||||||||||||||||||||||||
| Continuing operations | $ | 3,964 | 30% | $ | (1,197) | $ | 3,682 | 37% | $ | (1,350) | ||||||||||||||||||||||||||||
a.Represents income (loss) before income taxes, equity in affiliated companies’ net earnings, and noncontrolling interests.
b.In addition to FCX’s U.S. copper and molybdenum mines, the U.S. jurisdiction reflects non-operating sites and corporate-level expenses, which include interest expense associated with FCX’s senior notes and general and administrative expenses. Refer to “Business Divisions and Segments,” beginning on page X for additional information.
c.The U.S. income tax provision for the second quarter and first six months of 2026 primarily relates to the U.S. Corporate Alternative Minimum Tax (CAMT) provisions, which do not benefit from U.S. net operating loss carryforwards.
d.In accordance with applicable accounting standards, FCX adjusts its interim provision for income taxes equal to its consolidated tax rate.
Assuming achievement of current sales volume and cost estimates and prices of $6.00 per pound for copper, $4,000 per ounce for gold and $30.00 per pound for molybdenum for the second half of 2026, FCX estimates its consolidated effective tax rate for the year 2026 would approximate 30%, including estimated effective rates of 40% for Peru, 36% for Indonesia and 7% for the U.S. (associated with CAMT provisions). Changes in projected sales volumes, commodity prices, and the relative proportion of jurisdictional income during the second half of 2026 could impact FCX’s consolidated effective tax rate for the year 2026.
VIII
FREEPORT
NET DEBT
FCX believes that net debt provides investors with information related to the performance-based payout framework in its financial policy, which requires FCX to maintain its net debt at a level not to exceed the net debt target of $3 billion to $4 billion (excluding project debt for PTFI’s downstream processing facilities). FCX defines net debt as consolidated debt less consolidated cash and cash equivalents. This information differs from consolidated debt determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for consolidated debt determined in accordance with U.S. GAAP. FCX’s net debt, which may not be comparable to similarly titled measures reported by other companies, follows (in millions):
As of June 30, 2026 | ||||||||
| Current portion of debt | $ | 1,220 | ||||||
| Long-term debt, less current portion | 8,166 | |||||||
| Consolidated debt | 9,386 | |||||||
| Less: consolidated cash and cash equivalents | 4,080 | |||||||
| FCX net debt | 5,306 | |||||||
| Less: debt for PTFI’s downstream processing facilities | 3,237 | a | ||||||
| FCX net debt, excluding debt for PTFI’s downstream processing facilities | $ | 2,069 | ||||||
a.Represents PTFI’s senior notes and $250 million of borrowings under PTFI’s revolving credit facility.
DERIVATIVE INSTRUMENTS
For the six months ended June 30, 2026, FCX’s mined copper was sold 38% as cathode, 35% as rod, and 27% in concentrate. All of FCX’s copper concentrate and some cathode sales contracts provide final copper pricing in a specified future month (generally one to four months from the shipment date) based primarily on quoted London Metal Exchange (LME) monthly average settlement copper prices. FCX records revenues and invoices customers at the time of shipment based on then-current LME prices, which results in an embedded derivative on provisionally priced concentrate and cathode sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement.
FCX’s average realized copper price was $6.17 per pound in second-quarter 2026, reflecting copper sales from South America and Indonesia operations that are generally based on quoted LME monthly average settlement copper prices, which averaged $6.05 per pound in second-quarter 2026, and copper sales from U.S. copper mines that are generally based on prevailing Commodity Exchange Inc. (COMEX) monthly average settlement copper prices, which averaged $6.16 per pound in second-quarter 2026.
Following is a summary of the adjustments to prior period and current period provisionally priced copper sales (in millions, except per share amounts):
| Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
Prior Perioda | Current Periodb | Total | Prior Perioda | Current Periodb | Total | ||||||||||||||||||||||||||||||
Revenues | $ | 98 | $ | 40 | $ | 138 | $ | (35) | $ | 69 | $ | 34 | |||||||||||||||||||||||
| Net income attributable to common stock | $ | 35 | $ | 15 | $ | 50 | $ | (10) | $ | 22 | $ | 12 | |||||||||||||||||||||||
| Diluted net income per share of common stock | $ | 0.02 | $ | 0.01 | $ | 0.03 | $ | (0.01) | $ | 0.02 | $ | 0.01 | |||||||||||||||||||||||
a.Reflects adjustments to provisionally priced copper sales at March 31, 2026 and 2025.
b.Reflects adjustments to provisionally priced copper sales during the second quarters of 2026 and 2025.
| Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
Prior Perioda | Current Periodb | Total | Prior Perioda | Current Periodb | Total | |||||||||||||||||||||||||||||||||
Revenues | $ | 58 | $ | 59 | $ | 117 | $ | 63 | $ | 87 | $ | 150 | ||||||||||||||||||||||||||
| Net income attributable to common stock | $ | 24 | $ | 20 | $ | 44 | $ | 21 | $ | 31 | $ | 52 | ||||||||||||||||||||||||||
| Diluted net income per share of common stock | $ | 0.02 | $ | 0.01 | $ | 0.03 | $ | 0.01 | $ | 0.02 | $ | 0.04 | c | |||||||||||||||||||||||||
a.Reflects adjustments to provisionally priced copper sales at December 31, 2025 and 2024.
b.Reflects adjustments to provisionally priced copper sales for the first six months of 2026 and 2025.
c.Does not foot because of rounding
IX
FREEPORT
DERIVATIVE INSTRUMENTS (continued)
At June 30, 2026, FCX had provisionally priced copper sales totaling 99 million pounds (net of intercompany sales and noncontrolling interests) recorded at an average price of $6.07 per pound, subject to final LME settlement prices over the next several months. FCX estimates that each $0.05 change in the price realized from the quarter-end provisional price would have an approximate $9 million effect on 2026 revenues ($3 million to net income attributable to common stock). The LME copper settlement price was $6.30 per pound on July 22, 2026.
DEFERRED PROFITS
FCX defers recognizing profits on intercompany sales from its mining operations to Atlantic Copper until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net (reductions) additions to operating income totaling $(18) million ($(6) million to net income attributable to common stock) in second-quarter 2026, $34 million ($9 million to net income attributable to common stock) in second-quarter 2025, $52 million ($17 million to net income attributable to common stock) for the first six months of 2026 and $148 million ($44 million to net income attributable to common stock) for the first six months of 2025. FCX’s net deferred profits on inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $88 million ($29 million to net income attributable to common stock) at June 30, 2026. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices will result in variability in FCX’s net deferred profits and quarterly earnings.
NONCONTROLLING INTERESTS
Net income attributable to noncontrolling interests, which is primarily associated with PTFI, Cerro Verde and El Abra, totaled $407 million in second-quarter 2026 (which represented 21% of FCX’s consolidated income before income taxes), $775 million in second-quarter 2025 (which represented 32% of FCX’s consolidated income before income taxes), $0.9 billion for the first six months of 2026 (which represented 23% of FCX’s consolidated income before income taxes) and $1.2 billion for the first six months of 2025 (which represented 33% of FCX’s consolidated income before income taxes). Refer to “Business Divisions and Segments” below for net income attributable to noncontrolling interests for each of FCX’s business segments.
In May 2026, FCX increased its ownership interest in Cerro Verde from 55.08% to 55.66%.
Based on achievement of current sales volume and cost estimates, and assuming prices of $6.00 per pound of copper, $4,000 per ounce of gold and $30.00 per pound of molybdenum for the second half of 2026, FCX estimates that net income attributable to noncontrolling interests will approximate $2.0 billion for the year 2026, which would represent approximately 24% of FCX’s consolidated income before income taxes. The actual amount will depend on many factors, including relative performance of each business segment, commodity prices, costs and other factors.
BUSINESS DIVISIONS AND SEGMENTS
FCX has organized its mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines.
In the U.S., FCX operates seven copper operations – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines – Henderson and Climax in Colorado. A majority of the copper produced at the U.S. copper mines is cast into copper rod by the U.S. Rod & Refining operations.
In South America, FCX operates two copper operations – Cerro Verde in Peru and El Abra in Chile.
In Indonesia, PTFI operates the Grasberg minerals district. With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper, gold and silver.
U.S. Rod & Refining consists of copper conversion facilities, including a refinery and two rod mills. These operations process copper produced at FCX’s U.S. copper mines and purchased copper into copper cathode and rod. At times, these operations refine copper and produce copper rod for customers on a toll basis.
Atlantic Copper in Spain smelts and refines copper concentrate and markets refined copper and precious metals in slimes.
Intersegment sales are based on terms similar to arm’s-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.
X
FREEPORT
BUSINESS DIVISIONS AND SEGMENTS (continued)
FCX allocates certain operating costs, expenses and capital expenditures to its business divisions and 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 in the below tables), 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 business divisions and segments. Accordingly, the following information reflects management determinations that may not be indicative of what the actual financial performance of each business division and segment would be if it was an independent entity.
XI
FREEPORT
BUSINESS DIVISIONS AND SEGMENTS (continued)
| (in millions) | Atlantic | Corporate, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Copper Mines | South America Operations | U.S. | Copper | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro | Indonesia | Molybdenum | Rod & | Smelting | & Elimi- | FCX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morenci | Other | Total | Verde | Other | Total | Operations | Mines | Refining | & Refining | nations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaffiliated customers | $ | 17 | $ | 11 | $ | 28 | $ | 1,159 | $ | 323 | $ | 1,482 | $ | 1,482 | $ | — | $ | 2,228 | $ | 1,024 | $ | 785 | a | $ | 7,029 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment | 739 | 1,514 | 2,253 | 328 | — | 328 | 1 | 204 | 11 | 6 | (2,803) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production and delivery | 425 | 867 | 1,292 | 664 | 192 | 856 | 724 | b | 151 | 2,215 | 1,007 | (1,925) | 4,320 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DD&A | 55 | 80 | 135 | 82 | 25 | 107 | 228 | b | 22 | 2 | 7 | 22 | 523 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1 | — | 1 | 1 | — | 1 | 32 | — | — | 8 | 93 | 135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and research expenses | 10 | 9 | 19 | 4 | 2 | 6 | — | — | — | — | 28 | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | 13 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of assets | — | — | — | — | — | — | — | — | — | (18) | — | (18) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 265 | 569 | 834 | 736 | 104 | 840 | 499 | 31 | 22 | 26 | (249) | 2,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | (1) | — | (1) | (6) | — | (6) | (6) | — | — | (10) | (72) | (95) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other income (expense), net | — | 1 | 1 | 15 | 1 | 16 | (10) | — | (1) | 6 | 10 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | — | — | — | (298) | (45) | (343) | (164) | — | — | (4) | (33) | (544) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in affiliated companies’ net earnings | — | — | — | — | — | — | 5 | — | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | — | — | (214) | (29) | (243) | (175) | — | — | — | 11 | (407) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders | 984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets at June 30, 2026 | 3,551 | 7,736 | 11,287 | 9,013 | 2,441 | 11,454 | 27,949 | 1,998 | 390 | 2,054 | 4,595 | 59,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | 50 | 202 | 252 | 82 | 89 | 171 | 516 | 20 | 14 | 67 | 64 | 1,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaffiliated customers | $ | 63 | $ | 64 | $ | 127 | $ | 836 | $ | 183 | $ | 1,019 | $ | 3,419 | $ | — | $ | 1,692 | $ | 815 | $ | 510 | a | $ | 7,582 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment | 559 | 1,028 | 1,587 | 193 | 49 | 242 | (2) | c | 180 | 9 | 3 | (2,019) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production and delivery | 435 | 779 | 1,214 | 590 | 178 | 768 | 1,124 | 128 | 1,693 | 791 | (1,436) | 4,282 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DD&A | 46 | 72 | 118 | 94 | 19 | 113 | 389 | 26 | 1 | 7 | 14 | 668 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1 | — | 1 | 1 | 1 | 2 | 35 | — | — | 7 | 82 | 127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and research expenses | 8 | 5 | 13 | 4 | — | 4 | 1 | 1 | — | — | 27 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | 27 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 132 | 236 | 368 | 340 | 34 | 374 | 1,868 | 25 | 7 | 13 | (223) | 2,432 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | — | (1) | (1) | (4) | — | (4) | (16) | — | — | (7) | (54) | (82) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (expense) income, net | (1) | 1 | — | 20 | 2 | 22 | 15 | (1) | (1) | (14) | 20 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | — | — | — | (139) | (12) | (151) | (677) | — | — | (2) | (20) | (850) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in affiliated companies’ net earnings | — | — | — | — | — | — | 6 | — | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | (105) | (4) | (109) | (648) | — | — | — | (18) | (775) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders | 772 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets at June 30, 2025 | 3,337 | 7,253 | 10,590 | 8,385 | 2,091 | 10,476 | 27,781 | 2,027 | 432 | 1,508 | 3,678 | 56,492 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | 70 | 203 | 273 | 78 | 14 | 92 | 740 | 27 | 26 | 45 | 58 | 1,261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
XII
FREEPORT
BUSINESS DIVISIONS AND SEGMENTS (continued)
| (in millions) | Atlantic | Corporate, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Copper Mines | South America Operations | U.S. | Copper | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro | Indonesia | Molybdenum | Rod & | Smelting | & Elimi- | FCX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morenci | Other | Total | Verde | Other | Total | Operations | Mines | Refining | & Refining | nations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaffiliated customers | $ | 29 | $ | 19 | $ | 48 | $ | 2,377 | $ | 576 | $ | 2,953 | $ | 2,554 | $ | — | $ | 4,280 | $ | 1,990 | $ | 1,438 | a | $ | 13,263 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment | 1,503 | 2,929 | 4,432 | 491 | — | 491 | 1 | 416 | 21 | 9 | (5,370) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production and delivery | 862 | 1,721 | 2,583 | 1,315 | 350 | 1,665 | 1,434 | b | 287 | 4,261 | 1,936 | (3,781) | 8,385 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DD&A | 124 | 176 | 300 | 168 | 42 | 210 | 422 | b | 46 | 3 | 14 | 42 | 1,037 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1 | 1 | 2 | 3 | — | 3 | 57 | — | — | 19 | 216 | 297 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and research expenses | 18 | 17 | 35 | 8 | 3 | 11 | — | — | — | — | 45 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental obligations and shutdown costs | — | — | — | — | — | — | — | — | — | — | 30 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on PTFI mud rush incident insurance settlement | — | — | — | — | — | — | (699) | — | — | — | — | (699) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of assets | — | — | — | — | — | — | — | — | — | (18) | — | (18) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 527 | 1,033 | 1,560 | 1,374 | 181 | 1,555 | 1,341 | 83 | 37 | 48 | (484) | 4,140 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | (2) | — | (2) | (10) | — | (10) | (21) | — | — | (19) | (157) | (209) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (expense) income, net | (1) | — | (1) | 11 | 5 | 16 | (12) | — | (1) | 7 | 24 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | — | — | — | (544) | (80) | (624) | (466) | — | — | (7) | (100) | (1,197) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in affiliated companies’ net earnings | — | — | — | — | — | — | 10 | — | — | — | 1 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | (396) | (48) | (444) | (467) | — | — | — | (2) | (913) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders | 1,865 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | 94 | 402 | 496 | 156 | 129 | 285 | 972 | 49 | 28 | 123 | 124 | 2,077 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaffiliated customers | $ | 146 | $ | 172 | $ | 318 | $ | 1,753 | $ | 395 | $ | 2,148 | $ | 4,983 | $ | — | $ | 3,316 | $ | 1,567 | $ | 978 | a | $ | 13,310 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment | 1,053 | 1,973 | 3,026 | 367 | 122 | 489 | 4 | 357 | 17 | 6 | (3,899) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production and delivery | 854 | 1,572 | 2,426 | 1,177 | 379 | 1,556 | 1,702 | 250 | 3,315 | 1,525 | (2,736) | d | 8,038 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DD&A | 96 | 146 | 242 | 185 | 39 | 224 | 575 | 52 | 2 | 14 | 25 | 1,134 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1 | 1 | 2 | 3 | 1 | 4 | 62 | — | — | 16 | 197 | 281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and research expenses | 14 | 11 | 25 | 6 | 2 | 8 | 3 | 1 | — | — | 48 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental obligations and shutdown costs | (7) | — | (7) | — | — | — | — | — | — | — | 44 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 241 | 415 | 656 | 749 | 96 | 845 | 2,645 | 54 | 16 | 18 | (499) | 3,735 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | — | (1) | (1) | (8) | — | (8) | (25) | — | — | (18) | (100) | (152) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (expense) income, net | (2) | 4 | 2 | 52 | 1 | 53 | 31 | (1) | (1) | (19) | 34 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | — | — | — | (310) | (34) | (344) | (965) | — | — | (12) | (29) | (1,350) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in affiliated companies’ net earnings (losses) | — | — | — | — | — | — | 9 | — | — | — | (1) | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | (231) | (21) | (252) | (923) | — | — | — | (41) | (1,216) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders | 1,124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | 129 | 399 | 528 | 152 | 25 | 177 | 1,444 | 46 | 43 | 88 | 107 | 2,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
XIII
FREEPORT
BUSINESS DIVISIONS AND SEGMENTS (continued)
a.Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by FCX’s primary molybdenum mines and certain of the U.S. copper mines and the Cerro Verde mine.
b.Includes idle facility and restoration costs associated with the September 2025 external mud rush incident. For a summary of these charges, refer to “Adjusted Net Income,” on page VII.
c.Represents a volume adjustment on concentrate shipped to Atlantic Copper in a prior period.
d.Includes charges totaling $73 million associated with planned maintenance turnaround costs at the Miami smelter.
PRODUCT REVENUES AND PRODUCTION COSTS
FCX believes unit net cash costs (credits) per pound of copper and molybdenum are measures intended to provide investors with information about the cash-generating capacity of its mining operations expressed on a basis relating to the primary metal product for the respective operations. FCX uses this measure for the same purpose and for monitoring operating performance by its mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. These measures are presented by other metals mining companies, although FCX’s measures may not be comparable to similarly titled measures reported by other companies.
FCX presents gross profit per pound of copper in the following tables using both a “by-product” method and a “co-product” method. FCX uses the by-product method in its presentation of gross profit per pound of copper because (i) the majority of its revenues are copper revenues, (ii) it mines ore, which contains copper, gold, molybdenum and other metals, (iii) it is not possible to specifically assign all of FCX’s costs to revenues from the copper, gold, molybdenum and other metals it produces and (iv) it is the method used by FCX’s management and Board of Directors to monitor its mining operations and to compare mining operations in certain industry publications. In the co-product method presentations, shared costs are allocated to the different products based on their relative revenue values, which will vary to the extent FCX’s metals sales volumes and realized prices change.
FCX shows revenue adjustments for prior period open sales as a separate line item. Because these adjustments result from prior period sales, these amounts have been reflected separately from revenues on current period sales. Noncash and other costs, net which are removed from site production and delivery costs in the calculation of unit net cash costs, consist of items such as ARO accretion and other adjustments, inventory write-offs and adjustments, stock-based compensation costs, long-lived asset impairments, idle facility costs, feasibility and optimization study costs, operational readiness and start-up costs, restructuring and/or unusual charges. As discussed above, gold, molybdenum and other metal revenues at copper mines are reflected as credits against site production and delivery costs in the by-product method. The following schedules are presentations under both the by-product and co-product methods together with reconciliations to amounts reported in FCX’s consolidated financial statements.
XIV
| FREEPORT | |||||||||||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | |||||||||||||||||||||||||||||||||||
| U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | |||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||||||||
| Method | Copper | Molybdenuma | Otherb | Total | |||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 1,946 | $ | 1,946 | $ | 268 | $ | 62 | $ | 2,276 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 1,152 | 979 | 177 | 41 | 1,197 | ||||||||||||||||||||||||||||||
| By-product credits | (285) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 47 | 44 | — | 3 | 47 | ||||||||||||||||||||||||||||||
| Net cash costs | 914 | 1,023 | 177 | 44 | 1,244 | ||||||||||||||||||||||||||||||
| DD&A | 135 | 121 | 12 | 2 | 135 | ||||||||||||||||||||||||||||||
| Noncash and other costs, net | 45 | c | 41 | 4 | — | 45 | |||||||||||||||||||||||||||||
| Total costs | 1,094 | 1,185 | 193 | 46 | 1,424 | ||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 6 | 6 | — | — | 6 | ||||||||||||||||||||||||||||||
| Gross profit | $ | 858 | $ | 767 | $ | 75 | $ | 16 | $ | 858 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 311 | 311 | |||||||||||||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 10 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/molybdenum: | |||||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 6.25 | $ | 6.25 | $ | 28.18 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.71 | 3.15 | 18.60 | ||||||||||||||||||||||||||||||||
| By-product credits | (0.92) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.15 | 0.14 | — | ||||||||||||||||||||||||||||||||
| Unit net cash costs | 2.94 | 3.29 | 18.60 | ||||||||||||||||||||||||||||||||
| DD&A | 0.43 | 0.39 | 1.26 | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.15 | c | 0.13 | 0.47 | |||||||||||||||||||||||||||||||
| Total unit costs | 3.52 | 3.81 | 20.33 | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.03 | 0.03 | — | ||||||||||||||||||||||||||||||||
| Gross profit per pound | $ | 2.76 | $ | 2.47 | $ | 7.85 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 2,276 | $ | 1,197 | $ | 135 | |||||||||||||||||||||||||||||
| Treatment charges | — | 47 | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 45 | — | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 6 | — | — | ||||||||||||||||||||||||||||||||
| Eliminations and other | (1) | 3 | — | ||||||||||||||||||||||||||||||||
| U.S. copper mines | 2,281 | 1,292 | 135 | ||||||||||||||||||||||||||||||||
Other miningd | 6,766 | 4,953 | 366 | ||||||||||||||||||||||||||||||||
| Corporate, other & eliminations | (2,018) | (1,925) | 22 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,029 | $ | 4,320 | $ | 523 | |||||||||||||||||||||||||||||
a.Reflects sales of molybdenum produced by certain of the U.S. copper mines to FCX’s molybdenum sales company at market-based pricing.
b.Includes gold sales of 5 thousand ounces ($4,285 per ounce average realized price), silver sales of 0.4 million ounces ($65.75 per ounce average realized price) and related production costs.
c.Includes charges totaling $18 million ($0.06 per pound of copper) for feasibility and optimization studies.
d.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XV
| FREEPORT | |||||||||||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | |||||||||||||||||||||||||||||||||||
| U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | |||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||||||||
| Method | Copper | Molybdenuma | Otherb | Total | |||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 1,485 | $ | 1,485 | $ | 171 | $ | 51 | $ | 1,707 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 1,063 | 942 | 131 | 40 | 1,113 | ||||||||||||||||||||||||||||||
| By-product credits | (171) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 47 | 45 | — | 2 | 47 | ||||||||||||||||||||||||||||||
| Net cash costs | 939 | 987 | 131 | 42 | 1,160 | ||||||||||||||||||||||||||||||
| DD&A | 118 | 105 | 10 | 3 | 118 | ||||||||||||||||||||||||||||||
| Noncash and other costs, net | 50 | c | 46 | 4 | — | 50 | |||||||||||||||||||||||||||||
| Total costs | 1,107 | 1,138 | 145 | 45 | 1,328 | ||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 2 | 2 | — | (1) | 1 | ||||||||||||||||||||||||||||||
| Gross profit | $ | 380 | $ | 349 | $ | 26 | $ | 5 | $ | 380 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 309 | 309 | |||||||||||||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 9 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/molybdenum: | |||||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4.81 | $ | 4.81 | $ | 19.87 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.44 | 3.05 | 15.24 | ||||||||||||||||||||||||||||||||
| By-product credits | (0.55) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.15 | 0.15 | — | ||||||||||||||||||||||||||||||||
Unit net cash costs | 3.04 | 3.20 | 15.24 | ||||||||||||||||||||||||||||||||
| DD&A | 0.38 | 0.34 | 1.16 | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.16 | c | 0.15 | 0.45 | |||||||||||||||||||||||||||||||
Total unit costs | 3.58 | 3.69 | 16.85 | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.01 | 0.01 | — | ||||||||||||||||||||||||||||||||
| Gross profit per pound | $ | 1.24 | $ | 1.13 | $ | 3.02 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 1,707 | $ | 1,113 | $ | 118 | |||||||||||||||||||||||||||||
| Treatment charges | (3) | 44 | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 50 | — | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 1 | — | — | ||||||||||||||||||||||||||||||||
| Eliminations and other | 9 | 7 | — | ||||||||||||||||||||||||||||||||
| U.S. copper mines | 1,714 | 1,214 | 118 | ||||||||||||||||||||||||||||||||
Other miningd | 7,377 | 4,504 | 536 | ||||||||||||||||||||||||||||||||
| Corporate, other & eliminations | (1,509) | (1,436) | 14 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,582 | $ | 4,282 | $ | 668 | |||||||||||||||||||||||||||||
a.Reflects sales of molybdenum produced by certain of the U.S. copper mines to FCX’s molybdenum sales company at market-based pricing.
b.Includes gold sales of 4 thousand ounces ($3,301 per ounce average realized price), silver sales of 0.5 million ounces ($35.94 per ounce average realized price) and related production costs.
c.Includes charges totaling $26 million ($0.09 per pound of copper) for feasibility and optimization studies.
d.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XVI
| FREEPORT | |||||||||||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | |||||||||||||||||||||||||||||||||||
| U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||||||||
| Method | Copper | Molybdenuma | Otherb | Total | |||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 3,866 | $ | 3,866 | $ | 463 | $ | 143 | $ | 4,472 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2,300 | 1,990 | 311 | 92 | 2,393 | ||||||||||||||||||||||||||||||
| By-product credits | (514) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 89 | 83 | — | 6 | 89 | ||||||||||||||||||||||||||||||
| Net cash costs | 1,875 | 2,073 | 311 | 98 | 2,482 | ||||||||||||||||||||||||||||||
| DD&A | 300 | 257 | 26 | 17 | 300 | ||||||||||||||||||||||||||||||
| Noncash and other costs, net | 94 | c | 85 | 8 | 1 | 94 | |||||||||||||||||||||||||||||
| Total costs | 2,269 | 2,415 | 345 | 116 | 2,876 | ||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 6 | 6 | — | 1 | 7 | ||||||||||||||||||||||||||||||
| Gross profit | $ | 1,603 | $ | 1,457 | $ | 118 | $ | 28 | $ | 1,603 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 639 | 639 | |||||||||||||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 17 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/molybdenum: | |||||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 6.05 | $ | 6.05 | $ | 27.01 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.59 | 3.11 | 18.17 | ||||||||||||||||||||||||||||||||
| By-product credits | (0.80) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.14 | 0.13 | — | ||||||||||||||||||||||||||||||||
| Unit net cash costs | 2.93 | 3.24 | 18.17 | ||||||||||||||||||||||||||||||||
| DD&A | 0.47 | 0.41 | 1.51 | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.15 | c | 0.13 | 0.45 | |||||||||||||||||||||||||||||||
| Total unit costs | 3.55 | 3.78 | 20.13 | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.01 | 0.01 | — | ||||||||||||||||||||||||||||||||
| Gross profit per pound | $ | 2.51 | $ | 2.28 | $ | 6.88 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 4,472 | $ | 2,393 | $ | 300 | |||||||||||||||||||||||||||||
| Treatment charges | — | 89 | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 94 | — | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 7 | — | — | ||||||||||||||||||||||||||||||||
| Eliminations and other | 1 | 7 | — | ||||||||||||||||||||||||||||||||
| U.S. copper mines | 4,480 | 2,583 | 300 | ||||||||||||||||||||||||||||||||
Other miningd | 12,715 | 9,583 | 695 | ||||||||||||||||||||||||||||||||
| Corporate, other & eliminations | (3,932) | (3,781) | 42 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 13,263 | $ | 8,385 | $ | 1,037 | |||||||||||||||||||||||||||||
a.Reflects sales of molybdenum produced by certain of the U.S. copper mines to FCX’s molybdenum sales company at market-based pricing.
b.Includes gold sales of 10 thousand ounces ($4,584 per ounce average realized price), silver sales of 0.8 million ounces ($69.40 per ounce average realized price) and related production costs.
c.Includes charges totaling $35 million ($0.05 per pound of copper) for feasibility and optimization studies.
d.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XVII
| FREEPORT | |||||||||||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | |||||||||||||||||||||||||||||||||||
| U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||||||||
| Method | Copper | Molybdenuma | Otherb | Total | |||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 2,902 | $ | 2,902 | $ | 326 | $ | 91 | $ | 3,319 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2,133 | 1,894 | 262 | 73 | 2,229 | ||||||||||||||||||||||||||||||
| By-product credits | (322) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 85 | 81 | — | 4 | 85 | ||||||||||||||||||||||||||||||
| Net cash costs | 1,896 | 1,975 | 262 | 77 | 2,314 | ||||||||||||||||||||||||||||||
| DD&A | 242 | 217 | 20 | 5 | 242 | ||||||||||||||||||||||||||||||
| Noncash and other costs, net | 89 | c | 82 | 6 | 1 | 89 | |||||||||||||||||||||||||||||
| Total costs | 2,227 | 2,274 | 288 | 83 | 2,645 | ||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 4 | 4 | — | 1 | 5 | ||||||||||||||||||||||||||||||
| Gross profit | $ | 679 | $ | 632 | $ | 38 | $ | 9 | $ | 679 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 616 | 616 | |||||||||||||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 17 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/molybdenum: | |||||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4.71 | $ | 4.71 | $ | 20.00 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.46 | 3.07 | 16.09 | ||||||||||||||||||||||||||||||||
| By-product credits | (0.52) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.14 | 0.13 | — | ||||||||||||||||||||||||||||||||
| Unit net cash costs | 3.08 | 3.20 | 16.09 | ||||||||||||||||||||||||||||||||
| DD&A | 0.39 | 0.35 | 1.21 | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.14 | c | 0.14 | 0.38 | |||||||||||||||||||||||||||||||
| Total unit costs | 3.61 | 3.69 | 17.68 | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.01 | 0.01 | — | ||||||||||||||||||||||||||||||||
| Gross profit per pound | $ | 1.11 | $ | 1.03 | $ | 2.32 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 3,319 | $ | 2,229 | $ | 242 | |||||||||||||||||||||||||||||
| Treatment charges | (8) | 77 | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 89 | — | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 5 | — | — | ||||||||||||||||||||||||||||||||
| Eliminations and other | 28 | 31 | — | ||||||||||||||||||||||||||||||||
| U.S. copper mines | 3,344 | 2,426 | 242 | ||||||||||||||||||||||||||||||||
Other miningd | 12,887 | 8,348 | 867 | ||||||||||||||||||||||||||||||||
| Corporate, other & eliminations | (2,921) | (2,736) | 25 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 13,310 | $ | 8,038 | $ | 1,134 | |||||||||||||||||||||||||||||
a.Reflects sales of molybdenum produced by certain of the U.S. copper mines to FCX’s molybdenum sales company at market-based pricing.
b.Includes gold sales of 7 thousand ounces ($3,249 per ounce average realized price), silver sales of 1.0 million ounces ($34.84 per ounce average realized price) and related production costs.
c.Includes charges totaling $40 million ($0.07 per pound of copper) for feasibility and optimization studies.
d.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XVIII
| FREEPORT | ||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||||||||||||||||||
| South America Operations Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | ||||||||||||||||||||||||
| Method | Copper | Othera | Total | |||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 1,496 | $ | 1,496 | $ | 228 | $ | 1,724 | ||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 816 | 714 | 116 | 830 | ||||||||||||||||||||||
| By-product credits | (221) | — | — | — | ||||||||||||||||||||||
| Treatment charges | 10 | 10 | — | 10 | ||||||||||||||||||||||
| Royalty on metals | 3 | 2 | 1 | 3 | ||||||||||||||||||||||
| Net cash costs | 608 | 726 | 117 | 843 | ||||||||||||||||||||||
| DD&A | 107 | 94 | 13 | 107 | ||||||||||||||||||||||
| Noncash and other costs, net | 26 | b | 24 | 2 | 26 | |||||||||||||||||||||
| Total costs | 741 | 844 | 132 | 976 | ||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 91 | 91 | 7 | 98 | ||||||||||||||||||||||
| Gross profit | $ | 846 | $ | 743 | $ | 103 | $ | 846 | ||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 245 | 245 | ||||||||||||||||||||||||
| Gross profit per pound of copper: | ||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 6.11 | $ | 6.11 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.33 | 2.92 | ||||||||||||||||||||||||
| By-product credits | (0.90) | — | ||||||||||||||||||||||||
| Treatment charges | 0.04 | 0.04 | ||||||||||||||||||||||||
| Royalty on metals | 0.01 | 0.01 | ||||||||||||||||||||||||
| Unit net cash costs | 2.48 | 2.97 | ||||||||||||||||||||||||
| DD&A | 0.44 | 0.38 | ||||||||||||||||||||||||
| Noncash and other costs, net | 0.11 | b | 0.10 | |||||||||||||||||||||||
| Total unit costs | 3.03 | 3.45 | ||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.37 | 0.37 | ||||||||||||||||||||||||
| Gross profit per pound | $ | 3.45 | $ | 3.03 | ||||||||||||||||||||||
| Reconciliation to Amounts Reported | ||||||||||||||||||||||||||
| Production | ||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | ||||||||||||||||||||||||
| Totals presented above | $ | 1,724 | $ | 830 | $ | 107 | ||||||||||||||||||||
| Treatment charges | (10) | — | — | |||||||||||||||||||||||
| Royalty on metals | (3) | — | — | |||||||||||||||||||||||
| Noncash and other costs, net | — | 26 | — | |||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 98 | — | — | |||||||||||||||||||||||
| Eliminations and other | 1 | — | — | |||||||||||||||||||||||
| South America operations | 1,810 | 856 | 107 | |||||||||||||||||||||||
Other miningc | 7,237 | 5,389 | 394 | |||||||||||||||||||||||
| Corporate, other & eliminations | (2,018) | (1,925) | 22 | |||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,029 | $ | 4,320 | $ | 523 | ||||||||||||||||||||
a.Includes silver sales of 0.8 million ounces ($62.23 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.
b.Includes charges totaling $10 million ($0.04 per pound of copper) for inventory write-offs and $9 million ($0.04 per pound of copper) for feasibility and optimization studies.
c.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XIX
| FREEPORT | |||||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | |||||||||||||||||||||||||||||
| South America Operations Product Revenues, Production Costs and Unit Net Cash Costs | |||||||||||||||||||||||||||||
| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||
| Method | Copper | Othera | Total | ||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 1,184 | $ | 1,184 | $ | 115 | $ | 1,299 | |||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 732 | 672 | 76 | 748 | |||||||||||||||||||||||||
| By-product credits | (98) | — | — | — | |||||||||||||||||||||||||
| Treatment charges | 16 | 16 | — | 16 | |||||||||||||||||||||||||
| Royalty on metals | 2 | 2 | — | 2 | |||||||||||||||||||||||||
| Net cash costs | 652 | 690 | 76 | 766 | |||||||||||||||||||||||||
| DD&A | 113 | 103 | 10 | 113 | |||||||||||||||||||||||||
| Noncash and other costs, net | 21 | b | 20 | 1 | 21 | ||||||||||||||||||||||||
| Total costs | 786 | 813 | 87 | 900 | |||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | (19) | (19) | (1) | (20) | |||||||||||||||||||||||||
| Gross profit | $ | 379 | $ | 352 | $ | 27 | $ | 379 | |||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 265 | 265 | |||||||||||||||||||||||||||
| Gross profit per pound of copper: | |||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4.47 | $ | 4.47 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2.76 | 2.53 | |||||||||||||||||||||||||||
| By-product credits | (0.37) | — | |||||||||||||||||||||||||||
| Treatment charges | 0.06 | 0.06 | |||||||||||||||||||||||||||
| Royalty on metals | 0.01 | 0.01 | |||||||||||||||||||||||||||
| Unit net cash costs | 2.46 | 2.60 | |||||||||||||||||||||||||||
| DD&A | 0.42 | 0.39 | |||||||||||||||||||||||||||
| Noncash and other costs, net | 0.08 | b | 0.08 | ||||||||||||||||||||||||||
| Total unit costs | 2.96 | 3.07 | |||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | (0.07) | (0.07) | |||||||||||||||||||||||||||
| Gross profit per pound | $ | 1.44 | $ | 1.33 | |||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||
| Totals presented above | $ | 1,299 | $ | 748 | $ | 113 | |||||||||||||||||||||||
| Treatment charges | (16) | — | — | ||||||||||||||||||||||||||
| Royalty on metals | (2) | — | — | ||||||||||||||||||||||||||
| Noncash and other costs, net | — | 21 | — | ||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | (20) | — | — | ||||||||||||||||||||||||||
| Eliminations and other | — | (1) | — | ||||||||||||||||||||||||||
| South America operations | 1,261 | 768 | 113 | ||||||||||||||||||||||||||
Other miningc | 7,830 | 4,950 | 541 | ||||||||||||||||||||||||||
| Corporate, other & eliminations | (1,509) | (1,436) | 14 | ||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,582 | $ | 4,282 | $ | 668 | |||||||||||||||||||||||
a.Includes silver sales of 0.8 million ounces ($36.01 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.
b.Includes charges totaling $18 million ($0.07 per pound of copper) for feasibility and optimization studies.
c.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XX
| FREEPORT | |||||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | |||||||||||||||||||||||||||||
| South America Operations Product Revenues, Production Costs and Unit Net Cash Costs | |||||||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | |||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||
| Method | Copper | Othera | Total | ||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 2,969 | $ | 2,969 | $ | 431 | $ | 3,400 | |||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 1,595 | 1,403 | 220 | 1,623 | |||||||||||||||||||||||||
| By-product credits | (416) | — | — | — | |||||||||||||||||||||||||
| Treatment charges | 12 | 12 | — | 12 | |||||||||||||||||||||||||
| Royalty on metals | 5 | 5 | — | 5 | |||||||||||||||||||||||||
| Net cash costs | 1,196 | 1,420 | 220 | 1,640 | |||||||||||||||||||||||||
| DD&A | 210 | 184 | 26 | 210 | |||||||||||||||||||||||||
| Noncash and other costs, net | 43 | b | 40 | 3 | 43 | ||||||||||||||||||||||||
| Total costs | 1,449 | 1,644 | 249 | 1,893 | |||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 47 | 47 | 13 | 60 | |||||||||||||||||||||||||
| Gross profit | $ | 1,567 | $ | 1,372 | $ | 195 | $ | 1,567 | |||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 493 | 493 | |||||||||||||||||||||||||||
| Gross profit per pound of copper: | |||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 6.03 | $ | 6.03 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.25 | 2.85 | |||||||||||||||||||||||||||
| By-product credits | (0.85) | — | |||||||||||||||||||||||||||
| Treatment charges | 0.02 | 0.02 | |||||||||||||||||||||||||||
| Royalty on metals | 0.01 | 0.01 | |||||||||||||||||||||||||||
| Unit net cash costs | 2.43 | 2.88 | |||||||||||||||||||||||||||
| DD&A | 0.42 | 0.38 | |||||||||||||||||||||||||||
| Noncash and other costs, net | 0.09 | b | 0.08 | ||||||||||||||||||||||||||
| Total unit costs | 2.94 | 3.34 | |||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.09 | 0.09 | |||||||||||||||||||||||||||
| Gross profit per pound | $ | 3.18 | $ | 2.78 | |||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||
| Totals presented above | $ | 3,400 | $ | 1,623 | $ | 210 | |||||||||||||||||||||||
| Treatment charges | (12) | — | — | ||||||||||||||||||||||||||
| Royalty on metals | (5) | — | — | ||||||||||||||||||||||||||
| Noncash and other costs, net | — | 43 | — | ||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 60 | — | — | ||||||||||||||||||||||||||
| Eliminations and other | 1 | (1) | — | ||||||||||||||||||||||||||
| South America operations | 3,444 | 1,665 | 210 | ||||||||||||||||||||||||||
Other miningc | 13,751 | 10,501 | 785 | ||||||||||||||||||||||||||
| Corporate, other & eliminations | (3,932) | (3,781) | 42 | ||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 13,263 | $ | 8,385 | $ | 1,037 | |||||||||||||||||||||||
a.Includes silver sales of 1.6 million ounces ($69.33 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.
b.Includes charges totaling $20 million ($0.04 per pound of copper) for feasibility and optimization studies and $10 million ($0.02 per pound of copper) for inventory write-offs.
c.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XXI
| FREEPORT | |||||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | |||||||||||||||||||||||||||||
| South America Operations Product Revenues, Production Costs and Unit Net Cash Costs | |||||||||||||||||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||
| Method | Copper | Othera | Total | ||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 2,371 | $ | 2,371 | $ | 250 | $ | 2,621 | |||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 1,491 | 1,360 | 163 | 1,523 | |||||||||||||||||||||||||
| By-product credits | (220) | — | — | — | |||||||||||||||||||||||||
| Treatment charges | 36 | 36 | — | 36 | |||||||||||||||||||||||||
| Royalty on metals | 3 | 3 | — | 3 | |||||||||||||||||||||||||
| Net cash costs | 1,310 | 1,399 | 163 | 1,562 | |||||||||||||||||||||||||
| DD&A | 225 | 203 | 22 | 225 | |||||||||||||||||||||||||
| Noncash and other costs, net | 35 | b | 34 | 1 | 35 | ||||||||||||||||||||||||
| Total costs | 1,570 | 1,636 | 186 | 1,822 | |||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 54 | 54 | 2 | 56 | |||||||||||||||||||||||||
| Gross profit | $ | 855 | $ | 789 | $ | 66 | $ | 855 | |||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 540 | 540 | |||||||||||||||||||||||||||
| Gross profit per pound of copper: | |||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4.39 | $ | 4.39 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2.76 | 2.51 | |||||||||||||||||||||||||||
| By-product credits | (0.41) | — | |||||||||||||||||||||||||||
| Treatment charges | 0.07 | 0.07 | |||||||||||||||||||||||||||
| Royalty on metals | 0.01 | 0.01 | |||||||||||||||||||||||||||
| Unit net cash costs | 2.43 | 2.59 | |||||||||||||||||||||||||||
| DD&A | 0.42 | 0.38 | |||||||||||||||||||||||||||
| Noncash and other costs, net | 0.06 | b | 0.06 | ||||||||||||||||||||||||||
| Total unit costs | 2.91 | 3.03 | |||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.10 | 0.10 | |||||||||||||||||||||||||||
| Gross profit per pound | $ | 1.58 | $ | 1.46 | |||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||
| Totals presented above | $ | 2,621 | $ | 1,523 | $ | 225 | |||||||||||||||||||||||
| Treatment charges | (36) | — | — | ||||||||||||||||||||||||||
| Royalty on metals | (3) | — | — | ||||||||||||||||||||||||||
| Noncash and other costs, net | — | 35 | — | ||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 56 | — | — | ||||||||||||||||||||||||||
| Eliminations and other | (1) | (2) | (1) | ||||||||||||||||||||||||||
| South America operations | 2,637 | 1,556 | 224 | ||||||||||||||||||||||||||
Other miningc | 13,594 | 9,218 | 885 | ||||||||||||||||||||||||||
| Corporate, other & eliminations | (2,921) | (2,736) | 25 | ||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 13,310 | $ | 8,038 | $ | 1,134 | |||||||||||||||||||||||
a.Includes silver sales of 1.6 million ounces ($34.54 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.
b.Includes charges totaling $33 million ($0.06 per pound of copper) for feasibility and optimization studies.
c.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XXII
| FREEPORT | ||||||||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||||||||||||||||||||||||
| Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs | ||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||
| (In millions) | Co-Product Method | |||||||||||||||||||||||||||||||
| By-Product Method | Copper | Gold | Silver & Othera | Total | ||||||||||||||||||||||||||||
| Revenues | $ | 935 | $ | 935 | $ | 535 | $ | 70 | $ | 1,540 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 354 | 215 | 123 | 16 | 354 | |||||||||||||||||||||||||||
| By-product credits | (605) | — | — | — | — | |||||||||||||||||||||||||||
| Treatment charges | 71 | 43 | 25 | 3 | 71 | |||||||||||||||||||||||||||
| Royalty on metals | 57 | 35 | 21 | 1 | 57 | |||||||||||||||||||||||||||
| Net cash (credits) costs | (123) | 293 | 169 | 20 | 482 | |||||||||||||||||||||||||||
| DD&A | 228 | b | 138 | 79 | 11 | 228 | ||||||||||||||||||||||||||
| Noncash and other costs, net | 300 | c | 182 | 104 | 14 | 300 | ||||||||||||||||||||||||||
| Total costs | 405 | 613 | 352 | 45 | 1,010 | |||||||||||||||||||||||||||
| Gross profit | $ | 530 | $ | 322 | $ | 183 | $ | 25 | $ | 530 | ||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 153 | 153 | ||||||||||||||||||||||||||||||
| Gold sales (thousands of recoverable ounces) | 118 | |||||||||||||||||||||||||||||||
| Gross profit per pound of copper/per ounce of gold: | ||||||||||||||||||||||||||||||||
| Revenues | $ | 6.12 | $ | 6.12 | $ | 4,529 | ||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2.30 | 1.41 | 1,040 | |||||||||||||||||||||||||||||
| By-product credits | (3.96) | — | — | |||||||||||||||||||||||||||||
| Treatment charges | 0.47 | 0.28 | 209 | |||||||||||||||||||||||||||||
| Royalty on metals | 0.38 | 0.23 | 176 | |||||||||||||||||||||||||||||
| Unit net cash (credits) costs | (0.81) | 1.92 | 1,425 | |||||||||||||||||||||||||||||
| DD&A | 1.50 | b | 0.90 | 671 | ||||||||||||||||||||||||||||
| Noncash and other costs, net | 1.96 | c | 1.19 | 880 | ||||||||||||||||||||||||||||
| Total unit costs | 2.65 | 4.01 | 2,976 | |||||||||||||||||||||||||||||
| Gross profit per pound/ounce | $ | 3.47 | $ | 2.11 | $ | 1,553 | ||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | ||||||||||||||||||||||||||||||||
| Production | ||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | ||||||||||||||||||||||||||||||
| Totals presented above | $ | 1,540 | $ | 354 | $ | 228 | ||||||||||||||||||||||||||
| Treatment charges | — | 71 | d | — | ||||||||||||||||||||||||||||
| Royalty on metals | (57) | — | — | |||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 300 | — | |||||||||||||||||||||||||||||
| Eliminations and other | — | (1) | — | |||||||||||||||||||||||||||||
| Indonesia operations | 1,483 | 724 | 228 | |||||||||||||||||||||||||||||
Other mininge | 7,564 | 5,521 | 273 | |||||||||||||||||||||||||||||
| Corporate, other & eliminations | (2,018) | (1,925) | 22 | |||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,029 | $ | 4,320 | $ | 523 | ||||||||||||||||||||||||||
a.Includes silver sales of 0.6 million ounces ($69.25 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b.Includes $79 million ($0.52 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.
c.Includes $284 million ($1.86 per pound of copper) of idle facility and restoration costs associated with the September 2025 external mud rush incident.
d.Primarily represents tolling costs paid to PT Smelting, and excludes idle facility related tolling fees that are included in noncash and other costs, net (refer to note c above).
e.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XXIII
| FREEPORT | |||||||||||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | |||||||||||||||||||||||||||||||||||
| Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs | |||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| (In millions) | Co-Product Method | ||||||||||||||||||||||||||||||||||
| By-Product Method | Copper | Gold | Silver & Othera | Total | |||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 1,953 | $ | 1,953 | $ | 1,708 | $ | 49 | $ | 3,710 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 960 | 505 | 442 | 13 | 960 | ||||||||||||||||||||||||||||||
| By-product credits | (1,765) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 88 | 46 | 41 | 1 | 88 | ||||||||||||||||||||||||||||||
| Export duties | 146 | 77 | 66 | 3 | 146 | ||||||||||||||||||||||||||||||
| Royalty on metals | 133 | 70 | 62 | 1 | 133 | ||||||||||||||||||||||||||||||
| Net cash (credits) costs | (438) | 698 | 611 | 18 | 1,327 | ||||||||||||||||||||||||||||||
| DD&A | 389 | 205 | 179 | 5 | 389 | ||||||||||||||||||||||||||||||
| Noncash and other costs, net | 78 | b | 41 | 36 | 1 | 78 | |||||||||||||||||||||||||||||
| Total costs | 29 | 944 | 826 | 24 | 1,794 | ||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | (21) | (21) | 9 | (1) | (13) | ||||||||||||||||||||||||||||||
| Gross profit | $ | 1,903 | $ | 988 | $ | 891 | $ | 24 | $ | 1,903 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 443 | 443 | |||||||||||||||||||||||||||||||||
| Gold sales (thousands of recoverable ounces) | 518 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/per ounce of gold: | |||||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4.40 | $ | 4.40 | $ | 3,290 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2.17 | 1.14 | 854 | ||||||||||||||||||||||||||||||||
| By-product credits | (3.98) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.19 | 0.11 | 77 | ||||||||||||||||||||||||||||||||
| Export duties | 0.33 | 0.17 | 128 | ||||||||||||||||||||||||||||||||
| Royalty on metals | 0.30 | 0.16 | 120 | ||||||||||||||||||||||||||||||||
| Unit net cash (credits) costs | (0.99) | 1.58 | 1,179 | ||||||||||||||||||||||||||||||||
| DD&A | 0.88 | 0.46 | 346 | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.18 | b | 0.09 | 70 | |||||||||||||||||||||||||||||||
| Total unit costs | 0.07 | 2.13 | 1,595 | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | (0.05) | (0.05) | 26 | ||||||||||||||||||||||||||||||||
| Gross profit per pound/ounce | $ | 4.28 | $ | 2.22 | $ | 1,721 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 3,710 | $ | 960 | $ | 389 | |||||||||||||||||||||||||||||
| Treatment charges | (2) | 86 | c | — | |||||||||||||||||||||||||||||||
| Export duties | (146) | — | — | ||||||||||||||||||||||||||||||||
| Royalty on metals | (133) | — | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 78 | — | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | (13) | — | — | ||||||||||||||||||||||||||||||||
| Other | 1 | — | — | ||||||||||||||||||||||||||||||||
| Indonesia operations | 3,417 | 1,124 | 389 | ||||||||||||||||||||||||||||||||
Other miningd | 5,674 | 4,594 | 265 | ||||||||||||||||||||||||||||||||
| Corporate, other & eliminations | (1,509) | (1,436) | 14 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,582 | $ | 4,282 | $ | 668 | |||||||||||||||||||||||||||||
a.Includes silver sales of 1.1 million ounces ($34.47 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b.Includes charges totaling $58 million ($0.13 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities and $7 million ($0.02 per pound of copper) for remediation costs related to the October 2024 incident at PTFI’s smelter.
c.Primarily represents tolling costs paid to PT Smelting.
d.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XXIV
| FREEPORT | ||||||||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||||||||||||||||||||||||
| Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs | ||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||
| (In millions) | Co-Product Method | |||||||||||||||||||||||||||||||
| By-Product Method | Copper | Gold | Silver & Othera | Total | ||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 1,420 | $ | 1,420 | $ | 1,100 | $ | 134 | $ | 2,654 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 593 | 317 | 246 | 30 | 593 | |||||||||||||||||||||||||||
| By-product credits | (1,236) | — | — | — | — | |||||||||||||||||||||||||||
| Treatment charges | 121 | 65 | 50 | 6 | 121 | |||||||||||||||||||||||||||
| Royalty on metals | 108 | 60 | 45 | 3 | 108 | |||||||||||||||||||||||||||
| Net cash (credits) costs | (414) | 442 | 341 | 39 | 822 | |||||||||||||||||||||||||||
| DD&A | 422 | b | 226 | 175 | 21 | 422 | ||||||||||||||||||||||||||
| Noncash and other costs, net | 722 | c | 386 | 299 | 37 | 722 | ||||||||||||||||||||||||||
| Total costs | 730 | 1,054 | 815 | 97 | 1,966 | |||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 8 | 8 | 2 | — | 10 | |||||||||||||||||||||||||||
| Gross profit | $ | 698 | $ | 374 | $ | 287 | $ | 37 | $ | 698 | ||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 235 | 235 | ||||||||||||||||||||||||||||||
| Gold sales (thousands of recoverable ounces) | 234 | |||||||||||||||||||||||||||||||
| Gross profit per pound of copper/per ounce of gold: | ||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 6.04 | $ | 6.04 | $ | 4,709 | ||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2.52 | 1.35 | 1,052 | |||||||||||||||||||||||||||||
| By-product credits | (5.26) | — | — | |||||||||||||||||||||||||||||
| Treatment charges | 0.52 | 0.28 | 215 | |||||||||||||||||||||||||||||
| Royalty on metals | 0.46 | 0.25 | 193 | |||||||||||||||||||||||||||||
| Unit net cash (credits) costs | (1.76) | 1.88 | 1,460 | |||||||||||||||||||||||||||||
| DD&A | 1.79 | b | 0.96 | 748 | ||||||||||||||||||||||||||||
| Noncash and other costs, net | 3.07 | c | 1.64 | 1,281 | ||||||||||||||||||||||||||||
| Total unit costs | 3.10 | 4.48 | 3,489 | |||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.03 | 0.03 | 5 | |||||||||||||||||||||||||||||
| Gross profit per pound/ounce | $ | 2.97 | $ | 1.59 | $ | 1,225 | ||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | ||||||||||||||||||||||||||||||||
| Production | ||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | ||||||||||||||||||||||||||||||
| Totals presented above | $ | 2,654 | $ | 593 | $ | 422 | ||||||||||||||||||||||||||
| Treatment charges | (2) | 119 | d | — | ||||||||||||||||||||||||||||
| Royalty on metals | (108) | — | — | |||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 722 | — | |||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 10 | — | — | |||||||||||||||||||||||||||||
| Eliminations and other | 1 | — | — | |||||||||||||||||||||||||||||
| Indonesia operations | 2,555 | 1,434 | 422 | |||||||||||||||||||||||||||||
Other mininge | 14,640 | 10,732 | 573 | |||||||||||||||||||||||||||||
| Corporate, other & eliminations | (3,932) | (3,781) | 42 | |||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 13,263 | $ | 8,385 | $ | 1,037 | ||||||||||||||||||||||||||
a.Includes silver sales of 1.1 million ounces ($76.66 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b.Includes $172 million ($0.73 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.
c.Includes $690 million ($2.93 per pound of copper) of idle facility and restoration costs associated with the September 2025 external mud rush incident.
d.Primarily represents tolling costs paid to PT Smelting, and excludes idle facility related tolling fees that are included in noncash and other costs, net (refer to note c above).
e.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XXV
| FREEPORT | |||||||||||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | |||||||||||||||||||||||||||||||||||
| Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| (In millions) | Co-Product Method | ||||||||||||||||||||||||||||||||||
| By-Product Method | Copper | Gold | Silver & Othera | Total | |||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 3,190 | $ | 3,190 | $ | 2,101 | $ | 70 | $ | 5,361 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 1,392 | 828 | 546 | 18 | 1,392 | ||||||||||||||||||||||||||||||
| By-product credits | (2,188) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 144 | 86 | 56 | 2 | 144 | ||||||||||||||||||||||||||||||
| Export duties | 202 | 119 | 79 | 4 | 202 | ||||||||||||||||||||||||||||||
| Royalty on metals | 199 | 118 | 80 | 1 | 199 | ||||||||||||||||||||||||||||||
| Net cash (credits) costs | (251) | 1,151 | 761 | 25 | 1,937 | ||||||||||||||||||||||||||||||
| DD&A | 575 | 342 | 225 | 8 | 575 | ||||||||||||||||||||||||||||||
| Noncash and other costs, net | 175 | b | 104 | 69 | 2 | 175 | |||||||||||||||||||||||||||||
| Total costs | 499 | 1,597 | 1,055 | 35 | 2,687 | ||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 19 | 19 | 16 | 1 | 36 | ||||||||||||||||||||||||||||||
| Gross profit | $ | 2,710 | $ | 1,612 | $ | 1,062 | $ | 36 | $ | 2,710 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 733 | 733 | |||||||||||||||||||||||||||||||||
| Gold sales (thousands of recoverable ounces) | 643 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/per ounce of gold: | |||||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4.35 | $ | 4.35 | $ | 3,260 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 1.90 | 1.13 | 848 | ||||||||||||||||||||||||||||||||
| By-product credits | (2.98) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.19 | 0.12 | 87 | ||||||||||||||||||||||||||||||||
| Export duties | 0.28 | 0.16 | 123 | ||||||||||||||||||||||||||||||||
| Royalty on metals | 0.27 | 0.16 | 125 | ||||||||||||||||||||||||||||||||
| Unit net cash (credits) costs | (0.34) | 1.57 | 1,183 | ||||||||||||||||||||||||||||||||
| DD&A | 0.78 | 0.47 | 350 | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.24 | b | 0.14 | 107 | |||||||||||||||||||||||||||||||
| Total unit costs | 0.68 | 2.18 | 1,640 | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.03 | 0.03 | 31 | ||||||||||||||||||||||||||||||||
| Gross profit per pound/ounce | $ | 3.70 | $ | 2.20 | $ | 1,651 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 5,361 | $ | 1,392 | $ | 575 | |||||||||||||||||||||||||||||
| Treatment charges | (9) | 135 | c | — | |||||||||||||||||||||||||||||||
| Export duties | (202) | — | — | ||||||||||||||||||||||||||||||||
| Royalty on metals | (199) | — | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 175 | — | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 36 | — | — | ||||||||||||||||||||||||||||||||
| Indonesia operations | 4,987 | 1,702 | 575 | ||||||||||||||||||||||||||||||||
Other miningd | 11,244 | 9,072 | 534 | ||||||||||||||||||||||||||||||||
| Corporate, other & eliminations | (2,921) | (2,736) | 25 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 13,310 | $ | 8,038 | $ | 1,134 | |||||||||||||||||||||||||||||
a.Includes silver sales of 1.5 million ounces ($33.78 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b.Includes charges totaling (i) $102 million ($0.14 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, (ii) $30 million ($0.04 per pound of copper) for remediation costs related to the October 2024 incident at PTFI’s smelter and (iii) $24 million ($0.03 per pound of copper) related to the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities.
c.Primarily represents tolling costs paid to PT Smelting.
d.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X.
XXVI
| FREEPORT | ||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||||||||||||||||||
| Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||||||||||||||||||
| Three Months Ended June 30, | ||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | ||||||||||||||||||||||||
Revenues, excluding adjustmentsa | $ | 211 | $ | 189 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 138 | 122 | ||||||||||||||||||||||||
| Treatment charges and other | 7 | 9 | ||||||||||||||||||||||||
| Net cash costs | 145 | 131 | ||||||||||||||||||||||||
| DD&A | 22 | 26 | ||||||||||||||||||||||||
| Noncash and other costs, net | 13 | b | 6 | |||||||||||||||||||||||
| Total costs | 180 | 163 | ||||||||||||||||||||||||
| Gross profit | $ | 31 | $ | 26 | ||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 8 | 9 | ||||||||||||||||||||||||
| Gross profit per pound of molybdenum: | ||||||||||||||||||||||||||
Revenues, excluding adjustmentsa | $ | 27.82 | $ | 20.52 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 18.19 | 13.20 | ||||||||||||||||||||||||
| Treatment charges and other | 1.01 | 1.00 | ||||||||||||||||||||||||
| Unit net cash costs | 19.20 | 14.20 | ||||||||||||||||||||||||
| DD&A | 2.83 | 2.83 | ||||||||||||||||||||||||
| Noncash and other costs, net | 1.76 | b | 0.64 | |||||||||||||||||||||||
| Total unit costs | 23.79 | 17.67 | ||||||||||||||||||||||||
| Gross profit per pound | $ | 4.03 | $ | 2.85 | ||||||||||||||||||||||
| Reconciliation to Amounts Reported | ||||||||||||||||||||||||||
| Production | ||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | Revenues | and Delivery | DD&A | |||||||||||||||||||||||
| Totals presented above | $ | 211 | $ | 138 | $ | 22 | ||||||||||||||||||||
| Treatment charges and other | (7) | — | — | |||||||||||||||||||||||
| Noncash and other costs, net | — | 13 | — | |||||||||||||||||||||||
| Molybdenum mines | 204 | 151 | 22 | |||||||||||||||||||||||
Other miningc | 8,843 | 6,094 | 479 | |||||||||||||||||||||||
| Corporate, other & eliminations | (2,018) | (1,925) | 22 | |||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,029 | $ | 4,320 | $ | 523 | ||||||||||||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||
| Totals presented above | $ | 189 | $ | 122 | $ | 26 | ||||||||||||||||||||
| Treatment charges and other | (9) | — | — | |||||||||||||||||||||||
| Noncash and other costs, net | — | 6 | — | |||||||||||||||||||||||
| Molybdenum mines | 180 | 128 | 26 | |||||||||||||||||||||||
Other miningc | 8,911 | 5,590 | 628 | |||||||||||||||||||||||
| Corporate, other & eliminations | (1,509) | (1,436) | 14 | |||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,582 | $ | 4,282 | $ | 668 | ||||||||||||||||||||
a.Reflects sales of the Molybdenum mines’ production to FCX’s molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third parties; as a result, FCX’s consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.
b.Includes charges totaling $7 million ($0.90 per pound of molybdenum) for inventory write-offs.
c.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X. Also includes amounts associated with FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.
XXVII
| FREEPORT | ||||||||||||||||||||||||||
| PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||||||||||||||||||
| Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | ||||||||||||||||||||||||
Revenues, excluding adjustmentsa | $ | 432 | $ | 375 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 267 | 238 | ||||||||||||||||||||||||
| Treatment charges and other | 16 | 18 | ||||||||||||||||||||||||
| Net cash costs | 283 | 256 | ||||||||||||||||||||||||
| DD&A | 46 | 52 | ||||||||||||||||||||||||
| Noncash and other costs, net | 20 | b | 12 | |||||||||||||||||||||||
| Total costs | 349 | 320 | ||||||||||||||||||||||||
| Gross profit | $ | 83 | $ | 55 | ||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 17 | 18 | ||||||||||||||||||||||||
| Gross profit per pound of molybdenum: | ||||||||||||||||||||||||||
Revenues, excluding adjustmentsa | $ | 26.42 | $ | 20.43 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 16.33 | 12.95 | ||||||||||||||||||||||||
| Treatment charges and other | 0.98 | 1.01 | ||||||||||||||||||||||||
| Unit net cash costs | 17.31 | 13.96 | ||||||||||||||||||||||||
| DD&A | 2.82 | 2.83 | ||||||||||||||||||||||||
| Noncash and other costs, net | 1.22 | b | 0.63 | |||||||||||||||||||||||
| Total unit costs | 21.35 | 17.42 | ||||||||||||||||||||||||
| Gross profit per pound | $ | 5.07 | $ | 3.01 | ||||||||||||||||||||||
| Reconciliation to Amounts Reported | ||||||||||||||||||||||||||
| Production | ||||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | Revenues | and Delivery | DD&A | |||||||||||||||||||||||
| Totals presented above | $ | 432 | $ | 267 | $ | 46 | ||||||||||||||||||||
| Treatment charges and other | (16) | — | — | |||||||||||||||||||||||
| Noncash and other costs, net | — | 20 | — | |||||||||||||||||||||||
| Molybdenum mines | 416 | 287 | 46 | |||||||||||||||||||||||
Other miningc | 16,779 | 11,879 | 949 | |||||||||||||||||||||||
| Corporate, other & eliminations | (3,932) | (3,781) | 42 | |||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 13,263 | $ | 8,385 | $ | 1,037 | ||||||||||||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||
| Totals presented above | $ | 375 | $ | 238 | $ | 52 | ||||||||||||||||||||
| Treatment charges and other | (18) | — | — | |||||||||||||||||||||||
| Noncash and other costs, net | — | 12 | — | |||||||||||||||||||||||
| Molybdenum mines | 357 | 250 | 52 | |||||||||||||||||||||||
Other miningc | 15,874 | 10,524 | 1,057 | |||||||||||||||||||||||
| Corporate, other & eliminations | (2,921) | (2,736) | 25 | |||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 13,310 | $ | 8,038 | $ | 1,134 | ||||||||||||||||||||
a.Reflects sales of the Molybdenum mines’ production to FCX’s molybdenum sales company at market-based pricing. On a consolidated basis,je realizations are based on the actual contract terms for sales to third parties; as a result, FCX’s consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.
b.Includes charges totaling $7 million ($0.42 per pound of molybdenum) for inventory write-offs.
c.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page X. Also includes amounts associated with FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.
XXVIII
All Operating Sites fcx.com FCX Conference Call 2nd Quarter 2026 Results July 23, 2026
Cautionary Statement 2 This presentation contains forward-looking statements in which FCX discusses its potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; restoration and remediation efforts, and phased restart and ramp-up of production and downstream processing following the September 2025 external mud rush incident at PT Freeport Indonesia’s (PTFI) Grasberg Block Cave (GBC) underground mine and the anticipated impact on FCX’s bus iness, production, sales, results of operations and operating plans; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; the life of resource extension of operating rights in the Grasberg minerals district, including the extension of PTFI’s special mining business license (IUPK) beyond 2041; timing of shipments of inventoried production; FCX’s sustainability- related commitments, aspirations and targets; FCX’s overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; achievement of FCX’s 2030 climate targets and its 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities and investment decisions; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of FCX’s financial policy and future returns to common stockholders, including dividend payments (base or variable) and share repurchases. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “future,” “commitments,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration and payment of dividends (base or variable), and timing and amount of any share repurchases are at the discretion of the Board of Directors (Board) and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by the Board or management, as applicable. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion. FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX’s actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities FCX produces, primarily copper and gold; changes in export duties and tariff rates; production rates; timing of shipments and sales; reduced customer demand or capacity; changes in the terms of arrangements or contracts; PTFI’s ability to repair mud rush incident-related damage, implement enhanced operating procedures, safely restart with a phased ramp-up and achieve full operating rates of production and downstream processing on the expected timeline and optimize production plans; resolve force majeure declarations and maintain relationships with commercial counterparties; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in cash requirements, financial position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or industry conditions, including market volatility regarding trade policies and tariff uncertainty; reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations, including the ability to smelt and refine or inventory; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PTFI’s IUPK to extend mining rights from 2031 through 2041; delays in Indonesia government approvals or failure to obtain Indonesia government approval, including on the agreed upon terms of the Memorandum of Understanding (MOU) that FCX and PTFI entered into with the Indonesia government and relating to the amendment to the IUPK to extend PTFI’s operating rights beyond 2041; delays in consummating the terms of the MOU, including entering into any definitive agreements; cybersecurity risks; any major public health crisis; labor relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; impacts, expenses or results from litigation or investigations; tailings management; FCX’s ability to comply with its responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading “Risk Factors” in FCX’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Investors are cautioned that many of the assumptions upon which FCX’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX undertakes no obligation to update any forward-looking statements, which are as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes. Estimates of mineral reserves and mineral resources are subject to considerable uncertainty. Such estimates are, to a large extent, based on metal prices for the commodities we produce and interpretations of geologic data, which may not necessarily be indicative of future results or quantities ultimately recovered. This presentation also includes forward-looking statements regarding mineral resources not included in proven and probable mineral reserves. A mineral resource, which includes measured, indicated and inferred mineral resources, is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material modifying factors. This presentation also includes forward-looking statements regarding mineral potential, which includes exploration targets and mineral resources but will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Significant additional evaluation is required and no assurance can be given that the potential quantities of metal will be produced. Accordingly, no assurance can be given that estimated mineral resources or mineral potential will become proven and probable mineral reserves. This presentation also contains measures such as unit net cash costs (credits) per pound of copper and molybdenum, net debt and Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and accretion), which are not recognized under U.S. generally accepted accounting principles (GAAP). FCX’s calculation and reconciliation of unit net cash costs (credits) per pound of copper and molybdenum and net debt to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of FCX’s 2Q26 press release, which is available on FCX’s website, fcx.com. A reconciliation of amounts reported in FCX’s consolidated financial statements to Adjusted EBITDA is included on slide 28. For forward-looking unit net cash costs (credits) per pound of copper and molybdenum measures, FCX is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods, and the information needed to reconcile these measures is dependent upon future events, many of which are outside of FCX’s control as described above. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.
Highlights 3 • Strong margins and cash flows • 2Q26 copper sales volumes and unit net cash costs favorable to April estimates • Grasberg Block Cave ramp-up met expectations and is progressing on schedule • 1H26 U.S. copper mining operating income up ~2.4x vs. 1H25 • Advanced organic copper growth: innovative leach and technology initiatives and brownfield expansion progressing • Purchased additional shares in Cerro Verde • 2 million shares at cost of ~$107 mm • Increased ownership to 55.66% from 55.08% • Returned $0.6 bn to shareholders in 1H26, including $0.2 bn of share purchases* • Strong financial position and positive operational and market outlook Key Stats 2Q26 1H26 Copper Sales (mm lbs) 710 1,367 Gold Sales (k ozs) 123 244 Copper Realization ($/lb) $6.17 $6.04 Gold Realization ($/oz) $4,520 $4,704 Unit Net Cash Costs ($/lb) $1.97 $1.94 Operating Cash Flow CAPEX $2.1 (3) $3.5 (2) 1H26 ($ bns) (1) A reconciliation of amounts reported in FCX’s consolidated financial statements to Adjusted EBITDA is included on slide 28. (2) Cash used for working capital totaled $0.6 bn for 2Q26 and $0.5 bn for 1H26. (3) Major projects totaled $0.7 bn in 2Q26 and $1.3 bn in 1H26. NOTE: Refer to non-GAAP disclosure on slide 2. $5.4 (1) Adjusted EBITDA $1.1 (3) $2.0 (2) 2Q26 ($ bns) $2.9 (1) Operating Cash Flow CAPEXAdjusted EBITDA * Share purchases included 3.4 mm shares for average cost of $59.30/share.
Pursuing Value For All Stakeholders 2026 Focus Areas 4 Leach Initiative Targeting annual run rate of ~300 mm lbs by YE26 and further define path to ~800 mm lbs per annum by 2030 Innovation Deploy technologies to strengthen long-term cost competitiveness in the Americas and unlock significant value Future Growth Advance major growth options in long-lived copper districts at Bagdad, El Abra and Safford/Lone Star Execution Deliver on operating plans across all sites and safely and sustainably restore Grasberg mining and smelting operations
Copper – Metal of Electrification • LME and COMEX copper prices up YTD • Global demand growth driven by key secular trends including electric-grid investment, EVs, data centers, and defense spending – China demand supported by robust grid spending and manufacturing for exports • Warehouse exchange inventories outside U.S. experiencing tightness • Long-term fundamentals supported by secular trends at time of limited supply growth Over 65% of the world’s copper is used in applications that deliver electricity* 5 Technology • Demand expected to benefit from advances in AI, communications and expanding connectivity Infrastructure • Backbone of construction, urbanization and energy infrastructure • Superior electrical and thermal conductivity of any industrial metal Transportation • Essential material component of electric vehicles / hybrids • Used in electric motors, batteries, inverters, wiring and charging stations * Source: internationalcopper.org
Operations Update 6 • Copper sales in 1H26 +4% vs. 1H25 • Ongoing focus on increasing volumes, improving run times • Morenci mine rate in 2Q26 up 30% compared to average over last 5 years • Advancing growth o Leach initiatives ̶ Deploying initial internally generated additives ̶ Additional additives scheduled in 2027 ̶ Morenci heat trials in progress o Bagdad expansion advancing towards investment decision • Strong performance at Cerro Verde despite mine sequencing constraints in 2Q • Leach initiatives: heat trials at El Abra expected to commence in 2H26 • Advancing EIS process with Chilean regulatory authorities for major expansion at El Abra • Steady progress in phased ramp-up and achieved planned operating rates • Material handling system upgrades at GBC advancing on schedule • Continue to advance activities for future restart of PB 1S • Submitted formal license application in June 2026 for Grasberg extension following completed MOU NOTE: Refer to non-GAAP disclosure on slide 2. United States South America Indonesia Cu Sales: 312 mm lbs Unit Net Cash Costs: $2.94/lb Cu Sales: 245 mm lbs Unit Net Cash Costs: $2.48/lb Cu Sales: 153 mm lbs Au Sales: 118 k ozs Unit Net Cash Credits: $0.81/lb* * Excludes idle facility and restoration costs associated with mud rush incident at PTFI. 34 55 69 April May June GBC Mining Rate (000’s t/d)
Robust Project Pipeline Update 7 El Abra Expansion Chile Safford/Lone Star Expansions Arizona Grasberg District Indonesia Bagdad Expansion Arizona New Leach Technologies Americas • Achieved run rate of ~240 mm lbs/yr YE25 • Targeting run rate of ~300 mm lbs/yr by YE26 • New additives combined with heating stockpiles showing potential for building scale • Driving innovation toward ~800 mm lbs/yr by 2030 • Expected to add 200-250 mm lbs of copper and 10-12 mm lbs of moly per year • Capital cost estimates being finalized taking into account current estimates for materials, equipment and labor • Potential investment decision in 2H26 • 3-4 yr construction • Substantial resource • Pre-feasibility study expected in 2026 • Targeting incremental addition of 300-400 mm lbs/yr beginning in 2030s • Kucing Liar project in development, 130k t/d expansion - Ramp-up anticipated to commence in 2030 timeframe - 750 mm lbs Cu & 735k oz Au per annum at full rate to sustain large-scale production • License extension would provide growth opportunities over life of resource • Submitted EIS in March 2026 • ~2-3-yr permitting process • ~4-yr construction • Potential start-up in 2033 timeframe • Targeting incremental production of +700 mm lbs of copper and 10 mm lbs of moly per year Low capital intensity 2023 estimate: ~$3.5 billion incremental (under review) Updated est. in 2026 indicates ~30% above 2023 est. Incentive Price: ~$4/lb Developing estimate ~$4 billion remaining for Kucing Liar ~$1.4 billion incurred to date ~$7.5 billion (2024 estimate) Excludes $2 billion for extension of leach operations Incentive Price: <$4/lb ANTICIPATED CAPITAL INVESTMENT
Freeport ̶ America’s Copper Champion 8 • Valuable U.S. franchise with long-standing history in U.S. dating back to late 1800s • Dominant U.S. copper producer; Operations account for ~70% of total U.S. refined production • One of the largest U.S. copper resource positions • Entering a period of potential brownfield growth Upstream copper mines with SX/EW facilities Downstream smelting and refining facilities EL PASO Copper Refinery and Rod Mill CHINO TYRONE MORENCI BAGDAD SAFFORD/LONE STAR SIERRITA MIAMI Mine, Copper Rod Plant & Smelter Fully integrated operations in Southwest U.S. ARIZONA NEW MEXICO TEXAS Driving Value Through Innovative Growth & Cost Reduction Annual Copper Production Potential for ~60% Increase (bns of lbs) ~2 1.25 U.S. Base Production Base Leach Initiatives Bagdad 2X 2024 2030e Target e = estimate
Gold Sales (million ozs)(billion lbs) Copper Sales Annual Sales Profile July 2026 Estimate 9 NOTE: Consolidated copper sales include 1.11 bn lbs in 2025, 0.81 bn lbs in 2026e, 1.13 bn lbs in 2027e and 1.27 bn lbs in 2028e for noncontrolling interests; excludes purchased copper. Estimates are dependent on operational performance; the ramp-up of the GBC underground mine at PTFI; weather-related conditions; timing of shipments and other factors. Additionally, 2026e assumes deferrals of ~100 mm lbs of copper related to inventory held at PTFI’s smelting operations. e = estimate. NOTE: Consolidated gold sales include 538k ozs in 2025, 330k ozs in 2026e, 512k ozs in 2027e and 615k ozs in 2028e for noncontrolling interests. Estimates are dependent on operational performance; the ramp-up of the GBC underground mine at PTFI; weather- related conditions; timing of shipments and other factors. Additionally, 2026e assumes deferrals of ~50k ozs of gold related to inventory held at PTFI’s smelting operations. (million lbs) Moly Sales 0 1 2 3 4 5 2025 2026e 2027e 2028e 3.6 3.1 3.8 4.1 0 25 50 75 100 2025 2026e 2027e 2028e 83 93 85 95 0 1 2 2025 2026e 2027e 2028e 1.07 0.65 1.0 1.2
EBITDA and Cash Flow at Various Copper Prices Assuming $4,000/oz gold, $30/lb molybdenum 10 NOTE: Refer to non-GAAP disclosure on slide 2. EBITDA excludes idle facility and restoration costs associated with the mud rush incident at PTFI. e = estimate. (1) U.S. Dollar Exchange Rates: 914 Chilean peso, 17,000 Indonesian rupiah, $0.70 Australian dollar, $1.15 euro, 3.47 Peruvian sol base case assumption. Each +10% equals a 10% strengthening of the U.S. dollar; a strengthening of the U.S. dollar against forecasted expenditures in these foreign currencies equates to a cost benefit of noted amounts. ($ in bns except copper, gold and molybdenum prices) Operating Cash Flow Excludes working capital changes EBITDA Sensitivities Average ’27e/’28e (US$ in mms) EBITDA Operating Cash Flow Copper +/-$0.10/lb $300 Molybdenum +/-$1.00/lb $ 80 Gold +/-$100/oz $ 70 Currencies (1) +/-10% $180 Diesel +/-10% $ 85 Copper +/-$0.10/lb $390 Molybdenum +/-$1.00/lb $ 85 Gold +/-$100/oz $105 Currencies (1) +/-10% $250 Diesel +/-10% $120 $0 $5 $10 $15 $20 Cu $5.00/lb Cu $6.00/lb Cu $7.00/lb ’27e/’28e Avg $0 $6 $12 $18 $24 Cu $5.00/lb Cu $6.00/lb Cu $7.00/lb ’27e/’28e Avg
Consolidated Capital Expenditures 2025 2026e 2027e Major Projects (1) Excludes $0.6 bn in CAPEX for PTFI’s downstream processing facilities. (2) Planned projects primarily include CAPEX associated with Grasberg underground development, supporting mill and power capital costs, a portion of spending on the new gas-fired combined cycle facility, and a leaching project at El Abra. NOTE: Amounts include capitalized interest. Discretionary CAPEX will be excluded from the available cash flow calculation for purposes of the performance-based payout framework. e= estimate. $1.6 $0.9 Planned (2) Discretionary $1.4 $3.9 Other Other $1.7 Planned (2) Discretionary $4.8 Other $1.3 $1.4 $1.6 $4.3 47% 39% 14% Grasberg Energy Transition & Other Atlantic Copper CirCular 2027e Projected Discretionary Spending by Project 2026e ($ in bns) 11 42% 42% 16% (1) Planned (2) Discretionary $1.2 $1.9 Kucing Liar Bagdad Early Works
12 Cash Returns to Shareholders Invest in Value Enhancing Organic Growth Opportunities Maintain Strong Balance Sheet • Prioritize balance sheet as cornerstone of financial policy o Investment grade rated by S&P, Moody’s and Fitch o Maintain net debt, excluding downstream projects, below $3-4 bn threshold (1) o Net debt, excluding Indonesia downstream projects, at 6/30/26: $2.1 bn (1) • ~50% of available cash flow to be returned to shareholders(2) o $6.3 bn distributed since 6/30/21 • ~50% available to advance organic growth opportunities PRIORITIES Financial Policy: Performance-Based Payout Framework (1) Net debt equals consolidated debt less consolidated cash and cash equivalents. Net debt at 6/30/26 excludes $3.2 bn of debt associated with PTFI’s downstream processing facilities. (2) Available cash flow equals available cash flows generated after planned capital spending (excluding PTFI’s downstream processing facilities funded with debt and discretionary CAPEX) and distributions to noncontrolling interests. (3) FCX has acquired 55.4 mm shares of its common stock for a total cost of $2.2 bn ($39.80 avg. cost per share) under its share repurchase program since November 2021, including 3.4 mm shares for a total of $203 mm ($59.30 avg. cost per share) in 1H26. NOTE: Refer to non-GAAP disclosure on slide 2. Base Dividend 34% Variable Dividend 31% Share Repurchases(3) 35%
Significant Gold Producer Organic Growth Pipeline Strong Global Leader with Valuable U.S. Franchise Leadership Position in Critical Metal Large-Scale Producer Freeport – Store of Value 13
Reference Slides
Financial Highlights 15 Copper Consolidated Volumes, excluding purchases (mm lbs) 710 1,016 Average Realization (per lb) $ 6.17 $ 4.54 Site Production & Delivery Costs (per lb) $ 3.28 $ 2.71 Unit Net Cash Costs (per lb) $ 1.97 $ 1.13 Gold Consolidated Volumes (000’s ozs) 123 522 Average Realization (per oz) $4,520 $3,291 Molybdenum Consolidated Volumes (mm lbs) 25 22 Average Realization (per lb) $28.75 $21.10 2Q26 (1) Excludes idle facility and restoration costs associated with mud rush incident at PTFI. (2) Cash used for working capital, including tax payments, totaled $0.6 bn in 2Q26 and <$0.1 bn in 2Q25. (3) Includes $3.2 bn of debt associated with PTFI’s downstream processing facilities. NOTE: Refer to non-GAAP disclosure on slide 2. Revenues $ 7.0 $ 7.6 Net Income Attributable to Common Stock $ 1.0 $ 0.8 Diluted Net Income Per Share $ 0.68 $ 0.53 Operating Cash Flows $ 2.0 $ 2.2 Capital Expenditures $ 1.1 $ 1.3 Total Debt $ 9.4 $ 9.3 Cash and Cash Equivalents $ 4.1 $ 4.5 (in billions, except per share amounts) | Sales Data | Financial Results 2Q25 (3) (1) (2) (1)
2Q26 Mining Operating Summary 16 (1) Silver sales totaled 0.4 mm ozs in 2Q26 and 0.5 mm ozs in 2Q25. Also includes molybdenum sales of 5 mm lbs in 2Q26 and 4 mm lbs in 2Q25 from South America. (2) Silver sales totaled 0.8 mm ozs in 2Q26 and 2Q25. (3) Silver sales totaled 0.6 mm ozs in 2Q26 and 1.1 mm ozs in 2Q25. (4) Excludes idle facility and restoration costs associated with the mud rush incident at PTFI. (5) Treatment charges reflect costs from PTFI’s downstream operations and do not reflect market TC/RC rates. In addition, these treatment charges do not reflect the significant offsets in revenue and by-product credits associated with incremental metals and sulfuric acid produced by PTFI’s downstream operations. NOTE: Refer to non-GAAP disclosure on slide 2. Site Production & Delivery, excl. adjs. $3.71 $3.33 $2.30 $3.28 By-product Credits (0.92) (0.90) (3.96) (1.57) Treatment Charges 0.15 0.04 0.47 0.18 Royalties - 0.01 0.38 0.08 Unit Net Cash Costs (Credits) $2.94 $2.48 $(0.81) $1.97 United South States America Indonesia Consolidated (per lb of Cu)2Q26 Unit Net Cash Costs (Credits) United States 2225 (1) 308312 2Q26 2Q25 Indonesia 443 153 518 118 South America 245 265 Sales From Mines by Region 2Q26 2Q25 2Q26 2Q25 2Q26 2Q252Q26 2Q25 (2) Au k ozs Mo mm lbs Cu mm lbs (4) (4) (3) (4,5) (4)
Strong Balance Sheet and Liquidity Attractive Debt Maturity Profile 17 $0 $2 $4 $6 $8 2026 2027 2028 2029 2030 2031 Thereafter (US$ bns) $4.8 5.40% & 5.45% Sr. Notes and FMC Sr. Notes PTFI Revolver $ 0.3 FCX/FMC Senior Notes/Other 6.1 PTFI Senior Notes 3.0 Total Debt $ 9.4 Cons. Cash and Cash Equivalents $ 4.1 Net Debt (1) $ 5.3 Net Debt/Adjusted EBITDA(2) 0.5x $ - at 6/30/26Total Debt & Cash $1.3 (3) 5.00% Sr. Notes & FMC Sr. Notes 4.763% PTFI Sr. Notes 5.315% & 6.2% PTFI Sr. Notes Significant liquidity ▪ $4.1 bn in consolidated cash and cash equiv. ▪ $3.0 bn in availability under FCX credit facility ▪ $1.5 bn in availability under PTFI credit facility ▪ $350 mm in availability under Cerro Verde credit facility 4.125% & 4.375% Sr. Notes $1.2 $0.5 5.25% Sr. Notes 4.25% & 4.625% Sr. Notes $1.0 PTFI Revolver (1) Includes $3.2 bn of debt associated with PTFI’s downstream processing facilities. (2) Trailing 12-months. (3) For purposes of this schedule, maturities of uncommitted lines of credit and other short-term lines are included in FCX’s revolver balance, which matures in 2031. NOTE: Refer to non-GAAP disclosure on slide 2. $0.6 FMC Sr. Notes and Other
2026e Outlook 18 (1) Excludes $1.2 bn in 2026e and $0.3 bn in 3Q26e for projected idle facility and restoration costs associated with the mud rush incident at PTFI. (2) Assumes average prices of $4,000/oz gold (each $100/oz change equals $0.02/lb) and $30/lb molybdenum (each $2/lb change equals $0.03/lb) for 2H26e. (3) For 2H26e each $100/oz change in gold is estimated to have an approximate $40 mm impact and each $2/lb change in molybdenum is estimated to have an approximate $45 mm impact. (4) Major projects CAPEX includes $1.4 bn for planned projects and $1.6 bn of discretionary projects. NOTE: Projected copper and gold sales and unit net cash costs are dependent on operational performance; the ramp-up of PTFI’s GBC underground mine; changes in energy costs and other consumables; weather-related conditions; timing of shipments and other factors. e = estimate. Refer to non-GAAP disclosure on slide 2. • Copper: 3.1 billion lbs • Gold: 0.65 million ozs • Molybdenum: 93 million lbs • Site prod. & delivery(1) o 2026e: $3.23/lb o 3Q26e: $3.31/lb • After by-product credits(1,2) o 2026e: $1.90/lb o 3Q26e: $2.00/lb • $4.3 billion o $3.0 billion for major projects(4) o $1.3 billion for other projects • ~$8.3 billion @ $6.00/lb copper for 2H26e • Each 10¢/lb change in copper for 2H26e = $150 million impact Sales Outlook Unit Net Cash Cost of Copper Operating Cash Flows (2,3) Capital Expenditures
2026e Operational Data By Region 19 by Region2026e Sales (2) 1,022 93 1,360 675 654 (3) United States IndonesiaSouth America (per lb of Cu) Site Production & Delivery $3.65 $3.29 (5) $2.30 $3.23 By-product Credits (0.82) (0.77) (4.39) (1.59) Treatment Charges 0.13 0.03 0.47 0.17 Royalties - 0.01 0.40 0.09 Unit Net Cash Costs / (Credits) $2.96 $2.56 $(1.22) $1.90 2026e Unit Net Cash Costs / (Credits) (1,4) United South States America Indonesia Consolidated NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate. (6,7) Au k ozs Mo mm lbs Cu mm lbs Cu mm lbs Cu mm lbs (1) Projected sales volumes and unit net cash costs (credits) are dependent on operational performance; the ramp-up of PTFI’s GBC underground mine; changes in energy costs and other consumables; weather-related conditions; timing of shipments and other factors. (2) Includes molybdenum produced in South America. (3) Includes gold produced in U.S. (4) Estimates assume average prices of $4,000/oz gold and $30/lb molybdenum for 2H26e. Quarterly unit costs will vary significantly with quarterly metal sales volumes. (5) Production costs include profit sharing in South America. (6) Excludes idle facility and restoration costs associated with the mud rush incident at PTFI. (7) Treatment charges reflect costs from PTFI’s downstream operations and do not reflect market TC/RC rates. In addition, these treatment charges do not reflect the significant offsets ($0.52/lb in 2026e) in revenue and by-product credits associated with incremental metals and sulfuric acid produced by PTFI’s downstream operations. (6) (6) (6) (1)
2026e Quarterly Sales 20e = estimate (million lbs) Moly Sales Gold Sales (000’s ozs) 0 100 200 300 1Q26 2Q26 3Q26e 4Q26e 121 123 160 250 0 10 20 30 1Q26 2Q26 3Q26e 4Q26e 24 25 22 22 NOTE: Consolidated copper sales include 155 mm lbs in 1Q26, 190 mm lbs in 2Q26, 197 mm lbs in 3Q26e and 268 mm lbs in 4Q26e for noncontrolling interests; excludes purchased copper. Estimates are dependent on operational performance; the ramp-up of the GBC underground mine at PTFI; weather-related conditions; timing of shipments and other factors. NOTE: Consolidated gold sales include 59k ozs in 1Q26, 61k ozs in 2Q26, 82k ozs in 3Q26e and 128k ozs in 4Q26e for noncontrolling interests. Estimates are dependent on operational performance; the ramp-up of the GBC underground mine at PTFI; weather-related conditions; timing of shipments and other factors. (million lbs) Copper Sales 0 250 500 750 1000 1Q26 2Q26 3Q26e 4Q26e 657 710 750 940
Grasberg Minerals District Mine Plan Metal Production, 2025 – 2030e 21 1.0 0.8 1.2 1.5 1.6 1.7 0.9 0.7 1.0 1.2 1.3 1.2 2025 2026e 2027e 2028e 2029e 2030e | Copper 2026e – 2030e Total: 6.8 billion lbs copper Annual Average: ~1.4 billion lbs | Gold 2026e – 2030e Total: 5.4 million ozs gold Annual Average: ~1.1 million ozs Cu bn lbs Au mm ozs NOTE: Timing of annual production will depend on a number of factors including operational performance; the ramp-up of the GBC underground mine; weather-related conditions; and other factors. 2026e production expected to exceed sales and assumes deferrals of ~100 mm lbs of copper and ~50k ozs of gold related to inventory held at PTFI’s smelting operations. FCX’s economic interest in PTFI is 48.76%. e = estimate.
Grasberg Block Cave Status Report 22 • Production Blocks 2 and 3 ramp-up progressing in line with April schedule ✓ Remediation completed in 1Q26 ✓ Ramp-up commenced in March 2026 ✓ Planned operating rates achieved in 2Q26 • Production Block 1S restart targeted in mid-2027 ✓ Clean-up, plug construction and infrastructure repairs ongoing • Drainage and cave-management initiatives advancing • Haulage-level material handling upgrades on schedule • Expected PTFI production capacity milestones: ~65% In 2H26 ~80% By mid-27 Near Full Capacity By YE27 Installation of chute regulators continues on schedule CG452
Concrete Batch Plant C-pump(s) Low-head discharge hose (350m) Power line extension (3,000m) Drive/Pump House (3685m) East Anchor (3650m) Drain Hole Surface Manifold Risk Management Sandvik DU311 Drill Remove Flowable Material With In-pit Pumping Conventional up-hole Coring for Slurry Pond Drainage Soft Zone Grasberg Pit Water-Driven In-the-Hole Hammer Drill Pit Bottom Drill Holes Grasberg Pit Plan View 23 ~3 km of new drift development to drill & drain pit bottom Larger Diameter (5”) & Fast drilling (~200 meters/day) Small Diameter (<3”) & Slow drilling (~10 meters/day) Mud Removal Options for Former Open Pit New Drift Grasberg Pit GBC Pit Bottom Water in pit bottom reduced significantly Target to drill in 3Q26 Target pumping in 2027 • First blast of drifts in April • Initiate drainage in 2027 Pit bottom pumping via cable- deployed pump Submersible Pump Pit Bottom Drainage Gallery Pit Bottom July 17, 2026
Americas Leach Innovation Initiatives Low Cost, High Value 24 * Copper from historical placements beyond assumed recovery estimates and is not included in mineral reserves or mineral resources. Refer to slide 2. South America 16% Other U.S. 34% Morenci 50% Significant Potential ~42 bn lbs Contained * Leach Everywhere ~15% Heat ~50% Additives ~35% ~600 mm lbs/annum Incremental Production Target Targeting Copper in Stockpiles Unrecoverable by Traditional Leach Methods with Precision Operating Techniques 50 144 214 240 300 800 2022 2023 2024 YE 2025 YE 2026e By 2030e Scaling the Opportunity (mm lbs) ~ ~ e = estimate. Run Rate
Investment Case for Bagdad Expansion 25 • Would advance FCX's U.S. copper growth strategy • Would become the second-largest U.S. copper mine • 80+ year reserve life supports doubling capacity • Expected to add 200-250 mm lbs of Cu and 10-12 mm lbs of Moly annually* • 100%-owned multi-decade operating history with existing infrastructure and community support • Scale expected to reduce unit costs • Economics supported at ~$4.00/lb copper with exposure to positive market • Molybdenum by-product credits enhance project economics • Favorable U.S. tax attributes Strengthens Freeport’s position as America’s Copper Champion Bagdad Prescott Phoenix Low risk U.S. brownfield growth project * Equivalent to incremental growth of ~130 kt of CuEq per annum based on life of mine
Bagdad Site Map 26 Townsite Existing Concentrator & CLP Upper Mammoth TSF Open Pit Mine N 1 mile New Tailings Storage Facility Water Pipeline New 2X Concentrator Facilities HV Power Line Sycamore Lodge Main Access Road Primary Crusher Existing Infrastructure 2X Expansion Infrastructure Legend ~11 miles New 2X Concentrator Facilities
Discretionary Capital Projects* 27 • Mine development in progress; expansion to 130,000 t/d • Sustain large-scale, low-cost Cu & Au production • Capital investment: ~$0.5 bn/yr average (~$0.6 bn in 2026e) through 2033 • 8 bn lbs copper & 8 mm ozs gold through 2041 • 750 mm lbs & 735k ozs per annum at full rates • Initial production expected to commence ramp-up in 2030 timeframe *These discretionary projects and PTFI’s downstream processing facilities will be excluded from the available cash flow calculation (defined on slide 12) for purposes of the performance-based payout framework. NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate. • Potential expansion to double concentrator capacity • Capital cost estimates being finalized taking into account current estimates for materials, equipment and labor • Potential investment decision in 2H26 • 2026e CAPEX: o ~$500 mm to expand tailings infrastructure o ~$150 mm for early works Bagdad 2X Expansion • Advancing plans to transition existing energy source from coal to natural gas • After mud rush incident, project deferred ~18 months • CAPEX of ~$150 mm in 2027e net of avoided coal cost • Recycle electronic material • 2026 CAPEX: ~$250 mm • Expect to commence production in 2H26e • ~$80 mm per annum in projected incremental EBITDA Atlantic Copper CirCular Kucing Liar Grasberg Energy Transition to Natural Gas
Adjusted EBITDA Reconciliation ($ in mm) 12-Mo. Ended 2Q 2026 1H 2026 6/30/2026 Net income attributable to common stock $984 $1,865 $2,945 Interest expense, net 95 209 426 Income tax provision 544 1,197 2,068 Depreciation, depletion and amortization 523 1,037 2,147 PTFI mud rush incident insurance settlement - (699) (699) Gain on sales of assets (18) (18) (34) Stock-based compensation and accretion 76 186 311 Other net charges (1) 311 722 1,584 Other income, net (22) (33) (157) Net income attributable to NCI 407 913 1,645 Equity in affiliated companies’ net earnings (5) (11) (4) Adjusted EBITDA (2) $2,895 $5,368 $10,232 (1) Primarily includes net charges for idle facility, direct recovery and restoration costs associated with PTFI's September 2025 external mud rush incident ($284 mm in 2Q26, $690 mm in 1H26 and $1.3 bn for the 12 months ended 6/30/2026). The 12 months ended 6/30/2026 also include oil and gas charges ($106 mm) and fixed asset impairments/write-offs at PTFI ($73 mm). (2) Adjusted EBITDA is a non-GAAP financial measure that is frequently used by securities analysts, investors, lenders and others to evaluate companies’ performance, including, among other things, profitability before the effect of financing and similar decisions. Because securities analysts, investors, lenders and others use Adjusted EBITDA, management believes that our presentation of Adjusted EBITDA affords them greater transparency in assessing our financial performance. Adjusted EBITDA should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP. Adjusted EBITDA may not necessarily be comparable to similarly titled measures reported by other companies, as different companies calculate such measures differently. 28
