# Freeport-McMoRan Inc. (FCX) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/FCX/thesis · /stocks/FCX/memo

## Financial Snapshot

---
ticker: FCX
step: 04
generated: 2026-05-13
source: quick-research
---

### Freeport-McMoRan Inc. (FCX) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$22.8B | $22.9B | $25.5B | +11.4% |
| Gross Margin | ~30% | ~25% | ~28% | |
| Operating Margin | ~22% | ~15% | ~18% | |
| Net Income | ~$3.5B | ~$1.8B | ~$2.7B | +50% |
| EPS (diluted) | ~$2.40 | ~$1.25 | ~$1.85 | +48% |

*Revenue growth in FY2024 driven by higher copper prices (~$4.15/lb avg) and volume recovery. FY2025 Q3 EBITDA run-rate of $10B+ annualized. Q1 2026 EPS: $0.57 (beat estimates) on $6.23B revenue. September 2025 Grasberg mud rush reduced H2 2025 production.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | $7.0B+ |
| Free Cash Flow | $2.37B |
| Capital Expenditures | ~$4.5B |
| Total Debt | ~$9.3B |
| Net Debt | ~$1B (near net-debt-neutral) |
| Debt/Equity | ~30.6% |

#### Key Ratios (approximate)
- P/E: ~25-39x (wide range reflects copper price sensitivity) | EV/EBITDA: ~8x
- FCF Yield: ~5% (capex-heavy period) | Adjusted EBITDA (TTM): ~$10B
- Copper break-even: ~$1.50-2.00/lb net cash cost (with gold by-product credits)

#### Growth Profile
FCX generates exceptional earnings leverage to copper prices. At $4.50-$5.00/lb copper (the 2025 range FCX guided to), operating cash flows exceed $11B annually. The September 2025 Grasberg mud rush temporarily reduced Indonesia production in H2 2025; phased restart targets ~85% of normal rates in H2 2026, full recovery by late 2027. New leaching technology could add 300M lbs of incremental copper annually from existing stockpiles — high-return, low-capex production.

#### Forward Estimates
- FY2026: Phased Grasberg restart expected to restore production toward 1.6-1.7B lbs copper + 1.6M oz gold from Indonesia
- Copper price sensitivity: Each $0.10/lb copper = ~$300-400M EBITDA impact
- Leaching initiatives: 300M lbs additional copper targeted in 2026 from recoveries
- Analyst consensus: Mixed (Morgan Stanley downgraded April 2026); avg. target ~$42-66

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/FCX/fundamental

## Navigation

- Overview: /stocks/FCX
- Financials (this page): /stocks/FCX/financials
- Thesis: /stocks/FCX/thesis
- Investment Memo: /stocks/FCX/memo
- Coverage universe: /stocks