Freeport-McMoRan Q3 earnings rise to $1.17B
PTFI expects Grasberg Block Cave operations to reach 80% of capacity in mid-2027 and approach full capacity by year-end 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Freeport-McMoRan Inc. reported third-quarter 2026 revenue of $7.546 billion, versus $6.972 billion a year earlier, and net income attributable to common stock of $1.174 billion ($0.81 per share), versus $674 million ($0.46). Adjusted net income was $1.275 billion ($0.88 per share), excluding $101 million of after-tax net charges, primarily PTFI idle-facility and restoration costs.
Consolidated copper production was 832 million pounds, versus 912 million a year earlier; copper sales were 749 million pounds, versus 977 million. Gold sales were 105,000 ounces, versus 336,000, with lower PTFI operating rates during the Grasberg Block Cave ramp-up and the timing of refined gold sales cited. Operating cash flow totaled $1.981 billion, net of $0.4 billion of working capital and other uses. The average realized copper price was $6.54 per pound, compared with $4.68.
For 2026, FCX expects sales of approximately 3.0 billion pounds of copper, 649,000 ounces of gold and 93 million pounds of molybdenum. Operating cash flow is expected to approximate $8.5 billion, net of $0.6 billion of working capital and other uses, assuming fourth-quarter prices of $6.50 per pound for copper, $4,000 per ounce for gold and $32.00 per pound for molybdenum. At September 30, cash was $4.335 billion, debt was $9.398 billion and net debt excluding $3.237 billion of downstream-facility debt was $1.826 billion.
3 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue was $7.546 billion, versus $6.972 billion in 2025.
- Moderate pointNet income attributable to common stock was $1.174 billion, versus $674 million.
- Moderate pointOperating cash flow totaled $1.981 billion, versus $1.689 billion.
Negative
- Moderate pointPTFI third-quarter copper sales were 153 million pounds, versus 360 million pounds in 2025, amid the Grasberg ramp-up.
- Moderate pointConsolidated gold sales were 105 thousand ounces, versus 336 thousand a year earlier.
Filing Explained
If Indonesia approves the rights extension, Freeport’s PTFI stake falls from 48.76% through 2041 to about 37% from 2042.
Form 8-K reports Freeport’s third-quarter results and furnishes earnings-call slides; the accompanying release also describes a pending extension of PTFI’s Grasberg operating rights.
Under the February 2026 MOU, FCX would retain its
At Grasberg, third-quarter mill throughput averaged 141,000 metric tons of ore a day, or
PTFI’s smelter restarted in late August 2026, and FCX expects Grasberg to reach
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $7.546 billion
Net income attributable to common stock: $1.174 billion
Adjusted net income attributable to common stock: $1.275 billion
+5 more
8 metrics
Revenue
$7.546 billion
Third quarter 2026; $6.972 billion in third-quarter 2025
Net income attributable to common stock
$1.174 billion
Third quarter 2026; $674 million in third-quarter 2025
Adjusted net income attributable to common stock
$1.275 billion
Third quarter 2026
Operating cash flow
$1.981 billion
Third quarter 2026, net of $0.4 billion of working capital and other uses
Copper production
832 million pounds
Third quarter 2026; 912 million pounds in third-quarter 2025
Copper sales
749 million pounds
Third quarter 2026; 977 million pounds in third-quarter 2025
Gold sales
105 thousand ounces
Third quarter 2026; 336 thousand ounces in third-quarter 2025
Net debt excluding PTFI downstream processing facilities debt
$1.826 billion
As of September 30, 2026
Key Terms
adjusted net income, unit net cash costs, provisionally priced copper sales, net debt
4 terms
adjusted net income financial
"Adjusted net income attributable to common stock"
Adjusted net income is a company's reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.
unit net cash costs financial
"Consolidated unit net cash costs"
Net cash costs per unit is a non‑GAAP operating metric that shows the cash cost to produce one unit of output after subtracting any direct revenues from by‑products or co‑products. It is calculated by taking a company’s cash operating costs (such as mining or processing costs, site-level operating expenses and often royalties) minus credits from incidental product sales, then dividing by the number of units produced in the period. Because there is no single accounting standard for what cash items or credits are included, companies can differ in the exact components and exclusions, so comparisons should be made only after confirming each issuer’s definition.
provisionally priced copper sales financial
"provisionally priced copper sales totaling 239 million pounds"
net debt financial
"FCX defines net debt as consolidated debt less consolidated cash"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Earnings Snapshot
Revenue: $7.546 billion · Guidance included
Third quarter ended September 30, 2026
Revenue
$7.546 billion
Compared with $6.972 billion in third-quarter 2025
Net income attributable to common stock
$1.174 billion
Compared with $674 million in third-quarter 2025
Diluted net income per share attributable to common stock
$0.81
Compared with $0.46 in third-quarter 2025
Operating cash flow
$1.981 billion
Compared with $1.689 billion in third-quarter 2025
Guidance
For 2026, operating cash flow is expected to approximate $8.5 billion, net of $0.6 billion of working capital and other uses, assuming fourth-quarter prices of $6.50 per pound for copper, $4,000 per ounce for gold and $32.00 per pound for molybdenum. Consolidated sales are expected to approximate 3.0 billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of molybdenum.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were FCX's third-quarter 2026 earnings?
FCX reported net income attributable to common stock of $1.174 billion, or $0.81 per share, and adjusted net income of $1.275 billion, or $0.88 per share. Adjusted results excluded $101 million of after-tax net charges, primarily for PTFI idle-facility and restoration costs.
How much copper did FCX produce and sell in the third quarter of 2026?
FCX reported consolidated copper production of 832 million pounds and sales of 749 million pounds. The comparable third-quarter 2025 figures were 912 million pounds of production and 977 million pounds of sales.
What is FCX's 2026 operating cash-flow outlook?
FCX expects operating cash flow to approximate $8.5 billion, net of $0.6 billion of working capital and other uses. The estimate assumes fourth-quarter prices of $6.50 per pound for copper, $4,000 per ounce for gold and $32.00 per pound for molybdenum.
When will FCX pay its declared dividend?
FCX declared a cash dividend of $0.15 per share, payable November 2, 2026, to common stockholders of record as of October 15, 2026. The dividend includes a $0.075 quarterly base dividend and a $0.075 quarterly variable, performance-based dividend.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): October 27, 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 October 27, 2026, announcing its third-quarter and nine-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 third-quarter 2026 earnings conference call being webcast on the internet at 10:00 a.m. Eastern Time on October 27, 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 | ||||
99.1 | Press release dated October 27, 2026, titled “Freeport Reports Third-Quarter and Nine-Month 2026 Results.” | ||||
99.2 | Slides presented in connection with FCX’s third-quarter 2026 earnings conference call conducted via the internet on October 27, 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
----------------------------------------
Ellie L. Mikes
Vice President and Chief Accounting Officer
(authorized signatory and
Principal Accounting Officer)
Date: October 27, 2026
Freeport Reports
Third-Quarter and Nine-Month 2026 Results
•Third-quarter 2026 consolidated copper and gold production in line with expectations
◦Copper sales volumes approximated prior estimates
◦Gold sales volumes impacted by previously reported timing of gold sales in Indonesia
•Ramp-up of mining operations in the Grasberg minerals district met expectations with significant growth expected in 2027 and 2028
•Operations at PTFI’s smelter re-commenced in late August 2026
•Advancing organic copper growth projects, including:
◦Opportunities for scaling innovative leach and technology initiatives in the Americas and potential significant brownfield expansions in the U.S.
◦Potential major expansion at El Abra in Chile
•Strong margins and cash flow generation; positive future outlook
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•Net income attributable to common stock in third-quarter 2026 totaled $1.2 billion, $0.81 per share, and adjusted net income attributable to common stock totaled $1.3 billion, $0.88 per share.
•Consolidated production totaled 832 million pounds of copper, 234 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2026.
•Consolidated sales totaled 749 million pounds of copper, 105 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2026.
•Consolidated sales are expected to approximate 3.0 billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of molybdenum for the year 2026, including 875 million pounds of copper, 300 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2026.
•Average realized prices were $6.54 per pound for copper, $4,273 per ounce for gold and $32.46 per pound for molybdenum in third-quarter 2026.
•Average unit net cash costs were $2.07 per pound of copper in third-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 $0.4 billion of working capital and other uses, in third-quarter 2026. Assuming prices of $6.50 per pound for copper, $4,000 per ounce for gold and $32.00 per pound for molybdenum in fourth-quarter 2026, operating cash flows are expected to approximate $8.5 billion, net of $0.6 billion of working capital and other uses, for the year 2026.
•Capital expenditures totaled $1.2 billion, including $0.7 billion for major mining projects, in third-quarter 2026. Capital expenditures are expected to approximate $4.4 billion, including $3.0 billion for major mining projects, for the year 2026.
•At September 30, 2026, consolidated debt totaled $9.4 billion and consolidated cash and cash equivalents totaled $4.3 billion. At September 30, 2026, net debt totaled $1.8 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 third-quarter 2026, FCX purchased 1.4 million shares of its common stock for a total cost of $102 million ($70.75 average cost per share), bringing share purchases for the first nine months of 2026 to 4.9 million shares for $305 million ($62.69 average cost per share).
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PHOENIX, AZ, October 27, 2026 – Freeport (NYSE: FCX) reported third-quarter 2026 net income attributable to common stock of $1.2 billion, $0.81 per share, and adjusted net income attributable to common stock of $1.3 billion, $0.88 per share, after excluding after-tax net charges totaling $101 million, $0.07 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,” beginning on page VII.
Kathleen Quirk, President and Chief Executive Officer, said, “The Freeport team delivered strong financial results in the third quarter and achieved several important milestones to drive value and support future growth. We made continued steady progress with our Grasberg ramp-up and advanced innovative leach and technology initiatives in our Americas business to enhance performance and growth options. Favorable pricing for our products, particularly for copper and molybdenum, drove strong margins with substantial conversion to bottom-line results, highlighting the strength of our diversified portfolio. We remain focused on operational excellence, delivering growing volumes at Grasberg safely and sustainably and expanding production from our existing asset base to increase margins, cash flow and earnings. Freeport is strongly positioned as America’s Copper Champion® and as a global copper leader with large-scale, geographically diverse operations and a pipeline of attractive growth options to support a growing market and build value for stakeholders.”
SUMMARY FINANCIAL DATA
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||||||||||||
Revenuesa,b | $ | 7,546 | $ | 6,972 | $ | 20,809 | $ | 20,282 | ||||||||||||||||||
Operating incomea,c | $ | 2,353 | $ | 1,972 | $ | 6,493 | $ | 5,707 | ||||||||||||||||||
Net income attributable to common stockb,c,d | $ | 1,174 | $ | 674 | $ | 3,039 | $ | 1,798 | ||||||||||||||||||
Diluted net income per share of common stockb,c,d | $ | 0.81 | $ | 0.46 | $ | 2.10 | $ | 1.24 | ||||||||||||||||||
Diluted weighted-average common shares outstanding | 1,442 | 1,443 | 1,443 | 1,443 | ||||||||||||||||||||||
Operating cash flowse | $ | 1,981 | $ | 1,689 | $ | 5,524 | $ | 4,942 | ||||||||||||||||||
| Capital expenditures | $ | 1,159 | $ | 1,056 | $ | 3,236 | $ | 3,489 | ||||||||||||||||||
| At September 30: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,335 | $ | 4,318 | $ | 4,335 | $ | 4,318 | ||||||||||||||||||
| Total debt, including current portion | $ | 9,398 | $ | 9,298 | $ | 9,398 | $ | 9,298 | ||||||||||||||||||
a.For segment financial results, refer to the supplemental schedule, “Business Divisions and Segments,” beginning on page X.
b.Includes favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $52 million ($17 million to net income attributable to common stock or $0.01 per share) in third-quarter 2026, $11 million ($1 million to net income attributable to common stock or less than $0.01 per share) in third-quarter 2025, $58 million ($24 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2026 and $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the first nine 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 additions to operating income totaling $24 million ($8 million to net income attributable to common stock or $0.01 per share) in third-quarter 2026, $13 million ($15 million to net income attributable to common stock or $0.01 per share) in third-quarter 2025, $76 million ($25 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2026 and $161 million ($58 million to net income attributable to common stock or $0.04 per share) for the first nine months of 2025. Refer to the supplemental schedule, “Deferred Profits,” on page X.
d.Includes after-tax net charges totaling $101 million ($0.07 per share) in third-quarter 2026, $48 million ($0.04 per share) in third-quarter 2025, $146 million ($0.10 per share) for the first nine months of 2026 and $72 million ($0.05 per share) for the first nine months of 2025, that are described in the supplemental schedule, “Adjusted Net Income,” beginning on page VII.
e.Cash used for working capital totaled $0.4 billion in third-quarter 2026, $0.1 billion in third-quarter 2025, $0.8 billion for the first nine months of 2026 and $0.5 billion for the first nine months of 2025.
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SUMMARY OPERATING DATA
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
Copper (millions of recoverable pounds) | |||||||||||||||||||||||||||||
| Production | 832 | 912 | 2,280 | 2,743 | |||||||||||||||||||||||||
| Sales, excluding purchases | 749 | 977 | 2,116 | 2,865 | |||||||||||||||||||||||||
| Average realized price per pound | $ | 6.54 | $ | 4.68 | $ | 6.25 | $ | 4.55 | |||||||||||||||||||||
Site production and delivery costs per pounda,b | $ | 3.24 | $ | 2.71 | $ | 3.27 | $ | 2.67 | |||||||||||||||||||||
Unit net cash costs per pounda,b | $ | 2.07 | $ | 1.40 | $ | 1.99 | $ | 1.51 | |||||||||||||||||||||
Gold (thousands of recoverable ounces) | |||||||||||||||||||||||||||||
| Production | 234 | 287 | 523 | 891 | |||||||||||||||||||||||||
| Sales | 105 | 336 | 349 | 986 | |||||||||||||||||||||||||
| Average realized price per ounce | $ | 4,273 | $ | 3,539 | $ | 4,578 | $ | 3,359 | |||||||||||||||||||||
Molybdenum (millions of recoverable pounds) | |||||||||||||||||||||||||||||
| Production | 22 | 22 | 67 | 67 | |||||||||||||||||||||||||
| Sales, excluding purchases | 22 | 19 | 71 | 61 | |||||||||||||||||||||||||
| Average realized price per pound | $ | 32.46 | $ | 24.07 | $ | 28.70 | $ | 22.22 | |||||||||||||||||||||
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, direct recovery and restoration costs associated with PTFI’s September 2025 external mud rush incident. Refer to “Adjusted Net Income,” beginning on page VII for a summary of these charges.
Consolidated Production and Sales Volumes
Copper
•Third-quarter 2026 production of 832 million pounds was in line with expectations, with slightly better results from Indonesia and South America operations offsetting lower production in the U.S. Third-quarter 2026 production exceeded sales by approximately 11%, primarily reflecting in-process inventories at smelting operations in Indonesia. Third-quarter 2026 sales of 749 million pounds were in line with the July 2026 estimate of 750 million pounds.
•As expected, third-quarter 2026 sales were below third-quarter 2025 sales of 1.0 billion pounds, primarily reflecting lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine and timing of shipments.
Gold
•Third-quarter 2026 production of 234 thousand ounces was in line with expectations. Third-quarter 2026 sales of 105 thousand ounces were significantly below third-quarter 2026 production primarily resulting from in-process inventories at smelting and refining operations and timing of sales. Third-quarter 2026 gold sales were lower than the July 2026 estimate of 160 thousand ounces, primarily reflecting the timing of refined gold sales in Indonesia.
•Third-quarter 2026 sales were below third-quarter 2025 sales, reflecting the timing of sales and lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine.
Molybdenum
•Third-quarter 2026 sales of 22 million pounds were in line with the July 2026 estimate and higher than third-quarter 2025 sales of 19 million pounds, primarily reflecting timing of shipments.
Consolidated sales volumes for the year 2026 are expected to approximate 3.0 billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of molybdenum, including 875 million pounds of copper, 300 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2026. With the projected significant increase in gold sales in fourth-quarter 2026, PTFI may sell gold in the export market to the extent not required by
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the domestic market. PTFI is seeking clarity from the Indonesia government on administrative procedures for PTFI’s refined gold exports since current regulations (specifying a 10% export duty) conflict with the terms in PTFI’s special mining business license (IUPK) (which do not require the payment of duties on refined gold exports).
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 70 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.
Consolidated Unit Net Cash Costs
Consolidated unit net cash costs (net of by-product credits and excluding idle facility, direct recovery and restoration costs associated with the ramp-up of the Grasberg Block Cave underground mine) for FCX’s copper mines averaged $2.07 per pound of copper in third-quarter 2026, which was 4% above the July 2026 estimate of $2.00 per pound, primarily reflecting lower by-product credits as a result of the deferral of gold sales from third-quarter 2026 to fourth-quarter 2026.
Third-quarter 2026 average unit net cash costs were higher than third-quarter 2025 average unit net cash costs of $1.40 per pound of copper, primarily reflecting the impact of lower copper and gold volumes at PTFI and higher production costs, including for energy and other consumables.
During the 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, direct recovery and restoration costs totaled $244 million in third-quarter 2026, $934 million for the first nine months of 2026 and $171 million in both third-quarter 2025 and for the first nine months of 2025, 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 $32.00 per pound of molybdenum in fourth-quarter 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 $1.68 per pound of copper in fourth-quarter 2026).
The impact of price changes on consolidated unit net cash costs for the year 2026 would approximate $0.01 per pound of copper for each $100 per ounce change in the average price of gold during fourth-quarter 2026 and $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum during fourth-quarter 2026.
Projected sales volumes and unit net cash costs for the year 2026 are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine and smelter at PTFI; impacts related to the conflict in the Middle East, including changes in energy costs and other consumables; weather-related conditions; timing of shipments and sales 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 to strengthen long-term cost competitiveness and unlock significant value. Incremental copper production from these initiatives totaled 55 million pounds in third-quarter 2026 and 156 million pounds for the first nine months of 2026.
FCX is targeting an increase in production from these initiatives from the current run rate of approximately 220 million pounds of copper per annum to 300 million pounds in 2027, with potential for further significant increases in recoverable metal in future years. FCX continues to deploy large-scale testing of an internally developed additive at its Morenci operations, where early results have been encouraging. In addition, FCX has developed two customized additives that are being manufactured and are expected to be deployed at multiple stockpiles in the first half of 2027. Laboratory testing of these newly developed additives has demonstrated significant improvements in copper recoveries. FCX is also advancing projects to use heat sources to increase the temperature of its stockpiles to boost copper recoveries. Success with these initiatives has the potential 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.
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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.
FCX has conducted technical and economic studies 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 expects to reach an investment decision on the expansion project in fourth-quarter 2026. The 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 economies of scale, modernized operating models, improved efficiency and lower long-term unit net cash costs.
Capital cost estimates for the Bagdad expansion are being finalized, taking into account current estimates, including for materials, equipment and labor. Current estimates, which remain under review, indicate future incremental capital costs for a new concentrator, mining equipment and expanded infrastructure to approximate $4.5 billion. The project economics are 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 is advancing 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 large expansion project. FCX expects to complete initial studies in 2027. 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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Copper (millions of recoverable pounds) | ||||||||||||||||||||||||||
Production | 321 | 330 | 962 | 967 | ||||||||||||||||||||||
Sales, excluding purchases | 333 | 339 | 972 | 954 | ||||||||||||||||||||||
| Average realized price per pound | $ | 6.55 | $ | 4.92 | $ | 6.22 | $ | 4.78 | ||||||||||||||||||
Molybdenum (millions of recoverable pounds) | ||||||||||||||||||||||||||
Productiona | 8 | 8 | 25 | 25 | ||||||||||||||||||||||
Unit net cash costs per pound of copperb | ||||||||||||||||||||||||||
Site production and delivery, excluding adjustments | $ | 3.93 | $ | 3.59 | $ | 3.71 | $ | 3.51 | ||||||||||||||||||
By-product credits | (0.89) | (0.61) | (0.83) | (0.56) | ||||||||||||||||||||||
Treatment charges | 0.12 | 0.13 | 0.13 | 0.14 | ||||||||||||||||||||||
Unit net cash costs | $ | 3.16 | $ | 3.11 | $ | 3.01 | $ | 3.09 | ||||||||||||||||||
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.
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FCX’s consolidated copper sales volumes from its U.S. copper mines of 333 million pounds in third-quarter 2026 were slightly lower than third-quarter 2025 copper sales volumes of 339 million pounds. Consolidated copper sales from FCX’s U.S. copper mines are expected to approximate 1.3 billion pounds for the year 2026.
FCX’s U.S. copper mines faced challenging operating conditions in third-quarter 2026 associated with an increased frequency of extreme weather conditions, which adversely affected operating rates and productivity. Although third-quarter 2026 operating rates at FCX’s U.S. copper mines were 10% higher than those in third-quarter 2025, they were approximately 3% to 5% below expectations and operating rates achieved in second-quarter 2026.
Average unit net cash costs (net of by-product credits) for the U.S. copper mines of $3.16 per pound of copper in third-quarter 2026 were higher than third-quarter 2025 average unit net cash costs of $3.11 per pound of copper. Unit costs in third-quarter 2026 were adversely impacted by lower volumes from reduced productivity and higher costs for energy and other inputs, partially offset by higher by-product credits.
Based on achievement of current sales volume and cost estimates and assuming an average price of $32.00 per pound of molybdenum in fourth-quarter 2026, average unit net cash costs (net of by-product credits) for the U.S. copper mines are expected to approximate $3.08 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 $0.01 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 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 is advancing the permitting process for a significant expansion opportunity 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 and continues to advance the regulatory process. Preliminary estimates, which remain under review, indicate project capital costs of approximately $7.5 billion (based on estimates prepared in 2024) with project economics 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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Copper (millions of recoverable pounds) | ||||||||||||||||||||||||||
Production | 262 | 271 | 769 | 810 | ||||||||||||||||||||||
Sales | 263 | 278 | 756 | 818 | ||||||||||||||||||||||
Average realized price per pound | $ | 6.56 | $ | 4.60 | $ | 6.30 | $ | 4.46 | ||||||||||||||||||
Molybdenum (millions of recoverable pounds) | ||||||||||||||||||||||||||
Productiona | 6 | 6 | 17 | 16 | ||||||||||||||||||||||
Unit net cash costs per pound of copperb | ||||||||||||||||||||||||||
Site production and delivery, excluding adjustments | $ | 3.14 | $ | 2.75 | $ | 3.20 | $ | 2.75 | ||||||||||||||||||
By-product credits | (0.79) | (0.52) | (0.83) | (0.45) | ||||||||||||||||||||||
Treatment charges | 0.03 | 0.06 | 0.03 | 0.07 | ||||||||||||||||||||||
Royalty on metals | 0.01 | 0.01 | 0.01 | 0.01 | ||||||||||||||||||||||
Unit net cash costs | $ | 2.39 | $ | 2.30 | $ | 2.41 | $ | 2.38 | ||||||||||||||||||
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.
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FCX’s consolidated copper sales volumes from South America operations of 263 million pounds in third-quarter 2026 were lower than third-quarter 2025 copper sales volumes of 278 million pounds, primarily reflecting slightly lower production resulting from lower ore grades and the timing of shipments. 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 were $2.39 per pound of copper in third-quarter 2026 compared to average unit net cash costs of $2.30 per pound of copper in third-quarter 2025. In addition to the impact of lower volumes, unit net cash costs were impacted by higher costs for employee profit sharing at Cerro Verde, energy and other inputs, and maintenance and contractor costs at El Abra, partially offset by higher by-product credits.
Based on achievement of current sales volume and cost estimates and assuming an average price of $32.00 per pound of molybdenum in fourth-quarter 2026, average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.59 per pound of copper for the year 2026. South America operations’ average unit net cash costs for the year 2026 would change by approximately $0.02 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 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 copper mining 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. The project start-up schedule is under review. Average annual production from Kucing Liar at full operating 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.
As of September 30, 2026, PTFI has incurred approximately $1.6 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, IUPK and other agreements in effect will continue over the life of the resource.
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.
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. The extension of operating rights and other terms are subject to, among other things, the Indonesia government’s issuance of an amended IUPK.
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Grasberg Block Cave Ramp-Up. Following the September 2025 external mud rush incident, PTFI has made significant progress with the ramp-up of the Grasberg Block Cave underground mine to achieve a safe and sustainable ramp-up to full operating capacity.
In third-quarter 2026, mill throughput averaged 141 thousand metric tons of ore per day (67% of capacity), including 70 thousand metric tons of ore per day from the Grasberg Block Cave underground mine. PTFI continues to expect to reach 80% of capacity in mid-2027 and approach full capacity by year-end 2027.
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. Upgrades to the material handling system at the Grasberg Block Cave haulage level have progressed on schedule with expected completion by early 2027. Preparations continue for the targeted restart of production from Production Block 1S by mid-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.
PTFI has combined smelting capacity, including PT Smelting, to produce up to approximately 800,000 metric tons of cathode annually, and the PMR is capable of processing all of PTFI’s gold production.
Following the September 2025 external mud rush incident, during the 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. PT Smelting resumed operations in late 2025 and PTFI’s smelter successfully re-commenced operations in late August 2026. Ramp-up activities are proceeding in line with expectations.
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
Copper (millions of recoverable pounds) | |||||||||||||||||||||||||||||
Production | 249 | 311 | 549 | 966 | |||||||||||||||||||||||||
Sales | 153 | 360 | 388 | 1,093 | |||||||||||||||||||||||||
Average realized price per pound | $ | 6.48 | $ | 4.52 | $ | 6.21 | $ | 4.42 | |||||||||||||||||||||
Gold (thousands of recoverable ounces) | |||||||||||||||||||||||||||||
Production | 229 | 281 | 505 | 876 | |||||||||||||||||||||||||
Sales | 98 | 332 | 332 | 975 | |||||||||||||||||||||||||
Average realized price per ounce | $ | 4,271 | $ | 3,535 | $ | 4,583 | $ | 3,357 | |||||||||||||||||||||
Unit net cash credits per pound of coppera | |||||||||||||||||||||||||||||
Site production and delivery, excluding adjustmentsb | $ | 1.92 | $ | 1.84 | $ | 2.28 | $ | 1.88 | |||||||||||||||||||||
| By-product credits | (3.52) | (3.52) | (4.57) | (3.16) | |||||||||||||||||||||||||
Treatment chargesb | 0.39 | c | 0.09 | d | 0.47 | c | 0.16 | d | |||||||||||||||||||||
| Export duties | 0.01 | 0.38 | — | 0.31 | |||||||||||||||||||||||||
Royalty on metals | 0.36 | 0.29 | 0.42 | 0.28 | |||||||||||||||||||||||||
| Unit net cash credits | $ | (0.84) | $ | (0.92) | $ | (1.40) | $ | (0.53) | |||||||||||||||||||||
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, direct recovery and restoration costs associated with the September 2025 external mud rush incident. Refer below and to “Adjusted Net Income,” beginning on page VII for a summary of these charges.
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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.
d.Excludes $0.11 per pound of copper in third-quarter 2025 and $0.04 per pound of copper for the first nine months of 2025 associated with PT Smelting's planned maintenance and idle facility related tolling fees.
PTFI’s consolidated sales volumes of 153 million pounds of copper and 98 thousand ounces of gold in third-quarter 2026 were lower than third-quarter 2025 sales volumes of 360 million pounds of copper and 332 thousand ounces of gold, primarily reflecting lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine. Third-quarter 2026 gold sales volumes were also impacted by the deferral of approximately 60 thousand ounces of refined gold from third-quarter 2026 to fourth-quarter 2026.
In Indonesia, abnormally dry weather conditions have been generally favorable for mining but present various challenges in the milling process. Water availability for the operations and site infrastructure are being actively managed with limited impacts to production to date. Extended periods without precipitation may impact future mill rates and mitigation efforts will continue to be implemented during this period.
PTFI’s unit net cash credits (including by-product credits) of $0.84 per pound of copper in third-quarter 2026 were lower than third-quarter 2025 unit net cash credits of $0.92 per pound of copper, primarily reflecting lower copper and gold volumes.
During the 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, direct recovery and restoration costs totaled $244 million ($1.59 per pound of copper) in third-quarter 2026, $934 million ($2.40 per pound of copper) for the first nine months of 2026 and $171 million in both third-quarter 2025 ($0.47 per pound of copper) and for the first nine months of 2025 ($0.16 per pound of copper), 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 632 thousand ounces of gold for the year 2026. 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 70 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 in fourth-quarter 2026, average unit net cash credits (including by-product credits and excluding idle facility and restoration costs) for PTFI are expected to approximate $1.25 per pound of copper for the year 2026. PTFI’s average unit net cash credits for the year 2026 would change by approximately $0.04 per pound of copper for each $100 per ounce change in the average price of gold in fourth-quarter 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 both the third quarters of 2026 and 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 $20.04 per pound of molybdenum in third-quarter 2026 were higher than average unit net cash costs of $19.41 per pound in third-quarter 2025, primarily reflecting higher costs for supplies, labor and energy. Average unit net cash costs for the Molybdenum mines are expected to approximate $18.66 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.
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LIQUIDITY, CASH FLOWS, CASH AND DEBT
Liquidity. At September 30, 2026, FCX had $4.3 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 third-quarter 2026, FCX generated operating cash flows of $2.0 billion, net of $0.4 billion of working capital and other uses, and $5.5 billion, net of $0.8 billion of working capital and other uses, for the first nine months of 2026.
FCX’s consolidated operating cash flows are expected to approximate $8.5 billion for the year 2026, net of $0.6 billion of working capital and other uses, based on current sales volume and cost estimates, and assuming prices of $6.50 per pound of copper, $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026. The impact of price changes during fourth-quarter 2026 on operating cash flows for the year 2026 would approximate $75 million for each $0.10 per pound change in the average price of copper, $25 million for each $100 per ounce change in the average price of gold and $12 million for each $2 per pound change in the average price of molybdenum.
Capital Expenditures. Capital expenditures totaled $1.2 billion in third-quarter 2026, including $0.7 billion for major mining projects, and $3.2 billion for the first nine months of 2026, including $2.0 billion for major mining projects.
Capital expenditures are expected to approximate $4.4 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.
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 September 30, 2026 (in billions):
| Cash at domestic companies | $ | 2.3 | ||||||
| Cash at international operations | 2.0 | |||||||
| Total consolidated cash and cash equivalents | 4.3 | |||||||
| Noncontrolling interests’ share | (0.9) | |||||||
| Cash, net of noncontrolling interests’ share | 3.4 | |||||||
| Withholding taxes | (0.1) | |||||||
| Net cash available | $ | 3.3 | ||||||
Debt. Following is a summary of consolidated debt and the weighted-average interest rates at September 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 | 5.6% | |||||||||
| Atlantic Copper lines of credit and other | 0.5 | 4.3% | |||||||||
| Total consolidated debt | $ | 9.4 | a | 5.2% | |||||||
a.Does not sum because of rounding.
In September 2026, PTFI amended and restated its $1.75 billion, senior unsecured revolving credit facility to extend the maturity date from November 2028 to September 2031. The terms of the amended facility are substantially similar to PTFI’s prior facility. In addition, FCX’s and Cerro Verde’s revolving credit facilities were extended to 2031 earlier in 2026.
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At September 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 a weighted-average remaining maturity 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.
During the first nine months of 2026, FCX returned $955 million to shareholders, consisting of $650 million in common stock dividends and $305 million in share repurchases.
Net Debt. At September 30, 2026, FCX’s net debt totaled $1.8 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 September 23, 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 November 2, 2026, to common stockholders of record as of October 15, 2026. The declaration and payment of dividends (base or variable) are at the 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 third-quarter 2026, FCX purchased 1.4 million shares of its common stock for a total cost of $102 million ($70.75 average cost per share), bringing total purchases during the first nine months of 2026 to 4.9 million shares for a total cost of $305 million ($62.69 average cost per share).
At October 26, 2026, FCX has 1.4 billion shares of common stock outstanding and has purchased 56.8 million shares for a total cost of $2.3 billion ($40.58 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 third-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, November 27, 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.
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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 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 sales or 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 ramp-up and achieve full operating rates of production and downstream processing on the expected timeline and optimize production plans; 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 production; 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 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.
| ||||||||
| | |||||||
12 | ||||||||
| FREEPORT | ||||||||||||||||||||||||||
| SELECTED OPERATING DATA | ||||||||||||||||||||||||||
| Three Months Ended September 30, | ||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Production | Sales | |||||||||||||||||||||||||
COPPER (millions of recoverable pounds) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| United States (U.S.) | ||||||||||||||||||||||||||
Morenci (72%)a | 121 | 126 | 123 | 130 | ||||||||||||||||||||||
| Safford (100%) | 82 | 75 | 83 | 75 | ||||||||||||||||||||||
| Sierrita (100%) | 46 | 48 | 47 | 48 | ||||||||||||||||||||||
| Chino (100%) | 33 | 35 | 37 | 37 | ||||||||||||||||||||||
| Bagdad (100%) | 29 | 37 | 32 | 40 | ||||||||||||||||||||||
| Tyrone (100%) | 7 | 7 | 7 | 8 | ||||||||||||||||||||||
| Miami (100%) | 2 | 3 | 3 | 3 | ||||||||||||||||||||||
| Other (100%) | 1 | (1) | 1 | (2) | ||||||||||||||||||||||
| Total U.S. | 321 | 330 | 333 | 339 | ||||||||||||||||||||||
| South America | ||||||||||||||||||||||||||
Cerro Verde (55.66%)b | 219 | 228 | 225 | 232 | ||||||||||||||||||||||
| El Abra (51%) | 43 | 43 | 38 | 46 | ||||||||||||||||||||||
| Total South America | 262 | 271 | 263 | 278 | ||||||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||
| Grasberg minerals district (48.76%) | 249 | 311 | 153 | 360 | ||||||||||||||||||||||
| Consolidated | 832 | 912 | 749 | c | 977 | c | ||||||||||||||||||||
| Less noncontrolling interests | 246 | 283 | 197 | 311 | ||||||||||||||||||||||
| Net | 586 | 629 | 552 | 666 | ||||||||||||||||||||||
| Average realized price per pound | $ | 6.54 | $ | 4.68 | ||||||||||||||||||||||
GOLD (thousands of recoverable ounces) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| U.S. (100%) | 5 | 6 | 7 | 4 | ||||||||||||||||||||||
| Indonesia (48.76%) | 229 | 281 | 98 | 332 | ||||||||||||||||||||||
| Consolidated | 234 | 287 | 105 | 336 | ||||||||||||||||||||||
| Less noncontrolling interests | 117 | 144 | 50 | 170 | ||||||||||||||||||||||
| Net | 117 | 143 | 55 | 166 | ||||||||||||||||||||||
| Average realized price per ounce | $ | 4,273 | $ | 3,539 | ||||||||||||||||||||||
MOLYBDENUM (millions of recoverable pounds) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| Climax (100%) | 5 | 5 | N/A | N/A | ||||||||||||||||||||||
| Henderson (100%) | 3 | 3 | N/A | N/A | ||||||||||||||||||||||
U.S. copper mines (100%)a | 8 | 8 | N/A | N/A | ||||||||||||||||||||||
Cerro Verde (55.66%)b | 6 | 6 | N/A | N/A | ||||||||||||||||||||||
| Consolidated | 22 | 22 | 22 | 19 | ||||||||||||||||||||||
| Less noncontrolling interests | 2 | 2 | 2 | 2 | ||||||||||||||||||||||
| Net | 20 | 20 | 20 | 17 | ||||||||||||||||||||||
| Average realized price per pound | $ | 32.46 | $ | 24.07 | ||||||||||||||||||||||
| 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 20 million pounds in third-quarter 2026 and 9 million pounds in third-quarter 2025. | ||||||||||||||||||||||||||
I
| FREEPORT | ||||||||||||||||||||||||||
| SELECTED OPERATING DATA (continued) | ||||||||||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Production | Sales | |||||||||||||||||||||||||
COPPER (millions of recoverable pounds) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| U.S. | ||||||||||||||||||||||||||
Morenci (72%)a | 353 | 368 | 359 | 365 | ||||||||||||||||||||||
| Safford (100%) | 232 | 210 | 230 | 205 | ||||||||||||||||||||||
| Sierrita (100%) | 135 | 137 | 135 | 135 | ||||||||||||||||||||||
| Chino (100%) | 117 | 106 | 120 | 105 | ||||||||||||||||||||||
| Bagdad (100%) | 97 | 117 | 99 | 115 | ||||||||||||||||||||||
| Tyrone (100%) | 21 | 24 | 21 | 25 | ||||||||||||||||||||||
| Miami (100%) | 6 | 7 | 7 | 7 | ||||||||||||||||||||||
| Other (100%) | 1 | (2) | 1 | (3) | ||||||||||||||||||||||
| Total U.S. | 962 | 967 | 972 | 954 | ||||||||||||||||||||||
| South America | ||||||||||||||||||||||||||
Cerro Verde (55.66%)b | 631 | 654 | 623 | 654 | ||||||||||||||||||||||
| El Abra (51%) | 138 | 156 | 133 | 164 | ||||||||||||||||||||||
| Total South America | 769 | 810 | 756 | 818 | ||||||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||
| Grasberg minerals district (48.76%) | 549 | 966 | 388 | 1,093 | ||||||||||||||||||||||
| Consolidated | 2,280 | 2,743 | 2,116 | c | 2,865 | c | ||||||||||||||||||||
| Less noncontrolling interests | 631 | 866 | 542 | 934 | ||||||||||||||||||||||
| Net | 1,649 | 1,877 | 1,574 | 1,931 | ||||||||||||||||||||||
| Average realized price per pound | $ | 6.25 | $ | 4.55 | ||||||||||||||||||||||
GOLD (thousands of recoverable ounces) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| U.S. (100%) | 18 | 15 | 17 | 11 | ||||||||||||||||||||||
| Indonesia (48.76%) | 505 | 876 | 332 | 975 | ||||||||||||||||||||||
| Consolidated | 523 | 891 | 349 | 986 | ||||||||||||||||||||||
| Less noncontrolling interests | 259 | 449 | 170 | 500 | ||||||||||||||||||||||
| Net | 264 | 442 | 179 | 486 | ||||||||||||||||||||||
| Average realized price per ounce | $ | 4,578 | $ | 3,359 | ||||||||||||||||||||||
MOLYBDENUM (millions of recoverable pounds) | ||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||
| Climax (100%) | 16 | 17 | N/A | N/A | ||||||||||||||||||||||
| Henderson (100%) | 9 | 9 | N/A | N/A | ||||||||||||||||||||||
U.S. copper mines (100%)a | 25 | 25 | N/A | N/A | ||||||||||||||||||||||
Cerro Verde (55.66%)b | 17 | 16 | N/A | N/A | ||||||||||||||||||||||
| Consolidated | 67 | 67 | 71 | 61 | ||||||||||||||||||||||
| Less noncontrolling interests | 7 | 7 | 7 | 7 | ||||||||||||||||||||||
| Net | 60 | 60 | 64 | 54 | ||||||||||||||||||||||
| Average realized price per pound | $ | 28.70 | $ | 22.22 | ||||||||||||||||||||||
| 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 67 million pounds for the first nine months of 2026 and 110 million pounds for the first nine months of 2025. | ||||||||||||||||||||||||||
II
| FREEPORT | ||||||||||||||||||||||||||
| SELECTED OPERATING DATA (continued) | ||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
U.S.a | ||||||||||||||||||||||||||
| Leach Operations | ||||||||||||||||||||||||||
Leach ore placed in stockpiles (metric tons per day) | 774,700 | 609,200 | 785,500 | 604,800 | ||||||||||||||||||||||
| Average copper ore grade (%) | 0.20 | 0.21 | 0.20 | 0.21 | ||||||||||||||||||||||
Copper production (millions of recoverable pounds) | 221 | 213 | 640 | 607 | ||||||||||||||||||||||
| Mill Operations | ||||||||||||||||||||||||||
Ore milled (metric tons per day) | 324,600 | 332,700 | 333,000 | 330,100 | ||||||||||||||||||||||
| Average ore grades (%): | ||||||||||||||||||||||||||
Copper | 0.29 | 0.31 | 0.29 | 0.31 | ||||||||||||||||||||||
Molybdenum | 0.02 | 0.02 | 0.02 | 0.02 | ||||||||||||||||||||||
| Copper recovery rate (%) | 80.7 | 82.4 | 81.7 | 84.0 | ||||||||||||||||||||||
Production (millions of recoverable pounds): | ||||||||||||||||||||||||||
Copper | 147 | 166 | 459 | 503 | ||||||||||||||||||||||
Molybdenum | 9 | 9 | 27 | 26 | ||||||||||||||||||||||
| South America | ||||||||||||||||||||||||||
| Leach Operations | ||||||||||||||||||||||||||
Leach ore placed in stockpiles (metric tons per day) | 175,400 | 124,500 | 145,500 | 158,400 | ||||||||||||||||||||||
| Average copper ore grade (%) | 0.30 | 0.47 | 0.36 | 0.40 | ||||||||||||||||||||||
Copper production (millions of recoverable pounds) | 55 | 57 | 175 | 203 | ||||||||||||||||||||||
| Mill Operations | ||||||||||||||||||||||||||
Ore milled (metric tons per day) | 429,200 | 421,000 | 422,000 | 412,400 | ||||||||||||||||||||||
| Average ore grades (%): | ||||||||||||||||||||||||||
Copper | 0.30 | 0.31 | 0.29 | 0.30 | ||||||||||||||||||||||
Molybdenum | 0.01 | 0.01 | 0.01 | 0.01 | ||||||||||||||||||||||
| Copper recovery rate (%) | 83.9 | 83.8 | 83.5 | 83.8 | ||||||||||||||||||||||
Production (millions of recoverable pounds): | ||||||||||||||||||||||||||
Copper | 207 | 214 | 594 | 607 | ||||||||||||||||||||||
Molybdenum | 6 | 6 | 17 | 16 | ||||||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||
Ore extracted and milled (metric tons per day): | ||||||||||||||||||||||||||
| Deep Mill Level Zone underground mine | 71,900 | 49,100 | 69,500 | 56,900 | ||||||||||||||||||||||
| Grasberg Block Cave underground mine | 69,500 | 104,200 | 42,500 | 104,100 | ||||||||||||||||||||||
| Big Gossan underground mine | 7,300 | 5,300 | 7,100 | 6,400 | ||||||||||||||||||||||
| Other adjustments, including ore stockpiled | (7,400) | (1,100) | (100) | (200) | ||||||||||||||||||||||
Total | 141,300 | 157,500 | 119,000 | 167,200 | ||||||||||||||||||||||
Average ore grades: | ||||||||||||||||||||||||||
| Copper (%) | 1.01 | 1.15 | 0.89 | 1.14 | ||||||||||||||||||||||
Gold (grams per metric ton) | 0.69 | 0.81 | 0.61 | 0.80 | ||||||||||||||||||||||
| Recovery rates (%): | ||||||||||||||||||||||||||
Copper | 89.1 | 88.0 | 89.6 | 88.0 | ||||||||||||||||||||||
Gold | 78.5 | 76.1 | 79.3 | 75.7 | ||||||||||||||||||||||
Production (recoverable): | ||||||||||||||||||||||||||
Copper (millions of pounds) | 249 | 311 | 549 | 966 | ||||||||||||||||||||||
Gold (thousands of ounces) | 229 | 281 | 505 | 876 | ||||||||||||||||||||||
Molybdenumb | ||||||||||||||||||||||||||
Ore milled (metric tons per day) | 31,600 | 34,100 | 31,000 | 33,100 | ||||||||||||||||||||||
| Average molybdenum ore grade (%) | 0.14 | 0.13 | 0.16 | 0.15 | ||||||||||||||||||||||
| Molybdenum production (millions of recoverable pounds) | 8 | 8 | 25 | 26 | ||||||||||||||||||||||
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 | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (In Millions, Except Per Share Amounts) | ||||||||||||||||||||||||||
Revenuesa | $ | 7,546 | $ | 6,972 | $ | 20,809 | $ | 20,282 | ||||||||||||||||||
| Cost of sales: | ||||||||||||||||||||||||||
Production and deliveryb | 4,479 | 4,205 | 12,864 | 12,243 | ||||||||||||||||||||||
| Depreciation, depletion and amortization (DD&A) | 520 | 625 | 1,557 | 1,759 | ||||||||||||||||||||||
| Total cost of sales | 4,999 | 4,830 | 14,421 | 14,002 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 131 | 131 | 428 | 412 | ||||||||||||||||||||||
| Exploration and research expenses | 55 | 55 | 146 | 140 | ||||||||||||||||||||||
| Environmental obligations and shutdown costs | 8 | — | 38 | 37 | ||||||||||||||||||||||
| Gain on PT Freeport Indonesia (PTFI) mud rush incident insurance settlement | — | — | (699) | — | ||||||||||||||||||||||
| Gain on sale of assets | — | (16) | (18) | (16) | ||||||||||||||||||||||
| Total costs and expenses | 5,193 | 5,000 | 14,316 | 14,575 | ||||||||||||||||||||||
| Operating income | 2,353 | 1,972 | 6,493 | 5,707 | ||||||||||||||||||||||
Interest expense, netc | (86) | (107) | (295) | (259) | ||||||||||||||||||||||
| Other income, net | 25 | 59 | 58 | 158 | ||||||||||||||||||||||
| Income before income taxes and equity in affiliated companies’ net earnings (losses) | 2,292 | 1,924 | 6,256 | 5,606 | ||||||||||||||||||||||
Provision for income taxesd | (610) | (669) | (1,807) | (2,019) | ||||||||||||||||||||||
| Equity in affiliated companies’ net earnings (losses) | 6 | (8) | 17 | — | ||||||||||||||||||||||
| Net income | 1,688 | 1,247 | 4,466 | 3,587 | ||||||||||||||||||||||
Net income attributable to noncontrolling interestse | (514) | (573) | (1,427) | (1,789) | ||||||||||||||||||||||
Net income attributable to common stockholdersf,g | $ | 1,174 | $ | 674 | $ | 3,039 | $ | 1,798 | ||||||||||||||||||
| Diluted net income per share attributable to common stock | $ | 0.81 | $ | 0.46 | $ | 2.10 | $ | 1.24 | ||||||||||||||||||
| Diluted weighted-average common shares outstanding | 1,442 | 1,443 | 1,443 | 1,443 | ||||||||||||||||||||||
| Dividends declared per share of common stock | $ | 0.15 | $ | 0.15 | $ | 0.45 | $ | 0.45 | ||||||||||||||||||
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) $44 million in third-quarter 2026, $43 million in third-quarter 2025, $108 million for the first nine months of 2026 and $131 million for the first nine months of 2025 for feasibility and optimization studies primarily associated with potential future expansion projects at FCX’s mining operations, and (ii) $22 million in third-quarter 2026, $83 million in third-quarter 2025, $30 million for the first nine months of 2026 and $185 million for the first nine months of 2025 for operational readiness and start-up costs associated with PTFI’s downstream processing facilities.
c.Consolidated interest costs (before capitalization) totaled $170 million in third-quarter 2026, $182 million in third-quarter 2025, $584 million for the first nine months of 2026 (which included $67 million of nonrecurring adjustments for prior period withholding taxes on PTFI’s senior notes) and $537 million for the first nine months of 2025.
d.For a summary of FCX’s income taxes, refer to “Income Taxes,” beginning 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,” beginning on page VII, for a summary of net charges impacting FCX’s consolidated statements of income.
IV
| FREEPORT | ||||||||||||||
| CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||||||||
| September 30, | December 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| (In Millions) | ||||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 4,335 | $ | 3,824 | ||||||||||
| Restricted cash and cash equivalents | 279 | 230 | ||||||||||||
Trade accounts receivable | 880 | 977 | ||||||||||||
| Value-added and other tax receivables | 748 | 686 | ||||||||||||
Inventories: | ||||||||||||||
Product | 3,769 | 3,332 | ||||||||||||
Materials and supplies, net | 2,938 | 2,738 | ||||||||||||
Mill and leach stockpiles | 1,727 | 1,423 | ||||||||||||
Other current assets | 629 | 580 | ||||||||||||
Total current assets | 15,305 | 13,790 | ||||||||||||
| Property, plant, equipment and mine development costs, net | 42,327 | 40,736 | ||||||||||||
| Long-term tax receivables | 1,104 | 810 | ||||||||||||
| Long-term mill and leach stockpiles | 1,024 | 1,173 | ||||||||||||
| Other assets | 1,719 | 1,658 | ||||||||||||
| Total assets | $ | 61,479 | $ | 58,167 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $ | 4,727 | $ | 4,565 | ||||||||||
Current portion of debt | 1,680 | 466 | ||||||||||||
Accrued income taxes | 590 | 456 | ||||||||||||
| Current portion of environmental and asset retirement obligations (AROs) | 374 | 313 | ||||||||||||
| Dividends payable - common stock | 218 | 219 | ||||||||||||
Total current liabilities | 7,589 | 6,019 | ||||||||||||
| Long-term debt, less current portion | 7,718 | 8,913 | ||||||||||||
| Environmental and AROs, less current portion | 5,609 | 5,541 | ||||||||||||
| Deferred income taxes | 4,772 | 4,622 | ||||||||||||
| Long-term leases, less current portion | 958 | 1,010 | ||||||||||||
| Other liabilities | 1,220 | 1,296 | ||||||||||||
Total liabilities | 27,866 | 27,401 | ||||||||||||
| Equity: | ||||||||||||||
| Stockholders’ equity: | ||||||||||||||
Common stock | 163 | 163 | ||||||||||||
Capital in excess of par value | 23,674 | 23,680 | ||||||||||||
| Retained earnings | 3,775 | 1,385 | ||||||||||||
Accumulated other comprehensive loss | (302) | (305) | ||||||||||||
Common stock held in treasury | (6,329) | (6,024) | ||||||||||||
| Total stockholders’ equity | 20,981 | 18,899 | ||||||||||||
| Noncontrolling interests | 12,632 | 11,867 | ||||||||||||
Total equity | 33,613 | 30,766 | ||||||||||||
| Total liabilities and equity | $ | 61,479 | $ | 58,167 | ||||||||||
V
| FREEPORT | ||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||
| Nine Months Ended | ||||||||||||||
| September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (In Millions) | ||||||||||||||
| Cash flow from operating activities: | ||||||||||||||
| Net income | $ | 4,466 | $ | 3,587 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| DD&A | 1,557 | 1,759 | ||||||||||||
| Gain on PTFI mud rush incident insurance settlement | (699) | — | ||||||||||||
| Proceeds from PTFI mud rush incident insurance settlement | 699 | — | ||||||||||||
| Gain on sale of assets | (18) | (16) | ||||||||||||
| Net charges for environmental and AROs, including accretion | 237 | 166 | ||||||||||||
| Payments for environmental and AROs | (151) | (177) | ||||||||||||
Stock-based compensation | 131 | 98 | ||||||||||||
Net charges for defined pension and postretirement plans | 34 | 43 | ||||||||||||
Pension plan contributions | (59) | (29) | ||||||||||||
Deferred income taxes | 149 | (16) | ||||||||||||
| Charges for PTFI social investment programs | 40 | 77 | ||||||||||||
| Payments for PTFI social investment programs | (35) | (44) | ||||||||||||
Other, net | 18 | (21) | ||||||||||||
Changes in working capital and other: | ||||||||||||||
Accounts receivable | (30) | (408) | ||||||||||||
Inventories | (601) | (113) | ||||||||||||
Other current assets | (69) | 46 | ||||||||||||
Accounts payable and accrued liabilities | (64) | 283 | ||||||||||||
Accrued income taxes and timing of other tax payments | (81) | (293) | ||||||||||||
| Net cash provided by operating activities | 5,524 | 4,942 | ||||||||||||
| Cash flow from investing activities: | ||||||||||||||
Capital expenditures: | ||||||||||||||
| U.S. copper mines | (827) | (843) | ||||||||||||
| South America operations | (477) | (287) | ||||||||||||
| Indonesia operations | (1,435) | (1,927) | ||||||||||||
Molybdenum mines | (69) | (74) | ||||||||||||
Other | (428) | (358) | ||||||||||||
| Acquisition of additional ownership interest in Cerro Verde | (107) | — | ||||||||||||
| Other, net | 30 | 22 | ||||||||||||
Net cash used in investing activities | (3,313) | (3,467) | ||||||||||||
| Cash flow from financing activities: | ||||||||||||||
Proceeds from debt | 2,919 | 2,180 | ||||||||||||
Repayments of debt | (2,904) | (1,843) | ||||||||||||
| Finance lease payments | (32) | (24) | ||||||||||||
Cash dividends and distributions paid: | ||||||||||||||
| Common stock | (650) | (649) | ||||||||||||
Noncontrolling interests | (625) | (1,274) | ||||||||||||
| Treasury stock purchases | (305) | (107) | ||||||||||||
| Proceeds from exercised stock options | 27 | 6 | ||||||||||||
| Payments for withholding of employee taxes related to stock-based awards | (44) | (22) | ||||||||||||
| Debt issuance costs | (11) | — | ||||||||||||
| Net cash used in financing activities | (1,625) | (1,733) | ||||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 586 | (258) | ||||||||||||
| 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 | $ | 4,759 | $ | 4,653 | ||||||||||
a.Includes current and long-term restricted cash and cash equivalents of $0.4 billion at September 30, 2026, and $0.3 billion at September 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 September 30, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Pre-tax | After-taxa | Per Share | Pre-tax | After-taxa | Per Share | |||||||||||||||||||||||||||||||||
| Net income attributable to common stock | N/A | $ | 1,174 | $ | 0.81 | N/A | $ | 674 | $ | 0.46 | ||||||||||||||||||||||||||||
| PTFI mud rush incident - idle facility, direct recovery and restoration costs: | ||||||||||||||||||||||||||||||||||||||
| Production and delivery costs | (244) | (72) | (0.05) | (171) | (51) | (0.04) | ||||||||||||||||||||||||||||||||
| DD&A | (64) | (19) | (0.01) | (24) | (7) | — | ||||||||||||||||||||||||||||||||
| PTFI smelter fire insurance recoveries (repair costs, net) | 9 | 3 | — | (26) | (8) | (0.01) | ||||||||||||||||||||||||||||||||
| Net adjustments to environmental obligations and litigation reserves | (1) | (1) | — | 11 | 11 | 0.01 | ||||||||||||||||||||||||||||||||
Oil and gas net chargesb | (28) | (24) | (0.02) | (4) | (4) | — | ||||||||||||||||||||||||||||||||
| Gain on sale of assets | — | — | — | 16 | 16 | 0.01 | ||||||||||||||||||||||||||||||||
PTFI historical tax mattersc | — | 14 | 0.01 | — | — | — | ||||||||||||||||||||||||||||||||
| Other net charges | (3) | (2) | — | — | (6) | — | ||||||||||||||||||||||||||||||||
Total net chargesf | $ | (330) | $ | (101) | $ | (0.07) | $ | (197) | $ | (48) | $ | (0.04) | ||||||||||||||||||||||||||
| Adjusted net income attributable to common stock | N/A | $ | 1,275 | $ | 0.88 | N/A | $ | 722 | $ | 0.50 | ||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Pre-tax | After-taxa | Per Share | Pre-tax | After-taxa | Per Share | |||||||||||||||||||||||||||||||||
| Net income attributable to common stock | N/A | $ | 3,039 | $ | 2.10 | N/A | $ | 1,798 | $ | 1.24 | ||||||||||||||||||||||||||||
| PTFI mud rush incident - idle facility, direct recovery and restoration costs: | ||||||||||||||||||||||||||||||||||||||
| Production and delivery costs | $ | (934) | $ | (277) | $ | (0.19) | $ | (171) | $ | (51) | $ | (0.04) | ||||||||||||||||||||||||||
| DD&A | (236) | (70) | (0.05) | (24) | (7) | — | ||||||||||||||||||||||||||||||||
| PTFI smelter fire insurance recoveries (repair costs, net) | 9 | 3 | — | (56) | (17) | (0.01) | ||||||||||||||||||||||||||||||||
| Gain on PTFI mud rush incident insurance settlement | 699 | 207 | 0.14 | — | — | — | ||||||||||||||||||||||||||||||||
| Net adjustments to environmental obligations and litigation reserves | (11) | (9) | (0.01) | 8 | 8 | 0.01 | ||||||||||||||||||||||||||||||||
Oil and gas net chargesb | (28) | (24) | (0.02) | (17) | (17) | (0.01) | ||||||||||||||||||||||||||||||||
| Gain on sale of assets | 18 | 16 | 0.01 | 16 | 16 | 0.01 | ||||||||||||||||||||||||||||||||
PTFI historical tax mattersc | 12 | 34 | 0.02 | 5 | 6 | — | ||||||||||||||||||||||||||||||||
Cerro Verde historical tax mattersd | 22 | 12 | 0.01 | — | — | — | ||||||||||||||||||||||||||||||||
Other net chargese | (58) | (38) | (0.03) | (17) | (11) | (0.01) | ||||||||||||||||||||||||||||||||
Total net chargesf | $ | (505) | $ | (146) | $ | (0.10) | $ | (256) | $ | (72) | $ | (0.05) | ||||||||||||||||||||||||||
| Adjusted net income attributable to common stock | N/A | $ | 3,185 | $ | 2.20 | N/A | $ | 1,870 | $ | 1.29 | ||||||||||||||||||||||||||||
a.Reflects impact to FCX’s net income attributable to common stock (i.e., net of any taxes and noncontrolling interests).
b.The third quarter and first nine months of 2026 primarily include charges for adjustments to oil and gas AROs including $24 million recorded to production and delivery costs and $4 million recorded to selling, general and administrative expenses.
The third quarter and first nine months of 2025 include charges to production and delivery costs primarily associated with impairments of oil and gas properties.
c.The third quarter and first nine months of 2026 include net tax credits of $31 million ($14 million net of noncontrolling interest) associated with income tax benefits related to smelter development attributable to the year 2025 (refer to “Income Taxes,” beginning on page VIII for additional information). The first nine months of 2026 also include net credits associated with PTFI’s 2022 corporate income tax audit. The first nine 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).
VII
FREEPORT
ADJUSTED NET INCOME (continued)
d.The first nine months of 2026 include credits recorded to other income, net, for interest collected by Cerro Verde associated with the closure of its 2020 income tax audit.
e.The first nine months of 2026 primarily include charges for (i) inventory write-offs ($18 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), (iv) historical costs of placing assets into service at our U.S. copper mines ($9 million to DD&A and $6 million to interest expense, net) and (v) debt extinguishment costs associated with revolving credit facilities ($3 million to other income, net).
The first nine months of 2025 include charges to production and delivery costs for the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities, partially offset by an adjustment to PTFI’s ARO.
f.May not sum because of rounding.
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 September 30, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Income Tax | Income Tax | |||||||||||||||||||||||||||||||||||||
| Income | Effective | (Provision) | Income | Effective | (Provision) | |||||||||||||||||||||||||||||||||
(Loss)a | Tax Rate | Benefit | (Loss)a | Tax Rate | Benefit | |||||||||||||||||||||||||||||||||
U.S.b | $ | 678 | 11% | $ | (76) | c | $ | 155 | 4% | $ | (6) | |||||||||||||||||||||||||||
| South America | 1,036 | 39% | (407) | 508 | 40% | (202) | ||||||||||||||||||||||||||||||||
| Indonesia | 627 | 30% | (190) | d | 1,286 | 36% | (466) | |||||||||||||||||||||||||||||||
| Eliminations and other | (49) | N/A | 13 | (25) | N/A | 12 | ||||||||||||||||||||||||||||||||
Rate adjustmente | — | N/A | 50 | — | N/A | (7) | ||||||||||||||||||||||||||||||||
| Continuing operations | $ | 2,292 | 27% | $ | (610) | $ | 1,924 | 35% | $ | (669) | ||||||||||||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Income Tax | Income Tax | |||||||||||||||||||||||||||||||||||||
| Income | Effective | (Provision) | Effective | (Provision) | ||||||||||||||||||||||||||||||||||
(Loss)a | Tax Rate | Benefit | Incomea | Tax Rate | Benefit | |||||||||||||||||||||||||||||||||
U.S.b | $ | 1,727 | 8% | $ | (134) | c | $ | 153 | 3% | $ | (4) | |||||||||||||||||||||||||||
| South America | 2,607 | 40% | (1,031) | 1,398 | 39% | (546) | ||||||||||||||||||||||||||||||||
| Indonesia | 1,962 | 33% | (656) | d | 3,958 | 36% | (1,431) | |||||||||||||||||||||||||||||||
| Eliminations and other | (40) | N/A | 16 | 97 | N/A | (60) | ||||||||||||||||||||||||||||||||
Rate adjustmente | — | N/A | (2) | — | N/A | 22 | ||||||||||||||||||||||||||||||||
| Continuing operations | $ | 6,256 | 29% | $ | (1,807) | $ | 5,606 | 36% | $ | (2,019) | ||||||||||||||||||||||||||||
a.Represents income (loss) before income taxes, equity in affiliated companies’ net earnings (losses), 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 third quarter and first nine months of 2026 primarily relates to the U.S. Corporate Alternative Minimum Tax (CAMT) provisions, which do not benefit from regular tax U.S. net operating loss carryforwards.
d.In third-quarter 2026, PTFI received confirmation of income tax benefits associated with its smelter development, which includes benefits attributable to a six-year incentive period from 2025 through 2030. In third-quarter 2026, PTFI recognized tax benefits associated with the year 2025 and first nine months of 2026.
e.In accordance with applicable accounting standards, FCX adjusts its interim provision for income taxes equal to its consolidated tax rate.
VIII
FREEPORT
INCOME TAXES (continued)
Assuming achievement of current sales volume and cost estimates and prices of $6.50 per pound for copper, $4,000 per ounce for gold and $32.00 per pound for molybdenum in fourth-quarter 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 10% for the U.S. (associated with CAMT provisions). Changes in projected sales volumes, commodity prices, and the relative proportion of jurisdictional income during fourth-quarter 2026 could impact FCX’s consolidated effective tax rate for the year 2026.
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 September 30, 2026 | ||||||||
| Current portion of debt | $ | 1,680 | ||||||
| Long-term debt, less current portion | 7,718 | |||||||
| Consolidated debt | 9,398 | |||||||
| Less: consolidated cash and cash equivalents | 4,335 | |||||||
| FCX net debt | 5,063 | |||||||
| Less: debt for PTFI’s downstream processing facilities | 3,237 | a | ||||||
| FCX net debt, excluding debt for PTFI’s downstream processing facilities | $ | 1,826 | ||||||
a.Represents PTFI’s senior notes and $250 million of borrowings under PTFI’s revolving credit facility.
DERIVATIVE INSTRUMENTS
For the nine months ended September 30, 2026, FCX’s mined copper was sold 37% as cathode, 35% as rod, and 28% 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 $6.54 per pound in third-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 $6.40 per pound in third-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 $6.48 per pound in third-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 September 30, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
Prior Perioda | Current Periodb | Total | Prior Perioda | Current Periodb | Total | ||||||||||||||||||||||||||||||
Revenues | $ | 52 | $ | 64 | $ | 116 | $ | 11 | $ | 71 | $ | 82 | |||||||||||||||||||||||
| Net income attributable to common stock | $ | 17 | $ | 21 | $ | 38 | $ | 1 | $ | 24 | $ | 25 | |||||||||||||||||||||||
| Diluted net income per share of common stock | $ | 0.01 | $ | 0.01 | $ | 0.03 | c | $ | — | $ | 0.02 | $ | 0.02 | ||||||||||||||||||||||
a.Reflects adjustments to provisionally priced copper sales at June 30, 2026 and 2025.
b.Reflects adjustments to provisionally priced copper sales during the third quarters of 2026 and 2025.
c.Does not sum because of rounding.
IX
FREEPORT
DERIVATIVE INSTRUMENTS (continued)
| Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
Prior Perioda | Current Periodb | Total | Prior Perioda | Current Periodb | Total | ||||||||||||||||||||||||||||||
Revenues | $ | 58 | $ | 174 | $ | 232 | $ | 63 | $ | 169 | $ | 232 | |||||||||||||||||||||||
| Net income attributable to common stock | $ | 24 | $ | 59 | $ | 82 | $ | 21 | $ | 56 | $ | 77 | |||||||||||||||||||||||
| Diluted net income per share of common stock | $ | 0.02 | $ | 0.04 | $ | 0.06 | $ | 0.01 | $ | 0.04 | $ | 0.05 | |||||||||||||||||||||||
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 nine months of 2026 and 2025.
At September 30, 2026, FCX had provisionally priced copper sales totaling 239 million pounds (134 million pounds net of intercompany sales and noncontrolling interests) recorded at an average price of $6.55 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 $12 million effect on 2026 revenues ($4 million to net income attributable to common stock). The LME copper settlement price was $6.58 per pound on October 26, 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 additions to operating income totaling $24 million ($8 million to net income attributable to common stock) in third-quarter 2026, $13 million ($15 million to net income attributable to common stock) in third-quarter 2025, $76 million ($25 million to net income attributable to common stock) for the first nine months of 2026 and $161 million ($58 million to net income attributable to common stock) for the first nine months of 2025. FCX’s net deferred profits on inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $77 million ($25 million to net income attributable to common stock) at September 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 $514 million in third-quarter 2026 (which represented 22% of FCX’s consolidated income before income taxes), $573 million in third-quarter 2025 (which represented 30% of FCX’s consolidated income before income taxes), $1.4 billion for the first nine months of 2026 (which represented 23% of FCX’s consolidated income before income taxes) and $1.8 billion for the first nine months of 2025 (which represented 32% 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 $6.50 per pound of copper, $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026, FCX estimates that net income attributable to noncontrolling interests will approximate $2.3 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.
X
FREEPORT
BUSINESS DIVISIONS AND SEGMENTS (continued)
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.
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 September 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaffiliated customers | $ | 19 | $ | 31 | $ | 50 | $ | 1,392 | $ | 253 | $ | 1,645 | $ | 1,476 | $ | — | $ | 2,359 | $ | 1,249 | $ | 767 | a | $ | 7,546 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment | 864 | 1,623 | 2,487 | 358 | — | 358 | — | 233 | 10 | 4 | (3,092) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production and delivery | 527 | 975 | 1,502 | 718 | 157 | 875 | 623 | b | 154 | 2,352 | 1,234 | (2,261) | 4,479 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DD&A | 61 | 93 | 154 | 89 | 18 | 107 | 210 | b | 24 | 1 | 6 | 18 | 520 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | — | 1 | 1 | 2 | — | 2 | 27 | — | — | 7 | 94 | 131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and research expenses | 7 | 7 | 14 | 5 | — | 5 | — | — | — | — | 36 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental obligations and shutdown costs | — | (3) | (3) | — | — | — | — | — | — | — | 11 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 288 | 581 | 869 | 936 | 78 | 1,014 | 616 | 55 | 16 | 6 | (223) | 2,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | (1) | (1) | (2) | (4) | — | (4) | (4) | — | — | (10) | (66) | (86) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (expense) income, net | (1) | (9) | (10) | 3 | 8 | 11 | 2 | — | — | 2 | 20 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Provision for) benefit from income taxes | — | — | — | (373) | (34) | (407) | (190) | c | — | — | 1 | (14) | (610) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in affiliated companies’ net earnings | — | — | — | — | — | — | 6 | — | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | — | — | (266) | (16) | (282) | (239) | — | — | — | 7 | (514) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 1,174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets at September 30, 2026 | 3,630 | 7,892 | 11,522 | 9,176 | 2,538 | 11,714 | 28,581 | 2,012 | 418 | 2,136 | 5,096 | 61,479 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | 85 | 246 | 331 | 84 | 108 | 192 | 463 | 20 | 14 | 73 | 66 | 1,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaffiliated customers | $ | 46 | $ | 12 | $ | 58 | $ | 979 | $ | 204 | $ | 1,183 | $ | 2,675 | $ | — | $ | 1,774 | $ | 768 | $ | 514 | a | $ | 6,972 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment | 653 | 1,229 | 1,882 | 226 | 5 | 231 | — | 177 | 12 | 6 | (2,308) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production and delivery | 499 | 895 | 1,394 | 636 | 166 | 802 | 1,024 | b | 150 | 1,773 | 753 | (1,691) | 4,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DD&A | 55 | 79 | 134 | 97 | 17 | 114 | 331 | b | 22 | 2 | 7 | 15 | 625 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | — | 1 | 1 | 2 | — | 2 | 36 | — | — | 7 | 85 | 131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and research expenses | 11 | 4 | 15 | 3 | — | 3 | 2 | — | — | — | 35 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of assets | — | — | — | — | — | — | — | — | — | — | (16) | (16) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 134 | 262 | 396 | 467 | 26 | 493 | 1,282 | 5 | 11 | 7 | (222) | 1,972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | — | — | — | (5) | — | (5) | (25) | — | — | (8) | (69) | (107) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (expense) income, net | (1) | 3 | 2 | 17 | 6 | 23 | 16 | — | (1) | (1) | 20 | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Provision for) benefit from income taxes | — | — | — | (192) | (10) | (202) | (466) | — | — | 3 | (4) | (669) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in affiliated companies’ net (losses) earnings | — | — | — | — | — | — | (9) | — | — | — | 1 | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | — | — | (143) | (2) | (145) | (436) | — | — | — | 8 | (573) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets at September 30, 2025 | 3,289 | 7,342 | 10,631 | 8,290 | 2,147 | 10,437 | 27,464 | 2,037 | 389 | 1,615 | 4,255 | 56,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | 66 | 249 | 315 | 99 | 11 | 110 | 483 | 28 | 19 | 42 | 59 | 1,056 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaffiliated customers | $ | 48 | $ | 50 | $ | 98 | $ | 3,769 | $ | 829 | $ | 4,598 | $ | 4,030 | $ | — | $ | 6,639 | $ | 3,239 | $ | 2,205 | a | $ | 20,809 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment | 2,367 | 4,552 | 6,919 | 849 | — | 849 | 1 | 649 | 31 | 13 | (8,462) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production and delivery | 1,389 | 2,696 | 4,085 | 2,033 | 507 | 2,540 | 2,057 | b | 441 | 6,613 | 3,170 | (6,042) | 12,864 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DD&A | 185 | 269 | 454 | 257 | 60 | 317 | 632 | b | 70 | 4 | 20 | 60 | 1,557 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1 | 2 | 3 | 5 | — | 5 | 84 | — | — | 26 | 310 | 428 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and research expenses | 25 | 24 | 49 | 13 | 3 | 16 | — | — | — | — | 81 | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental obligations and shutdown costs | — | (3) | (3) | — | — | — | — | — | — | — | 41 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on PTFI mud rush incident insurance settlement | — | — | — | — | — | — | (699) | — | — | — | — | (699) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of assets | — | — | — | — | — | — | — | — | — | (18) | — | (18) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 815 | 1,614 | 2,429 | 2,310 | 259 | 2,569 | 1,957 | 138 | 53 | 54 | (707) | 6,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | (3) | (1) | (4) | (14) | — | (14) | (25) | — | — | (29) | (223) | (295) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (expense) income, net | (2) | (9) | (11) | 14 | 13 | 27 | (10) | — | (1) | 9 | 44 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | — | — | — | (917) | (114) | (1,031) | (656) | c | — | — | (6) | (114) | (1,807) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in affiliated companies’ net earnings | — | — | — | — | — | — | 16 | — | — | — | 1 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | — | — | (662) | (64) | (726) | (706) | — | — | — | 5 | (1,427) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 3,039 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | 179 | 648 | 827 | 240 | 237 | 477 | 1,435 | 69 | 42 | 196 | 190 | 3,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaffiliated customers | $ | 192 | $ | 184 | $ | 376 | $ | 2,732 | $ | 599 | $ | 3,331 | $ | 7,658 | $ | — | $ | 5,090 | $ | 2,335 | $ | 1,492 | a | $ | 20,282 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment | 1,706 | 3,202 | 4,908 | 593 | 127 | 720 | 4 | 534 | 29 | 12 | (6,207) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production and delivery | 1,353 | 2,467 | 3,820 | 1,813 | 545 | 2,358 | 2,726 | b | 400 | 5,088 | 2,278 | (4,427) | d | 12,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DD&A | 151 | 225 | 376 | 282 | 56 | 338 | 906 | b | 74 | 4 | 21 | 40 | 1,759 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1 | 2 | 3 | 5 | 1 | 6 | 98 | — | — | 23 | 282 | 412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and research expenses | 25 | 15 | 40 | 9 | 2 | 11 | 5 | 1 | — | — | 83 | 140 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental obligations and shutdown costs | (7) | — | (7) | — | — | — | — | — | — | — | 44 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of assets | — | — | — | — | — | — | — | — | — | — | (16) | (16) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 375 | 677 | 1,052 | 1,216 | 122 | 1,338 | 3,927 | 59 | 27 | 25 | (721) | 5,707 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | — | (1) | (1) | (13) | — | (13) | (50) | — | — | (26) | (169) | (259) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (expense) income, net | (3) | 7 | 4 | 69 | 7 | 76 | 47 | (1) | (2) | (20) | 54 | 158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | — | — | — | (502) | (44) | (546) | (1,431) | — | — | (9) | (33) | (2,019) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | (374) | (23) | (397) | (1,359) | — | — | — | (33) | (1,789) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 1,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures | 195 | 648 | 843 | 251 | 36 | 287 | 1,927 | 74 | 62 | 130 | 166 | 3,489 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, direct recovery and restoration costs associated with the September 2025 external mud rush incident. For a summary of these charges, refer to “Adjusted Net Income,” beginning on page VII.
c.Includes income tax benefits associated with PTFI’s smelter development. Refer to “Income Taxes,” beginning on page VIII for additional information.
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 September 30, 2026 | |||||||||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||||||||
| Method | Copper | Molybdenuma | Otherb | Total | |||||||||||||||||||||||||||||||
| Revenues | $ | 2,177 | $ | 2,177 | $ | 267 | $ | 89 | $ | 2,533 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 1,305 | 1,136 | 167 | 62 | 1,365 | ||||||||||||||||||||||||||||||
| By-product credits | (296) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 41 | 38 | — | 3 | 41 | ||||||||||||||||||||||||||||||
| Net cash costs | 1,050 | 1,174 | 167 | 65 | 1,406 | ||||||||||||||||||||||||||||||
| DD&A | 154 | 138 | 11 | 5 | 154 | ||||||||||||||||||||||||||||||
| Noncash and other costs, net | 89 | c | 81 | 6 | 2 | 89 | |||||||||||||||||||||||||||||
| Total costs | 1,293 | 1,393 | 184 | 72 | 1,649 | ||||||||||||||||||||||||||||||
| Gross profit | $ | 884 | $ | 784 | $ | 83 | $ | 17 | $ | 884 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 332 | 332 | |||||||||||||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 8 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/molybdenum: | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 6.55 | $ | 6.55 | $ | 31.54 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.93 | 3.42 | 19.72 | ||||||||||||||||||||||||||||||||
| By-product credits | (0.89) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.12 | 0.11 | — | ||||||||||||||||||||||||||||||||
| Unit net cash costs | 3.16 | 3.53 | 19.72 | ||||||||||||||||||||||||||||||||
| DD&A | 0.46 | 0.42 | 1.29 | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.27 | c | 0.24 | 0.76 | |||||||||||||||||||||||||||||||
| Total unit costs | 3.89 | 4.19 | 21.77 | ||||||||||||||||||||||||||||||||
| Gross profit per pound | $ | 2.66 | $ | 2.36 | $ | 9.77 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 2,533 | $ | 1,365 | $ | 154 | |||||||||||||||||||||||||||||
| Treatment charges | — | 41 | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 89 | — | ||||||||||||||||||||||||||||||||
| Eliminations and other | 4 | 7 | — | ||||||||||||||||||||||||||||||||
| U.S. copper mines | 2,537 | 1,502 | 154 | ||||||||||||||||||||||||||||||||
Other miningd | 7,334 | 5,238 | 348 | ||||||||||||||||||||||||||||||||
Corporate, other & eliminationse | (2,325) | (2,261) | 18 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,546 | $ | 4,479 | $ | 520 | |||||||||||||||||||||||||||||
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 ($4,307 per ounce average realized price), silver sales of 0.5 million ounces ($63.46 per ounce average realized price) and related production costs.
c.Includes charges totaling $26 million ($0.08 per pound of copper) for feasibility and optimization studies and $22 million ($0.07 per pound of copper) for materials and supplies inventory write-offs.
d.Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
e.Represents Corporate, other & eliminations 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 September 30, 2025 | |||||||||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||||||||
| Method | Copper | Molybdenuma | Otherb | Total | |||||||||||||||||||||||||||||||
| Revenues | $ | 1,677 | $ | 1,677 | $ | 199 | $ | 60 | $ | 1,936 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 1,225 | 1,081 | 151 | 44 | 1,276 | ||||||||||||||||||||||||||||||
| By-product credits | (208) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 45 | 43 | — | 2 | 45 | ||||||||||||||||||||||||||||||
| Net cash costs | 1,062 | 1,124 | 151 | 46 | 1,321 | ||||||||||||||||||||||||||||||
| DD&A | 135 | 119 | 13 | 3 | 135 | ||||||||||||||||||||||||||||||
| Noncash and other costs, net | 63 | c | 59 | 3 | 1 | 63 | |||||||||||||||||||||||||||||
| Total costs | 1,260 | 1,302 | 167 | 50 | 1,519 | ||||||||||||||||||||||||||||||
| Gross profit | $ | 417 | $ | 375 | $ | 32 | $ | 10 | $ | 417 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 341 | 341 | |||||||||||||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 8 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/molybdenum: | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 4.92 | $ | 4.92 | $ | 23.66 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.59 | 3.17 | 17.94 | ||||||||||||||||||||||||||||||||
| By-product credits | (0.61) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.13 | 0.13 | — | ||||||||||||||||||||||||||||||||
Unit net cash costs | 3.11 | 3.30 | 17.94 | ||||||||||||||||||||||||||||||||
| DD&A | 0.40 | 0.35 | 1.51 | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.18 | c | 0.17 | 0.40 | |||||||||||||||||||||||||||||||
Total unit costs | 3.69 | 3.82 | 19.85 | ||||||||||||||||||||||||||||||||
| Gross profit per pound | $ | 1.23 | $ | 1.10 | $ | 3.81 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 1,936 | $ | 1,276 | $ | 135 | |||||||||||||||||||||||||||||
| Treatment charges | 1 | 46 | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 63 | — | ||||||||||||||||||||||||||||||||
| Eliminations and other | 3 | 9 | (1) | ||||||||||||||||||||||||||||||||
| U.S. copper mines | 1,940 | 1,394 | 134 | ||||||||||||||||||||||||||||||||
Other miningd | 6,826 | 4,502 | 476 | ||||||||||||||||||||||||||||||||
Corporate, other & eliminationse | (1,794) | (1,691) | 15 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 6,972 | $ | 4,205 | $ | 625 | |||||||||||||||||||||||||||||
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 ($3,879 per ounce average realized price), silver sales of 0.4 million ounces ($45.99 per ounce average realized price) and related production costs.
c.Includes charges totaling $23 million ($0.07 per pound of copper) for feasibility and optimization studies.
d.Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
e.Represents Corporate, other & eliminations 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 | |||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||||||||
| Method | Copper | Molybdenuma | Otherb | Total | |||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 6,043 | $ | 6,043 | $ | 730 | $ | 233 | $ | 7,006 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3,606 | 3,126 | 478 | 155 | 3,759 | ||||||||||||||||||||||||||||||
| By-product credits | (811) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 130 | 121 | — | 9 | 130 | ||||||||||||||||||||||||||||||
| Net cash costs | 2,925 | 3,247 | 478 | 164 | 3,889 | ||||||||||||||||||||||||||||||
| DD&A | 454 | 396 | 37 | 21 | 454 | ||||||||||||||||||||||||||||||
| Noncash and other costs, net | 183 | c | 166 | 14 | 3 | 183 | |||||||||||||||||||||||||||||
| Total costs | 3,562 | 3,809 | 529 | 188 | 4,526 | ||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 6 | 6 | — | 1 | 7 | ||||||||||||||||||||||||||||||
| Gross profit | $ | 2,487 | $ | 2,240 | $ | 201 | $ | 46 | $ | 2,487 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 971 | 971 | |||||||||||||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 25 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/molybdenum: | |||||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 6.22 | $ | 6.22 | $ | 28.51 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.71 | 3.22 | 18.68 | ||||||||||||||||||||||||||||||||
| By-product credits | (0.83) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.13 | 0.12 | — | ||||||||||||||||||||||||||||||||
| Unit net cash costs | 3.01 | 3.34 | 18.68 | ||||||||||||||||||||||||||||||||
| DD&A | 0.47 | 0.41 | 1.43 | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.19 | c | 0.17 | 0.56 | |||||||||||||||||||||||||||||||
| Total unit costs | 3.67 | 3.92 | 20.67 | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.01 | 0.01 | — | ||||||||||||||||||||||||||||||||
| Gross profit per pound | $ | 2.56 | $ | 2.31 | $ | 7.84 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 7,006 | $ | 3,759 | $ | 454 | |||||||||||||||||||||||||||||
| Treatment charges | — | 130 | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 183 | — | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 7 | — | — | ||||||||||||||||||||||||||||||||
| Eliminations and other | 4 | 13 | — | ||||||||||||||||||||||||||||||||
| U.S. copper mines | 7,017 | 4,085 | 454 | ||||||||||||||||||||||||||||||||
Other miningd | 20,049 | 14,821 | 1,043 | ||||||||||||||||||||||||||||||||
Corporate, other & eliminationse | (6,257) | (6,042) | 60 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 20,809 | $ | 12,864 | $ | 1,557 | |||||||||||||||||||||||||||||
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 17 thousand ounces ($4,470 per ounce average realized price), silver sales of 1.4 million ounces ($67.03 per ounce average realized price) and related production costs.
c.Includes charges totaling $61 million ($0.06 per pound of copper) for feasibility and optimization studies and $22 million ($0.02 per pound of copper) for materials and supplies inventory write-offs.
d.Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
e.Represents Corporate, other & eliminations 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 | |||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||||||||
| Method | Copper | Molybdenuma | Otherb | Total | |||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4,579 | $ | 4,579 | $ | 525 | $ | 152 | $ | 5,256 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3,358 | 2,976 | 413 | 117 | 3,506 | ||||||||||||||||||||||||||||||
| By-product credits | (530) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 130 | 124 | — | 6 | 130 | ||||||||||||||||||||||||||||||
| Net cash costs | 2,958 | 3,100 | 413 | 123 | 3,636 | ||||||||||||||||||||||||||||||
| DD&A | 376 | 337 | 31 | 8 | 376 | ||||||||||||||||||||||||||||||
| Noncash and other costs, net | 153 | c | 141 | 10 | 2 | 153 | |||||||||||||||||||||||||||||
| Total costs | 3,487 | 3,578 | 454 | 133 | 4,165 | ||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 4 | 4 | — | 1 | 5 | ||||||||||||||||||||||||||||||
| Gross profit | $ | 1,096 | $ | 1,005 | $ | 71 | $ | 20 | $ | 1,096 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 957 | 957 | |||||||||||||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 25 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/molybdenum: | |||||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4.78 | $ | 4.78 | $ | 21.25 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.51 | 3.11 | 16.73 | ||||||||||||||||||||||||||||||||
| By-product credits | (0.56) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.14 | 0.13 | — | ||||||||||||||||||||||||||||||||
| Unit net cash costs | 3.09 | 3.24 | 16.73 | ||||||||||||||||||||||||||||||||
| DD&A | 0.39 | 0.35 | 1.28 | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.16 | c | 0.15 | 0.38 | |||||||||||||||||||||||||||||||
| Total unit costs | 3.64 | 3.74 | 18.39 | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.01 | 0.01 | — | ||||||||||||||||||||||||||||||||
| Gross profit per pound | $ | 1.15 | $ | 1.05 | $ | 2.86 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 5,256 | $ | 3,506 | $ | 376 | |||||||||||||||||||||||||||||
| Treatment charges | (9) | 121 | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 153 | — | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 5 | — | — | ||||||||||||||||||||||||||||||||
| Eliminations and other | 32 | 40 | — | ||||||||||||||||||||||||||||||||
| U.S. copper mines | 5,284 | 3,820 | 376 | ||||||||||||||||||||||||||||||||
Other miningd | 19,713 | 12,850 | 1,343 | ||||||||||||||||||||||||||||||||
Corporate, other & eliminationse | (4,715) | (4,427) | 40 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 20,282 | $ | 12,243 | $ | 1,759 | |||||||||||||||||||||||||||||
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 11 thousand ounces ($3,497 per ounce average realized price), silver sales of 1.4 million ounces ($38.92 per ounce average realized price) and related production costs.
c.Includes charges totaling $63 million ($0.07 per pound of copper) for feasibility and optimization studies.
d.Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
e.Represents Corporate, other & eliminations 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 September 30, 2026 | ||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | ||||||||||||||||||||||||
| Method | Copper | Othera | Total | |||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 1,728 | $ | 1,728 | $ | 223 | $ | 1,951 | ||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 827 | 744 | 97 | 841 | ||||||||||||||||||||||
| By-product credits | (210) | — | — | — | ||||||||||||||||||||||
| Treatment charges | 9 | 9 | — | 9 | ||||||||||||||||||||||
| Royalty on metals | 3 | 3 | — | 3 | ||||||||||||||||||||||
| Net cash costs | 629 | 756 | 97 | 853 | ||||||||||||||||||||||
| DD&A | 107 | 95 | 12 | 107 | ||||||||||||||||||||||
| Noncash and other costs, net | 35 | b | 33 | 2 | 35 | |||||||||||||||||||||
| Total costs | 771 | 884 | 111 | 995 | ||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 63 | 63 | 1 | 64 | ||||||||||||||||||||||
| Gross profit | $ | 1,020 | $ | 907 | $ | 113 | $ | 1,020 | ||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 263 | 263 | ||||||||||||||||||||||||
| Gross profit per pound of copper: | ||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 6.56 | $ | 6.56 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.14 | 2.83 | ||||||||||||||||||||||||
| By-product credits | (0.79) | — | ||||||||||||||||||||||||
| Treatment charges | 0.03 | 0.03 | ||||||||||||||||||||||||
| Royalty on metals | 0.01 | 0.01 | ||||||||||||||||||||||||
| Unit net cash costs | 2.39 | 2.87 | ||||||||||||||||||||||||
| DD&A | 0.41 | 0.36 | ||||||||||||||||||||||||
| Noncash and other costs, net | 0.13 | b | 0.12 | |||||||||||||||||||||||
| Total unit costs | 2.93 | 3.35 | ||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.24 | 0.24 | ||||||||||||||||||||||||
| Gross profit per pound | $ | 3.87 | $ | 3.45 | ||||||||||||||||||||||
| Reconciliation to Amounts Reported | ||||||||||||||||||||||||||
| Production | ||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | ||||||||||||||||||||||||
| Totals presented above | $ | 1,951 | $ | 841 | $ | 107 | ||||||||||||||||||||
| Treatment charges | (9) | — | — | |||||||||||||||||||||||
| Royalty on metals | (3) | — | — | |||||||||||||||||||||||
| Noncash and other costs, net | — | 35 | — | |||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 64 | — | — | |||||||||||||||||||||||
| Eliminations and other | — | (1) | — | |||||||||||||||||||||||
| South America operations | 2,003 | 875 | 107 | |||||||||||||||||||||||
Other miningc | 7,868 | 5,865 | 395 | |||||||||||||||||||||||
Corporate, other & eliminationsd | (2,325) | (2,261) | 18 | |||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,546 | $ | 4,479 | $ | 520 | ||||||||||||||||||||
a.Includes silver sales of 0.9 million ounces ($61.76 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 $14 million ($0.05 per pound of copper) for feasibility and optimization studies and $13 million ($0.05 per pound of copper) for materials and supplies inventory write-offs.
c.Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
d.Represents Corporate, other & eliminations 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 September 30, 2025 | |||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||
| Method | Copper | Othera | Total | ||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 1,278 | $ | 1,278 | $ | 154 | $ | 1,432 | |||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 764 | 690 | 86 | 776 | |||||||||||||||||||||||||
| By-product credits | (144) | — | — | — | |||||||||||||||||||||||||
| Treatment charges | 18 | 18 | — | 18 | |||||||||||||||||||||||||
| Royalty on metals | 2 | 2 | — | 2 | |||||||||||||||||||||||||
| Net cash costs | 640 | 710 | 86 | 796 | |||||||||||||||||||||||||
| DD&A | 114 | 101 | 13 | 114 | |||||||||||||||||||||||||
| Noncash and other costs, net | 26 | b | 25 | 1 | 26 | ||||||||||||||||||||||||
| Total costs | 780 | 836 | 100 | 936 | |||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | — | — | 2 | 2 | |||||||||||||||||||||||||
| Gross profit | $ | 498 | $ | 442 | $ | 56 | $ | 498 | |||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 278 | 278 | |||||||||||||||||||||||||||
| Gross profit per pound of copper: | |||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4.60 | $ | 4.60 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2.75 | 2.49 | |||||||||||||||||||||||||||
| By-product credits | (0.52) | — | |||||||||||||||||||||||||||
| Treatment charges | 0.06 | 0.06 | |||||||||||||||||||||||||||
| Royalty on metals | 0.01 | 0.01 | |||||||||||||||||||||||||||
| Unit net cash costs | 2.30 | 2.56 | |||||||||||||||||||||||||||
| DD&A | 0.41 | 0.36 | |||||||||||||||||||||||||||
| Noncash and other costs, net | 0.10 | b | 0.09 | ||||||||||||||||||||||||||
| Total unit costs | 2.81 | 3.01 | |||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | — | — | |||||||||||||||||||||||||||
| Gross profit per pound | $ | 1.79 | $ | 1.59 | |||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||
| Totals presented above | $ | 1,432 | $ | 776 | $ | 114 | |||||||||||||||||||||||
| Treatment charges | (18) | — | — | ||||||||||||||||||||||||||
| Royalty on metals | (2) | — | — | ||||||||||||||||||||||||||
| Noncash and other costs, net | — | 26 | — | ||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 2 | — | — | ||||||||||||||||||||||||||
| South America operations | 1,414 | 802 | 114 | ||||||||||||||||||||||||||
Other miningc | 7,352 | 5,094 | 496 | ||||||||||||||||||||||||||
Corporate, other & eliminationsd | (1,794) | (1,691) | 15 | ||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 6,972 | $ | 4,205 | $ | 625 | |||||||||||||||||||||||
a.Includes silver sales of 0.9 million ounces ($44.89 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 ($0.06 per pound of copper) for feasibility and optimization studies.
c.Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
d.Represents Corporate, other & eliminations 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 | |||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||
| Method | Copper | Othera | Total | ||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4,761 | $ | 4,761 | $ | 655 | $ | 5,416 | |||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2,422 | 2,148 | 316 | 2,464 | |||||||||||||||||||||||||
| By-product credits | (626) | — | — | — | |||||||||||||||||||||||||
| Treatment charges | 21 | 21 | — | 21 | |||||||||||||||||||||||||
| Royalty on metals | 8 | 7 | 1 | 8 | |||||||||||||||||||||||||
| Net cash costs | 1,825 | 2,176 | 317 | 2,493 | |||||||||||||||||||||||||
| DD&A | 317 | 279 | 38 | 317 | |||||||||||||||||||||||||
| Noncash and other costs, net | 79 | b | 73 | 6 | 79 | ||||||||||||||||||||||||
| Total costs | 2,221 | 2,528 | 361 | 2,889 | |||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 47 | 47 | 13 | 60 | |||||||||||||||||||||||||
| Gross profit | $ | 2,587 | $ | 2,280 | $ | 307 | $ | 2,587 | |||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 756 | 756 | |||||||||||||||||||||||||||
| Gross profit per pound of copper: | |||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 6.30 | $ | 6.30 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 3.20 | 2.84 | |||||||||||||||||||||||||||
| By-product credits | (0.83) | — | |||||||||||||||||||||||||||
| Treatment charges | 0.03 | 0.03 | |||||||||||||||||||||||||||
| Royalty on metals | 0.01 | 0.01 | |||||||||||||||||||||||||||
| Unit net cash costs | 2.41 | 2.88 | |||||||||||||||||||||||||||
| DD&A | 0.42 | 0.36 | |||||||||||||||||||||||||||
| Noncash and other costs, net | 0.11 | b | 0.10 | ||||||||||||||||||||||||||
| Total unit costs | 2.94 | 3.34 | |||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.06 | 0.06 | |||||||||||||||||||||||||||
| Gross profit per pound | $ | 3.42 | $ | 3.02 | |||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||
| Totals presented above | $ | 5,416 | $ | 2,464 | $ | 317 | |||||||||||||||||||||||
| Treatment charges | (21) | — | — | ||||||||||||||||||||||||||
| Royalty on metals | (8) | — | — | ||||||||||||||||||||||||||
| Noncash and other costs, net | — | 79 | — | ||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 60 | — | — | ||||||||||||||||||||||||||
| Eliminations and other | — | (3) | — | ||||||||||||||||||||||||||
| South America operations | 5,447 | 2,540 | 317 | ||||||||||||||||||||||||||
Other miningc | 21,619 | 16,366 | 1,180 | ||||||||||||||||||||||||||
Corporate, other & eliminationsd | (6,257) | (6,042) | 60 | ||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 20,809 | $ | 12,864 | $ | 1,557 | |||||||||||||||||||||||
a.Includes silver sales of 2.6 million ounces ($67.05 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 $34 million ($0.04 per pound of copper) for feasibility and optimization studies, $13 million ($0.02 per pound of copper) for materials and supplies inventory write-offs and $10 million ($0.01 per pound of copper) for inventory write-offs.
c.Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
d.Represents Corporate, other & eliminations 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 | |||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||
| (In millions) | By-Product | Co-Product Method | |||||||||||||||||||||||||||
| Method | Copper | Othera | Total | ||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 3,649 | $ | 3,649 | $ | 406 | $ | 4,055 | |||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2,254 | 2,050 | 248 | 2,298 | |||||||||||||||||||||||||
| By-product credits | (364) | — | — | — | |||||||||||||||||||||||||
| Treatment charges | 54 | 54 | — | 54 | |||||||||||||||||||||||||
| Royalty on metals | 6 | 5 | 1 | 6 | |||||||||||||||||||||||||
| Net cash costs | 1,950 | 2,109 | 249 | 2,358 | |||||||||||||||||||||||||
| DD&A | 338 | 304 | 34 | 338 | |||||||||||||||||||||||||
| Noncash and other costs, net | 61 | b | 59 | 2 | 61 | ||||||||||||||||||||||||
| Total costs | 2,349 | 2,472 | 285 | 2,757 | |||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 53 | 54 | 1 | 55 | |||||||||||||||||||||||||
| Gross profit | $ | 1,353 | $ | 1,231 | $ | 122 | $ | 1,353 | |||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 818 | 818 | |||||||||||||||||||||||||||
| Gross profit per pound of copper: | |||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4.46 | $ | 4.46 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2.75 | 2.50 | |||||||||||||||||||||||||||
| By-product credits | (0.45) | — | |||||||||||||||||||||||||||
| Treatment charges | 0.07 | 0.07 | |||||||||||||||||||||||||||
| Royalty on metals | 0.01 | 0.01 | |||||||||||||||||||||||||||
| Unit net cash costs | 2.38 | 2.58 | |||||||||||||||||||||||||||
| DD&A | 0.42 | 0.37 | |||||||||||||||||||||||||||
| Noncash and other costs, net | 0.07 | b | 0.07 | ||||||||||||||||||||||||||
| Total unit costs | 2.87 | 3.02 | |||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.07 | 0.07 | |||||||||||||||||||||||||||
| Gross profit per pound | $ | 1.66 | $ | 1.51 | |||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||
| Totals presented above | $ | 4,055 | $ | 2,298 | $ | 338 | |||||||||||||||||||||||
| Treatment charges | (54) | — | — | ||||||||||||||||||||||||||
| Royalty on metals | (6) | — | — | ||||||||||||||||||||||||||
| Noncash and other costs, net | — | 61 | — | ||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 55 | — | — | ||||||||||||||||||||||||||
| Eliminations and other | 1 | (1) | — | ||||||||||||||||||||||||||
| South America operations | 4,051 | 2,358 | 338 | ||||||||||||||||||||||||||
Other miningc | 20,946 | 14,312 | 1,381 | ||||||||||||||||||||||||||
Corporate, other & eliminationsd | (4,715) | (4,427) | 40 | ||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 20,282 | $ | 12,243 | $ | 1,759 | |||||||||||||||||||||||
a.Includes silver sales of 2.5 million ounces ($39.10 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 $51 million ($0.06 per pound of copper) for feasibility and optimization studies.
c.Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
d.Represents Corporate, other & eliminations 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 September 30, 2026 | ||||||||||||||||||||||||||||||||
| (In millions) | Co-Product Method | |||||||||||||||||||||||||||||||
| By-Product Method | Copper | Gold | Silver & Othera | Total | ||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 993 | $ | 993 | $ | 418 | $ | 120 | $ | 1,531 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 294 | 191 | 80 | 23 | 294 | |||||||||||||||||||||||||||
| By-product credits | (540) | — | — | — | — | |||||||||||||||||||||||||||
| Treatment charges | 60 | 39 | 16 | 5 | 60 | |||||||||||||||||||||||||||
| Export duties | 2 | 1 | 1 | — | 2 | |||||||||||||||||||||||||||
| Royalty on metals | 55 | 37 | 16 | 2 | 55 | |||||||||||||||||||||||||||
| Net cash (credits) costs | (129) | 268 | 113 | 30 | 411 | |||||||||||||||||||||||||||
| DD&A | 210 | b | 136 | 57 | 17 | 210 | ||||||||||||||||||||||||||
| Noncash and other costs, net | 269 | c | 175 | 73 | 21 | 269 | ||||||||||||||||||||||||||
| Total costs | 350 | 579 | 243 | 68 | 890 | |||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | — | — | 1 | 1 | 2 | |||||||||||||||||||||||||||
| Gross profit | $ | 643 | $ | 414 | $ | 176 | $ | 53 | $ | 643 | ||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 153 | 153 | ||||||||||||||||||||||||||||||
| Gold sales (thousands of recoverable ounces) | 98 | |||||||||||||||||||||||||||||||
| Gross profit per pound of copper/per ounce of gold: | ||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 6.48 | $ | 6.48 | $ | 4,271 | ||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 1.92 | 1.25 | 822 | |||||||||||||||||||||||||||||
| By-product credits | (3.52) | — | — | |||||||||||||||||||||||||||||
| Treatment charges | 0.39 | 0.25 | 167 | |||||||||||||||||||||||||||||
| Export duties | 0.01 | 0.01 | 5 | |||||||||||||||||||||||||||||
| Royalty on metals | 0.36 | 0.24 | 160 | |||||||||||||||||||||||||||||
| Unit net cash (credits) costs | (0.84) | 1.75 | 1,154 | |||||||||||||||||||||||||||||
| DD&A | 1.37 | b | 0.89 | 586 | ||||||||||||||||||||||||||||
| Noncash and other costs, net | 1.75 | c | 1.14 | 750 | ||||||||||||||||||||||||||||
| Total unit costs | 2.28 | 3.78 | 2,490 | |||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | — | — | 12 | |||||||||||||||||||||||||||||
| Gross profit per pound/ounce | $ | 4.20 | $ | 2.70 | $ | 1,793 | ||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | ||||||||||||||||||||||||||||||||
| Production | ||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | ||||||||||||||||||||||||||||||
| Totals presented above | $ | 1,531 | $ | 294 | $ | 210 | ||||||||||||||||||||||||||
| Treatment charges | — | 60 | d | — | ||||||||||||||||||||||||||||
| Export duties | (2) | — | — | |||||||||||||||||||||||||||||
| Royalty on metals | (55) | — | — | |||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 269 | — | |||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 2 | — | — | |||||||||||||||||||||||||||||
| Indonesia operations | 1,476 | 623 | 210 | |||||||||||||||||||||||||||||
Other mininge | 8,395 | 6,117 | 292 | |||||||||||||||||||||||||||||
Corporate, other & eliminationsf | (2,325) | (2,261) | 18 | |||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,546 | $ | 4,479 | $ | 520 | ||||||||||||||||||||||||||
a.Includes silver sales of 0.8 million ounces ($63.31 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b.Includes $64 million ($0.42 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.
c.Includes $244 million ($1.59 per pound of copper) of idle facility and restoration costs associated with the September 2025 external mud rush incident and $22 million ($0.14 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, partially offset by a $9 million ($0.06 per pound of copper) gain associated with insurance recoveries related to the October 2024 incident at PTFI’s smelter.
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 U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
f.Represents Corporate, other & eliminations 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 September 30, 2025 | |||||||||||||||||||||||||||||||||||
| (In millions) | Co-Product Method | ||||||||||||||||||||||||||||||||||
| By-Product Method | Copper | Gold | Silver & Othera | Total | |||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 1,624 | $ | 1,624 | $ | 1,172 | $ | 88 | $ | 2,884 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 663 | 373 | 270 | 20 | 663 | ||||||||||||||||||||||||||||||
| By-product credits | (1,265) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 32 | 18 | 13 | 1 | 32 | ||||||||||||||||||||||||||||||
| Export duties | 135 | 77 | 55 | 3 | 135 | ||||||||||||||||||||||||||||||
| Royalty on metals | 105 | 62 | 41 | 2 | 105 | ||||||||||||||||||||||||||||||
| Net cash (credits) costs | (330) | 530 | 379 | 26 | 935 | ||||||||||||||||||||||||||||||
| DD&A | 330 | b | 186 | 134 | 10 | 330 | |||||||||||||||||||||||||||||
| Noncash and other costs, net | 315 | c | 177 | 128 | 10 | 315 | |||||||||||||||||||||||||||||
| Total costs | 315 | 893 | 641 | 46 | 1,580 | ||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 13 | 13 | 4 | 1 | 18 | ||||||||||||||||||||||||||||||
| Gross profit | $ | 1,322 | $ | 744 | $ | 535 | $ | 43 | $ | 1,322 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 360 | 360 | |||||||||||||||||||||||||||||||||
| Gold sales (thousands of recoverable ounces) | 332 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/per ounce of gold: | |||||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4.52 | $ | 4.52 | $ | 3,535 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 1.84 | 1.04 | 813 | ||||||||||||||||||||||||||||||||
| By-product credits | (3.52) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.09 | 0.05 | 39 | ||||||||||||||||||||||||||||||||
| Export duties | 0.38 | 0.21 | 166 | ||||||||||||||||||||||||||||||||
| Royalty on metals | 0.29 | 0.17 | 125 | ||||||||||||||||||||||||||||||||
| Unit net cash (credits) costs | (0.92) | 1.47 | 1,143 | ||||||||||||||||||||||||||||||||
| DD&A | 0.92 | b | 0.52 | 404 | |||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.88 | c | 0.49 | 386 | |||||||||||||||||||||||||||||||
| Total unit costs | 0.88 | 2.48 | 1,933 | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.04 | 0.04 | 11 | ||||||||||||||||||||||||||||||||
| Gross profit per pound/ounce | $ | 3.68 | $ | 2.08 | $ | 1,613 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 2,884 | $ | 663 | $ | 330 | |||||||||||||||||||||||||||||
| Treatment charges | 13 | 45 | d | — | |||||||||||||||||||||||||||||||
| Export duties | (135) | — | — | ||||||||||||||||||||||||||||||||
| Royalty on metals | (105) | — | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 315 | — | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 18 | — | — | ||||||||||||||||||||||||||||||||
| Other | — | 1 | 1 | ||||||||||||||||||||||||||||||||
| Indonesia operations | 2,675 | 1,024 | 331 | ||||||||||||||||||||||||||||||||
Other mininge | 6,091 | 4,872 | 279 | ||||||||||||||||||||||||||||||||
Corporate, other & eliminationsf | (1,794) | (1,691) | 15 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 6,972 | $ | 4,205 | $ | 625 | |||||||||||||||||||||||||||||
a.Includes silver sales of 1.8 million ounces ($40.81 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b.Includes $24 million ($0.07 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.
c.Includes charges totaling (i) $171 million ($0.47 per pound of copper) for idle facility and direct recovery costs associated with the September 2025 external mud rush incident, (ii) $83 million ($0.23 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities (iii) $39 million ($0.11 per pound of copper) associated with PT Smelting planned maintenance and idle facility related tolling fees and (iv) $26 million ($0.07 per pound of copper) for remediation costs related to the October 2024 incident at PTFI’s smelter.
d.Primarily represents tolling costs paid to PT Smelting and excludes $39 million of tolling fees that were recognized as idle facility costs in noncash and other costs, net (refer to note c above) associated with PT Smelting’s planned maintenance turnaround.
e.Represents the combined total for FCX’s U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
f.Represents Corporate, other & eliminations 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 | ||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||||||||
| (In millions) | Co-Product Method | |||||||||||||||||||||||||||||||
| By-Product Method | Copper | Gold | Silver & Othera | Total | ||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 2,412 | $ | 2,412 | $ | 1,520 | $ | 255 | $ | 4,187 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 888 | 512 | 322 | 54 | 888 | |||||||||||||||||||||||||||
| By-product credits | (1,776) | — | — | — | — | |||||||||||||||||||||||||||
| Treatment charges | 181 | 104 | 66 | 11 | 181 | |||||||||||||||||||||||||||
| Export duties | 2 | 1 | 1 | — | 2 | |||||||||||||||||||||||||||
| Royalty on metals | 162 | 97 | 60 | 5 | 162 | |||||||||||||||||||||||||||
| Net cash (credits) costs | (543) | 714 | 449 | 70 | 1,233 | |||||||||||||||||||||||||||
| DD&A | 632 | b | 364 | 229 | 39 | 632 | ||||||||||||||||||||||||||
| Noncash and other costs, net | 991 | c | 571 | 360 | 60 | 991 | ||||||||||||||||||||||||||
| Total costs | 1,080 | 1,649 | 1,038 | 169 | 2,856 | |||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 9 | 9 | 1 | — | 10 | |||||||||||||||||||||||||||
| Gross profit | $ | 1,341 | $ | 772 | $ | 483 | $ | 86 | $ | 1,341 | ||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 388 | 388 | ||||||||||||||||||||||||||||||
| Gold sales (thousands of recoverable ounces) | 332 | |||||||||||||||||||||||||||||||
| Gross profit per pound of copper/per ounce of gold: | ||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 6.21 | $ | 6.21 | $ | 4,583 | ||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2.28 | 1.32 | 972 | |||||||||||||||||||||||||||||
| By-product credits | (4.57) | — | — | |||||||||||||||||||||||||||||
| Treatment charges | 0.47 | 0.27 | 198 | |||||||||||||||||||||||||||||
| Export duties | — | — | 2 | |||||||||||||||||||||||||||||
| Royalty on metals | 0.42 | 0.25 | 183 | |||||||||||||||||||||||||||||
| Unit net cash (credits) costs | (1.40) | 1.84 | 1,355 | |||||||||||||||||||||||||||||
| DD&A | 1.63 | b | 0.94 | 692 | ||||||||||||||||||||||||||||
| Noncash and other costs, net | 2.55 | c | 1.47 | 1,084 | ||||||||||||||||||||||||||||
| Total unit costs | 2.78 | 4.25 | 3,131 | |||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.02 | 0.02 | 4 | |||||||||||||||||||||||||||||
| Gross profit per pound/ounce | $ | 3.45 | $ | 1.98 | $ | 1,456 | ||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | ||||||||||||||||||||||||||||||||
| Production | ||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | ||||||||||||||||||||||||||||||
| Totals presented above | $ | 4,187 | $ | 888 | $ | 632 | ||||||||||||||||||||||||||
| Treatment charges | (3) | 178 | d | — | ||||||||||||||||||||||||||||
| Export duties | (2) | — | — | |||||||||||||||||||||||||||||
| Royalty on metals | (162) | — | — | |||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 991 | — | |||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 10 | — | — | |||||||||||||||||||||||||||||
| Indonesia operations | 4,031 | 2,057 | 632 | |||||||||||||||||||||||||||||
Other mininge | 23,035 | 16,849 | 865 | |||||||||||||||||||||||||||||
Corporate, other & eliminationsf | (6,257) | (6,042) | 60 | |||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 20,809 | $ | 12,864 | $ | 1,557 | ||||||||||||||||||||||||||
a.Includes silver sales of 1.9 million ounces ($71.01 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b.Includes $236 million ($0.61 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.
c.Includes $934 million ($2.40 per pound of copper) of idle facility and restoration costs associated with the September 2025 external mud rush incident and $30 million ($0.08 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, partially offset by a $9 million ($0.02 per pound of copper) gain associated with insurance recoveries related to the October 2024 incident at PTFI’s smelter.
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 U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
f.Represents Corporate, other & eliminations 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 | |||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| (In millions) | Co-Product Method | ||||||||||||||||||||||||||||||||||
| By-Product Method | Copper | Gold | Silver & Othera | Total | |||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4,827 | $ | 4,827 | $ | 3,273 | $ | 159 | $ | 8,259 | |||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 2,052 | 1,199 | 813 | 40 | 2,052 | ||||||||||||||||||||||||||||||
| By-product credits | (3,449) | — | — | — | — | ||||||||||||||||||||||||||||||
| Treatment charges | 175 | 103 | 69 | 3 | 175 | ||||||||||||||||||||||||||||||
| Export duties | 337 | 196 | 134 | 7 | 337 | ||||||||||||||||||||||||||||||
| Royalty on metals | 304 | 179 | 122 | 3 | 304 | ||||||||||||||||||||||||||||||
| Net cash (credits) costs | (581) | 1,677 | 1,138 | 53 | 2,868 | ||||||||||||||||||||||||||||||
| DD&A | 905 | b | 529 | 358 | 18 | 905 | |||||||||||||||||||||||||||||
| Noncash and other costs, net | 490 | c | 286 | 195 | 9 | 490 | |||||||||||||||||||||||||||||
| Total costs | 814 | 2,492 | 1,691 | 80 | 4,263 | ||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 19 | 19 | 16 | 1 | 36 | ||||||||||||||||||||||||||||||
| Gross profit | $ | 4,032 | $ | 2,354 | $ | 1,598 | $ | 80 | $ | 4,032 | |||||||||||||||||||||||||
| Copper sales (millions of recoverable pounds) | 1,093 | 1,093 | |||||||||||||||||||||||||||||||||
| Gold sales (thousands of recoverable ounces) | 975 | ||||||||||||||||||||||||||||||||||
| Gross profit per pound of copper/per ounce of gold: | |||||||||||||||||||||||||||||||||||
| Revenues, excluding adjustments | $ | 4.42 | $ | 4.42 | $ | 3,357 | |||||||||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 1.88 | 1.10 | 834 | ||||||||||||||||||||||||||||||||
| By-product credits | (3.16) | — | — | ||||||||||||||||||||||||||||||||
| Treatment charges | 0.16 | 0.09 | 71 | ||||||||||||||||||||||||||||||||
| Export duties | 0.31 | 0.18 | 138 | ||||||||||||||||||||||||||||||||
| Royalty on metals | 0.28 | 0.16 | 125 | ||||||||||||||||||||||||||||||||
| Unit net cash (credits) costs | (0.53) | 1.53 | 1,168 | ||||||||||||||||||||||||||||||||
| DD&A | 0.82 | b | 0.49 | 367 | |||||||||||||||||||||||||||||||
| Noncash and other costs, net | 0.45 | c | 0.26 | 199 | |||||||||||||||||||||||||||||||
| Total unit costs | 0.74 | 2.28 | 1,734 | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 0.01 | 0.01 | 16 | ||||||||||||||||||||||||||||||||
| Gross profit per pound/ounce | $ | 3.69 | $ | 2.15 | $ | 1,639 | |||||||||||||||||||||||||||||
| Reconciliation to Amounts Reported | |||||||||||||||||||||||||||||||||||
| Production | |||||||||||||||||||||||||||||||||||
| Revenues | and Delivery | DD&A | |||||||||||||||||||||||||||||||||
| Totals presented above | $ | 8,259 | $ | 2,052 | $ | 905 | |||||||||||||||||||||||||||||
| Treatment charges | 9 | 184 | d | — | |||||||||||||||||||||||||||||||
| Export duties | (337) | — | — | ||||||||||||||||||||||||||||||||
| Royalty on metals | (304) | — | — | ||||||||||||||||||||||||||||||||
| Noncash and other costs, net | — | 490 | — | ||||||||||||||||||||||||||||||||
| Other revenue adjustments, primarily for pricing on prior period open sales | 36 | — | — | ||||||||||||||||||||||||||||||||
| Eliminations and other | (1) | — | 1 | ||||||||||||||||||||||||||||||||
| Indonesia operations | 7,662 | 2,726 | 906 | ||||||||||||||||||||||||||||||||
Other mininge | 17,335 | 13,944 | 813 | ||||||||||||||||||||||||||||||||
Corporate, other & eliminationsf | (4,715) | (4,427) | 40 | ||||||||||||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 20,282 | $ | 12,243 | $ | 1,759 | |||||||||||||||||||||||||||||
a.Includes silver sales of 3.3 million ounces ($37.82 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
b.Includes $24 million ($0.02 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.
c.Includes charges totaling (i) $185 million ($0.17 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, (ii) $171 million ($0.16 per pound of copper) for idle facility and direct recovery costs associated with the September 2025 external mud rush incident, (iii) $56 million ($0.05 per pound of copper) for remediation costs related to the October 2024 incident at PTFI’s smelter, (iv) $39 million ($0.04 per pound of copper) associated with PT Smelting planned maintenance and idle facility related tolling fees and (v) $24 million ($0.02 per pound of copper) related to the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities.
d.Primarily represents tolling costs paid to PT Smelting and excludes $39 million of tolling fees that were recognized as idle facility costs in noncash and other costs, net (refer to note c above) associated with PT Smelting’s planned maintenance turnaround.
e.Represents the combined total for FCX’s U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
f.Represents Corporate, other & eliminations 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 September 30, | ||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | ||||||||||||||||||||||||
Revenues, excluding adjustmentsa | $ | 241 | $ | 186 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 147 | 144 | ||||||||||||||||||||||||
| Treatment charges and other | 8 | 9 | ||||||||||||||||||||||||
| Net cash costs | 155 | 153 | ||||||||||||||||||||||||
| DD&A | 24 | 22 | ||||||||||||||||||||||||
| Noncash and other costs, net | 7 | 6 | ||||||||||||||||||||||||
| Total costs | 186 | 181 | ||||||||||||||||||||||||
| Gross profit | $ | 55 | $ | 5 | ||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 8 | 8 | ||||||||||||||||||||||||
| Gross profit per pound of molybdenum: | ||||||||||||||||||||||||||
Revenues, excluding adjustmentsa | $ | 31.18 | $ | 23.57 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 19.05 | 18.32 | ||||||||||||||||||||||||
| Treatment charges and other | 0.99 | 1.09 | ||||||||||||||||||||||||
| Unit net cash costs | 20.04 | 19.41 | ||||||||||||||||||||||||
| DD&A | 3.04 | 2.72 | ||||||||||||||||||||||||
| Noncash and other costs, net | 1.02 | 0.80 | ||||||||||||||||||||||||
| Total unit costs | 24.10 | 22.93 | ||||||||||||||||||||||||
| Gross profit per pound | $ | 7.08 | $ | 0.64 | ||||||||||||||||||||||
| Reconciliation to Amounts Reported | ||||||||||||||||||||||||||
| Production | ||||||||||||||||||||||||||
| Three Months Ended September 30, 2026 | Revenues | and Delivery | DD&A | |||||||||||||||||||||||
| Totals presented above | $ | 241 | $ | 147 | $ | 24 | ||||||||||||||||||||
| Treatment charges and other | (8) | — | — | |||||||||||||||||||||||
| Noncash and other costs, net | — | 7 | — | |||||||||||||||||||||||
| Molybdenum mines | 233 | 154 | 24 | |||||||||||||||||||||||
Other miningb | 9,638 | 6,586 | 478 | |||||||||||||||||||||||
Corporate, other & eliminationsc | (2,325) | (2,261) | 18 | |||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 7,546 | $ | 4,479 | $ | 520 | ||||||||||||||||||||
| Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| Totals presented above | $ | 186 | $ | 144 | $ | 22 | ||||||||||||||||||||
| Treatment charges and other | (9) | — | — | |||||||||||||||||||||||
| Noncash and other costs, net | — | 6 | — | |||||||||||||||||||||||
| Molybdenum mines | 177 | 150 | 22 | |||||||||||||||||||||||
Other miningb | 8,589 | 5,746 | 588 | |||||||||||||||||||||||
Corporate, other & eliminationsc | (1,794) | (1,691) | 15 | |||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 6,972 | $ | 4,205 | $ | 625 | ||||||||||||||||||||
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.Represents the combined total for FCX’s U.S. copper mines, South America and Indonesia operations, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
c.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments,” beginning on page X. Also includes amounts associated with our molybdenum sales company, including 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 | ||||||||||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | ||||||||||||||||||||||||
Revenues, excluding adjustmentsa | $ | 673 | $ | 561 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 414 | 382 | ||||||||||||||||||||||||
| Treatment charges and other | 24 | 27 | ||||||||||||||||||||||||
| Net cash costs | 438 | 409 | ||||||||||||||||||||||||
| DD&A | 70 | 74 | ||||||||||||||||||||||||
| Noncash and other costs, net | 27 | b | 18 | |||||||||||||||||||||||
| Total costs | 535 | 501 | ||||||||||||||||||||||||
| Gross profit | $ | 138 | $ | 60 | ||||||||||||||||||||||
Molybdenum sales (millions of recoverable pounds)a | 25 | 26 | ||||||||||||||||||||||||
| Gross profit per pound of molybdenum: | ||||||||||||||||||||||||||
Revenues, excluding adjustmentsa | $ | 27.95 | $ | 21.37 | ||||||||||||||||||||||
| Site production and delivery, before net noncash and other costs shown below | 17.20 | 14.56 | ||||||||||||||||||||||||
| Treatment charges and other | 0.99 | 1.04 | ||||||||||||||||||||||||
| Unit net cash costs | 18.19 | 15.60 | ||||||||||||||||||||||||
| DD&A | 2.88 | 2.80 | ||||||||||||||||||||||||
| Noncash and other costs, net | 1.16 | b | 0.68 | |||||||||||||||||||||||
| Total unit costs | 22.23 | 19.08 | ||||||||||||||||||||||||
| Gross profit per pound | $ | 5.72 | $ | 2.29 | ||||||||||||||||||||||
| Reconciliation to Amounts Reported | ||||||||||||||||||||||||||
| Production | ||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | Revenues | and Delivery | DD&A | |||||||||||||||||||||||
| Totals presented above | $ | 673 | $ | 414 | $ | 70 | ||||||||||||||||||||
| Treatment charges and other | (24) | — | — | |||||||||||||||||||||||
| Noncash and other costs, net | — | 27 | — | |||||||||||||||||||||||
| Molybdenum mines | 649 | 441 | 70 | |||||||||||||||||||||||
Other miningc | 26,417 | 18,465 | 1,427 | |||||||||||||||||||||||
Corporate, other & eliminationsd | (6,257) | (6,042) | 60 | |||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 20,809 | $ | 12,864 | $ | 1,557 | ||||||||||||||||||||
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| Totals presented above | $ | 561 | $ | 382 | $ | 74 | ||||||||||||||||||||
| Treatment charges and other | (27) | — | — | |||||||||||||||||||||||
| Noncash and other costs, net | — | 18 | — | |||||||||||||||||||||||
| Molybdenum mines | 534 | 400 | 74 | |||||||||||||||||||||||
Other miningc | 24,463 | 16,270 | 1,645 | |||||||||||||||||||||||
Corporate, other & eliminationsd | (4,715) | (4,427) | 40 | |||||||||||||||||||||||
| As reported in FCX’s consolidated financial statements | $ | 20,282 | $ | 12,243 | $ | 1,759 | ||||||||||||||||||||
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 ($0.28 per pound of molybdenum) for inventory write-offs.
c.Represents the combined total for FCX’s U.S. copper mines, South America and Indonesia operations, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.
d.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments,” beginning on page X. Also includes amounts associated with our molybdenum sales company, including 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 3rd Quarter 2026 Results October 27, 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 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 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 special mining business license (IUPK) beyond 2041; timing of sales or 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 ramp-up and achieve full operating rates of production and downstream processing on the expected timeline and optimize production plans; 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 production; 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 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, adjusted net income 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, net debt and adjusted net income to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of FCX’s 3Q26 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 29. 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.
3Q26 Highlights 3 3Q25 3Q26 $1.7 $2.0 Operating Cash Flows ($ bns) 3Q25 3Q26 $2.8 $3.2 Adjusted EBITDA ($ bns) Adjusted Net Income Attributable to Common Stock • Strong margins & cash flows • Grasberg recovery on steady path • U.S. business significant contribution to bottom line • Advancing value-enhancing growth o Projected copper sales volume growth of 23% in 2027e and 11% in 2028e o Multiple catalysts on the horizon • ~$1 bn in shareholder returns YTD • Positive outlook 3Q25 3Q26 $0.50 $0.88 3Q25 3Q26 $0.7 $1.3 Per Share Ongoing focus on Operating and Capital Disciplines, Productivity and Building Shareholder Value After-Tax ($ bns) (1) A reconciliation of amounts reported in FCX’s consolidated financial statements to Adjusted EBITDA is included on slide 29. (2) Cash used for working capital totaled $0.4 bn for 3Q26 and $0.1 bn for 3Q25. (3) A reconciliation of adjusted net income to amounts reported in FCX’s consolidated financial statements is included in the supplemental schedules of FCX’s 3Q26 press release, which is available on FCX’s website, fcx.com. NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate (1) (2) (3)
Copper – Metal of Electrification Over 65% of the world’s copper is used in applications that deliver electricity* 4 • Global economy entering a period of accelerating electrification and copper possesses superior connectivity • ~50% growth in global electricity demand expected through 2040** • New power capacity increasingly copper intensive, requiring generation, grid, storage and connectivity infrastructure • Demand drivers are broadening across economic development, renewables, EVs, AI/data centers and defense • Copper increasingly becoming a strategic enabler of economic growth and technological advancement Electrification Megatrend = Significant Structural Driver of Copper Demand Growth ** S&P Global's Energy & Market Intelligence report from January 2026 (Copper in the Age of AI: Challenges of Electrification) * internationalcopper.org
3Q26 Operations Update 5 • Copper sales YTD 2026 +2% vs. prior year period • Extreme weather conditions resulted in below-forecast operating rates and productivity in 3Q26 • Mining rates +10% above 3Q25 but 3-5% below 2Q26 and forecast rates • Advancing growth o Leach initiatives ̶ High potential additives scheduled for testing beginning in 1H27 ̶ Heat trials at Morenci o Bagdad expansion investment decision expected in 4Q26 • Strong operational performance at Cerro Verde; mining, milling and copper sales above forecast • Challenging operating conditions at El Abra; slope management limited access to higher grade ore • Leach initiatives: heated raffinate trials at El Abra and Cerro Verde expected to commence in 4Q26 • Advancing permitting process with Chilean regulatory authorities for significant expansion at El Abra • Mining production exceeded refined sales; gold sales impacted by timing • PTFI smelter successfully re-commenced operations after being down post Grasberg incident • Significant progress continued in ramp-up of GBC; mining rate avg 70 k t/d in 3Q26 vs. 53 k t/d in 2Q26 • Material handling system upgrades at GBC progressing toward completion in early 2027 • Abnormally dry conditions (generally favorable for mining) creating milling challenges that are being actively managed • Continue to advance activities for future restart of PB 1S by mid-2027 • Working with Indonesia government to complete formal license process for Grasberg life of resource extension NOTE: Refer to non-GAAP disclosure on slide 2. * Excludes idle facility and restoration costs associated with mud rush incident at PTFI. South America Cu Production: 262 mm lbs Cu Sales: 263 mm lbs Unit Net Cash Costs: $2.39/lb United States Cu Production: 321 mm lbs Cu Sales: 333 mm lbs Unit Net Cash Costs: $3.16/lb Indonesia Cu Production: 249 mm lbs Cu Sales: 153 mm lbs Au Production: 229 k ozs Au Sales: 98 k ozs Unit Net Cash Credits: $0.84/lb*
2030e Additional Potential of +700 mm lbs/yr Mid-2030s Additional Opportunities of +1 bn lbs/yr 2025 2026 YTD 1.68 1.84 Copper Growth Catalysts in Focus 6 Copper Sales Volume Growth 2027e +700 mm lbs/yr, 2028e +400 mm lbs/yr Grasberg recovery on steady path Innovative Leach Technologies 3Q26 Annual Run Rate 2027e 220 300 Ongoing focus on U.S. mining rate increase to enhance future growth Quarterly Cu Production (lbs in mms) t/d in mms Copper lbs in mms El Abra Expansion 700 mm lbs of copper per annum** • Highly attractive development opportunity in Chile • Would transform mine to a top 5 copper producer in Chile • Regulatory process under way Safford / Lone Star Expansion 300-400 mm lbs per annum • Substantial sulphide resource • Pre-feasibility work in progress • Potential to transform district into significant producer Bagdad 2X 200-250 mm lbs per annum • Would become second largest copper mine in U.S. • Improve cost position through economies of scale and modernization • By-product moly production of 10-12 mm lbs per annum • Investment decision expected in 4Q26 <10% >40% 1st Generation Additive Demonstrated in Field Next Generation Enhanced Additive Based on Lab Results Leach Innovation with R&D (Additives + Heat) ~500 mm lbs per annum* Incremental Recoveries 49 249 300 0 100 200 300 400 4Q25 3Q26 2027e 2028e 375 Quarterly Avg. ~ +36% +10% * Incremental to reach ~800 mm lbs per annum target ** Also includes 10 mm lbs of molybdenum per annum e = estimate Path to annual copper sales of 4.5 – 5 bn lbs by 2030
Gold Sales (million ozs)(billion lbs) Copper Sales Annual Sales Profile October 2026 Estimate 7 NOTE: Consolidated copper sales include 1.11 bn lbs in 2025, 0.81 bn lbs in 2026e, 1.10 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 and PTFI’s smelter; weather- related conditions; timing of shipments and sales 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, 324k 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 and PTFI’s smelter; weather-related conditions; timing of shipments and sales and other factors. Additionally, 2026e assumes deferrals of ~70k 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 3.0 3.7 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
Commentary on Inflationary Pressures 8 • Rising energy prices (diesel and electricity) o Estimated 2026 impact of ~$500 mm compared with 2025 • Current spot sulfuric acid prices are more than double 2025 average o Regional cost impacts but generally insulated globally (smelter production offsets mine consumption) • 2026e Unit net cash costs: ~$1.90/lb (higher by-product credits offset impact of higher input costs) • CAPEX inflation trend continues above CPI • Actively managing costs and capital spending, project controls and efficiency, productivity and optimization programs in a dynamic market environment
EBITDA and Cash Flow at Various Copper Prices Assuming $4,000/oz gold, $32/lb molybdenum 9 NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate. (1) U.S. Dollar Exchange Rates: 933 Chilean peso, 17,000 Indonesian rupiah, $0.72 Australian dollar, $1.16 euro, 3.36 Peruvian sol base case assumption. Each +10% equals a 10% strengthening of the U.S. dollar; a strengthening of the U.S. dollar against forecasted expenditures in these foreign currencies equates to a cost benefit of noted amounts. ($ 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% $ 115 Copper +/-$0.10/lb $390 Molybdenum +/-$1.00/lb $ 85 Gold +/-$100/oz $105 Currencies (1) +/-10% $250 Diesel +/-10% $160 $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. $0.9 Planned (2) Discretionary $1.4 $3.9 Other $2.0 Planned (2) Discretionary $5.2 $1.6 Other Other $1.4 $1.4 $1.6 $4.4 42% 39% 12% 7% Grasberg Energy Transition & Other Atlantic Copper CirCular 2027e Projected Discretionary Spending by Project 2026e ($ in bns) 10 42% 42% 16% (1) Planned (2) Discretionary $1.2 $2.0 Kucing Liar Bagdad Early Works
32% 35% Strong Balance Sheet and Cash Flow Generation 11 Supports disciplined investment in future growth and increasing shareholder returns Total Debt Net Debt $1.8 $9.4 ~$1 bn Distributed YTD 2026 Share Repurchases(2) Dividends 68% (1) $6.6 bn Distributed Since 6/30/21 Share Repurchases(2) Dividends 65% Cash Returns to ShareholdersBalance Sheet Strength as of 9/30/26 ($ in bns) ~50% of available cash flow to be returned to shareholders(3) ǀ ~50% available to advance organic growth opportunities (1) Net debt equals consolidated debt less consolidated cash and cash equivalents. Net debt at 9/30/26 excludes $3.2 bn of debt associated with PTFI’s downstream processing facilities. (2) FCX has acquired 56.8 mm shares of its common stock for a total cost of $2.3 bn ($40.58 avg. cost per share) under its share repurchase program since November 2021, including 4.9 mm shares for a total of $305 mm ($62.69 avg. cost per share) YTD 2026. (3) Available cash flow equals available cash flows generated after planned capital spending (excluding PTFI’s downstream processing facili ties funded with debt and discretionary CAPEX) and distributions to noncontrolling interests. NOTE: Refer to non-GAAP disclosure on slide 2. Excluding Indonesia downstream projects
Significant Gold Producer Organic Growth Pipeline Strong Global Leader with Valuable U.S. Franchise Leadership Position in Critical Metal Large-Scale Copper Producer Freeport – Store of Value with Embedded Growth in Strategic Metal 12
Reference Slides
Financial Highlights 14 Copper Consolidated Volumes, excluding purchases (mm lbs) 749 977 Average Realization (per lb) $ 6.54 $ 4.68 Site Production & Delivery Costs (per lb) $ 3.24 $ 2.71 Unit Net Cash Costs (per lb) $ 2.07 $ 1.40 Gold Consolidated Volumes (000’s ozs) 105 336 Average Realization (per oz) $4,273 $3,539 Molybdenum Consolidated Volumes (mm lbs) 22 19 Average Realization (per lb) $32.46 $24.07 3Q26 (1) Excludes idle facility, direct recovery and restoration costs associated with mud rush incident at PTFI. (2) Cash used for working capital totaled $0.4 bn in 3Q26 and $0.1 bn in 3Q25. (3) Includes $3.2 bn of debt associated with PTFI’s downstream processing facilities. NOTE: Refer to non-GAAP disclosure on slide 2. Revenues $ 7.5 $ 7.0 Net Income Attributable to Common Stock $ 1.2 $ 0.7 Diluted Net Income Per Share $ 0.81 $ 0.46 Operating Cash Flows $ 2.0 $ 1.7 Capital Expenditures $ 1.2 $ 1.1 Total Debt $ 9.4 $ 9.3 Cash and Cash Equivalents $ 4.3 $ 4.3 (in billions, except per share amounts) | Sales Data | Financial Results 3Q25 (3) (1) (2) (1)
3Q26 Mining Operating Summary 15 (1) Silver sales totaled 0.5 mm ozs in 3Q26 and 0.4 mm ozs in 3Q25. Also includes molybdenum sales of 6 mm lbs in 3Q26 and 3Q25 from South America. (2) Silver sales totaled 0.9 mm ozs in 3Q26 and 3Q25. (3) Silver sales totaled 0.8 mm ozs in 3Q26 and 1.8 mm ozs in 3Q25. (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. $3.93 $3.14 $1.92 $3.24 By-product Credits (0.89) (0.79) (3.52) (1.40) Treatment Charges 0.12 0.03 0.39 0.15 Royalties & Export Duties - 0.01 0.37 0.08 Unit Net Cash Costs (Credits) $3.16 $2.39 $(0.84) $2.07 United South States America Indonesia Consolidated (per lb of Cu)3Q26 Unit Net Cash Costs (Credits) United States 19 22 (1) 339333 3Q26 3Q25 Indonesia 360 153 332 98 South America 263 278 Sales From Mines by Region 3Q26 3Q25 3Q26 3Q25 3Q26 3Q253Q26 3Q25 (2) Au k ozs Mo mm lbs Cu mm lbs (4) (4) (3) (4,5) (4)
Freeport is World’s Largest Molybdenum Producer 16 3Q26 production 22 mm lbs World’s Largest Molybdenum Producer $15 $17 $19 $21 $23 $25 $27 $29 $31 $33 $35 Jan-24 Jan-25 Jan-26 $ /l b M o Source: S&P Platts Metals Week Daily Dealer Oxide for prices; Wood Mackenzie for producer ranking (1) Based on 2027e/2028e annual average. e = estimate. 0 20 40 60 80 100(mm lbs) Annual Sensitivities(1) (US$ in mms) Operating Cash FlowEBITDA $ 425 $400 +/-$5.00/lb • Positive long-term market fundamentals o Consumption expected to increase in key industries, including aerospace and defense, chemical production, building and construction, power generation, renewables and semiconductors Molybdenum prices up >50% YTDFCX Molybdenum Production Mix By-product 64% Primary 36% NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate
Advancing U.S. Copper Growth - Bagdad AZ Expansion 17 • 80+ year reserve life supports doubling capacity • 100%-owned multi-decade operating history with existing infrastructure and community support • Would become the second-largest U.S. copper mine • Incremental production of 200-250 mm lbs of Cu and 10-12 mm lbs of Moly annually expected* • Scale and modernization expected to reduce unit costs • Economics supported at ~$4.00/lb copper with exposure to positive market • Favorable U.S. tax attributes • Investment decision expected in 4Q26 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
Robust Project Pipeline Update 18 El Abra Expansion Chile Safford/Lone Star Expansions Arizona Grasberg District Indonesia Bagdad Expansion Arizona New Leach Technologies Americas • Targeting an increase in contribution from initiatives: current run rate ~220 mm lbs/yr ➜ 300 mm lbs in 2027 • New additives combined with heating stockpiles showing potential for building scale • Driving innovation for potential to reach ~800 mm lbs/yr by 2030 • Expected to add 200-250 mm lbs of copper and 10-12 mm lbs of moly per year • Expect to reach an investment decision on the expansion project in 4Q26 • 3-4 yr construction • Substantial resource • Pre-feasibility study expected in 2027 • Targeting incremental addition of 300-400 mm lbs/yr beginning in 2030s • Kucing Liar project in development, 130k t/d expansion - 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 • Advancing permitting process • ~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 ~$4.5 billion* Incentive Price: ~$4/lb Developing estimate ~$4 billion remaining for Kucing Liar ~$1.6 billion incurred to date ~$7.5 billion (2024 estimate)** Excludes $2 billion for extension of leach operations Incentive Price: <$4/lb ANTICIPATED CAPITAL INVESTMENT * Excludes $0.2 bn in early works incurred through 3Q26 ** Preliminary, subject to escalation, additional studies
Strong Balance Sheet and Liquidity Attractive Debt Maturity Profile 19 $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 $ 4.3 Net Debt (1) $ 5.1 Net Debt/Adjusted EBITDA(2) 0.5x $ - at 9/30/26Total 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 ▪ $4.3 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 $0.9 $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. $0.9 FMC Sr. Notes and Other
2026e Outlook 20 (1) Excludes $1.2 bn in 2026e and $0.25 bn in 4Q26e 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 1¢/lb) and $32/lb molybdenum (each $2/lb change equals 1¢/lb) for 4Q26e. (3) For 4Q26e each $100/oz change in gold is estimated to have an approximate $25 mm impact and each $2/lb change in molybdenum is estimated to have an approximate $12 mm impact. (4) Major projects CAPEX includes $1.4 bn for planned projects and $1.6 bn of discretionary projects. NOTE: Projected gold sales and unit net cash costs are dependent on operational performance; the ramp-up of PTFI’s GBC underground mine and PTFI smelter; impacts related to the conflict in the Middle East, including changes in energy costs and other consumables; weather-related conditions; timing of shipments and sales and other factors. e = estimate. Refer to non-GAAP disclosure on slide 2. • Copper: 3.0 billion lbs • Gold: 0.65 million ozs • Molybdenum: 93 million lbs • Site prod. & delivery(1) o 2026e: $3.29/lb o 4Q26e: $3.34/lb • After by-product credits(1,2) o 2026e: $1.90/lb o 4Q26e: $1.68/lb • $4.4 billion o $3.0 billion for major projects(4) o $1.4 billion for sustaining and other projects • ~$8.5 billion, net of $0.6 billion of working capital and other uses, @ $6.50/lb copper for 4Q26e • Each 10¢/lb change in copper for 4Q26e = $75 million impact Sales Outlook Unit Net Cash Cost of Copper Operating Cash Flows (2,3) Capital Expenditures
2026e Operational Data By Region 21 by Region2026e Sales (2) 996 93 1,292 703 649 (3) United States IndonesiaSouth America (per lb of Cu) Site Production & Delivery $3.80 $3.34 (5) $2.29 $3.29 By-product Credits (0.85) (0.79) (4.41) (1.67) Treatment Charges 0.13 0.03 0.46 0.18 Royalties - 0.01 0.41 0.10 Unit Net Cash Costs / (Credits) $3.08 $2.59 $(1.25) $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 and PTFI’s smelter; impacts related to the conflict in the Middle East, including changes in energy costs and other consumables; weather-related conditions; timing of shipments and sales 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 $32/lb molybdenum for 4Q26e. 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 ($0.64/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 22e = estimate (million lbs) Moly Sales Gold Sales (000’s ozs) 0 100 200 300 400 1Q26 2Q26 3Q26 4Q26e 121 123 105 300 0 10 20 30 1Q26 2Q26 3Q26 4Q26e 24 25 22 22 NOTE: Consolidated copper sales include 155 mm lbs in 1Q26, 190 mm lbs in 2Q26, 197 mm lbs in 3Q26 and 270 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 sales and other factors. NOTE: Consolidated gold sales include 59k ozs in 1Q26, 61k ozs in 2Q26, 50k ozs in 3Q26 and 154k ozs in 4Q26e for noncontrolling interests. Estimates are dependent on operational performance; the ramp-up of the GBC underground mine and PTFI’s smelter; weather-related conditions; timing of shipments and sales and other factors. (million lbs) Copper Sales 0 250 500 750 1000 1Q26 2Q26 3Q26 4Q26e 657 710 749 875
Grasberg Minerals District Mine Plan Metal Production, 2025 – 2030e 23 1.0 0.8 1.2 1.5 1.6 1.6 0.9 0.7 1.0 1.2 1.3 1.2 2025 2026e 2027e 2028e 2029e 2030e | Copper 2026e – 2030e Total: 6.7 billion lbs copper Annual Average: ~1.3 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 ~70k 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 24 • 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 and 3Q26 • 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; Chute Gallery (CG) 45 upgrades completed; CG 44 upgrades in progress • Expected PTFI production capacity milestones: ~65% In 2H26 ~80% By mid-27 Near Full Capacity By YE27 Installation of chute regulators continues on schedule
Water inflow for flush/dilution Mud discharge 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 Grasberg Risk Management Sandvik DU311 Drill Remove Flowable Material With In-pit Pumping Conventional up-hole Coring for Slurry Pond Drainage Water-Driven In-the-Hole (ITH) Hammer Drill Grasberg Pit Plan View 25 ~3 km of new drift development to drill & drain pit bottom Larger Diameter (5”) & Fast drillingSmall Diameter & Slower drilling Mud Removal Options for Former Open Pit • 5 drill holes active • 3 dry & 2 with <10 gpm • 2 ITH Drills underground • Drilling initiated in 3Q26 Target pumping in early 2028 • First blast in April 2026 • Initiate drainage in 2028 Pit bottom pumping via cable- deployed pump Pump Barge Pit Bottom Drainage Gallery GBC PB1 GBC PB2 Pit View Looking Southeast PB1 PB2 Development from April Pump Station Early Pit Breakthrough Drill Site Spur to Pump Station Drill Site Muck Pass (to 2830L) Amole Drift Amole XC-21 N Later LOM Pit Breakthrough Dewatering Drifts (Twinned)
Freeport ̶ America’s Copper Champion® 26 • 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 Potential e = estimate
Americas Leach Innovation Initiatives Low Cost, High Value 27 * 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% New Technologies (Additives and Heat) ~85% ~600 mm lbs/annum Incremental Production Target Targeting Copper in Stockpiles Unrecoverable by Traditional Leach Methods with Precision Operating Techniques 50 144 214 213 300 800 2022 2023 2024 2025 2027e 2030e Potential Scaling the Opportunity (mm lbs) ~ ~ e = estimate.
Discretionary Capital Projects* 28 • 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 • Reviewing schedule in connection with prioritizing GBC ramp-up * These discretionary projects and PTFI’s downstream processing facilities will be excluded from the available cash flow calculation (defined on slide 11) for purposes of the performance-based payout framework. ** Prior to formal investment decision, future incremental project capital estimated to approximate $4.5 bn. NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate. • Potential expansion to double concentrator capacity • Investment decision expected in 4Q26 • 2026e CAPEX: o ~$400 mm to expand tailings infrastructure o ~$250 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 to late 2028 • CAPEX of ~$150 mm in 2027e net of avoided coal cost • Recycle electronic material • 2026e CAPEX: ~$250 mm • Expect to commence production in mid-2027e • ~$80 mm per annum in projected incremental EBITDA Atlantic Copper CirCular Kucing Liar Grasberg Energy Transition to Natural Gas
Adjusted EBITDA Reconciliation ($ in mm) 9-Mo. Ended 12-Mo. Ended 3Q 2026 3Q 2025 9/30/2026 9/30/2026 Net income attributable to common stock $1,174 $674 $3,039 $3,445 Interest expense, net 86 107 295 405 Income tax provision 610 669 1,807 2,009 Depreciation, depletion and amortization 520 625 1,557 2,042 PTFI mud rush incident insurance settlement - - (699) (699) Gain on sales of assets - (16) (18) (18) Stock-based compensation and accretion 69 61 255 319 Other net charges (1) 266 189 988 1,660 Other income, net (25) (59) (58) (123) Net income attributable to noncontrolling interests 514 573 1,427 1,586 Equity in affiliated companies’ net (earnings) losses (6) 8 (17) (18) Adjusted EBITDA (2) $3,208 $2,831 $8,576 $10,608 (1) Primarily includes (i) net charges for idle facility, direct recovery and restoration costs associated with PTFI's September 2025 external mud rush incident ($244 mm in 3Q26, $171 mm in 3Q25, $934 mm for the 9 months ended 9/30/2026 and $1.4 bn for the 12 months ended 9/30/2026) and (ii) oil and gas charges ($28 mm in 3Q26, $4 mm in 3Q25, $28 mm for the 9 months ended 9/30/2026 and $130 mm for the 12 months ended 9/30/2026). (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. 29
