Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
FCX delivered modest revenue growth of 1.8% to $25.9B in FY2025, but operating income declined 5.0% to $6.5B as rising costs and a 21.6% drop in operating cash flow to $5.6B signal increasing cost pressures on the business.
Revenue
$25.91B
+1.81% YoY
Operating Income
$6.52B
-5.04% YoY
Source: SEC XBRL
FREEPORT-MCMORAN (FCX) reported FY2025 revenue of $25.91B, up 1.8% year over year. Operating margin was 25.2%, down 1.8 points from 27.0% a year earlier. Operating cash flow was $5.61B, down 21.6% year over year.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 0.74 | 0.60 | Beat +24.2% |
| Mar 2026 | 0.57 | 0.46 | Beat +23.1% |
| Dec 2025This filing | 0.47 | 0.29 | Beat +62.0% |
| Sep 2025 | 0.50 | 0.41 | Beat +21.4% |
Reported EPS of $0.47 versus the $0.29 analyst consensus — a +62.0% beat for Dec 2025.
Compiled by AI from this SEC filing
FCX grew total revenue by 1.8% YoY to $25.9B in FY2025, but cost of revenue rose faster at 4.6% YoY to $18.6B, compressing gross profit and reflecting ongoing inflationary pressures in mining operations including labor, energy, and materials.
Source: 10-K Income Statement
Operating income fell 5.0% YoY to $6.5B, with operating margin contracting approximately 180 basis points to 25.2%, as SG&A expenses also rose 6.2% YoY to $545M, indicating that overhead costs are growing faster than revenue.
Source: 10-K Income Statement
Operating cash flow declined sharply by 21.6% YoY to $5.6B from $7.2B in the prior year, a meaningful deterioration that suggests working capital headwinds or higher cash taxes and interest payments, even as D&A remained stable at $2.2B.
Source: 10-K Cash Flow Statement
Investing cash outflows were $4.5B in FY2025, down from $5.0B in the prior year (an 11.1% improvement), suggesting FCX may be past the peak of its major capital expenditure cycle while still investing heavily in mine development and expansion.
Source: 10-K Cash Flow Statement
Total assets grew 6.1% to $58.2B while long-term debt increased 4.8% to $9.4B, keeping the debt-to-equity ratio at approximately 1.45x; stockholders' equity rose 7.5% to $18.9B, indicating the balance sheet remains manageable but leverage is edging higher.
Source: 10-K Balance Sheet
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
FCX's revenues and profitability are highly sensitive to copper, gold, and molybdenum prices, which are determined by global supply and demand dynamics outside management's control. A sustained decline in copper prices would directly compress margins given the company's high fixed-cost mining operations. The 5.0% decline in operating income despite revenue growth illustrates this sensitivity.
Source: 10-K Risk Factors / Income Statement
Cost of revenue grew 4.6% YoY to $18.6B, outpacing revenue growth of 1.8%, causing gross margin compression. Ongoing inflation in energy, labor, and consumables at mining sites poses a persistent threat to profitability if commodity prices do not keep pace. SG&A also rose 6.2%, adding further pressure.
Source: 10-K Income Statement
Operating cash flow fell 21.6% YoY to $5.6B, a substantial deterioration that could constrain FCX's ability to fund capital expenditures, service debt, and return capital to shareholders. Free cash flow (operating cash flow minus investing outflows) is under pressure given the still-elevated $4.5B in investing activities.
Source: 10-K Cash Flow Statement
FCX operates major assets in Indonesia (Grasberg) and other politically sensitive regions where regulatory changes, export restrictions, or government renegotiations of mining contracts could materially impact production and cash flows. These jurisdictional risks are inherent to FCX's asset concentration strategy.
Source: 10-K Risk Factors
Long-term debt increased 4.8% to $9.4B, and with a debt-to-equity ratio of approximately 1.45x, FCX carries meaningful financial leverage. A deterioration in commodity prices or cash flows could strain debt covenants and increase refinancing risk, particularly if credit markets tighten.
Source: 10-K Balance Sheet
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 25.92 $B | 25.46 $B | +1.81% |
Cost of Revenue $B | 18.62 $B | 17.80 $B | +4.62% |
Operating Income $B | 6.52 $B | 6.86 $B | -5.04% |
SG&A Expense $M | 545.00 $M | 513.00 $M | +6.24% |
Answers draw on this SEC filing and the data on this page
FCX's Q2 FY2026 net income surged 27.5% to $984 million, driven by sharply higher realized copper and gold prices that offset lower output from its Indonesian operations.
FCX delivered a strong Q1 FY2026 with revenue rising 8.8% YoY to $6.23B and operating income surging 64% to $2.14B, driven by significantly improved margins and robust operating cash flow of $1.50B.