v3.26.1
Business Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENT INFORMATION
Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2026 and 2025 follow:
Three Months Ended
March 31,
 20262025
Copper:
Cathode$2,050 $2,025 
Rod and other refined copper products1,504 960 
Concentrate1,083 1,386 
Purchased coppera
89 298 
Gold692 475 
Molybdenum613 442 
Silver and other278 139 
Adjustments to revenues:
Royalty expenseb
(53)(68)
Treatment chargesc
(2)(28)
PTFI export dutiesd
— (55)
Revenues from contracts with customers6,254 5,574 
Embedded derivativese
(20)154 
Total consolidated revenues$6,234 $5,728 
a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations.
b.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
c.Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with the sales volumes and the price of copper. Lower charges in first-quarter 2026 primarily reflect lower treatment charge rates as a result of favorable market conditions and the lack of copper concentrate sales volumes in Indonesia now that PTFI is a fully integrated producer of refined copper and gold.
d.Prior to the expiration of its export license on September 16, 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5%. Refer to Note 11 of FCX’s 2025 Form 10-K for further discussion.
e.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.

Reportable 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 (72%-owned), 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 in the Grasberg minerals district. With the completion of its downstream processing facilities during 2025, PTFI is a fully integrated producer of refined copper and gold.
Operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations and U.S. Rod & Refining operations. Though not quantitatively material, FCX has also voluntarily disclosed the Morenci copper mine and Atlantic Copper as reportable segments in the following tables.

•Morenci. The Morenci open-pit copper mine, located in southeastern Arizona, produces copper cathode and copper concentrate. In addition to copper, the Morenci mine also produces molybdenum concentrate.

•Cerro Verde. The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathode and copper concentrate. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver.

•Indonesia Operations. Indonesia operations include PTFI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver, and PTFI’s downstream processing facilities. PTFI’s smelter will exclusively receive concentrate from the Grasberg minerals district and the PMR will receive anode slimes from the smelter and from PT Smelting.

•U.S. Rod & Refining. The U.S. Rod & Refining segment consists of copper conversion facilities located in the U.S., and includes a refinery and two rod mills. These operations process copper primarily 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. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products.

•Atlantic Copper. Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes.

Intersegment sales between FCX’s operating segments 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 operating segments. However, not all costs and expenses applicable to an operation are allocated. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each reportable segment would be if it was an independent entity.

FCX's Chief Executive Officer is identified as its chief operating decision maker (CODM) under segment reporting guidance. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions.
Financial Information by Reportable Segment as of and for the three months ended March 31, 2026
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
    
Segment revenues:     
Unaffiliated customers$12 $1,218 $1,072 $2,052 $966 $5,320 
Intersegment764 163 — 10 3 940 
776 1,381 1,072 2,062 969 6,260 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
914 
Other segments’ revenue - intersegmenta
1,672 
Elimination of intersegment revenue(2,612)
Total consolidated revenues, net$6,234 
Segment measure of profit:
Production and delivery437 651 710 
b
2,046 929 
DD&A69 86 194 
c
1 7 
Selling, general and administrative expenses— 2 25 — 11 
Exploration and research expenses8 4 — — — 
PTFI mud rush incident insurance settlement— — (699)— — 
Segment operating income$262 $638 $842 $15 $22 

$1,779 
Reconciliation of operating income
Other segments’ operating incomea
477 
d
Corporate expenses and elimination of intersegment operating income(119)
e
Consolidated interest expense, net(114)
Consolidated other income, net11 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$2,034 
Segment assets $3,434 $8,772 $27,959 $374 $1,904 $42,443 
Reconciliation of segment assets
Total assets for other segmentsa
36,517 
Corporate assets and elimination of investments in consolidated subsidiaries(20,120)
Total consolidated assets$58,840 
Segment capital expenditures$44 $74 $456 $14 $56 $644 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
324 
Corporate capital expenditures5 
Total consolidated capital expenditures$973 
a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration. Also includes legacy oil and gas properties.
b.Includes charges totaling $406 million for idle facility and restoration costs associated with the Mud Rush Incident.
c.Includes charges totaling $93 million for idle facility costs associated with the Mud Rush Incident.
d.Includes DD&A of $157 million related to other operating segments.
e.Corporate expenses include amounts not allocated to individual operating segments.
Financial Information by Reportable Segment as of and for the three months ended March 31, 2025
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
    
Segment revenues:     
Unaffiliated customers$83 $917 $1,564 $1,624 $752 $4,940 
Intersegment494 174 6 8 3 685 
577 1,091 1,570 1,632 755 5,625 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
788 
Other segments’ revenue - intersegmenta
1,229 
Elimination of intersegment revenue(1,914)
Total consolidated revenues, net$5,728 
Segment measure of profit:
Production and delivery419 587 578 1,622 734 
DD&A50 91 186 1 7 
Selling, general and administrative expenses— 2 27 — 9 
Exploration and research expenses6 2 2 — — 
Environmental obligations and shutdown costs(7)— — — — 
Segment operating income$109 $409 $777 $9 $5 

$1,309 
Reconciliation of operating income
Other segments’ operating incomea
77 
b
Corporate expenses and elimination of intersegment operating income(83)
c
Consolidated interest expense, net(70)
Consolidated other income, net58 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$1,291 
Segment assets $3,239 $8,166 $28,006 $364 $1,448 $41,223 
Reconciliation of segment assets
Total assets for other segmentsa
35,467 
Corporate assets and elimination of investments in consolidated subsidiaries(20,668)
Total consolidated assets$56,022 
Segment capital expenditures$59 $74 $704 $17 $43 $897 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
274 
Corporate capital expenditures1 
Total consolidated capital expenditures$1,172 
a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration. Also includes legacy oil and gas properties.
b.Includes DD&A of $131 million related to other operating segments.
c.Corporate expenses include amounts not allocated to individual operating segments.