v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENT INFORMATION
Product Revenues. FCX’s revenues attributable to the products it sold for the second quarters and for the first six months of 2026 and 2025 follow:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Copper:
Cathode$2,647 $2,173 $4,697 $4,198 
Rod and other refined copper products1,533 969 3,037 1,929 
Concentrate976 2,023 2,059 3,409 
Purchased coppera
164 173 253 471 
Molybdenum728 479 1,341 921 
Gold640 1,833 1,332 2,308 
Silver and other297 173 575 312 
Adjustments to revenues:
Royalty expenseb
(60)(135)(113)(203)
Treatment chargesc
(8)(16)(10)(43)
PTFI export dutiesd
— (146)— (202)
Revenues from contracts with customers6,917 7,526 13,171 13,100 
Embedded derivativese
112 56 92 210 
Total consolidated revenues$7,029 $7,582 $13,263 $13,310 
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 the 2026 periods, compared to the 2025 periods, 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, gold and silver.
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, gold and silver.

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 precious metals refinery will receive anode slimes from the smelter and from PT Smelting (PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia, which is accounted for under the equity method).

•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 June 30, 2026
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
Segment revenues:
Unaffiliated customers$17 $1,159 $1,482 $2,228 $1,024 $5,910 
Intersegment739 328 1 11 6 1,085 
756 1,487 1,483 2,239 1,030 6,995 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
1,119 
Other segments’ revenue - intersegmenta
1,763 
Elimination of intersegment revenue(2,848)
Total consolidated revenues, net$7,029 
Segment measure of profit:
Production and delivery425 664 724 
b
2,215 1,007 
DD&A55 82 228 
c
2 7 
Selling, general and administrative expenses1 1 32 — 8 
Exploration and research expenses10 4 — — — 
Gain on sale of assets— — — — (18)
Segment operating income$265 $736 $499 $22 $26 

$1,548 
Reconciliation of operating income
Other segments’ operating incomea
656 
d
Corporate expenses and elimination of intersegment operating income(201)
e
Consolidated interest expense, net(95)
Consolidated other income, net22 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$1,930 
Segment assets $3,551 $9,013 $27,949 $390 $2,054 $42,957 
Reconciliation of segment assets
Total assets for other segmentsa
36,913 
Corporate assets and elimination of investments in consolidated subsidiaries(20,143)
Total consolidated assets$59,727 
Segment capital expenditures$50 $82 $516 $14 $67 $729 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
366 
Corporate capital expenditures9 
Total consolidated capital expenditures$1,104 

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.
b.Includes charges totaling $284 million for idle facility and restoration costs associated with the September 2025 external mud rush incident. Refer to Note 7 for further discussion.
c.Includes charges totaling $79 million for idle facility costs associated with the September 2025 external mud rush incident. Refer to Note 7 for further discussion.
d.Includes DD&A of $149 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 June 30, 2025
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
Segment revenues:
Unaffiliated customers$63 $836 $3,419 $1,692 $815 $6,825 
Intersegment559 193 (2)
a
9 3 762 
622 1,029 3,417 1,701 818 7,587 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersb
757 
Other segments’ revenue - intersegmentb
1,308 
Elimination of intersegment revenue(2,070)
Total consolidated revenues, net$7,582 
Segment measure of profit:
Production and delivery435 590 1,124 1,693 791 
DD&A46 94 389 1 7 
Selling, general and administrative expenses1 1 35 — 7 
Exploration and research expenses8 4 1 — — 
Segment operating income$132 $340 $1,868 $7 $13 

$2,360 
Reconciliation of operating income
Other segments’ operating incomeb
142 
c
Corporate expenses and elimination of intersegment operating income(70)
d
Consolidated interest expense, net(82)
Consolidated other income, net41 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$2,391 
Segment assets $3,337 $8,385 $27,781 $432 $1,508 $41,443 
Reconciliation of segment assets
Total assets for other segmentsb
35,771 
Corporate assets and elimination of investments in consolidated subsidiaries(20,722)
Total consolidated assets$56,492 
Segment capital expenditures$70 $78 $740 $26 $45 $959 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsb
300 
Corporate capital expenditures2 
Total consolidated capital expenditures$1,261 
a.Represents a volume adjustment on concentrate shipped to Atlantic Copper in a prior period.
b.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.
c.Includes DD&A of $131 million related to other operating segments.
d.Corporate expenses include amounts not allocated to individual operating segments.
Financial Information by Reportable Segment for the six months ended June 30, 2026
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
Segment revenues:
Unaffiliated customers$29 $2,377 $2,554 $4,280 $1,990 $11,230 
Intersegment1,503 491 1 21 9 2,025 
1,532 2,868 2,555 4,301 1,999 13,255 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
2,033 
Other segments’ revenue - intersegmenta
3,435 
Elimination of intersegment revenue(5,460)
Total consolidated revenues, net$13,263 
Segment measure of profit:
Production and delivery862 1,315 1,434 
b
4,261 1,936 
DD&A124 168 422 
c
3 14 
Selling, general and administrative expenses1 3 57 — 19 
Exploration and research expenses18 8 — — — 
Gain on PTFI mud rush incident insurance settlement— — (699)— — 
Gain on sale of assets— — — — (18)
Segment operating income$527 $1,374 $1,341 $37 $48 

$3,327 
Reconciliation of operating income
Other segments’ operating incomea
1,133 
d
Corporate expenses and elimination of intersegment operating income(320)
e
Consolidated interest expense, net(209)
Consolidated other income, net33 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$3,964 
Segment capital expenditures$94 $156 $972 $28 $123 $1,373 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
690 
Corporate capital expenditures14 
Total consolidated capital expenditures$2,077 
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.
b.Includes charges totaling $690 million for idle facility and restoration costs associated with the September 2025 external mud rush incident. Refer to Note 7 for further discussion.
c.Includes charges totaling $172 million for idle facility costs associated with the September 2025 external mud rush incident. Refer to Note 7 for further discussion.
d.Includes DD&A of $306 million related to other operating segments.
e.Corporate expenses include amounts not allocated to individual operating segments.
Financial Information by Reportable Segment for the six months ended June 30, 2025
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
Segment revenues:
Unaffiliated customers$146 $1,753 $4,983 $3,316 $1,567 $11,765 
Intersegment1,053 367 4 17 6 1,447 
1,199 2,120 4,987 3,333 1,573 13,212 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
1,545 
Other segments’ revenue - intersegmenta
2,537 
Elimination of intersegment revenue(3,984)
Total consolidated revenues, net$13,310 
Segment measure of profit:
Production and delivery854 1,177 1,702 3,315 1,525 
DD&A96 185 575 2 14 
Selling, general and administrative expenses1 3 62 — 16 
Exploration and research expenses14 6 3 — — 
Environmental obligations and shutdown costs(7)— — — — 
Segment operating income$241 $749 $2,645 $16 $18 

$3,669 
Reconciliation of operating income
Other segments’ operating incomea
219 
b
Corporate expenses and elimination of intersegment operating income(153)
c
Consolidated interest expense, net(152)
Consolidated other income, net99 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$3,682 
Segment capital expenditures$129 $152 $1,444 $43 $88 $1,856 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
574 
Corporate capital expenditures3 
Total consolidated capital expenditures$2,433 
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.
b.Includes DD&A of $262 million related to other operating segments.
c.Corporate expenses include amounts not allocated to individual operating segments.