Business Segments (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from External Customers by Products and Services

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 Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Copper:
Cathode	$	2,647	$	2,173	$	4,697	$	4,198
Rod and other refined copper products	1,533		969		3,037		1,929
Concentrate	976		2,023		2,059		3,409
Purchased coppera	164		173		253		471
Molybdenum	728		479		1,341		921
Gold	640		1,833		1,332		2,308
Silver and other	297		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 customers	6,917		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.

Schedule of Segment Reporting Information, by Segment

Financial Information by Reportable Segment as of and for the three months ended June 30, 2026



	Reportable Segments

								U.S.				Total
			Cerro		Indonesia			Rod &		Atlantic		Reportable
	Morenci		Verde		Operations			Refining		Copper		Segments

Segment revenues:
Unaffiliated customers	$	17	$	1,159	$	1,482		$	2,228	$	1,024	$	5,910
Intersegment	739		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 delivery	425		664		724		b	2,215		1,007
DD&A	55		82		228		c	2		7
Selling, general and administrative expenses	1		1		32			—		8
Exploration and research expenses	10		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, net												22
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 expenditures												9
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
			Cerro		Indonesia			Rod &		Atlantic		Reportable
	Morenci		Verde		Operations			Refining		Copper		Segments

Segment revenues:
Unaffiliated customers	$	63	$	836	$	3,419		$	1,692	$	815	$	6,825
Intersegment	559		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 delivery	435		590		1,124			1,693		791
DD&A	46		94		389			1		7
Selling, general and administrative expenses	1		1		35			—		7
Exploration and research expenses	8		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, net												41
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 expenditures												2
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
			Cerro		Indonesia			Rod &		Atlantic		Reportable
	Morenci		Verde		Operations			Refining		Copper		Segments

Segment revenues:
Unaffiliated customers	$	29	$	2,377	$	2,554		$	4,280	$	1,990	$	11,230
Intersegment	1,503		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 delivery	862		1,315		1,434		b	4,261		1,936
DD&A	124		168		422		c	3		14
Selling, general and administrative expenses	1		3		57			—		19
Exploration and research expenses	18		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, net												33
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 expenditures												14
Total consolidated capital expenditures												$	2,077

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
			Cerro		Indonesia		Rod &		Atlantic		Reportable
	Morenci		Verde		Operations		Refining		Copper		Segments

Segment revenues:
Unaffiliated customers	$	146	$	1,753	$	4,983	$	3,316	$	1,567	$	11,765
Intersegment	1,053		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 delivery	854		1,177		1,702		3,315		1,525
DD&A	96		185		575		2		14
Selling, general and administrative expenses	1		3		62		—		16
Exploration and research expenses	14		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, net											99
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 expenditures											3
Total consolidated capital expenditures											$	2,433

b.Includes DD&A of $262 million related to other operating segments.

c.Corporate expenses include amounts not allocated to individual operating segments.