v3.26.3
Business Segments
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENT INFORMATION
Product Revenues. FCX’s revenues attributable to the products it sold for the third quarters and for the first nine months of 2026 and 2025 follow:
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Copper:
Cathode$2,949 $1,817 $7,646 $6,015 
Rod and other refined copper products1,722 1,330 4,759 3,259 
Concentrate1,177 1,967 3,236 5,376 
Purchased coppera
66 18 319 489 
Molybdenum715 504 2,056 1,425 
Gold535 1,204 1,867 3,512 
Silver and other327 223 902 535 
Adjustments to revenues:
Royalty expenseb
(58)(107)(170)(310)
Treatment chargesc
(6)(2)(17)(45)
PTFI export duties and adjustmentsd
(2)(135)(2)(337)
Revenues from contracts with customers7,425 6,819 20,596 19,919 
Embedded derivativese
121 153 213 363 
Total consolidated revenues$7,546 $6,972 $20,809 $20,282 
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 vary with the volume of metal sold and prices.
c.Revenues from FCX’s copper concentrate sales are recorded net of treatment charges, which vary with the sales volumes and the price of copper. Lower charges in the first nine months of 2026, compared to the first nine months of 2025, 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 exclusively receives concentrate from the Grasberg minerals district and the precious metals refinery receives 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, that primarily produces copper cathode from copper anode produced at FCX’s U.S. smelter, and two rod mills that produce salable copper rod from copper cathode primarily produced at FCX’s U.S. copper mines and refineries.

•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 were 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 expansion and potential expansions.
Financial Information by Reportable Segment as of and for the three months ended September 30, 2026
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
Segment revenues:
Unaffiliated customers$19 $1,392 $1,476 $2,359 $1,249 $6,495 
Intersegment864 358 — 10 4 1,236 
883 1,750 1,476 2,369 1,253 7,731 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
1,051 
Other segments’ revenue - intersegmenta
1,906 
Elimination of intersegment revenue(3,142)
Total consolidated revenues, net$7,546 
Segment measure of profit:
Production and delivery527 718 623 
b
2,352 1,234 
Depreciation, depletion and amortization (DD&A)61 89 210 
c
1 6 
Selling, general and administrative expenses— 2 27 — 7 
Exploration and research expenses7 5 — — — 
Segment operating income$288 $936 $616 $16 $6 

$1,862 
Reconciliation of operating income
Other segments’ operating incomea
642 
d
Corporate expenses and elimination of intersegment operating income(151)
d,e
Consolidated interest expense, net(86)
Consolidated other income, net25 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$2,292 
Segment assets $3,630 $9,176 $28,581 $418 $2,136 $43,941 
Reconciliation of segment assets
Total assets for other segmentsa
37,349 
Corporate assets and elimination of investments in consolidated subsidiaries(19,811)
Total consolidated assets$61,479 
Segment capital expenditures$85 $84 $463 $14 $73 $719 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
425 
Corporate capital expenditures15 
Total consolidated capital expenditures$1,159 
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 $244 million for idle facility and restoration costs associated with the September 2025 external mud rush incident.
c.Includes charges totaling $64 million for idle facility costs associated with the September 2025 external mud rush incident.
d.Includes DD&A of $152 million related to other operating segments and $1 million related to corporate assets.
e.Corporate expenses include amounts not allocated to individual operating segments.
Financial Information by Reportable Segment as of and for the three months ended September 30, 2025
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
Segment revenues:
Unaffiliated customers$46 $979 $2,675 $1,774 $768 $6,242 
Intersegment653 226 — 12 6 897 
699 1,205 2,675 1,786 774 7,139 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
730 
Other segments’ revenue - intersegmenta
1,454 
Elimination of intersegment revenue(2,351)
Total consolidated revenues, net$6,972 
Segment measure of profit:
Production and delivery499 636 1,024 
b
1,773 753 
DD&A55 97 331 
c
2 7 
Selling, general and administrative expenses— 2 36 — 7 
Exploration and research expenses11 3 2 — — 
Segment operating income$134 $467 $1,282 $11 $7 

$1,901 
Reconciliation of operating income
Other segments’ operating incomea
226 
d
Corporate expenses and elimination of intersegment operating income(155)
d,e
Consolidated interest expense, net(107)
Consolidated other income, net59 
Total consolidated income before income taxes and equity in affiliated companies’ net losses$1,924 
Segment assets $3,289 $8,290 $27,464 $389 $1,615 $41,047 
Reconciliation of segment assets
Total assets for other segmentsa
36,065 
Corporate assets and elimination of investments in consolidated subsidiaries(20,284)
Total consolidated assets$56,828 
Segment capital expenditures$66 $99 $483 $19 $42 $709 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
346 
Corporate capital expenditures1 
Total consolidated capital expenditures$1,056 
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 $171 million for idle facility and direct recovery costs associated with the September 2025 external mud rush incident.
c.Includes charges totaling $24 million for idle facility costs associated with the September 2025 external mud rush incident.
d.Includes DD&A of $132 million related to other operating segments and $1 million related to corporate assets.
e.Corporate expenses include amounts not allocated to individual operating segments.
Financial Information by Reportable Segment for the nine months ended September 30, 2026
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
Segment revenues:
Unaffiliated customers$48 $3,769 $4,030 $6,639 $3,239 $17,725 
Intersegment2,367 849 1 31 13 3,261 
2,415 4,618 4,031 6,670 3,252 20,986 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
3,084 
Other segments’ revenue - intersegmenta
5,341 
Elimination of intersegment revenue(8,602)
Total consolidated revenues, net$20,809 
Segment measure of profit:
Production and delivery1,389 2,033 2,057 
b
6,613 3,170 
DD&A185 257 632 
c
4 20 
Selling, general and administrative expenses1 5 84 — 26 
Exploration and research expenses25 13 — — — 
Gain on PTFI mud rush incident insurance settlement— — (699)— — 
Gain on sale of assets— — — — (18)
Segment operating income$815 $2,310 $1,957 $53 $54 

$5,189 
Reconciliation of operating income
Other segments’ operating incomea
1,775 
d
Corporate expenses and elimination of intersegment operating income(471)
d,e
Consolidated interest expense, net(295)
Consolidated other income, net58 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$6,256 
Segment capital expenditures$179 $240 $1,435 $42 $196 $2,092 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
1,115 
Corporate capital expenditures29 
Total consolidated capital expenditures$3,236 
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 $934 million for idle facility and restoration costs associated with the September 2025 external mud rush incident.
c.Includes charges totaling $236 million for idle facility costs associated with the September 2025 external mud rush incident.
d.Includes DD&A of $458 million related to other operating segments and $1 million related to corporate assets.
e.Corporate expenses include amounts not allocated to individual operating segments.
Financial Information by Reportable Segment for the nine months ended September 30, 2025
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
Segment revenues:
Unaffiliated customers$192 $2,732 $7,658 $5,090 $2,335 $18,007 
Intersegment1,706 593 4 29 12 2,344 
1,898 3,325 7,662 5,119 2,347 20,351 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
2,275 
Other segments’ revenue - intersegmenta
3,991 
Elimination of intersegment revenue(6,335)
Total consolidated revenues, net$20,282 
Segment measure of profit:
Production and delivery1,353 1,813 2,726 
b
5,088 2,278 
DD&A151 282 906 
c
4 21 
Selling, general and administrative expenses1 5 98 — 23 
Exploration and research expenses25 9 5 — — 
Environmental obligations and shutdown costs(7)— — — — 
Segment operating income$375 $1,216 $3,927 $27 $25 

$5,570 
Reconciliation of operating income
Other segments’ operating incomea
445 
d
Corporate expenses and elimination of intersegment operating income(308)
d,e
Consolidated interest expense, net(259)
Consolidated other income, net158 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$5,606 
Segment capital expenditures$195 $251 $1,927 $62 $130 $2,565 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
920 
Corporate capital expenditures4 
Total consolidated capital expenditures$3,489 
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 $171 million for idle facility and direct recovery costs associated with the September 2025 external mud rush incident.
c.Includes charges totaling $24 million for idle facility costs associated with the September 2025 external mud rush incident.
d.Includes DD&A of $394 million related to other operating segments and $1 million related to corporate assets.
e.Corporate expenses include amounts not allocated to individual operating segments.