Business Segments (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue

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 Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Copper:
Cathode	$	2,949	$	1,817	$	7,646	$	6,015
Rod and other refined copper products	1,722		1,330		4,759		3,259
Concentrate	1,177		1,967		3,236		5,376
Purchased coppera	66		18		319		489
Molybdenum	715		504		2,056		1,425
Gold	535		1,204		1,867		3,512
Silver and other	327		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 customers	7,425		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.

Segment Reporting

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



	Reportable Segments

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

Segment revenues:
Unaffiliated customers	$	19	$	1,392	$	1,476		$	2,359	$	1,249	$	6,495
Intersegment	864		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 delivery	527		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 expenses	7		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, net												25
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 expenditures												15
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
			Cerro		Indonesia			Rod &		Atlantic		Reportable
	Morenci		Verde		Operations			Refining		Copper		Segments

Segment revenues:
Unaffiliated customers	$	46	$	979	$	2,675		$	1,774	$	768	$	6,242
Intersegment	653		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 delivery	499		636		1,024		b	1,773		753
DD&A	55		97		331		c	2		7
Selling, general and administrative expenses	—		2		36			—		7
Exploration and research expenses	11		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, net												59
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 expenditures												1
Total consolidated capital expenditures												$	1,056

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

Segment revenues:
Unaffiliated customers	$	48	$	3,769	$	4,030		$	6,639	$	3,239	$	17,725
Intersegment	2,367		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 delivery	1,389		2,033		2,057		b	6,613		3,170
DD&A	185		257		632		c	4		20
Selling, general and administrative expenses	1		5		84			—		26
Exploration and research expenses	25		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, net												58
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 expenditures												29
Total consolidated capital expenditures												$	3,236

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

Segment revenues:
Unaffiliated customers	$	192	$	2,732	$	7,658		$	5,090	$	2,335	$	18,007
Intersegment	1,706		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 delivery	1,353		1,813		2,726		b	5,088		2,278
DD&A	151		282		906		c	4		21
Selling, general and administrative expenses	1		5		98			—		23
Exploration and research expenses	25		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, net												158
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 expenditures												4
Total consolidated capital expenditures												$	3,489

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.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details