Income StatementBalance SheetCash FlowSegments
Freeport-McMoRan Inc. logo

Freeport-McMoRan Inc. Business Segments

Business, geographic, and product segment breakdowns

Freeport-McMoRan Inc. generates $26.4B in annual revenue across 4 key segments: Atlantic Copper Smelting & Refining ($3.4B), Grasberg Segment ($9.3B), Morenci ($2.3B), and Rod & Refining ($7.3B). The company-wide operating margin is 27.83%. Based on the Q1 2026 filing.

Atlantic Copper Smelting & Refining (TTM)$3.4BGrasberg Segment (TTM)$9.3BMorenci (TTM)$2.3BRod & Refining (TTM)$7.3B
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$89.1B
P/E Ratio18.78
ROE25.52%

Products & Services

Revenue from Contract with Customer, Including Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Copper Cathode$2.0B$2.0B$2.2B$1.8B$2.1B$2.1B
Rod and other refined copper products$912.0M$960.0M$969.0M$1.3B$1.2B$1.5B
Copper in concentrate$1.5B$1.4B$2.0B$2.0B$934.0M$1.1B
Gold$949.0M$475.0M$1.8B$1.2B$388.0M$692.0M
Molybdenum$447.0M$442.0M$479.0M$504.0M$541.0M$613.0M
Purchased Copper$126.0M$298.0M$173.0M$18.0M$0.0$89.0M

Number Of Operations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Copper————900.0%900.0%

Ownership percentage of subsidiary

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Copper————72.0%72.0%

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Silver And Other—$139.0M$173.0M$223.0M—$278.0M

Geographic

Concentration risk percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
South America34.8%25.5%25.5%25.5%25.5%—

Operating income (loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Miami—$18.3M$18.3M$18.3M$18.3M—

Long-Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other$496.0M———$671.0M—

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other$269.8M$259.5M$259.5M$259.5M$259.5M—

Estimated recoverable proven and probable copper reserves in leach stockpiles (in pounds)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
South America————17500000000.00—

Estimated Recoverable Proven And Probable Reserves

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
South America28400000000.00———45600000000.00—

Business Segments

PTFI mud rush incident insurance settlement

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Grasberg Segment—————$699.0M
Atlantic Copper Smelting and Refining Segment—————$0.0
Morenci—————$0.0
Rod and Refining Segment—————$0.0

CapEx

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Grasberg Segment$1.7B$704.0M———$456.0M
Indonesia Segment—$704.0M$740.0M$483.0M—$456.0M
North America copper mines$290.0M$255.0M$273.0M$315.0M$259.0M$244.0M
South America$103.0M$85.0M$92.0M$110.0M$132.0M$114.0M
Atlantic Copper Smelting & Refining$54.0M$43.0M$45.0M$42.0M$72.0M$56.0M
Morenci$46.0M$59.0M———$44.0M
Molybdenum$29.0M$19.0M$27.0M$28.0M$34.0M$29.0M
Rod & Refining$12.0M$17.0M$26.0M$19.0M$18.0M$14.0M

Concentration risk percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Atlantic Copper Smelting And Refining—19.3%19.3%19.3%19.3%—
Cerro Verde5.8%6.5%6.5%6.5%6.5%—
Grasberg Segment24.8%24.5%24.5%24.5%24.5%—
Morenci3.0%3.8%3.8%3.8%3.8%—

Depreciation, depletion and amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Grasberg Segment$298.3M$186.0M———$194.0M
Morenci$46.8M$50.0M———$69.0M
Atlantic Copper Smelting & Refining$8.0M$7.0M$7.0M$7.0M$6.0M$7.0M
Rod & Refining$0.0$1.0M$1.0M$2.0M$1.0M$1.0M

Exploration Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Morenci$4.3M$6.0M———$8.0M
Atlantic Copper Smelting & Refining$0.0$0.0$0.0$0.0$0.0$0.0
Grasberg Segment$2.0M$2.0M———$0.0
Rod & Refining$0.0$0.0$0.0$0.0$0.0$0.0

Operating income (loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Grasberg Segment$1.4B$777.0M———$842.0M
Morenci$78.8M$109.0M———$262.0M
Atlantic Copper Smelting & Refining$15.0M$5.0M$13.0M$7.0M—$22.0M
Rod & Refining$0.0$9.0M$7.0M$11.0M$4.0M$15.0M

Production and delivery

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Rod & Refining$1.5B$1.6B$1.7B$1.8B$1.8B$2.0B
Atlantic Copper Smelting & Refining$649.0M$734.0M$791.0M$753.0M$821.0M$929.0M
Grasberg Segment$842.0M$578.0M———$710.0M
Cerro Verde$632.3M$587.0M———$651.0M
Morenci$456.5M$419.0M———$437.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Rod & Refining$1.5B$1.6B$1.7B$1.8B$1.8B$2.1B
Grasberg Segment$2.6B$1.6B———$1.1B
Atlantic Copper Smelting & Refining$687.0M$755.0M$815.0M$768.0M$834.0M$969.0M
Morenci$586.8M$577.0M———$776.0M

Selling, general and administrative expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Grasberg Segment$31.8M$27.0M———$25.0M
Atlantic Copper Smelting & Refining$7.0M$9.0M$7.0M$7.0M$9.0M$11.0M
Morenci$500.0K$0.0———$0.0
Rod & Refining$0.0$0.0$0.0$0.0$0.0$0.0

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Grasberg Segment$27.3B$28.0B——$27.3B$28.0B
Morenci$3.2B$3.2B——$3.4B$3.4B
Atlantic Copper Smelting & Refining$1.7B$1.4B$1.5B$1.6B$2.2B$1.9B
Rod & Refining$202.0M$364.0M$432.0M$389.0M$333.0M$374.0M

Asset Impairment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Grasberg Segment—$20.3M$20.3M$20.3M$20.3M—

Cost of Goods and Service, Recovery Expenses, Excluding Depreciation, Depletion, and Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Grasberg Segment—$156.3M$156.3M$156.3M$156.3M—

Remediation expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Grasberg Segment—$16.3M$16.3M$16.3M$16.3M—

Tolling fee

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Grasberg Segment————$39.0M—

Capitalized interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mining Operations$97.8M$85.5M$85.5M$85.5M$85.5M—