What does rod & refining — exploration expense mean?

Represents costs incurred to search for new mineral deposits or expand existing reserves specifically allocated to the segment's operations. For a downstream processing segment, this is typically minimal or non-existent compared to mining segments.

Freeport-McMoRan Inc. FCX Rod & Refining — Exploration Expense

Other segment segments

Morenci

$8M+33.3%

Atlantic Copper Smelting & Refining

$0—

Grasberg Segment

$0-100%

Similar metrics at other companies

WWRExploration Expense

$312K+4,357%

IMODownstream — Exploration Expense

0%—

TMQExploration Expense

$25K—

CTGOExploration — Exploration Expense

$2.93M+1,132%

CTGOExploration Expense

$3.83M+734%

DKRefining — Segment, Expenditure, Addition to Long-Lived Assets

$171.9M+206%

Other financials

Income statement

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Revenue$7.0B-7.3%

Gross profit$2.2B-16.9%

Operating income$2.0B-17.6%

Net income$984.0M-36.4%

EPS (diluted)$0.68+28.3%

Balance sheet

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Cash & equivalents$4.1B-15.4%

Total debt$10.4B+12.0%

Total equity$20.1B+10.4%

Total assets$59.7B+5.7%

Cash flow

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Operating cash flow$2.0B-6.7%

CapEx$1.1B-12.5%

Free cash flow$944.0M+1.1%

Valuation

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Market cap$86.24B+57.4%

Enterprise value$92.52B+56.2%

P/E20.6×+7.9×

P/S3.3×+1.2×

Profitability

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Gross margin27.1%-2.7pp

Operating margin26.8%0.0pp

Net margin16.2%-0.5pp

FCF margin6.2%-2.2pp

Returns & leverage

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Return on equity21.8%-2.3pp

Debt / equity0.5×0.0×

Current ratio2.1×-0.4×

Where this comes from

Reported directly by Freeport-McMoRan Inc. in its filing.

Tagged under the XBRL concept us-gaap:ExplorationExpense.

The official record: Freeport-McMoRan Inc.’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Freeport-McMoRan Inc.'s rod & refining — exploration expense?: Freeport-McMoRan Inc. (FCX) reported rod & refining — exploration expense of $0 in Q1 2026.
What does rod & refining — exploration expense mean?: Represents costs incurred to search for new mineral deposits or expand existing reserves specifically allocated to the segment's operations. For a downstream processing segment, this is typically minimal or non-existent compared to mining segments.