FREEPORT-MCMORAN INC
For the period ended Mar 31, 2026. Filed May 8, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
FCX$59.42+2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0000831259-25-000050
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0000831259-26-000025
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 295 previous paragraphs and 301 current paragraphs.
89 unchanged; 106 reworded; 95 added; 93 removed; 7 previous and 11 current paragraphs rearranged.
Tables are not compared: 31 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (95)
Current report
We are focused on restoring operations in the Grasberg Block Cave underground mine safely and sustainably, driving new technologies and efficiency programs to increase the profitability of our U.S. and South America operations and pursuing our highly attractive portfolio of organic growth options to generate value for common stockholders.
Current report
We continue to progress organic copper growth projects in the U.S. and South America. Across our U.S. and South America operations, we are incorporating new applications, technologies and data analytics into our leaching processes. We are targeting annual production of approximately 300 million pounds of copper from these initiatives in 2026 and believe there is potential for further significant increases in recoverable metal in future years. Additionally, in March 2026, an environmental impact study was submitted to Chile regulatory authorities for a potential major expansion at our El Abra mine in Chile. Refer to “Operations – United States” and “Operations – South America” for further discussion.
Current report
Our first-quarter 2026 operations and results were impacted by the September 2025 mud rush incident (Mud Rush Incident) at the Grasberg minerals district in Central Papua, Indonesia. During first-quarter 2026, PT Freeport Indonesia (PTFI) progressed a series of activities to address the Mud Rush Incident and advance preparation for a safe and sustainable restoration of operations in the Grasberg Block Cave underground mine. In March 2026, PTFI commenced a phased ramp-up of the Grasberg Block Cave underground mine, and the projected ramp-up schedule has been adjusted to incorporate modifications to material handling systems. Refer to “Operations – Indonesia” for further discussion.
Current report
Net income attributable to common stockholders totaled $881 million in first-quarter 2026, compared with $352 million in first-quarter 2025, primarily reflecting higher average realized copper and gold prices and the recognition of a gain for the insurance settlement related to the Mud Rush Incident, partly offset by lower copper sales volumes from PTFI. Refer to “Consolidated Results” for further discussion.
Current report
Projected consolidated sales volumes for second-quarter 2026 are expected to approximate 690 million pounds of copper, 140 thousand ounces of gold and 22 million pounds of molybdenum. Projected sales volumes for the year 2026 are lower than previous estimates of 3.4 billion pounds of copper and 0.8 million ounces of gold, primarily reflecting a projected delay in achieving full ramp-up of the Grasberg Block Cave underground mine pending modifications to ore loading systems. Refer to “Operations – Indonesia” for further discussion.
Current report
Consolidated copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.
Current report
Following the onset of military conflict in the Middle East in late February 2026, costs for certain petroleum-based energy products, sulfur and sulfuric acid, and other consumables have risen significantly. Prices for diesel fuel and sulfuric acid have been highly volatile with significant regional dislocation. Current unit net cash cost estimates for the year 2026 are higher than previous estimates, reflecting revised sales volumes at PTFI and higher costs for energy and other consumables, partly offset by higher by-product credits related to higher metal price assumptions.
Current report
Following the Mud Rush Incident and until PTFI’s operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs are expected to total $1.3 billion for the year 2026 (including $0.3 billion in second-quarter 2026). Refer to “Operations – Indonesia” for further discussion.
Current report
Projected unit net cash costs for the year 2026 are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine at PTFI; impacts related to the conflict in the Middle East, including changes in energy costs and other consumables; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.
Current report
In January 2026, both LME and COMEX settlement copper prices closed at all-time highs of $6.28 per pound and $6.18 per pound, respectively. Higher copper prices were influenced by increased speculative buying in several metals, supported by macro factors such as U.S. dollar weakness and expectations for above-trend demand growth. In March 2026, LME and COMEX settlement copper prices declined from these highs in response to conflict in the Middle East, which impacted trade flows and energy infrastructure, resulting in significantly higher oil prices, a stronger U.S. dollar, renewed inflation concerns and revised economic forecasts.
Current report
d. Net income attributable to common stock includes after-tax net credits totaling $51 million ($0.04 per share), primarily associated with the Mud Rush Incident reflecting a gain from the insurance settlement, partly offset by idle facility and restoration costs (refer to “Operations – Indonesia” for discussion). See below for further discussion of these net credits.
Current report
e. Cash provided by (used for) working capital totaled $0.1 billion in first-quarter 2026 and $(0.3) billion in first-quarter 2025.
Current report
Sales Volumes. Consolidated copper and gold sales volumes decreased in first-quarter 2026, compared to first-quarter 2025, primarily reflecting lower operating rates at PTFI following the Mud Rush Incident. As a fully integrated producer of refined copper and gold in Indonesia, there may be variability in the timing between production and sales of refined copper and gold. Refer to “Operations” for further discussion of sales volumes at our mining operations.
Current report
Atlantic Copper Revenues. Atlantic Copper revenues totaled $969 million in first-quarter 2026, compared to $755 million in first-quarter 2025, primarily reflecting higher copper prices, partly offset by lower copper sales volumes.
Current report
Consolidated production and delivery costs totaled $4.1 billion in first-quarter 2026 and $3.8 billion in first-quarter 2025.
Current report
Following the Mud Rush Incident and until PTFI’s operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. First-quarter 2026 included $406 million of idle facility and restoration costs associated with the Mud Rush Incident, and first-quarter 2025 included charges totaling $73 million associated with a planned maintenance turnaround at the Miami smelter.
Current report
Based on current sales volume estimates, consolidated DD&A is estimated to approximate $2.3 billion for the year 2026, including $0.3 billion for idle facility costs associated with the Mud Rush Incident.
Current report
Net charges for environmental obligations and shutdown costs totaled $17 million in first-quarter 2026 and $10 million in first-quarter 2025.
Current report
PTFI Mud Rush Incident Insurance Settlement
Current report
In first-quarter 2026, PTFI recognized a gain of $0.7 billion for an insurance settlement associated with the Mud Rush Incident under its property and business interruption policies. PTFI collected this settlement in April 2026.
Current report
Given our U.S. tax position (including potential CAMT), at higher copper prices, we would expect our consolidated effective tax rate to decline because of a higher share of earnings from our U.S. operations.
Current report
BUSINESS DIVISIONS AND SEGMENTS
Current report
We have organized our mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines. Refer to “Operations” below for discussion of our mining operations.
Current report
U.S. Rod & Refining consists of copper conversion facilities, including a refinery and two rod mills. These operations process copper produced at our U.S. copper mines and purchased copper into copper cathode and rod. At times, these operations refine copper and produce copper rod for customers on a toll basis.
Current report
Corporate, Other & Eliminations consist of our other mining operations, exploration activities, legacy oil and gas properties, corporate and elimination items. Other mining operations include the Miami smelter, molybdenum conversion facilities in the U.S. and in Europe, five non-operating mines in the U.S. and other mining support entities.
Current report
Intersegment sales 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.
Current report
We allocate certain operating costs, expenses and capital expenditures to our business divisions and segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations in the below tables), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, some selling, general and administrative costs are not allocated to the business divisions and segments. Accordingly, the following information reflects management determinations that may not be indicative of what the actual financial performance of each business division and segment would be if it was an independent entity.
Current report
Refer to Note 8 for a summary of our reportable segments as determined under generally accepted accounting principles (GAAP) in the U.S.
Current report
Financial Information by Business Division and Segment
Current report
Financial Information by Business Division and Segment (continued)
Current report
b. Includes $406 million of idle facility and restoration costs associated with the Mud Rush Incident.
Current report
c. Includes $93 million of idle facility costs associated with the Mud Rush Incident.
Current report
d. Includes charges totaling $73 million associated with a planned maintenance turnaround at the Miami smelter.
Current report
2025 Annual Report on Sustainability. In April 2026, we published our 2025 Annual Report on Sustainability, marking our 25th year of reporting on our progress. We are committed to building upon our achievements in sustainability and our position as a leading responsible copper producer.
Current report
Our consolidated copper sales volumes from U.S. copper mines of 327 million pounds in first-quarter 2026 were higher than first-quarter 2025 copper sales volumes of 307 million pounds, primarily reflecting timing of shipments.
Current report
b. Includes charges totaling $0.05 per pound of copper in both first-quarter 2026 and 2025 for feasibility and optimization studies.
Current report
a. Includes charges totaling $0.05 per pound of copper in both first-quarter 2026 and 2025 for feasibility and optimization studies.
Current report
Under the terms of the MOU, we would maintain our current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042. The existing governance and operating structure, and terms of the existing shareholder agreement, special mining business license (IUPK) and other agreements in effect will continue over the life of the resource. We and PTFI are working with the Indonesia government to complete the license renewal process. The extension of operating rights and other agreed terms are subject to, among other things, the Indonesia government’s issuance of an amended IUPK and entry into definitive agreements.
Current report
Grasberg Block Cave Ramp-Up. Following the Mud Rush Incident, PTFI has progressed a series of activities to address the incident and advance preparation for a safe and sustainable restoration of operations.
Current report
During first-quarter 2026, PTFI completed remediation and restoration activities required for the restart of Production Blocks 2 and 3 and commenced initial ramp-up activities at the end of March 2026. PTFI also continued to advance activities for a planned future start-up of Production Block 1S and advance risk mitigation strategies associated with drainage and cave management technologies.
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Removed paragraphs (93)
Previous report
As a leading global supplier of copper and other metals with large-scale production, significant reserves and resources and an attractive pipeline for future growth, we are focused on the important role we play to provide copper, gold and molybdenum reliably and responsibly to a world with growing demand for metals.
Previous report
Our third-quarter 2025 results were impacted by the tragic mud rush incident that occurred on September 8, 2025, in the Grasberg minerals district. The entire FCX organization is grieving the loss of our seven team members and we remain steadfast in our commitment to prioritize the safety of our workforce above all else. Refer to further discussion of the mud rush incident below.
Previous report
Net income attributable to common stockholders totaled $674 million in third-quarter 2025 and $1.8 billion for the first nine months of 2025, compared with $526 million in third-quarter 2024 and $1.6 billion for first nine months of 2024. Higher net income in the 2025 periods, compared to the 2024 periods, primarily reflects higher operating income from our U.S. and South America mining operations, partly offset by lower financial results from Indonesia operations as a result of the mud rush incident. Refer to “Consolidated Results” for further discussion.
Previous report
GRASBERG MINERALS DISTRICT MUD RUSH INCIDENT
Previous report
On September 8, 2025, PTFI experienced a mud rush incident that resulted in seven fatalities. During the incident, which was unprecedented in PTFI’s multi-decade history of block cave mining in the Grasberg minerals district, a sudden rush of approximately 800,000 metric tons of wet material entered the Grasberg Block Cave underground mine from the former Grasberg open pit and traveled rapidly to multiple levels of the mine, including a service level where seven team members were later found deceased.
Previous report
Mining operations were temporarily suspended following the incident to prioritize the recovery of the seven team members fatally injured during the incident and to conduct an investigation into the root cause of the incident. The recovery efforts were completed on October 5, 2025, and the investigation is advancing toward completion. Damage assessments, which are expected to be completed by year-end 2025, are being conducted in parallel with ongoing mud removal activities.
Previous report
In late October 2025, PTFI restarted operations at the unaffected Big Gossan and Deep Mill Level Zone (DMLZ) underground mines. A phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin during 2026.
Previous report
We and PTFI, including external experts, are completing an investigation of the root cause of the incident and to identify actions required to safeguard against recurrence. In parallel, and in coordination with Indonesia government authorities, future production plans are being evaluated and damage assessments are being completed.
Previous report
During third-quarter 2025, PTFI recorded charges totaling $195 million associated with the mud rush incident, including $152 million for idle facility costs and $43 million related to recovery efforts. During the phased restart and ramp-up of operations in fourth-quarter 2025 and in 2026, a portion of PTFI’s cost of sales are expected to be recognized as idle facility costs, which are non-inventoriable costs.
Previous report
As of September 30, 2025, PTFI had limited access to the area where the incident occurred and was unable to adequately assess damage to the impacted assets. Accordingly, no impairment charges were recorded in third-quarter 2025. Upon completion of damage assessments and evaluation of the affected infrastructure in fourth-quarter 2025, PTFI expects to write-off the carrying value of assets determined to be damaged beyond repair. Furthermore, we do not believe the incident indicates a broader impairment of PTFI’s long-lived mining assets based on PTFI’s reserve life, favorable market outlook for metal prices and expected resumption of operations at the Grasberg Block Cave underground mine in the near term.
Previous report
While evaluation of PTFI’s operating plans, including production and sales estimates and cost and capital budgets are ongoing, and revised plans are expected to be finalized following completion of the investigation and damage assessments, we expect the incident to have a significant impact on our fourth-quarter 2025 and 2026 operating and financial results. FCX plans to hold a conference call with analysts and investors on November 18, 2025, to provide a report on the investigation of the mud rush incident and present FCX’s multi-year operational and financial outlook, including for PTFI.
Previous report
PTFI is seeking recovery of damages under its property and business interruption insurance policies, which cover up to $1.0 billion in losses (subject to a limit of $0.7 billion on underground incidents), after a $0.5 billion deductible. PTFI’s ability to recover damages under its insurance coverage with respect to the mud rush incident is subject to certain conditions. Any amounts recoverable under PTFI’s insurance policies will be reflected in future periods in which recovery is considered realizable in accordance with the gain contingency accounting guidance.
Previous report
As a result of the incident and impact on operations, PTFI has also notified certain commercial counterparties of a force majeure under its contracts.
Previous report
Projected consolidated sales volumes in fourth-quarter 2025 reflect minimal volumes from Indonesia operations and are expected to approximate 635 million pounds of copper, 60 thousand ounces of gold and 21 million pounds of molybdenum.
Previous report
Projected sales volumes are dependent on operational performance; the timing of restarting and ramping up mining and smelting operations at PTFI following the September 2025 mud rush incident; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below. For other important factors that could cause results to differ materially from projections, refer to “Risk Factors” contained in Part I, Item 1A. of our 2024 Form 10-K.
Previous report
We are carefully managing operating costs and near-term capital expenditures in connection with revised operating plans at the Grasberg minerals district to manage cash flow and liquidity during the phased ramp-up period.
Previous report
Copper priced on the LME and COMEX exchanges have historically traded in a narrow range with no material differential. Following U.S. trade policy announcements earlier in 2025, including proposed tariff announcements, the two benchmark prices began to differ and the spread significantly widened during July 2025. Effective August 1, 2025, a 50% tariff was imposed under Section 232 of the Trade Expansion Act, targeting U.S. imports of semi-finished copper products and copper-intensive derivative products. However, refined copper, including cathodes, concentrates and scrap, was exempted from the tariff and the U.S. government has indicated it will reassess by mid-2026 the potential for a refined copper tariff of 15% beginning in January 2027 and rising to 30% in 2028. Differences between COMEX and LME copper prices were present during third-quarter 2025, with the average COMEX copper settlement price 9% higher than the average LME copper settlement price. Both COMEX and LME copper prices have risen following the September 2025 mud rush incident, with LME settlement copper price hitting an all-time high of $5.02 per pound in October 2025. As of October 31, 2025, the COMEX copper settlement price of $5.07 per pound was 3% higher than the LME copper settlement price of $4.94 per pound.
Previous report
d. Includes net charges totaling $48 million in third-quarter 2025 and $72 million for the first nine months of 2025, primarily related to idle facility costs and recovery efforts associated with the September 2025 mud rush incident at PTFI, PTFI smelter fire repair costs not recoverable by insurance, and oil and gas impairments, partly offset by net favorable adjustments to environmental obligations and a gain on sales of assets. The first nine months of 2025 also include charges for previously capitalized costs associated with PTFI’s downstream processing facilities, partly offset by an adjustment to PTFI’s asset retirement obligation.
Previous report
e. Includes net charges totaling $30 million in third-quarter 2024 and $81 million for the first nine months of 2024, primarily associated with impairments for legacy oil and gas matters and nonrecurring labor-related charges at Cerro Verde associated with new collective labor agreements (CLA), partly offset by a reduction in accruals for uncertain U.S. tax positions. The first nine months of 2024 also included charges associated with assumed oil and gas abandonment obligations resulting from bankruptcies of other companies, revisions to environmental obligation estimates and related litigation reserves, and inventory adjustments/write-offs.
Previous report
f. Cash used for working capital totaled $168 million in third-quarter 2025, $5 million in third-quarter 2024, $510 million for the first nine months of 2025 and $29 million for the first nine months of 2024.
Previous report
Sales Volumes. Consolidated copper and gold sales volumes decreased in the 2025 periods, compared to the 2024 periods, primarily reflecting the temporary suspension of operations in Indonesia since the September 2025 mud rush incident at PTFI and lower ore grades in Indonesia. Lower copper and gold sales volumes for the first nine months of 2025, compared to the first nine months of 2024, also reflect the impact of lower operating rates in Indonesia resulting from planned major maintenance projects.
Previous report
During the third quarter and first nine months of 2025, our average U.S. copper price realization, which is generally based on COMEX settlement prices, was approximately 7% to 9% higher than the average copper price realizations for our South America and Indonesia operations, which are generally based on LME settlement prices. Refer to “Markets” for further discussion of COMEX and LME copper prices.
Previous report
Atlantic Copper Revenues. Atlantic Copper revenues totaled $774 million in third-quarter 2025, $765 million in third-quarter 2024 and $2.3 billion for each of the first nine months of 2025 and 2024.
Previous report
Consolidated production and delivery costs totaled $4.2 billion in third-quarter 2025, $4.1 billion in third-quarter 2024, $12.2 billion for the first nine months of 2025 and $11.8 billion for the first nine months of 2024. Production and delivery costs in the 2025 periods include $171 million of idle facility costs and recovery expenses
Previous report
associated with the September 2025 mud rush incident at PTFI. The first nine months of 2025 also included charges totaling $73 million associated with planned maintenance turnaround costs at the Miami smelter and $39 million of tolling fees that were recognized as idle facility costs associated with PT Smelting’s planned maintenance turnaround (PT Smelting is PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia). The first nine months of 2024 included charges of $99 million associated with assumed oil and gas abandonment obligations (and related adjustments) resulting from bankruptcies of other companies and $99 million for non-recurring labor-related charges at Cerro Verde associated with new CLAs.
Previous report
As discussed in Note 7, as of September 30, 2025, PTFI had limited access to the area where the mud rush incident occurred and was unable to adequately assess damage to the impacted assets. Accordingly, no impairment charges were recorded in third-quarter 2025. Upon completion of damage assessments and evaluation of the affected infrastructure in fourth-quarter 2025, PTFI expects to write-off the carrying value of assets determined to be damaged beyond repair. Furthermore, we do not believe the incident indicates a broader impairment of PTFI’s long-lived mining assets based on PTFI’s reserve life, favorable market outlook for metal prices and expected resumption of operations at the Grasberg Block Cave underground mine in the near term.
Previous report
Production Costs” for a summary of other amounts that are removed from site production and delivery costs and reflected as noncash and other costs, net, in the calculation of unit net cash costs).
Previous report
We currently expect DD&A to approximate $2.2 billion for the year 2025, which will include depreciation associated with capitalized costs for PTFI’s downstream processing facilities.
Previous report
Refer to Note 7 for further discussion of updates to environmental obligations.
Previous report
As discussed in Note 3, we do not expect H.R.1, which was signed into law on July 4, 2025, to have a material impact on our consolidated financial results.
Previous report
Our economic and ownership interest in PTFI is 48.76%, except for net income associated with the settlement of historical tax matters, which is attributed based on the economics prior to January 1, 2023 (i.e., approximately 81% to FCX and 19% to MIND ID).
Previous report
In September 2024, we increased our ownership interest in Cerro Verde to 55.08% from 53.56%.
Previous report
For the year 2025, copper sales from our U.S. mining operations are expected to approximate 1.3 billion pounds, which are primarily sold domestically. Copper produced from our South America and Indonesia mining operations is primarily sold internationally.
Previous report
a. During the third quarter and first nine months of 2025, our average U.S. copper price realization, which is generally based on COMEX settlement prices, was approximately 7% to 9% higher than the average copper price realizations for our South America and Indonesia operations, which are generally based on LME settlement prices. Refer to “Markets.”
Previous report
Higher consolidated copper sales volumes from our U.S. mines in the 2025 periods, compared to the 2024 periods, primarily reflect higher operating rates and ore grades.
Previous report
b. Includes charges for feasibility and optimization studies totaling $0.07 per pound of copper in third-quarter 2025, $0.06 per pound of copper in third-quarter 2024, $0.07 per pound of copper for the first nine months of 2025 and $0.05 per pound of copper for the first nine months of 2024.
Previous report
We expect our average unit net cash costs (net of by-product credits) for our U.S. copper mines to continue to trend lower for the year 2025 and in 2026, compared to 2024 levels, reflecting the projected impact of efficiencies, improved volumes and cost reduction plans currently in progress.
Previous report
Consolidated copper sales volumes from our South America operations were lower in the 2025 periods, compared to the 2024 periods, primarily reflecting anticipated lower leach production and mill ore grades.
Previous report
a. Includes $0.12 per pound of copper in third-quarter 2024 and $0.11 per pound of copper for the first nine months of 2024 for nonrecurring labor-related charges at Cerro Verde associated with new CLAs.
Previous report
b. Includes charges for feasibility and optimization studies totaling $0.06 per pound of copper in third-quarter 2025, third-quarter 2024 and for the first nine months of 2025, and $0.05 per pound of copper for the first nine months of 2024.
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Reworded paragraphs (106)
Previous wording
At September 30, 2025, we had consolidated debt of $9.3 billion and consolidated cash and cash equivalents of $4.3 billion. Net debt totaled $1.75 billion, excluding $3.2 billion of debt for PT Freeport Indonesia’s (PTFI) new smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities). Refer to “Net Debt” for a reconciliation of consolidated debt and consolidated cash and cash equivalents to net debt.
Current wording
At March 31, 2026, we had consolidated debt of $9.4 billion and consolidated cash and cash equivalents of $3.7 billion. Net debt totaled $2.4 billion, excluding $3.2 billion of debt for PTFI’s smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities). Refer to “Net Debt” for a reconciliation of consolidated debt and consolidated cash and cash equivalents to net debt.
Previous wording
As of October 31, 2025, we have acquired a total of 52 million shares ($38.51 average cost per share) and have $3.0 billion available under our current share repurchase program. We had 1.4 billion shares of common stock outstanding at October 31, 2025. Refer to Note 4 for further discussion.
Current wording
During first-quarter 2026, we acquired 1.7 million shares of our common stock for a total cost of $93 million ($54.25 average cost per share). At April 30, 2026, we have acquired a total of 53.7 million shares ($39.01 average cost per share) and have $2.9 billion available under our $5.0 billion share repurchase program.
Previous wording
Our financial results vary as a result of fluctuations in market prices primarily for copper, gold and, to a lesser extent, molybdenum, as well as other factors. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. Refer to “Markets” below and “Risk Factors” in Part I, Item 1A. of our 2024 Form 10-K for further discussion. Because we cannot control the prices of our products, the key measures that management focuses on in operating our business are sales volumes, unit net cash costs, operating cash flows and capital expenditures. In addition, as a result of the September 2025 mud rush incident at PTFI, our consolidated sales volumes, unit net cash costs, operating cash flows and capital expenditures for the year 2025 have been revised, compared to the guidance provided in our quarterly report on Form 10-Q for the quarter ended June 30, 2025.
Current wording
Our financial results vary as a result of fluctuations in metals market prices primarily for copper, gold and, to a lesser extent, molybdenum, as well as other factors. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. Refer to “Markets” below, and “Risk Factors” in Part I, Item 1A. of our 2025 Form 10-K and Part II, Item 1A. herein for further discussion. Because we cannot control the prices of our products, the key measures that management focuses on in operating our business are sales volumes, unit net cash costs, operating cash flows and capital expenditures. References to previous estimates refer to guidance provided in our 2025 Form 10-K.
Previous wording
The forward-looking statements in the below section and elsewhere in this quarterly report on Form 10-Q are based on current market conditions, are as of the filing date of this quarterly report on Form 10-Q, are based on several assumptions and are subject to significant risks and uncertainties. Refer to “Cautionary Statement” below.
Current wording
The forward-looking statements below and elsewhere in this Form 10-Q are based on current market conditions, are as of the filing date of this Form 10-Q, are based on several assumptions and are subject to significant risks and uncertainties. Refer to “Cautionary Statement” below.
Previous wording
a. Includes 46 million pounds produced by our U.S. copper mines and Cerro Verde mine and 36 million pounds produced by our primary molybdenum mines.
Current wording
a. Includes 60 million pounds produced by our U.S. copper mines and Cerro Verde mine, and 30 million pounds produced by our primary molybdenum mines.
Previous wording
Projected sales volumes are dependent on operational performance; the timing of restarting and ramping up mining and smelting operations at PTFI following the September 2025 mud rush incident; weather-related conditions; and other factors detailed in the “Cautionary Statement” below.
Current wording
Projected sales volumes are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine at PTFI; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.
Previous wording
Consolidated unit net cash costs (net of by-product credits and excluding estimated expenses attributable to the September 2025 mud rush incident at PTFI for idle facility costs and recovery efforts) for our copper mines are expected to average $1.68 per pound of copper for the year 2025, based on achievement of current sales volume and cost estimates, and assuming average prices of $4,000 per ounce of gold and $25.00 per pound of molybdenum in fourth-quarter 2025. Quarterly unit net cash costs vary with fluctuations in sales volumes by region, including the ratio of copper and gold sales within a period, and realized prices, primarily for gold and molybdenum. The impact of price changes during fourth-quarter 2025 on consolidated unit net cash costs for the year 2025 would approximate $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum.
Current wording
Based on achievement of current sales volume and cost estimates and assuming average prices of $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs associated with the Mud Rush Incident at PTFI) for our copper mines are expected to average $1.95 per pound of copper for the year 2026 (including $2.24 per pound of copper in second-quarter 2026). The impact of price changes on consolidated unit net cash costs for the remainder of 2026 would approximate $0.02 per pound of copper for each $100 per ounce change in the average price of gold and $0.03 per pound of copper for each $2 per pound change in the average price of molybdenum.
Previous wording
Our consolidated operating cash flows vary with sales volumes; prices realized from copper, gold and molybdenum sales; production costs; income taxes; other working capital changes; and other factors, including the timing of restarting and ramping up mining and smelting operations at PTFI following the September 2025 mud rush incident. Consolidated operating cash flows are estimated to approximate $5.5 billion for the year 2025, net of $0.7 billion of working capital and other uses, based on current sales volume and cost estimates, and assuming prices of $4.75 per pound of copper, $4,000 per ounce of gold and $25.00 per pound of molybdenum in fourth-quarter 2025. Estimated consolidated operating cash flows for the year 2025 also reflect a projected income tax provision of $2.2 billion (refer to “Consolidated Results – Income Taxes” for further discussion of our projected income tax rate for the year 2025). The impact of price changes in fourth-quarter 2025 on consolidated operating cash flows are estimated to approximate $80 million for each $0.10 per pound change in the average price of copper, $15 million for each $100 per ounce change in the average price of gold and $30 million for each $2 per pound change in the average price of molybdenum.
Current wording
Consolidated operating cash flows are expected to approximate $8.7 billion for the year 2026, including $0.2 billion of working capital and other sources, based on current sales volume and cost estimates, and assuming average prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026. Estimated consolidated operating cash flows for the year 2026 also reflect a projected income tax provision of $2.6 billion (refer to “Consolidated Results – Income Taxes” for further discussion of our projected income tax rate for the year 2026). The impact of price changes on consolidated operating cash flows for the remainder of 2026 would approximate $220 million for each $0.10 per pound change in the average price of copper, $50 million for each $100 per ounce change in the average price of gold and $90 million for each $2 per pound change in the average price of molybdenum.
Previous wording
a. Includes $950 million for planned projects, primarily associated with underground mine development, supporting mill and power capital costs and a portion of spending on a new gas-fired combined cycle facility in the Grasberg minerals district, and potential U.S. expansion projects, and $1.35 billion for discretionary growth projects, primarily in the Grasberg minerals district for the continued development of Kucing Liar and at the Bagdad mine for tailings infrastructure.
Current wording
a. Includes $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district, and $1.6 billion for discretionary growth projects, primarily in the Grasberg minerals district for the continued development of Kucing Liar and at the Bagdad mine for tailings infrastructure.
Previous wording
Prices for copper, gold and molybdenum are affected by numerous factors beyond our control and can fluctuate significantly (for further discussion refer to “Risk Factors” contained in Part I, Item 1A. of our 2024 Form 10-K). The following graphs present the London Metal Exchange (LME) and Commodity Exchange Inc. (COMEX) copper settlement prices, the London Bullion Market Association (London) PM gold prices, and the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices since January 2015.
Current wording
Prices for copper, gold and molybdenum are affected by numerous factors beyond our control and can fluctuate significantly (for further discussion refer to “Risk Factors” contained in Part I, Item 1A. of our 2025 Form 10-K and Part II, Item 1A. herein).
Previous wording
This graph presents LME and COMEX copper settlement prices and the combined reported stocks of copper at the LME, COMEX and the Shanghai Futures Exchange from January 2015 through September 2025. LME and COMEX copper prices are market-driven and subject to change based on current and future tariff rates, additional changes in trade policies, domestic inventory levels, supply and demand, and other factors.
Current wording
This graph presents London Metal Exchange (LME) and Commodity Exchange Inc. (COMEX) copper settlement prices and the combined reported stocks of copper at the LME, COMEX and the Shanghai Futures Exchange from January 2016 through March 2026. LME and COMEX copper prices are market-driven and subject to change based on current and future tariff rates, additional changes in trade policies, domestic inventory levels, supply and demand, and other factors.
Previous wording
Copper sales from our South America and Indonesia operations are generally based on quoted LME monthly average copper settlement prices. During third-quarter 2025, LME copper settlement prices averaged $4.44 per pound (ranging from a low of $4.33 per pound to a high of $4.68 per pound) and closed at $4.67 per pound on September 30, 2025.
Current wording
Copper sales from our South America and Indonesia operations are generally based on quoted LME monthly average copper settlement prices. During first-quarter 2026, LME copper settlement prices averaged $5.83 per pound (ranging from a low of $5.36 per pound to a high of $6.28 per pound) and closed at $5.52 per pound on March 31, 2026. The LME copper settlement price was $5.90 per pound on April 30, 2026.
Previous wording
Copper sales from our U.S. copper mines are generally based on prevailing COMEX monthly average copper settlement prices. During third-quarter 2025, COMEX copper settlement prices averaged $4.84 per pound (ranging from a low of $4.33 per pound to an all-time high of $5.80 per pound) and closed at $4.81 per pound on September 30, 2025.
Current wording
Copper sales from our U.S. copper mines are generally based on prevailing COMEX monthly average copper settlement prices. During first-quarter 2026, COMEX copper settlement prices averaged $5.79 per pound (ranging from a low of $5.34 per pound to a high of $6.18 per pound) and closed at $5.59 per pound on March 31, 2026. The COMEX copper settlement price was $5.93 per pound on April 30, 2026.
Previous wording
We believe fundamentals for copper are favorable with growing demand supported by copper’s critical role in the global transition to renewable power, electric vehicles and other carbon-reduction initiatives, continued urbanization in developing countries, data centers, increased defense spending and growing connectivity globally.
Current wording
We believe fundamentals for copper are favorable with growing demand supported by copper’s critical role in electrification initiatives, continued urbanization in developing countries, data centers and AI growth and growing connectivity globally.
Previous wording
This graph presents London PM gold prices from January 2015 through September 2025. During third-quarter 2025, London PM gold prices averaged $3,457 per ounce (ranging from a low of $3,299 per ounce to a high of $3,827 per ounce) and closed at $3,825 per ounce on September 30, 2025. The prospect of additional U.S. interest rate reductions, geopolitical tensions, trade uncertainty and strong demand from central banks around the world continue to drive gold prices to record highs, with the London PM gold price reaching an all-time high of $4,294 per ounce in October 2025 and closing at $4,012 per ounce on October 31, 2025.
Current wording
This graph presents London Bullion Market Association (London) PM gold prices from January 2016 through March 2026. The prospect of additional U.S. interest rate reductions, geopolitical tensions, trade uncertainty and strong demand from central banks around the world continued to influence gold prices in first-quarter 2026. In January 2026, the London PM gold price closed at an all-time high of $5,405 per ounce before declining as macro conditions tightened, driven by a stronger U.S. dollar, higher treasury yields and rising energy costs stemming from the conflict in the Middle East.
Previous wording
This graph presents the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices from January 2015 through September 2025. During third-quarter 2025, the weekly average prices for molybdenum averaged $24.33 per pound (ranging from a low of $22.10 per pound to a high of $25.93 per pound) and closed at $25.05 per pound on September 30, 2025. Overall global demand for molybdenum is driven by energy, power generation, aerospace, defense and construction sectors. We believe fundamentals for molybdenum are positive with favorable demand drivers and limited supply. The Platts Metals Daily Molybdenum Dealer Oxide weekly average price closed at $24.09 per pound on October 31, 2025.
Current wording
This graph presents the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices from January 2016 through March 2026. Overall global demand for molybdenum is driven by energy, power generation, aerospace and construction sectors. We believe fundamentals for molybdenum are positive with favorable demand drivers and limited supply.
Previous wording
a. Refer to Note 8 for a summary of revenues and operating income by operating division.
Current wording
a. Refer to “Business Divisions and Segments” for a summary of revenues and operating income by operating division.
Previous wording
b. Includes favorable (unfavorable) adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $11 million ($1 million to net income attributable to common stock or less than $0.01 per share) in third-quarter 2025, $(32) million ($(13) million to net income attributable to common stock or $(0.01) per share) in third-quarter 2024, $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the first nine months of 2025 and $28 million ($9 million to net income attributable to common stock or $0.01 per share) for the first nine months of 2024. Refer to Note 5 for further discussion.
Current wording
b. Includes favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $34 million ($12 million to net income attributable to common stock or $0.01 per share) in first-quarter 2026 and $70 million ($24 million to net income attributable to common stock or $0.02 per share) in first-quarter 2025. Refer to Note 5 for further discussion.
Previous wording
c. We defer recognizing profits on intercompany sales until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions (reductions) to operating income totaling $13 million ($15 million to net income attributable to common stock or $0.01 per share) in third-quarter 2025, $(42) million ($(13) million to net income attributable to common stock or $(0.01) per share) in third-quarter 2024, $161 million ($58 million to net income attributable to common stock or $0.04 per share) for the first nine months of 2025 and $79 million ($23 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2024. Refer to “Operations – Downstream Processing Facilities.”
Current wording
c. We defer recognizing profits on intercompany sales until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $70 million ($23 million to net income attributable to common stock or $0.02 per share) in first-quarter 2026 and $114 million ($34 million to net income attributable to common stock or $0.02 per share) in first-quarter 2025.
Previous wording
b. Excludes $171 million of idle facility costs and recovery expenses associated with the September 2025 mud rush incident at PTFI. Refer to “Grasberg Minerals District Mud Rush Incident” for further discussion.
Current wording
b. Excludes $0.62 per pound of idle facility and restoration costs associated with the Mud Rush Incident at PTFI. Refer to “Operations – Indonesia” for further discussion.
Previous wording
Consolidated revenues totaled $7.0 billion in third-quarter 2025, $6.8 billion in third-quarter 2024, $20.3 billion for the first nine months of 2025 and $19.7 billion for the first nine months of 2024. Revenues from our mining operations and processing facilities primarily include the sale of copper cathode, copper in concentrate, copper rod, gold in concentrate and anode slimes, gold bars and molybdenum. Refer to Note 8 for a summary of product revenues.
Current wording
Consolidated revenues totaled $6.2 billion in first-quarter 2026 and $5.7 billion in first-quarter 2025. Our revenues primarily include the sale of copper cathode, copper rod and copper concentrate, as well as gold and molybdenum in various forms. Refer to Note 8 for a summary of product revenues.
Previous wording
Realized Prices. Our consolidated revenues can vary significantly as a result of fluctuations in the market prices of copper, gold and molybdenum. Our average realized prices in third-quarter 2025, compared with third-quarter 2024, were 9% higher for copper, 38% higher for gold and 5% higher for molybdenum. Average realized prices for the first nine months of 2025, compared with the first nine months of 2024, were 7% higher for copper, 42% higher for gold and 3% higher for molybdenum.
Current wording
Realized Prices. Our consolidated revenues can vary significantly as a result of fluctuations in the market prices of copper, gold and molybdenum. Our average realized prices in first-quarter 2026, compared with first-quarter 2025, were 30% higher for copper, 59% higher for gold and 16% higher for molybdenum.
Previous wording
Average realized copper prices benefited from net favorable adjustments to current period provisionally priced copper sales totaling $71 million in third-quarter 2025, $61 million in third-quarter 2024, $169 million for the first nine months of 2025 and $248 million for the first nine months of 2024. As discussed in Note 5, certain sales contracts for copper and gold provide final pricing in a specified future month (generally one to four months from the shipment date). We record revenues and invoice customers at the time of shipment based on then-current LME prices for copper or London PM prices for gold, which results in an embedded derivative on provisionally priced sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement. To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing. Accordingly, in times of rising copper and gold prices, our revenues benefit from adjustments to the final pricing of provisionally priced sales pursuant to contracts entered into in prior periods; in times of falling copper and gold prices, the opposite occurs.
Current wording
Average realized copper prices include net (unfavorable) favorable adjustments to current period provisionally priced copper sales totaling $(55) million in first-quarter 2026 and $46 million in first-quarter 2025. As discussed in Note 5, certain sales contracts for copper and gold provide final pricing in a specified future month (generally one to four months from the shipment date). We record revenues and invoice customers at the time of shipment based on then-current LME prices for copper or London PM prices for gold, which results in an embedded derivative on provisionally priced sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement. To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing. Accordingly, in times of rising copper and gold prices, our revenues benefit from adjustments to the final pricing of provisionally priced sales pursuant to contracts entered into in prior periods; in times of falling copper and gold prices, the opposite occurs.
Previous wording
Prior Period Provisionally Priced Copper Sales. Net favorable (unfavorable) adjustments to prior periods’ provisionally priced copper sales (i.e., provisionally priced sales at June 30, 2025 and 2024, and December 31, 2024 and 2023) recorded in consolidated revenues totaled $11 million in third-quarter 2025, $(32) million in third-quarter 2024, $63 million for the first nine months of 2025 and $28 million for the first nine months of 2024. Refer to Notes 5 and 8 for a summary of total adjustments to prior period and current period provisionally priced sales.
Current wording
Prior Period Provisionally Priced Copper Sales. Net favorable adjustments to prior periods’ provisionally priced copper sales (i.e., provisionally priced sales at December 31, 2025 and 2024) recorded in consolidated revenues totaled $34 million in first-quarter 2026 and $70 million in first-quarter 2025. Refer to Notes 5 and 8 for a summary of total adjustments to prior period and current period provisionally priced copper sales.
Previous wording
At September 30, 2025, we had provisionally priced copper sales totaling 205 million pounds (net of intercompany sales and noncontrolling interests) recorded at an average price of $4.65 per pound, subject to final pricing over the next several months. We estimate that each $0.05 change in the price realized from the September 30, 2025, recorded provisional price would have an approximate $20 million effect on 2025 revenues ($6 million to 2025 net income attributable to common stock). The LME copper settlement price closed at $4.94 per pound on October 31, 2025.
Current wording
At March 31, 2026, we had provisionally priced copper sales totaling 136 million pounds (net of intercompany sales and noncontrolling interests) recorded at an average price of $5.58 per pound, subject to final LME copper settlement prices over the next several months. We estimate that each $0.05 change in the price realized from the March 31, 2026, recorded provisional price would have an approximate $12 million effect on 2026 revenues ($4 million to 2026 net income attributable to common stock). The LME copper settlement price closed at $5.90 per pound on April 30, 2026.
Previous wording
Purchased Copper. We purchase copper cathode primarily for processing by our U.S. Rod & Refining operations. The volumes of copper purchases vary depending on cathode production from our operations and totaled 9 million pounds in third-quarter 2025, 36 million pounds in third-quarter 2024, 110 million pounds for the first nine months of 2025 and 142 million pounds for the first nine months of 2024. During 2025, we have been able to meet customer demand for copper rod primarily using copper cathode produced by our U.S. and South America mining operations, resulting in a decrease in purchased copper volumes.
Current wording
Sales of Purchased Copper. We purchase copper cathode primarily for processing by our U.S. Rod & Refining operations. The volumes of copper purchases vary depending on cathode production from our operations and totaled 10 million pounds in first-quarter 2026 and 66 million pounds in first-quarter 2025. Revenues associated with the sale of purchased copper vary with the volume of copper purchases and changes in copper prices. During first-quarter 2026, we were able to meet customer demand for copper rod primarily using copper cathode produced by our U.S. and South America mining operations, resulting in a decrease in purchased copper volumes.
Previous wording
Treatment Charges. Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with the sales volumes and the price of copper. The decrease in treatment charges in the 2025 periods, compared to the 2024 periods, primarily reflects lower treatment charge rates as a result of favorable market conditions and copper concentrate sales volumes in Indonesia and South America.
Current wording
Treatment Charges. Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with market conditions, sales volumes and the price of copper. Treatment charges totaled $2 million in first-quarter 2026, compared to $28 million in first-quarter 2025, primarily reflecting 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 and gold.
Previous wording
Export Duties and Royalties. 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%. PTFI pays royalties on all copper and gold sales, the amount of which varies with sales volumes and metal prices.
Current wording
Export Duties and Royalties. Prior to the expiration of its export license in September 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5%. PTFI incurred export duties totaling $55 million in first-quarter 2025. Refer to Note 11 of the 2025 Form 10-K for further discussion.
Previous wording
Site Production and Delivery Costs Per Pound. Site production and delivery costs for our copper mining operations primarily include labor, energy and other commodity-based inputs, such as sulfuric acid, steel, reagents, liners, tires and explosives. Consolidated site production and delivery costs (before net noncash and other costs) for our copper mines averaged $2.71 per pound of copper in third-quarter 2025, $2.61 per pound of copper in third-quarter 2024, $2.67 per pound of copper for the first nine months of 2025 and $2.49 per pound of copper for the first nine months of 2024. Consolidated site production and delivery costs per pound of copper exclude idle facility costs and recovery expenses associated with the September 2025 mud rush incident at PTFI (refer to “Product Revenues and
Current wording
Mining Unit Site Production and Delivery Costs Per Pound. Site production and delivery costs for our copper mining operations primarily include labor, energy and other commodity-based inputs, such as sulfuric acid, steel, reagents, liners, tires and explosives. Consolidated unit site production and delivery costs (before net noncash and other costs) for our copper mines averaged $3.29 per pound of copper in first-quarter 2026 and $2.59 per pound of copper in first-quarter 2025. First-quarter 2026 consolidated unit site production and delivery costs exclude $0.62 per pound of copper for idle facility and restoration costs associated with the Mud Rush Incident. Refer to “Operations” for further discussion of unit net cash costs associated with our operating divisions, and to “Product Revenues and Production Costs” for reconciliations of per pound costs by operating division to production and delivery costs applicable to sales reported in our consolidated statements of income.
Previous wording
Depreciation will vary under the unit-of-production (UOP) method as a result of changes in sales volumes and the related UOP rates at our mining operations. Consolidated depreciation, depletion and amortization (DD&A) totaled $625 million in third-quarter 2025, $600 million in third-quarter 2024, $1.8 billion for the first nine months of 2025 and $1.7 billion for the first nine months of 2024. DD&A for the 2025 periods includes $24 million associated with idle facilities following the September 2025 mud rush incident at PTFI.
Current wording
Depreciation will vary under the unit-of-production (UOP) method as a result of changes in sales volumes and the related UOP rates at our mining operations. Consolidated depreciation, depletion and amortization (DD&A) totaled $514 million in first-quarter 2026 (which included $93 million of non-inventoriable idle facility costs associated with the Mud Rush Incident) and $466 million in first-quarter 2025. The increase in first-quarter 2026 DD&A, compared to first-quarter 2025, primarily reflects higher depreciation associated with placing assets into service at our U.S. copper mines and at PTFI in 2025, partly offset by lower UOP depreciation as a result of lower operating rates at PTFI.
Previous wording
Consolidated interest costs (before capitalization) totaled $182 million in third-quarter 2025, $173 million in third-quarter 2024, $537 million for the first nine months of 2025 and $529 million for the first nine months of 2024.
Current wording
Consolidated interest costs (before capitalization) totaled $174 million in both first-quarter 2026 and 2025.
Previous wording
Capitalized interest, which primarily related to our mining operations’ capital projects, including construction and development of PTFI’s downstream processing facilities, totaled $75 million in third-quarter 2025, $101 million in third-quarter 2024, $278 million for the first nine months of 2025 and $280 million for the first nine months of 2024. Refer to “Capital Resources and Liquidity – Investing Activities” for discussion of capital expenditures associated with our major development projects.
Current wording
Lower capitalized interest of $60 million in first-quarter 2026, compared to $104 million in first-quarter 2025, primarily reflects the impact of placing PTFI’s downstream processing facilities into service in 2025. Refer to “Capital Resources and Liquidity – Investing Activities” for discussion of capital expenditures associated with our major development projects.
Previous wording
Other income, net, which totaled $59 million in third-quarter 2025, $97 million in third-quarter 2024, $158 million for the first nine months of 2025 and $295 million for the first nine months of 2024, primarily includes amounts associated with interest income, currency exchange gains and losses, and mark-to-market impacts of trust assets used to satisfy financial assurance obligations for our New Mexico mining operations. Lower other income, net, in the 2025 periods, compared to the 2024 periods, primarily reflects lower interest income. The first nine months of 2024 also included a credit of $26 million associated with the reduction in the accrual to indemnify PT Mineral Industri Indonesia (MIND ID) from potential losses arising from PTFI’s historical tax disputes.
Current wording
Other income, net, which totaled $11 million in first-quarter 2026 and $58 million in first-quarter 2025, primarily includes amounts associated with interest income, currency exchange gains and losses, and mark-to-market impacts of trust assets used to satisfy financial assurance obligations for our New Mexico mining operations. Lower other income, net, in first-quarter 2026, compared to first-quarter 2025, primarily reflects currency exchange losses, partly offset by a gain of $22 million recognized in first-quarter 2026 for interest to be collected by Cerro Verde associated with the closure of its 2020 income tax audit.
Previous wording
a. Represents income before income taxes, equity in affiliated companies' net (losses) earnings and noncontrolling interests.
Current wording
a. Represents income (loss) before income taxes, equity in affiliated companies' net earnings and noncontrolling interests.
Previous wording
b. In addition to our U.S. copper and molybdenum mines, which had operating income of $1.1 billion for the first nine months of 2025 and $558 million for the first nine months of 2024 (refer to Note 8), the U.S. jurisdiction reflects non-operating sites and corporate-level expenses, which include interest expense associated with our senior notes and general and administrative expenses. The U.S. jurisdiction also includes net revisions to environmental obligation estimates and charges associated with oil and gas abandonment obligations and impairments.
Current wording
b. In addition to our U.S. copper and molybdenum mines, which had operating income of $778 million in first-quarter 2026 and $317 million in first-quarter 2025 (refer to “Business Divisions and Segments”), the U.S. jurisdiction reflects non-operating sites and corporate-level expenses, which include interest expense associated with our senior notes and general and administrative expenses. The U.S. jurisdiction also includes net revisions to environmental obligation estimates and charges associated with legacy oil and gas properties.
Previous wording
Assuming achievement of current sales volume and cost estimates and prices of $4.75 per pound of copper, $4,000 per ounce of gold and $25.00 per pound of molybdenum in fourth-quarter 2025, we estimate our consolidated effective tax rate for the year 2025 would approximate 36%. Changes in projected sales volumes and average prices during fourth-quarter 2025 would incur tax impacts at estimated effective rates of 39% for Peru, 36% for Indonesia and 0% for the U.S.
Current wording
Assuming achievement of current sales volume and cost estimates and average prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, we estimate our consolidated effective tax rate for the year 2026 would approximate 30% (including approximately $100 million of U.S. Corporate Alternative Minimum Taxes (CAMT)). Changes in projected sales volumes and average prices during 2026 would incur tax impacts at estimated effective rates of 40% for Peru and 36% for Indonesia.
Previous wording
Net income attributable to noncontrolling interests, which is primarily associated with our noncontrolling shareholders at PTFI, Cerro Verde and El Abra, totaled $573 million in third-quarter 2025, $710 million in third-quarter 2024, $1.8 billion for the first nine months of 2025 and $2.1 billion for the first nine months of 2024. Refer to Note 8 for net income attributable to noncontrolling interests for each of our business segments.
Current wording
Net income attributable to noncontrolling interests, which is primarily associated with PTFI, Cerro Verde and El Abra, totaled $0.5 billion in first-quarter 2026 and $0.4 billion in first-quarter 2025. Refer to "Business Divisions and Segments” below for net income attributable to noncontrolling interests for each of our business segments.
Previous wording
Based on achievement of current sales volume and cost estimates, and assuming prices of $4.75 per pound of copper, $4,000 per ounce of gold and $25.00 per pound of molybdenum in fourth-quarter of 2025, we estimate that net income attributable to noncontrolling interests will approximate $2.0 billion for the year 2025. The impact of price changes on net income attributable to noncontrolling interests for the year 2025 would approximate $50 million for each $0.25 per pound change in the average LME copper settlement price in fourth-quarter 2025 (net income attributable to noncontrolling interests is not impacted by changes in the COMEX copper price). The actual amount will depend on various factors, including relative performance of each business segment, commodity prices, costs and other factors.
Current wording
Based on achievement of current sales volume and cost estimates and assuming average prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, we estimate that net income attributable to noncontrolling interests will approximate $2.0 billion for the year 2026. The actual amount will depend on many factors, including relative performance of each business segment, commodity prices, costs and other factors.
Previous wording
b. Represents the combined total for our other mining operations as presented in Note 8. Also includes amounts associated with the molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.
Current wording
a. Includes revenues from our molybdenum sales company, which includes sales of molybdenum produced by the primary molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.
Previous wording
We are continuing to incorporate new applications, technologies and data analytics into our leaching processes across our U.S. and South America operations. Incremental copper production from these initiatives totaled 56 million pounds in third-quarter 2025 and 154 million pounds for the first nine months of 2025.
Current wording
We are incorporating new applications, technologies and data analytics into our leaching processes across our U.S. and South America operations. Incremental copper production from these initiatives totaled 54 million pounds in first-quarter 2026 and 214 million pounds for the year 2025.
Showing the first 40 of 106 pairs. Open the source sections for the rest.
Rearranged current paragraphs (11)
Current report — wording carried from elsewhere
We believe fundamentals for copper are favorable with growing demand supported by copper’s critical role in electrification initiatives, continued urbanization in developing countries, data centers and artificial intelligence (AI) growth and growing connectivity globally.
Current report — wording carried from elsewhere
Our consolidated operating cash flows vary with sales volumes; prices realized from copper, gold and molybdenum sales; production costs; income taxes; other working capital changes; and other factors, such as the ramp-up of the Grasberg Block Cave underground mine at PTFI and impacts related to the conflict in the Middle East, including changes in energy costs and other consumables.
Current report — wording carried from elsewhere
During first-quarter 2026, London PM gold prices averaged $4,873 per ounce (ranging from a low of $4,353 per ounce to a high of $5,405 per ounce) and closed at $4,608 per ounce on March 31, 2026. The London PM gold price closed at $4,611 per ounce on April 30, 2026.
Current report — wording carried from elsewhere
During first-quarter 2026, the weekly average prices for molybdenum averaged $25.50 per pound (ranging from a low of $22.42 per pound to a high of $28.11 per pound) and closed at $26.60 per pound on March 31, 2026. The Platts Metals Daily Molybdenum Dealer Oxide weekly average price closed at $27.85 per pound on April 30, 2026.
Current report — wording carried from elsewhere
PTFI pays royalties on all copper and gold sales, the amount of which varies with sales volumes and metal prices. Royalties totaled $53 million in first-quarter 2026 and $68 million in first-quarter 2025.
Current report — wording carried from elsewhere
Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes. In first-quarter 2026, Atlantic Copper purchased 75% of its concentrate from third parties and 25% from our South America operations.
Current report — wording carried from elsewhere
Revenue adjustments primarily result from changes in prices on provisionally priced copper sales recognized in prior periods. Refer to “Consolidated Results – Revenues” for further discussion of adjustments to prior period provisionally priced copper sales.
Current report — wording carried from elsewhere
At March 31, 2026, we had $3.7 billion in consolidated cash and cash equivalents, and FCX, PTFI and Cerro Verde had $3.0 billion, $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.
Current report — wording carried from elsewhere
Refer to Note 4 for further discussion of debt.
Current report — wording carried from elsewhere
a. Reflects sales of molybdenum produced by certain of the U.S. copper mines to our molybdenum sales company at market-based pricing.
Current report — wording carried from elsewhere
a. Reflects sales of molybdenum produced by certain of the U.S. copper mines to our molybdenum sales company at market-based pricing.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
We continue to incorporate new applications, technologies and data analytics into our leaching processes, and are applying operational enhancements on a larger scale and advancing testing of innovative technology to increase production from these initiatives. We are targeting annual production of 300 million pounds of copper in 2026 from these initiatives and believe we have the potential for further significant increases in recoverable metal beyond the current target run rate. Continued success with these initiatives would be expected to contribute to favorable adjustments in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.
Previous report — wording carried elsewhere
Refer to “Operations – Unit Net Cash Costs” and “Operations – Unit Net Cash (Credits) Costs” for further discussion of unit net cash costs (credits) associated with our operating divisions and to “Product Revenues and Production Costs” for reconciliations of per pound costs (credits) by operating division to production and delivery costs applicable to sales reported in our consolidated financial statements.
Previous report — wording carried elsewhere
South America operations include open-pit mining, sulfide-ore concentrating, leaching and SX/EW facilities. Production from our South America operations is sold as copper concentrate or cathode under long-term contracts.
Previous report — wording carried elsewhere
Our South America operations also sell a portion of their copper concentrate production to Atlantic Copper. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.
Previous report — wording carried elsewhere
c. Represents tolling costs paid to PT Smelting.
Previous report — wording carried elsewhere
Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs
Previous report — wording carried elsewhere
a. Reflects sales of the Molybdenum mines’ production to our molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third parties; as a result, our consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.