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Item 1. Financial Statements

2025-08-08 compared with 2025-05-08 · 205 added, 136 removed, 455 unchanged (43% of the section changed)

44 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In Millions, Except Per Share Amounts)

21 unchanged sentences

Weighted-average shares of common stock outstanding:

1,437 1,438 1,438 1,437

1,443 1,445 1,444 1,445

Dividends declared per share of common stock $ 0.15 $ 0.15 $ 0.30 $ 0.30

2 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In Millions)

11 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Three Months Ended

Six Months Ended

(In Millions)

27 unchanged sentences

Loans to PT Smelting for expansion — ( 28 )

Other, net ( 4 ) 5

Proceeds from sale of assets and other, net 1 13

Net cash used in investing activities ( 2,432 ) ( 2,385 )

9 unchanged sentences

Payments for withholding of employee taxes related to stock-based awards ( 22 ) ( 35 )

Net cash provided by (used in) financing activities 155 ( 342 )

Net increase in cash and cash equivalents and restricted cash and cash equivalents 37 277

Net cash used in financing activities ( 908 ) ( 1,128 )

Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents ( 87 ) 339

Cash and cash equivalents and restricted cash and cash equivalents at beginning of year 4,911 6,063

3 unchanged sentences

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

THREE MONTHS ENDED MARCH 31

THREE MONTHS ENDED JUNE 30

Stockholders’ Equity

Common Stock (Accum-ulated Deficit) Retained Earnings Accum-

Common Stock Retained Earnings Accum-

Other Compre-

7 unchanged sentences

(In Millions)

Balance at March 31, 2025 1,626 $ 163 $ 23,627 $ 182 $ ( 313 ) 189 $ ( 5,971 ) $ 17,688 $ 11,526 $ 29,214

Stock-based compensation, including the tender of shares — — 15 — — — ( 1 ) 14 — 14

Treasury stock purchases — — — — — 2 ( 52 ) ( 52 ) — ( 52 )

Dividends — — — ( 216 ) — — — ( 216 ) ( 513 ) ( 729 )

Net income attributable to common stockholders — — — 772 — — — 772 — 772

Net income attributable to noncontrolling interests

— — — — — — — — 775 775

Other comprehensive income — — — — 2 — — 2 — 2

Balance at June 30, 2025 1,626 $ 163 $ 23,642 $ 738 $ ( 311 ) 191 $ ( 6,024 ) $ 18,208 $ 11,788 $ 29,996

Stockholders’ Equity

Common Stock Accum-ulated Deficit Accum-

Other Compre-

Loss Common Stock

Held in Treasury Total

Stock-holders’ Equity

Shares At Par

Value Capital in

Par Value Number

Interests Total

(In Millions)

Balance at March 31, 2024 1,622 $ 162 $ 24,488 $ ( 1,586 ) $ ( 274 ) 186 $ ( 5,817 ) $ 16,973 $ 11,132 $ 28,105

Exercised and issued stock-based awards 2 — 31 — — — ( 11 ) 20 — 20

Stock-based compensation, including the tender of shares — — 18 — — — ( 7 ) 11 ( 2 ) 9

Dividends — — ( 216 ) — — — — ( 216 ) ( 512 ) ( 728 )

Net income attributable to common stockholders — — — 616 — — — 616 — 616

Net income attributable to noncontrolling interests — — — — — — — — 664 664

Balance at June 30, 2024 1,624 $ 162 $ 24,321 $ ( 970 ) $ ( 274 ) 186 $ ( 5,835 ) $ 17,404 $ 11,282 $ 28,686

Freeport-McMoRan Inc.

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (continued)

SIX MONTHS ENDED JUNE 30

Stockholders’ Equity

Common Stock (Accum-ulated Deficit) Retained Earnings Accumu-

Other Compre-

Loss Common Stock

Held in Treasury Total

Stock-holders’ Equity

Shares At Par

Value Capital in

Par Value Number

Interests Total

(In Millions)

Balance at December 31, 2024 1,624 $ 162 $ 23,797 $ ( 170 ) $ ( 314 ) 187 $ ( 5,894 ) $ 17,581 $ 11,197 $ 28,778

7 unchanged sentences

Other comprehensive income — — — — 3 — — 3 — 3

Balance at March 31, 2025 1,626 $ 163 $ 23,627 $ 182 $ ( 313 ) 189 $ ( 5,971 ) $ 17,688 $ 11,526 $ 29,214

Balance at June 30, 2025 1,626 $ 163 $ 23,642 $ 738 $ ( 311 ) 191 $ ( 6,024 ) $ 18,208 $ 11,788 $ 29,996

Stockholders’ Equity

Common Stock Accum-ulated Deficit Accum-

Common Stock Accum-ulated Deficit Accumu-

Other Compre-

13 unchanged sentences

Net income attributable to noncontrolling interests

Balance at March 31, 2024 1,622 $ 162 $ 24,488 $ ( 1,586 ) $ ( 274 ) 186 $ ( 5,817 ) $ 16,973 $ 11,132 $ 28,105

— — — — — — — — 1,353 1,353

Balance at June 30, 2024 1,624 $ 162 $ 24,321 $ ( 970 ) $ ( 274 ) 186 $ ( 5,835 ) $ 17,404 $ 11,282 $ 28,686

The accompanying notes are an integral part of these consolidated financial statements.

6 unchanged sentences

All such adjustments are, in the opinion of management, of a normal recurring nature.

Operating results for the three-month period ended March 31, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Operating results for the six-month period ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Dollar amounts in tables are stated in millions, except per share amounts.

Subsequent Events.

FCX evaluated events after March 31, 2025, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

FCX evaluated events after June 30, 2025, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

EARNINGS PER SHARE

3 unchanged sentences

Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Net income $ 1,547 $ 1,280 $ 2,340 $ 2,442

3 unchanged sentences

Basic weighted-average shares of common stock outstanding

1,437 1,438 1,438 1,437

Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 6 7 6 8

Diluted weighted-average shares of common stock outstanding

1,443 1,445 1,444 1,445

Net income per share attributable to common stockholders:

2 unchanged sentences

Shares associated with outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock.

There were no shares of common stock associated with outstanding stock options excluded in either of the periods shown above.

There were no shares of common stock associated with outstanding stock options excluded in any of the periods shown above.

Geographic sources of FCX’s benefit (provision) for income taxes follow:

Three Months Ended

Six Months Ended

International ( 1,352 ) ( 1,262 )

Total $ ( 1,350 ) $ ( 1,266 )

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 39 % for first-quarter 2025 and 31 % for first-quarter 2024.

The first-quarter 2024 effective income tax rate reflects net benefits of $ 182 million related to closure of PT Freeport Indonesia’s (PTFI) 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters.

During first-quarter 2025, FCX’s U.S.

operations generated a net loss that will not result in a realized tax benefit, accordingly, applicable accounting rules require FCX to adjust its estimated effective tax rate to exclude the impact of U.S.

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 37 % for the first six months of 2025 and 34 % for the first six months of 2024.

The provision for income taxes for the first six months of 2024 included net benefits of $ 182 million related to closure of PT Freeport Indonesia’s (PTFI) 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

During the first six months of 2025 and 2024, FCX’s U.S.

operations generated net losses that would not result in a realized tax benefit;

accordingly, applicable accounting rules required FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act (OB3 Act), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain provisions of the Tax Cuts & Jobs Act of 2017.

FCX is analyzing the OB3 Act, but does not expect it to have a material impact on its 2025 financial results.

DEBT AND EQUITY

10 unchanged sentences

Long-term debt $ 8,913 $ 8,907

Includes short-term lines of credit used for working capital requirements, with interest rates based on the Secured Overnight Financing Rate plus a spread.

Includes short-term lines of credit used for working capital requirements, with interest rates primarily based on the Secured Overnight Financing Rate plus a spread.

Revolving Credit Facilities.

1 unchanged sentence

Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $ 3.0 billion, with a $ 1.5 billion sublimit on the issuance of letters of credit and a $ 500 million limit on PTFI’s borrowing capacity.

At March 31, 2025, there were no borrowings and $ 5 million in letters of credit issued under FCX’s revolving credit facility.

At March 31, 2025, PTFI had $ 250 million in borrowings outstanding under its $ 1.75 billion unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $ 350 million unsecured revolving credit facility that matures in May 2027.

At March 31, 2025, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants.

At June 30, 2025, there were no borrowings and $ 5 million in letters of credit issued under FCX’s revolving credit facility.

At June 30, 2025, PTFI had $ 250 million in borrowings outstanding under its $ 1.75 billion unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $ 350 million unsecured revolving credit facility that matures in May 2027.

At June 30, 2025, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants.

Interest Expense, Net.

Consolidated interest costs (before capitalization) totaled $ 174 million in first-quarter 2025 and $ 175 million in first-quarter 2024.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $ 104 million in first-quarter 2025 and $ 86 million in first-quarter 2024.

The increase in capitalized interest costs in first-quarter 2025, compared to first-quarter 2024, primarily related to mine development projects in the U.S.

and PTFI’s new smelter and precious metals refinery (collectively, PTFI’s new downstream processing facilities).

Consolidated interest costs (before capitalization) totaled $ 181 million in both second-quarter 2025 and 2024, $ 355 million for the first six months of 2025 and $ 356 million for the first six months of 2024.

Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, including construction and development of PTFI’s new smelter and precious metals refinery (collectively, PTFI’s downstream processing facilities), totaled $ 99 million in second-quarter 2025, $ 93 million in second-quarter 2024, $ 203 million for the first six months of 2025 and $ 179 million for the first six months of 2024.

Share Repurchase Program and Dividends.

In first-quarter 2025, FCX acquired 1.4 million shares of its common stock for a total cost of $ 55 million ($ 39.10 average cost per share), and in April 2025, FCX acquired an additional 0.8 million shares of its common stock ($ 29.48 average cost per share).

As of April 30, 2025, FCX has acquired a total of 51 million shares ($ 38.50 average cost per share), has $ 3.0 billion available under its share repurchase program and has 1.4 billion shares of common stock outstanding.

On March 26, 2025, FCX’s Board of Director’s (Board) declared cash dividends totaling $ 0.15 per share on its common stock (including a $ 0.075 per share quarterly base cash dividend and a $ 0.075 per share quarterly variable, performance-based cash dividend), which were paid on May 1, 2025, to common shareholders of record as of April 15, 2025.

During the first six months of 2025, FCX acquired 2.9 million shares of its common stock for a total cost of $ 107 million ($ 36.41 average cost per share).

As of July 31, 2025, FCX has acquired a total of 52 million shares ($ 38.51 average cost per share) and has $ 3.0 billion available under its current share repurchase program.

On June 25, 2025, FCX’s Board of Directors (Board) declared cash dividends totaling $ 0.15 per share on its common stock (including a $ 0.075 per share quarterly base cash dividend and a $ 0.075 per share quarterly variable, performance-based cash dividend), which were paid on August 1, 2025, to common shareholders of record as of July 15, 2025.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable.

15 unchanged sentences

Hedging gains or losses from these copper futures and swap contracts are recorded in revenues.

FCX did not have any significant gains or losses resulting from hedge ineffectiveness during first-quarter 2025 and 2024.

At March 31, 2025, FCX held copper futures and swap contracts that qualified for hedge accounting for 118 million pounds at an average contract price of $ 4.64 per pound, with maturities through December 2026.

Summary of Gains (Losses).

A summary of realized and unrealized gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:

Three Months Ended

FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the six-month periods ended June 30, 2025 and 2024.

At June 30, 2025, FCX held copper futures and swap contracts that qualified for hedge accounting for 109 million pounds at an average contract price of $ 4.75 per pound, with maturities through March 2027.

Summary of (Losses) Gains.

A summary of realized and unrealized (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Copper futures and swap contracts:

Unrealized gains (losses):

Unrealized (losses) gains:

Derivative financial instruments $ ( 14 ) $ 1 $ 67 $ 10

9 unchanged sentences

The host contract is the sale of the metals contained in the concentrate, cathode or anode slimes at the then-current LME copper settlement or London gold prices.

FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate, cathode and anode slime sales agreements since these contracts do not allow for net settlement and always result in physical delivery.

FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate, cathode and anode slime sales agreements because these contracts do not allow for net settlement and always result in physical delivery.

The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME copper forward price and the adjusted London gold price, until the date of final pricing.

1 unchanged sentence

Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at March 31, 2025, follows:

A summary of FCX’s embedded derivatives at June 30, 2025, follows:

Open Positions Average Price

2 unchanged sentences

Embedded derivatives in provisional sales contracts:

Copper (millions of pounds) 357 $ 4.30 $ 4.40 August 2025

Gold (thousands of ounces) 99 2,991 3,130 April 2025

Copper (millions of pounds) 440 $ 4.34 $ 4.49 December 2025

Gold (thousands of ounces) 81 3,334 3,297 August 2025

Embedded derivatives in provisional purchase contracts:

Copper (millions of pounds) 55 4.31 4.39 June 2025

Copper (millions of pounds) 107 4.36 4.49 October 2025

Copper Forward Contracts.

1 unchanged sentence

These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs.

At March 31, 2025, Atlantic Copper held net copper forward sales contracts for 97 million pounds at an average contract price of $ 4.42 per pound, with maturities through June 2025.

At June 30, 2025, Atlantic Copper held net copper forward sales contracts for 53 million pounds at an average contract price of $ 4.47 per pound, with maturities through August 2025.

Summary of Gains (Losses).

A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Embedded derivatives in provisional sales contracts:

2 unchanged sentences

Copper forward contracts b

( 2 ) ( 17 ) ( 40 ) ( 26 )

Amounts recorded in revenues.

Amounts recorded in cost of sales as production and delivery costs.

Unsettled Derivative Financial Instruments.

A summary of the fair values of unsettled commodity derivative financial instruments follows:

2025 December 31, 2024

Commodity Derivative Assets:

Derivatives designated as hedging instruments :

Copper futures and swap contracts $ 56 $ —

Derivatives not designated as hedging instruments :

Embedded derivatives in provisional sales/purchase contracts 55 10

Copper forward contracts 3 10

Total derivative assets $ 114 $ 20

Commodity Derivative Liabilities:

Derivatives designated as hedging instruments :

Copper futures and swap contracts $ 3 $ 28

Derivatives not designated as hedging instruments :

Embedded derivatives in provisional sales/purchase contracts 12 60

Copper forward contracts — 1

Total derivative liabilities $ 15 $ 89

FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet.

FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances.

A summary of these unsettled commodity contracts that are offset in the balance sheets follows:

Assets Liabilities

2025 December 31, 2024 March 31,

2025 December 31, 2024

Gross amounts recognized:

Commodity contracts:

Embedded derivatives in provisional

sales/purchase contracts $ 55 $ 10 $ 12 $ 60

Copper derivatives 59 10 3 29

Less gross amounts of offset:

Commodity contracts:

Embedded derivatives in provisional

sales/purchase contracts 4 — 4 —

Net amounts presented in balance sheet:

Commodity contracts:

Embedded derivatives in provisional

sales/purchase contracts 51 10 8 60

Copper derivatives 59 10 3 29

$ 110 $ 20 $ 11 $ 89

Balance sheet classification:

Trade accounts receivable $ 49 $ — $ 2 $ 53

Other current assets 57 10 — —

Other assets 2 — — —

Accounts payable and accrued liabilities 2 10 9 35

Other liabilities — — — 1

$ 110 $ 20 $ 11 $ 89

FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay.

To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties.

As of March 31, 2025, the maximum amount of credit exposure associated with derivative transactions was $ 114 million.

As of June 30, 2025, the maximum amount of credit exposure associated with derivative transactions was $ 107 million.

Other Financial Instruments.

9 unchanged sentences

Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 4,824 $ 4,911

Primarily includes (i) $ 0.3 billion at March 31, 2025, and $ 0.7 billion at December 31, 2024, of time deposits associated with 30 % of PTFI’s export proceeds that was required to be temporarily deposited in Indonesia banks for 90 days in accordance with an Indonesia regulation, and (ii) $ 0.2 billion at March 31, 2025, designated for future talc-related litigation in accordance with a legal settlement.

Refer to Note 7 for further discussion of these matters.

Reflects cash designated for talc-related litigation in accordance with a legal settlement.

Refer to Note 7 for further discussion.

Included $ 0.7 billion associated with a portion of PTFI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a previous Indonesia regulation.

FAIR VALUE MEASUREMENT

1 unchanged sentence

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

FCX did not have any significant transfers in or out of Level 3 during first-quarter 2025.

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for debt and contingent consideration associated with the sale of oil and gas properties (which was recorded under the loss recovery approach).

FCX does not have any significant Level 3 assets or liabilities.

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for debt.

A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:

At March 31, 2025

At June 30, 2025

Carrying Fair Value

15 unchanged sentences

Copper futures and swap contracts 41 41 — 27 14 —

Copper forward contracts 3 3 — 1 2 —

Total 107 107 — 27 80 —

Contingent consideration for the sale of oil and gas properties 2 2 — — — 2

Embedded derivatives in provisional sales/purchase contracts in a gross liability position 19 19 — — 19 —

Copper futures and swap contracts 2 2 — — 2 —

Copper forward contracts 1 1 — 1 — —

Total 22 22 — 1 21 —

19 unchanged sentences

Total 20 20 — 4 16 —

Contingent consideration for the sale of oil and gas properties 3 3 — — — 3

Embedded derivatives in provisional sales/purchase contracts in a gross liability position 60 60 — — 60 —

Copper forward contracts 28 28 — 17 11 —

Copper futures and swap contracts 28 28 — 17 11 —

Copper forward contracts 1 1 — 1 — —

2 unchanged sentences

Current portion included in other current assets and long-term portion included in other assets.

Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily amounts associated with (i) PTFI’s export proceeds ($ 0.3 billion at March 31, 2025, and $ 0.7 billion at December 31, 2024), and (ii) future talc-related litigation in accordance with a legal settlement ($ 0.2 billion at March 31, 2025).

Excludes restricted cash and cash equivalents (which approximated fair value), primarily associated with talc-related litigation at June 30, 2025, and PTFI’s export proceeds at December 31, 2024.

Refer to Note 5.

Refer to Note 5 for further discussion and balance sheet classifications.

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Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME copper forward price and the adjusted London gold price at each reporting date based on the month of maturity (refer to Note 5 for further discussion);

FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME copper forward prices and the adjusted London gold prices at each reporting date based on the month of maturity (refer to Note 5 for further discussion);

however, FCX’s contracts themselves are not traded on an exchange.

5 unchanged sentences

Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

There have been no changes in the techniques used at March 31, 2025, as compared with those techniques used at December 31, 2024.

There have been no changes in the techniques used at June 30, 2025, as compared with those techniques used at December 31, 2024.

CONTINGENCIES AND COMMITMENTS

Environmental

Refer to Note 10 of FCX’s 2024 Form 10-K for further discussion of FCX’s environmental obligations.

Historical Smelter Sites .

In July 2025, the New Jersey Department of Environmental Protection accepted FCX’s proposal for alternative remediation standards for sediment remediation in Arthur Kill, the water body adjacent to the former Carteret smelter site.

During third-quarter 2025, FCX will work to develop remedial alternatives to establish a workplan and associated cost estimates, which are expected to result in an adjustment to the related environmental obligation.

There were no significant updates to previously reported legal proceedings included in Note 10 of FCX’s 2024 Form 10-K, other than the matter discussed below.

Asbestos and Talc Claims.

In January 2025, the claimants in both the Imerys Talc America (Imerys) and Cyprus Mines Corporation (Cyprus Mines), bankruptcy cases approved a global settlement, which remains subject to bankruptcy court approvals in both cases.

In accordance with the global settlement, Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX and Cyprus Mines’ parent company, agreed to contribute $ 195 million over seven years to a proposed claimant trust.

The claimants in both the Imerys Talc America (Imerys) and Cyprus Mines Corporation (Cyprus Mines) bankruptcy cases previously approved a global settlement, which remains subject to bankruptcy court approvals in both cases.

During second-quarter 2025, Imerys agreed to carve out a foreign subsidiary from the bankruptcy cases and the parties agreed to an amended plan to set up a separate sub-trust for foreign claimants.

In accordance with the global settlement, as recently amended, Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX and Cyprus Mines’ parent company, agreed to contribute $ 199 million in the aggregate over seven years to a proposed claimant trust, which includes $ 4 million for a sub-trust for potential foreign claimants that was added in second-quarter 2025.

There can be no assurance that the amended plan will be approved by the bankruptcy court.

In addition, in 2024, Cyprus Mines and Imerys entered into a settlement agreement with Johnson & Johnson (J&J), which became effective in February 2025.

1 unchanged sentence

and (ii) J&J agreed to pay $ 505 million to Imerys and Cyprus Mines (shared 50/50 between the two parties).

In accordance with the settlement, Cyprus Mines received cash of $ 202 million in first-quarter 2025, with the remaining $ 51 million to be received by December 31, 2025.

At March 31, 2025, FCX had a total litigation reserve of $ 448 million associated with the global settlement, including $ 253 million associated with the J&J settlement.

In accordance with the settlement, Cyprus Mines received cash of $ 229 million during the first six months of 2025, with the remaining $ 24 million to be received by December 31, 2025.

At June 30, 2025, FCX had a total litigation reserve of $ 452 million associated with the global settlement, including $ 253 million associated with the J&J settlement.

Indonesia Regulatory Matters

2 unchanged sentences

On March 17, 2025, the Indonesia government granted PTFI a copper concentrate export license through September 16, 2025, for 1.4 million metric tons of copper concentrate, and PTFI re-commenced exports of copper concentrate.

Pursuant to current regulations, PTFI is required to pay a 7.5 % export duty on copper concentrate exports during 2025.

Pursuant to current regulations, PTFI is required to pay a 7.5 % export duty on copper concentrate exports.

Export Proceeds.

In accordance with a regulation issued by the Indonesia government in 2023, 30 % of PTFI’s gross export proceeds were required to be temporarily deposited into Indonesia banks for a period of 90 days before withdrawal.

At March 31, 2025, FCX had $ 0.3 billion in time deposits held in Indonesia banks associated with the regulation that are classified as current restricted cash and cash equivalents until the respective maturity dates.

Effective March 1, 2025, the Indonesia government implemented a new regulation for export proceeds that requires 100 % of export proceeds to be deposited in Indonesia banks for 12 months.

The regulation allows the use of funds for ongoing business requirements, including dividends to shareholders, payment of taxes and other obligations to the Indonesia government, payment for materials or capital expenditures that are not available domestically and repayment of loans.

Because PTFI has the ability to utilize its exports proceeds to fund business requirements, amounts deposited after March 1, 2025, are not considered restricted and are classified as cash and cash equivalents.

Because PTFI has the ability to utilize its export proceeds to fund business requirements, these deposits are classified as cash and cash equivalents.

Smelter Assurance.

8 unchanged sentences

Application for extension may be submitted at any time up to one year prior to the expiration of PTFI’s special mining business license (IUPK).

PTFI expects to apply for an extension during 2025, pending agreement with PT Mineral Industri Indonesia (MIND ID) on a purchase and sale agreement for the transfer in 2041 of an additional 10 % interest in PTFI.

PTFI expects to apply for an extension during 2025, pending agreement with PT Mineral Industri Indonesia (MIND ID) on a purchase and sale agreement for the transfer of an additional 10 % interest in PTFI to MIND ID beginning in 2041.

BUSINESS SEGMENTS

FCX has organized its mining operations into four primary divisions – U.S.

copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments.

Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Indonesia operations (including the Grasberg minerals district and PTFI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations (including the Grasberg minerals district and PTFI’s downstream processing facilities), and U.S.

Rod & Refining operations.

FCX has also separately disclosed the Morenci copper mine and Atlantic Copper Smelting & Refining segments in the following tables.

FCX's Chief Executive Officer is identified as its chief operating decision maker (CODM) under business segment reporting guidance.

11 unchanged sentences

Product Revenues.

FCX’s revenues attributable to the products it sold for the first quarters of 2025 and 2024 follow:

Three Months Ended

FCX’s revenues attributable to the products it sold for the second quarters and for the first six months of 2025 and 2024 follow:

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Cathode $ 2,173 $ 2,273 $ 4,198 $ 4,232

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Purchased copper a

173 262 471 408

Gold 1,833 935 2,308 2,103

2 unchanged sentences

Adjustments to revenues:

Royalty expense b

PTFI export duties b

( 146 ) ( 75 ) ( 202 ) ( 231 )

PTFI export duties c

Royalty expense c

( 135 ) ( 93 ) ( 203 ) ( 213 )

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Embedded derivatives d

56 226 210 336

Total consolidated revenues $ 7,582 $ 6,624 $ 13,310 $ 12,945

FCX purchases copper cathode primarily for processing by its Rod & Refining operations.

Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.

FCX purchases copper cathode primarily for processing by its U.S.

Rod & Refining operations.

Reflects an export duty of 7.5 % on copper concentrate exports.

Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.

Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.

1 unchanged sentence

Atlantic Corporate,

United States Copper Mines South America Operations Copper Other

Copper Mines South America Operations U.S.

Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX

Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Unaffiliated customers $ 63 $ 64 $ 127 $ 836 $ 183 $ 1,019 $ 3,419 $ — $ 1,692 $ 815 $ 510 a

Intersegment 494 945 1,439 174 73 247 6 177 8 3 ( 1,880 ) —

Intersegment 559 1,028 1,587 193 49 242 ( 2 ) b

180 9 3 ( 2,019 ) —

Production and delivery 435 779 1,214 590 178 768 1,124

122 1,622 734 ( 1,300 ) b

128 1,693 791 ( 1,436 ) 4,282

Depreciation, depletion and amortization (DD&A) 46 72 118 94 19 113 389 26 1 7 14 668

8 unchanged sentences

Provision for income taxes — — — 139 12 151 677 — — 2 20 850

Equity in affiliated companies’ net earnings (losses) — — — — — — 3 — — — ( 1 ) 2

Equity in affiliated companies’ net earnings — — — — — — 6 — — — — 6

Net income attributable to noncontrolling interests — — — 105 4 109 648 — — — 18 775

Net income attributable to common stockholders $ 772

Total assets at March 31, 2025 3,239 6,950 10,189 8,166 2,073 10,239 28,006 2,021 364 1,448 3,755 56,022

Total assets at June 30, 2025 3,337 7,253 10,590 8,385 2,091 10,476 27,781 2,027 432 1,508 3,678 56,492

Capital expenditures 70 203 273 78 14 92 740 27 26 45 58 1,261

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Unaffiliated customers $ 13 $ 10 $ 23 $ 1,075 $ 254 $ 1,329 $ 2,185

2 unchanged sentences

182 — 182 83 138 11 2 ( 1,929 ) —

Production and delivery 459 765 1,224 603 170 773 861 119 1,487 650

Production and delivery 438 713 1,151 679 c

181 860 672 134 1,692 859

( 1,493 ) 3,875

DD&A 45 61 106 97 17 114 248 16 1 7 17 509

6 unchanged sentences

Interest expense, net — 1 1 5 — 5 6 — — 8 68 88

Other income, net — 1 1 5 — 5 30 — — 2 31 69

Provision for income taxes — — — 191 23 214 490 — — 1 49 754

Equity in affiliated companies’ net earnings — — — — — — 3 — — — 1 4

Net income attributable to noncontrolling interests — — — 142 22 164 463 — — — 37 664

Net income attributable to common stockholders $ 616

Total assets at June 30, 2024 3,182 6,508 9,690 8,368 1,988 10,356 26,501 1,915 273 1,410 4,490 54,635

Capital expenditures 47 196 243 67 23 90 648 36 11 37 51 1,116

Financial Information by Business Segment (continued)

Atlantic Corporate,

Copper Mines South America Operations U.S.

Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX

Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total

Six Months Ended June 30, 2025

Unaffiliated customers $ 146 $ 172 $ 318 $ 1,753 $ 395 $ 2,148 $ 4,983 $ — $ 3,316 $ 1,567 $ 978 a

Intersegment 1,053 1,973 3,026 367 122 489 4 357 17 6 ( 3,899 ) —

Production and delivery 854 1,572 2,426 1,177 379 1,556 1,702 250 3,315 1,525 ( 2,736 ) d

DD&A 96 146 242 185 39 224 575 52 2 14 25 1,134

Selling, general and administrative expenses 1 1 2 3 1 4 62 — — 16 197 281

Exploration and research expenses 14 11 25 6 2 8 3 1 — — 48 85

Environmental obligations and shutdown costs ( 7 ) — ( 7 ) — — — — — — — 44 37

Operating income (loss) 241 415 656 749 96 845 2,645 54 16 18 ( 499 ) 3,735

Interest expense, net — 1 1 8 — 8 25 — — 18 100 152

Other (expense) income, net ( 2 ) 4 2 52 1 53 31 ( 1 ) ( 1 ) ( 19 ) 34 99

Provision for (benefit from) income taxes — — — 91 12 103 409 d

Provision for income taxes — — — 310 34 344 965 — — 12 29 1,350

Equity in affiliated companies’ net earnings (losses) — — — — — — 9 — — — ( 1 ) 8

Net income attributable to noncontrolling interests — — — 231 21 252 923 — — — 41 1,216

Net income attributable to common stockholders $ 1,124

Capital expenditures 129 399 528 152 25 177 1,444 46 43 88 107 2,433

Six Months Ended June 30, 2024

Unaffiliated customers $ 50 $ 50 $ 100 $ 1,901 $ 462 $ 2,363 $ 4,833 $ — $ 3,182 $ 1,571 $ 896 a

Intersegment 1,127 1,811 2,938

284 — 284 260 283 21 2 ( 3,788 ) —

Equity in affiliated companies’ net (losses) earnings — — — — — — ( 2 ) — — — 2 —

Net income (loss) attributable to noncontrolling interests — — — 76 14 90 600 d

Production and delivery 897 1,478 2,375 1,282 c

351 1,633 1,533 253 3,179 1,509 ( 2,763 ) e

DD&A 93 125 218 189 33 222 583 32 2 14 33 1,104

Selling, general and administrative expenses 1 1 2 4 — 4 61 — — 15 185 267

Exploration and research expenses 9 17 26 6 3 9 6 — — — 36 77

Environmental obligations and shutdown costs — — — — — — — — — — 95 95

Operating income (loss) 177 240 417 704 75 779 2,910 ( 2 ) 22 35 ( 478 ) 3,683

Interest expense, net — 1 1 10 — 10 7 — — 18 141 177

Other (expense) income, net — ( 1 ) ( 1 ) 16 13 29 68 — — 8 94 198

Provision for (benefit from) income taxes — — — 282 35 317 899 f

— — ( 12 ) 62 1,266

Equity in affiliated companies’ net earnings — — — — — — 1 — — — 3 4

Net income attributable to noncontrolling interests — — — 218 36 254 1,063 f

— — — 36 1,353

Net income attributable to common stockholders $ 1,089

Total assets at March 31, 2024 3,148 6,315 9,463 8,075 1,960 10,035 27,162 1,885 257 1,354 4,042 54,198

Capital expenditures 91 389 480 127 45 172 1,490 63 16 60 89 2,370

Financial Information by Business Segment (continued)

Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of FCX’s U.S.

copper mines and South America operations.

Includes revenues from the molybdenum sales company, which includes sales of molybdenum produced by FCX’s primary molybdenum mines and by certain of the U.S.

copper mines and the Cerro Verde mine.

Represents a volume adjustment on concentrate shipped to Atlantic Copper in a prior period.

Includes nonrecurring labor-related charges totaling $ 65 million at Cerro Verde associated with a new collective labor agreement.

Includes charges totaling $ 73 million associated with maintenance turnaround costs at the Miami smelter.

Includes charges totaling $ 109 million for assumed oil and gas abandonment obligations resulting from bankruptcies of other companies.

Includes a net benefit to income taxes totaling $ 182 million associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters.

Includes oil and gas charges totaling $ 105 million primarily associated with assumed abandonment obligations (and related adjustments) resulting from bankruptcies of other companies.

Includes a net benefit to income taxes totaling $ 182 million associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

FCX's economic and ownership interest in PTFI is 48.76 % except for net income associated with the settlement of these historical tax matters, which was attributed based on the economics prior to January 1, 2023 ( i.e.

6 unchanged sentences

We have reviewed the accompanying consolidated balance sheet of Freeport-McMoRan Inc.

(the Company) as of March 31, 2025, the related consolidated statements of income, comprehensive income, equity and cash flows for the three-month periods ended March 31, 2025 and 2024, and the related notes (collectively referred to as the “consolidated interim financial statements”).

(the Company) as of June 30, 2025, the related consolidated statements of income, comprehensive income, and equity for the three- and six-month periods ended June 30, 2025 and 2024, the related consolidated statements of cash flows for the six-month periods ended June 30, 2025 and 2024, and the related notes (collectively referred to as the “consolidated interim financial statements”).

Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S.

13 unchanged sentences

Phoenix, Arizona

August 8, 2025

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements