Item 1. Financial Statements
Item 1. Financial Statements .
Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30,
2025 December 31,
2024
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $ 4,490 $ 3,923
Restricted cash and cash equivalents 230 888
Trade accounts receivable 941 578
Value added and other tax receivables 474 564
Inventories:
Product 2,961 3,038
Materials and supplies, net 2,516 2,382
Mill and leach stockpiles 1,477 1,388
Other current assets 547 535
Total current assets 13,636 13,296
Property, plant, equipment and mine development costs, net 39,835 38,514
Long-term mill and leach stockpiles 1,122 1,225
Other assets 1,899 1,813
Total assets $ 56,492 $ 54,848
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 4,288 $ 4,057
Accrued income taxes 389 859
Current portion of debt 338 41
Current portion of environmental and asset retirement obligations 298 320
Dividends payable 218 219
Total current liabilities 5,531 5,496
Long-term debt, less current portion 8,913 8,907
Environmental and asset retirement obligations, less current portion 5,463 5,404
Deferred income taxes 4,410 4,376
Other liabilities 2,179 1,887
Total liabilities 26,496 26,070
Equity:
Stockholders’ equity:
Common stock 163 162
Capital in excess of par value 23,642 23,797
Retained earnings (accumulated deficit)
738 ( 170 )
Accumulated other comprehensive loss ( 311 ) ( 314 )
Common stock held in treasury ( 6,024 ) ( 5,894 )
Total stockholders’ equity 18,208 17,581
Noncontrolling interests 11,788 11,197
Total equity 29,996 28,778
Total liabilities and equity $ 56,492 $ 54,848
The accompanying notes are an integral part of these consolidated financial statements.
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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In Millions, Except Per Share Amounts)
Revenues $ 7,582 $ 6,624 $ 13,310 $ 12,945
Cost of sales:
Production and delivery 4,282 3,875 8,038 7,719
Depreciation, depletion and amortization 668 509 1,134 1,104
Total cost of sales 4,950 4,384 9,172 8,823
Selling, general and administrative expenses 127 123 281 267
Exploration and research expenses 46 40 85 77
Environmental obligations and shutdown costs
27 28 37 95
Total costs and expenses 5,150 4,575 9,575 9,262
Operating income 2,432 2,049 3,735 3,683
Interest expense, net ( 82 ) ( 88 ) ( 152 ) ( 177 )
Other income, net 41 69 99 198
Income before income taxes and equity in affiliated companies’ net earnings 2,391 2,030 3,682 3,704
Provision for income taxes ( 850 ) ( 754 ) ( 1,350 ) ( 1,266 )
Equity in affiliated companies’ net earnings 6 4 8 4
Net income 1,547 1,280 2,340 2,442
Net income attributable to noncontrolling interests ( 775 ) ( 664 ) ( 1,216 ) ( 1,353 )
Net income attributable to common stockholders $ 772 $ 616 $ 1,124 $ 1,089
Net income per share attributable to common stockholders:
Basic
$ 0.53 $ 0.42 $ 0.78 $ 0.75
Diluted
$ 0.53 $ 0.42 $ 0.77 $ 0.75
Weighted-average shares of common stock outstanding:
Basic
1,437 1,438 1,438 1,437
Diluted
1,443 1,445 1,444 1,445
Dividends declared per share of common stock $ 0.15 $ 0.15 $ 0.30 $ 0.30
The accompanying notes are an integral part of these consolidated financial statements.
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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In Millions)
Net income $ 1,547 $ 1,280 $ 2,340 $ 2,442
Other comprehensive income, net of taxes:
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs 2 — 3 1
Foreign exchange losses — — — ( 1 )
Other comprehensive income 2 — 3 —
Total comprehensive income 1,549 1,280 2,343 2,442
Total comprehensive income attributable to noncontrolling interests ( 775 ) ( 664 ) ( 1,216 ) ( 1,353 )
Total comprehensive income attributable to common stockholders $ 774 $ 616 $ 1,127 $ 1,089
The accompanying notes are an integral part of these consolidated financial statements.
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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended
June 30,
2025 2024
(In Millions)
Cash flow from operating activities:
Net income $ 2,340 $ 2,442
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization 1,134 1,104
Net charges for environmental and asset retirement obligations, including accretion 116 300
Payments for environmental and asset retirement obligations ( 113 ) ( 97 )
Stock-based compensation 74 77
Net charges for defined pension and postretirement plans 29 16
Pension plan contributions ( 9 ) ( 38 )
Deferred income taxes 34 37
Charges for social investment programs at PT Freeport Indonesia 50 51
Payments for social investment programs at PT Freeport Indonesia ( 41 ) ( 37 )
Other, net ( 19 ) 21
Changes in working capital and other:
Accounts receivable ( 320 ) 92
Inventories ( 62 ) ( 341 )
Other current assets 16 21
Accounts payable and accrued liabilities 428 103
Accrued income taxes and timing of other tax payments ( 404 ) 101
Net cash provided by operating activities 3,253 3,852
Cash flow from investing activities:
Capital expenditures:
United States copper mines ( 528 ) ( 480 )
South America operations ( 177 ) ( 172 )
Indonesia operations ( 1,444 ) ( 1,490 )
Molybdenum mines ( 46 ) ( 63 )
Other ( 238 ) ( 165 )
Loans to PT Smelting for expansion — ( 28 )
Proceeds from sale of assets and other, net 1 13
Net cash used in investing activities ( 2,432 ) ( 2,385 )
Cash flow from financing activities:
Proceeds from debt 1,630 1,281
Repayments of debt ( 1,338 ) ( 1,281 )
Finance lease payments ( 15 ) ( 1 )
Cash dividends and distributions paid:
Common stock ( 433 ) ( 433 )
Noncontrolling interests ( 625 ) ( 685 )
Treasury stock purchases ( 107 ) —
Proceeds from exercised stock options 2 26
Payments for withholding of employee taxes related to stock-based awards ( 22 ) ( 35 )
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
Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 4,824 $ 6,402
The accompanying notes are an integral part of these consolidated financial statements.
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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
THREE MONTHS ENDED JUNE 30
Stockholders’ Equity
Common Stock Retained Earnings Accum-
ulated
Other Compre-
hensive
Loss Common Stock
Held in Treasury Total
Stock-holders’ Equity
Number
of
Shares At Par
Value Capital in
Excess of
Par Value Number
of
Shares At
Cost Non-
controlling
Interests Total
Equity
(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-
ulated
Other Compre-
hensive
Loss Common Stock
Held in Treasury Total
Stock-holders’ Equity
Number
of
Shares At Par
Value Capital in
Excess of
Par Value Number
of
Shares At
Cost Non-
controlling
Interests Total
Equity
(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
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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (continued)
SIX MONTHS ENDED JUNE 30
Stockholders’ Equity
Common Stock (Accum-ulated Deficit) Retained Earnings Accumu-
lated
Other Compre-
hensive
Loss Common Stock
Held in Treasury Total
Stock-holders’ Equity
Number
of
Shares At Par
Value Capital in
Excess of
Par Value Number
of
Shares At
Cost Non-
controlling
Interests Total
Equity
(In Millions)
Balance at December 31, 2024 1,624 $ 162 $ 23,797 $ ( 170 ) $ ( 314 ) 187 $ ( 5,894 ) $ 17,581 $ 11,197 $ 28,778
Exercised and issued stock-based awards 2 1 1 — — — — 2 — 2
Stock-based compensation, including the tender of shares — — 60 — — 1 ( 23 ) 37 — 37
Treasury stock purchases — — — — — 3 ( 107 ) ( 107 ) — ( 107 )
Dividends — — ( 216 ) ( 216 ) — — — ( 432 ) ( 625 ) ( 1,057 )
Net income attributable to common stockholders — — — 1,124 — — — 1,124 — 1,124
Net income attributable to noncontrolling interests
— — — — — — — — 1,216 1,216
Other comprehensive income — — — — 3 — — 3 — 3
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 Accumu-
lated
Other Compre-
hensive
Loss Common Stock
Held in Treasury Total
Stock-holders’ Equity
Number
of
Shares At Par
Value Capital in
Excess of
Par Value Number
of
Shares At
Cost Non-
controlling
Interests Total
Equity
(In Millions)
Balance at December 31, 2023 1,619 $ 162 $ 24,637 $ ( 2,059 ) $ ( 274 ) 184 $ ( 5,773 ) $ 16,693 $ 10,617 $ 27,310
Exercised and issued stock-based awards 5 — 53 — — 1 ( 28 ) 25 — 25
Stock-based compensation, including the tender of shares — — 64 — — 1 ( 34 ) 30 ( 3 ) 27
Dividends — — ( 433 ) — — — — ( 433 ) ( 685 ) ( 1,118 )
Net income attributable to common stockholders — — — 1,089 — — — 1,089 — 1,089
Net income attributable to noncontrolling interests
— — — — — — — — 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.
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Freeport-McMoRan Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 1. GENERAL INFORMATION
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2024 (2024 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. 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 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.
NOTE 2. EARNINGS PER SHARE
FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders (after deducting accumulated undistributed dividends and earnings allocated to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be antidilutive.
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 Six Months Ended
June 30, June 30,
2025 2024 2025 2024
Net income $ 1,547 $ 1,280 $ 2,340 $ 2,442
Net income attributable to noncontrolling interests ( 775 ) ( 664 ) ( 1,216 ) ( 1,353 )
Undistributed dividends and earnings allocated to participating securities ( 6 ) ( 6 ) ( 6 ) ( 6 )
Net income attributable to common stockholders $ 766 $ 610 $ 1,118 $ 1,083
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:
Basic $ 0.53 $ 0.42 $ 0.78 $ 0.75
Diluted $ 0.53 $ 0.42 $ 0.77 $ 0.75
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 any of the periods shown above.
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NOTE 3. INCOME TAXES
Geographic sources of FCX’s benefit (provision) for income taxes follow:
Six Months Ended
June 30,
2025 2024
U.S. $ 2
$ ( 4 )
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 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. net losses.
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.
NOTE 4. DEBT AND EQUITY
The components of debt follow:
June 30,
2025 December 31, 2024
PTFI revolving credit facility $ 250 $ 250
Senior notes and debentures:
Issued by FCX 5,284 5,281
Issued by PTFI 2,984 2,983
Issued by Freeport Minerals Corporation 352 353
Atlantic Copper a
358 57
Other 23 24
Total debt 9,251 8,948
Less current portion of debt ( 338 ) ( 41 )
Long-term debt $ 8,913 $ 8,907
a. 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. FCX and PTFI have a $ 3.0 billion, unsecured revolving credit facility that matures in October 2027. 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 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 $ 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.
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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. 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. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.
NOTE 5. FINANCIAL INSTRUMENTS
FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates.
Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions.
A discussion of FCX’s derivative contracts and programs follows.
Derivatives Designated as Hedging Instruments - Fair Value Hedges.
Copper Futures and Swap Contracts. Some of FCX’s North America copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. 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 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.
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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 (losses) gains:
Derivative financial instruments $ ( 14 ) $ 1 $ 67 $ 10
Hedged item – firm sales commitments 14 ( 1 ) ( 67 ) ( 10 )
Realized gains:
Matured derivative financial instruments 10 28 30 29
Derivatives Not Designated as Hedging Instruments.
Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper settlement price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement.
FCX records revenues and invoices customers at the time of shipment based on then-current LME copper settlement price and the London gold price as specified in the contracts, which results in an embedded derivative ( i.e. , a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. 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 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. Similarly, FCX purchases copper under contracts that provide for provisional pricing. 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 June 30, 2025, follows:
Open Positions Average Price
Per Unit Maturities Through
Contract Market
Embedded derivatives in provisional sales contracts:
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) 107 4.36 4.49 October 2025
Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. 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 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.
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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 Six Months Ended
June 30, June 30,
2025 2024 2025 2024
Embedded derivatives in provisional sales contracts: a
Copper $ 34 $ 181 $ 150 $ 247
Gold and other metals 22 45 60 89
Copper forward contracts b
( 2 ) ( 17 ) ( 40 ) ( 26 )
a. Amounts recorded in revenues.
b. Amounts recorded in cost of sales as production and delivery costs.
Credit Risk. 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 June 30, 2025, the maximum amount of credit exposure associated with derivative transactions was $ 107 million.
Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, investment securities, legally restricted trust assets, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 6 for the fair values of investment securities, legally restricted funds and debt).
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
June 30,
2025 December 31, 2024
Balance sheet components:
Cash and cash equivalents $ 4,490 $ 3,923
Restricted cash and cash equivalents, current 230 a
888 b
Restricted cash and cash equivalents, long-term - included in other assets 104 100
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 4,824 $ 4,911
a. Reflects cash designated for talc-related litigation in accordance with a legal settlement. Refer to Note 7 for further discussion.
b. 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.
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NOTE 6. FAIR VALUE MEASUREMENT
Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. 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 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 June 30, 2025
Carrying Fair Value
Amount Total NAV Level 1 Level 2 Level 3
Assets
Investment securities: a,b
U.S. core fixed income fund $ 28 $ 28 $ 28 $ — $ — $ —
Equity securities 21 21 — 21 — —
Total 49 49 28 21 — —
Legally restricted funds: a
U.S. core fixed income fund 69 69 69 — — —
Government mortgage-backed securities 57 57 — — 57 —
Corporate bonds 35 35 — — 35 —
Government bonds and notes 25 25 — — 25 —
Money market funds 22 22 — 22 — —
Asset-backed securities 16 16 — — 16 —
Collateralized mortgage-backed securities 1 1 — — 1 —
Total 225 225 69 22 134 —
Derivatives: c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position 66 66 — — 66 —
Copper futures and swap contracts 41 41 — 27 14 —
Total 107 107 — 27 80 —
Liabilities
Derivatives: c
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 —
Debt d
9,251 9,249 — — 9,249 —
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At December 31, 2024
Carrying Fair Value
Amount Total NAV Level 1 Level 2 Level 3
Assets
Investment securities: a,b
U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ —
Equity securities 9 9 — 9 — —
Total 36 36 27 9 — —
Legally restricted funds: a
U.S. core fixed income fund 66 66 66 — — —
Government mortgage-backed securities 54 54 — — 54 —
Government bonds and notes 34 34 — — 34 —
Corporate bonds 31 31 — — 31 —
Money market funds 19 19 — 19 — —
Asset-backed securities 12 12 — — 12 —
Collateralized mortgage-backed securities 1 1 — — 1 —
Total 217 217 66 19 132 —
Derivatives: c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position 10 10 — — 10 —
Copper forward contracts 10 10 — 4 6 —
Total 20 20 — 4 16 —
Liabilities
Derivatives: c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position 60 60 — — 60 —
Copper futures and swap contracts 28 28 — 17 11 —
Copper forward contracts 1 1 — 1 — —
Total 89 89 — 18 71 —
Debt d
8,948 8,807 — — 8,807 —
a. Current portion included in other current assets and long-term portion included in other assets.
b. 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.
c. Refer to Note 5 for further discussion and balance sheet classifications.
d. Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.
Valuation Techniques. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice).
Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy.
Fixed income securities (government securities, corporate bonds, asset-backed securities and collateralized mortgage-backed securities) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy.
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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 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. As a result, these derivatives are classified within Level 2 of the fair value hierarchy.
FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 5 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices.
Debt is primarily valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy.
The techniques described above may produce a fair value that may not be indicative of NRV or reflective of future fair values. 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 June 30, 2025, as compared with those techniques used at December 31, 2024.
NOTE 7. 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.
Litigation
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. 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. In accordance with the settlement agreement, (i) all indemnity claims against J&J were released, and Imerys and Cyprus Mines waived claims against insurers that could lead to the insurers asserting claims against J&J; 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 $ 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.
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Indonesia Regulatory Matters
Refer to Notes 10, 11 and 12 of FCX’s 2024 Form 10-K for further discussion of Indonesia regulatory matters.
Concentrate Exports. 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.
Export Proceeds. 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 export proceeds to fund business requirements, these deposits are classified as cash and cash equivalents.
Smelter Assurance. In March 2025, assurance bonds and funds required to be held in escrow to support commitment for smelter development were released following approval from the Indonesia government that PTFI’s smelter development obligation had been met.
Administrative Fine. In March 2025, PTFI paid $ 59 million for an administrative fine that was previously assessed by the Indonesia government for delays in smelter development. The fine was fully accrued at year-end 2024.
Long-Term Mining Rights. Pursuant to regulations issued during 2024, PTFI is eligible to apply for an extension of its mining rights beyond 2041, provided certain conditions are met, including ownership of integrated downstream facilities that have entered the operational stage; domestic ownership of at least 51 % and agreement with a state-owned enterprise for an additional 10 % ownership; and commitments for additional exploration and increases in refining capacity, each as approved by the Ministry of Energy and Mineral Resources. 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 of an additional 10 % interest in PTFI to MIND ID beginning in 2041.
NOTE 8. 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, 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. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions.
Intersegment sales between FCX’s business segments are based on terms similar to arms-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.
FCX defers recognizing profits on intercompany sales to Atlantic Copper until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.
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FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual operating 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), 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 operating divisions or individual operating segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or individual operating segment would be if it was an independent entity.
Product Revenues. 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
Copper:
Cathode $ 2,173 $ 2,273 $ 4,198 $ 4,232
Concentrate 2,023 1,596 3,409 3,416
Rod and other refined copper products 969 974 1,929 1,927
Purchased copper a
173 262 471 408
Gold 1,833 935 2,308 2,103
Molybdenum 479 472 921 889
Silver and other 173 144 312 297
Adjustments to revenues:
PTFI export duties b
( 146 ) ( 75 ) ( 202 ) ( 231 )
Royalty expense c
( 135 ) ( 93 ) ( 203 ) ( 213 )
Treatment charges ( 16 ) ( 90 ) ( 43 ) ( 219 )
Revenues from contracts with customers 7,526 6,398 13,100 12,609
Embedded derivatives d
56 226 210 336
Total consolidated revenues $ 7,582 $ 6,624 $ 13,310 $ 12,945
a. FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations.
b. Reflects an export duty of 7.5 % on copper concentrate exports.
c. Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
d. Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
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Financial Information by Business Segment
Atlantic Corporate,
U.S. Copper Mines South America Operations U.S. Copper Other
Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX
Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total
Three Months Ended June 30, 2025
Revenues:
Unaffiliated customers $ 63 $ 64 $ 127 $ 836 $ 183 $ 1,019 $ 3,419 $ — $ 1,692 $ 815 $ 510 a
$ 7,582
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
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
Selling, general and administrative expenses
1 — 1 1 1 2 35 — — 7 82 127
Exploration and research expenses 8 5 13 4 — 4 1 1 — — 27 46
Environmental obligations and shutdown costs
— — — — — — — — — — 27 27
Operating income (loss) 132 236 368 340 34 374 1,868 25 7 13 ( 223 ) 2,432
Interest expense, net — 1 1 4 — 4 16 — — 7 54 82
Other (expense) income, net ( 1 ) 1 — 20 2 22 15 ( 1 ) ( 1 ) ( 14 ) 20 41
Provision for income taxes — — — 139 12 151 677 — — 2 20 850
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 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 June 30, 2024
Revenues:
Unaffiliated customers $ 13 $ 10 $ 23 $ 1,075 $ 254 $ 1,329 $ 2,185
$ — $ 1,693 $ 898 $ 496 a
$ 6,624
Intersegment 587 926 1,513
182 — 182 83 138 11 2 ( 1,929 ) —
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
Selling, general and administrative expenses
1 — 1 2 — 2 30 — — 6 84 123
Exploration and research expenses 5 9 14 3 2 5 4 — — — 17 40
Environmental obligations and shutdown costs
— — — — — — — — — — 28 28
Operating income (loss) 111 153 264 476 54 530 1,314 ( 12 ) 11 28 ( 86 ) 2,049
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
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Financial Information by Business Segment (continued)
Atlantic Corporate,
U.S. Copper Mines South America Operations U.S. Copper Other
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
Revenues:
Unaffiliated customers $ 146 $ 172 $ 318 $ 1,753 $ 395 $ 2,148 $ 4,983 $ — $ 3,316 $ 1,567 $ 978 a
$ 13,310
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
8,038
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 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
Revenues:
Unaffiliated customers $ 50 $ 50 $ 100 $ 1,901 $ 462 $ 2,363 $ 4,833 $ — $ 3,182 $ 1,571 $ 896 a
$ 12,945
Intersegment 1,127 1,811 2,938
284 — 284 260 283 21 2 ( 3,788 ) —
Production and delivery 897 1,478 2,375 1,282 c
351 1,633 1,533 253 3,179 1,509 ( 2,763 ) e
7,719
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
Capital expenditures 91 389 480 127 45 172 1,490 63 16 60 89 2,370
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Financial Information by Business Segment (continued)
a. 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.
b. Represents a volume adjustment on concentrate shipped to Atlantic Copper in a prior period.
c. Includes nonrecurring labor-related charges totaling $ 65 million at Cerro Verde associated with a new collective labor agreement.
d. Includes charges totaling $ 73 million associated with maintenance turnaround costs at the Miami smelter.
e. Includes oil and gas charges totaling $ 105 million primarily associated with assumed abandonment obligations (and related adjustments) resulting from bankruptcies of other companies.
f. 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. , approximately 81 % to FCX and 19 % to MIND ID). Refer to Note 2 of FCX’s 2024 Form 10-K for further discussion.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
Freeport-McMoRan Inc.
Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated balance sheet of Freeport-McMoRan Inc. (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. generally accepted accounting principles.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2024, the related consolidated statements of income, comprehensive income, equity and cash flows for the year then ended, and the related notes (not presented herein); and in our report dated February 14, 2025, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
/s/ Ernst & Young LLP
Phoenix, Arizona
August 8, 2025
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.