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Item 1. Financial Statements

2026-05-08 compared with 2025-11-06 · 218 added, 362 removed, 355 unchanged (62% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS (Unaudited)

September 30,

2026 December 31,

8 unchanged sentences

Mill and leach stockpiles 1,513 1,423

PT Freeport Indonesia (PTFI) mud rush incident insurance settlement receivable 699 —

Other current assets 609 580

2 unchanged sentences

Long-term mill and leach stockpiles 1,100 1,173

Long-term tax receivables 832 810

Other assets 1,715 1,658

6 unchanged sentences

Current portion of environmental and asset retirement obligations 323 313

Dividends payable 218 219

Dividends payable - common stock 217 219

Total current liabilities 5,907 6,019

2 unchanged sentences

Deferred income taxes 4,641 4,622

Long-term leases, less current portion 987 1,010

Other liabilities 1,288 1,296

3 unchanged sentences

Capital in excess of par value 23,713 23,680

Retained earnings (accumulated deficit)

1,196 ( 170 )

Retained earnings 2,050 1,385

Accumulated other comprehensive loss ( 304 ) ( 305 )

7 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

(In Millions, Except Per Share Amounts)

7 unchanged sentences

Environmental obligations and shutdown costs

Gain on sales of assets ( 16 ) — ( 16 ) —

PTFI mud rush incident insurance settlement ( 699 ) —

Total costs and expenses 4,097 4,425

2 unchanged sentences

Other income, net 11 58

Income before income taxes and equity in affiliated companies’ net (losses) earnings 1,924 1,963 5,606 5,667

Income before income taxes and equity in affiliated companies’ net earnings 2,034 1,291

Provision for income taxes ( 653 ) ( 500 )

Equity in affiliated companies’ net (losses) earnings ( 8 ) 10 — 14

Equity in affiliated companies’ net earnings 6 2

Net income 1,387 793

5 unchanged sentences

Weighted-average shares of common stock outstanding:

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

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

Dividends declared per share of common stock $ 0.15 $ 0.15

2 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

(In Millions)

3 unchanged sentences

Amortization of unrecognized amounts included in net periodic benefit costs 1 1

Foreign exchange gains — 1 — —

Other comprehensive income 1 1

5 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Nine Months Ended

September 30,

Three Months Ended

(In Millions)

3 unchanged sentences

Depreciation, depletion and amortization 514 466

Gain on sales of assets ( 16 ) —

PTFI mud rush incident insurance settlement ( 699 ) —

Net charges for environmental and asset retirement obligations, including accretion 71 49

4 unchanged sentences

Deferred income taxes 19 26

Charges for social investment programs at PT Freeport Indonesia 77 81

Payments for social investment programs at PT Freeport Indonesia ( 44 ) ( 50 )

Charges for PTFI social investment programs 11 15

Payments for PTFI social investment programs ( 12 ) ( 13 )

Other, net 28 4

13 unchanged sentences

Other ( 130 ) ( 109 )

PT Freeport Indonesia smelter fire insurance recoveries 25 —

Acquisition of additional ownership interest in Cerro Verde — ( 210 )

Loans to PT Smelting for expansion — ( 28 )

Proceeds from sales of assets and other, net 22 10

Other, net ( 12 ) ( 4 )

Net cash used in investing activities ( 985 ) ( 1,176 )

9 unchanged sentences

Payments for withholding of employee taxes related to stock-based awards ( 43 ) ( 22 )

Net cash used in financing activities ( 1,733 ) ( 1,774 )

Net cash (used in) provided by financing activities ( 534 ) 155

Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents ( 24 ) 37

4 unchanged sentences

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

THREE MONTHS ENDED SEPTEMBER 30

Stockholders’ Equity

Common Stock Retained Earnings 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 June 30, 2025 1,626 $ 163 $ 23,642 $ 738 $ ( 311 ) 191 $ ( 6,024 ) $ 18,208 $ 11,788 $ 29,996

Exercised and issued stock-based awards — — 3 — — — — 3 — 3

Stock-based compensation, including the tender of shares — — 15 — — — — 15 ( 2 ) 13

Dividends — — — ( 216 ) — — — ( 216 ) ( 649 ) ( 865 )

Contributions from noncontrolling interests — — — — — — — — 2 2

Net income attributable to common stockholders — — — 674 — — — 674 — 674

Net income attributable to noncontrolling interests

— — — — — — — — 573 573

Other comprehensive income — — — — 1 — — 1 — 1

Balance at September 30, 2025 1,626 $ 163 $ 23,660 $ 1,196 $ ( 310 ) 191 $ ( 6,024 ) $ 18,685 $ 11,712 $ 30,397

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

Exercised and issued stock-based awards — — 1 — — — — 1 — 1

Stock-based compensation, including the tender of shares — — 13 — — — — 13 1 14

Treasury stock purchases — — — — — 1 ( 59 ) ( 59 ) — ( 59 )

Acquisition of additional ownership interest in Cerro Verde — — ( 125 ) — — — — ( 125 ) ( 90 ) ( 215 )

Dividends — — ( 216 ) — — — — ( 216 ) ( 584 ) ( 800 )

Change in consolidated subsidiary ownership interests — — 3 — — — — 3 ( 1 ) 2

Net income attributable to common stockholders — — — 526 — — — 526 — 526

Net income attributable to noncontrolling interests — — — — — — — — 710 710

Other comprehensive income — — — — 1 — — 1 — 1

Balance at September 30, 2024 1,624 $ 162 $ 23,997 $ ( 444 ) $ ( 273 ) 187 $ ( 5,894 ) $ 17,548 $ 11,318 $ 28,866

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

Freeport-McMoRan Inc.

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (continued)

NINE MONTHS ENDED SEPTEMBER 30

THREE MONTHS ENDED MARCH 31

Stockholders’ Equity

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

Common Stock Retained Earnings Accumu-

Other Compre-

18 unchanged sentences

Other comprehensive income — — — — 1 — — 1 — 1

Balance at September 30, 2025 1,626 $ 163 $ 23,660 $ 1,196 $ ( 310 ) 191 $ ( 6,024 ) $ 18,685 $ 11,712 $ 30,397

Balance at March 31, 2026 1,630 $ 163 $ 23,713 $ 2,050 $ ( 304 ) 193 $ ( 6,117 ) $ 19,505 $ 12,006 $ 31,511

Stockholders’ Equity

Common Stock Accum-ulated Deficit Accumu-

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

Other Compre-

11 unchanged sentences

Treasury stock purchases — — — — — 1 ( 55 ) ( 55 ) — ( 55 )

Acquisition of additional ownership interest in Cerro Verde — — ( 125 ) — — — — ( 125 ) ( 90 ) ( 215 )

Dividends — — ( 216 ) — — — — ( 216 ) ( 112 ) ( 328 )

Change in consolidated subsidiary ownership interests — — 3 — — — — 3 ( 1 ) 2

Net income attributable to common stockholders — — — 352 — — — 352 — 352

2 unchanged sentences

Other comprehensive income — — — — 1 — — 1 — 1

Balance at September 30, 2024 1,624 $ 162 $ 23,997 $ ( 444 ) $ ( 273 ) 187 $ ( 5,894 ) $ 17,548 $ 11,318 $ 28,866

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

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

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

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

Operating results for the three-month period ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

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

Subsequent Events.

FCX evaluated events after September 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.

FCX evaluated events after March 31, 2026, 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

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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 Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Net income $ 1,387 $ 793

3 unchanged sentences

Basic weighted-average shares of common stock outstanding

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

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

Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 5 a

Diluted weighted-average shares of common stock outstanding

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

Net income per share attributable to common stockholders:

1 unchanged sentence

Diluted $ 0.61 $ 0.24

Excludes approximately 1 million shares of common stock associated with RSUs that were anti-dilutive.

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.

There were no such shares excluded in either of the periods shown above.

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

Nine Months Ended

September 30,

International ( 2,015 ) ( 2,033 )

Three Months Ended

Foreign ( 648 ) ( 502 )

Total $ ( 653 ) $ ( 500 )

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 36 % for the first nine months of 2025 and 35 % for the first nine months of 2024.

The provision for income taxes for the first nine 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 nine months of 2025 and 2024, FCX’s U.S.

operations projected full-year 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 H.R.1 (also referred to as the One Big Beautiful Bill 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 does not expect H.R.1 to have a material impact on its consolidated financial results.

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 32 % for first-quarter 2026 and 39 % for first-quarter 2025.

DEBT AND EQUITY

The components of debt follow:

September 30,

2026 December 31, 2025

PTFI revolving credit facility $ 250 $ 250

PT Freeport Indonesia (PTFI) revolving credit facility $ 250 $ 250

Senior notes and debentures:

2 unchanged sentences

Issued by Freeport Minerals Corporation 351 352

Atlantic Copper a

Atlantic Copper 515 482

Total debt 9,414 9,379

1 unchanged sentence

Long-term debt $ 8,914 $ 8,913

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.

FCX and PTFI have a $ 3.0 billion, senior 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 September 30, 2025, there were no borrowings and $ 5 million in letters of credit issued under FCX’s revolving credit facility.

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

At March 31, 2026, there were no borrowings and $ 5 million in letters of credit issued under FCX’s revolving credit facility.

At March 31, 2026, PTFI had $ 250 million in borrowings outstanding under its $ 1.75 billion, senior unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $ 350 million, senior unsecured revolving credit facility that matures in May 2027.

At March 31, 2026, 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 $ 182 million in third-quarter 2025, $ 173 million in third-quarter 2024, $ 537 million for the first nine months of 2025 and $ 529 million for the first nine months of 2024.

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 $ 75 million in third-quarter 2025, $ 101 million in third-quarter 2024, $ 278 million for the first nine months of 2025 and $ 280 million for the first nine months of 2024.

Consolidated interest costs (before capitalization) totaled $ 174 million in both first-quarter 2026 and 2025.

Lower capitalized interest of $ 60 million in first-quarter 2026, compared to $ 104 million in first-quarter 2025, primarily reflects the impact of placing PTFI’s smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities) into service in 2025.

Share Repurchase Program and Dividends.

During the first nine 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 October 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 September 24, 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 November 3, 2025, to shareholders of record as of October 15, 2025.

During first-quarter 2026, FCX acquired 1.7 million shares of its common stock for a total cost of $ 93 million ($ 54.25 average cost per share).

At April 30, 2026, FCX has acquired a total of 53.7 million shares ($ 39.01 average cost per share) and has $ 2.9 billion available under its $5.0 billion share repurchase program.

On March 25, 2026, 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 May 1, 2026, to common stockholders of record on April 15, 2026.

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.

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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.

These objectives principally relate to managing risks associated with commodity price changes,

exchange rates and interest rates.

Commodity Contracts.

9 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 the nine-month periods ended September 30, 2025 and 2024.

At September 30, 2025, FCX held copper futures and swap contracts that qualified for hedge accounting for 117 million pounds at an average contract price of $ 4.75 per pound, with maturities through September 2027.

FCX did not have any significant gains or losses resulting from hedge ineffectiveness during first-quarter 2026 and 2025.

At March 31, 2026, FCX held copper futures and swap contracts that qualified for hedge accounting for 126 million pounds at an average contract price of $ 5.51 per pound, with maturities through December 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 Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Copper futures and swap contracts:

6 unchanged sentences

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.

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) PM 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.

FCX records revenues and invoices customers at the time of shipment based on the then-current LME copper settlement price and the London PM 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.

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 PM 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 September 30, 2025, follows:

A summary of FCX’s embedded derivatives at March 31, 2026, follows:

Open Positions Average Price

2 unchanged sentences

Embedded derivatives in provisional sales contracts:

Copper (millions of pounds) 402 $ 4.43 $ 4.65 February 2026

Gold (thousands of ounces) 53 3,429 3,833 October 2025

Copper (millions of pounds) 239 $ 5.60 $ 5.57 August 2026

Gold (thousands of ounces) 2 4,834 4,607 May 2026

Embedded derivatives in provisional purchase contracts:

Copper (millions of pounds) 111 4.43 4.65 December 2025

Copper (millions of pounds) 100 5.63 5.59 August 2026

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.

Atlantic Copper 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 September 30, 2025, Atlantic Copper held net copper forward sales contracts for 52 million pounds at an average contract price of $ 4.51 per pound, with maturities through November 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 Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

At March 31, 2026, Atlantic Copper held net copper forward sales contracts for 93 million pounds at an average contract price of $ 5.69 per pound, with maturities through May 2026.

Summary of (Losses) Gains.

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

Three Months Ended

Embedded derivatives in provisional sales contracts:

2 unchanged sentences

Copper forward contracts b

( 7 ) ( 19 ) ( 47 ) ( 45 )

Amounts recorded in revenues.

2 unchanged sentences

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 September 30, 2025, the maximum amount of credit exposure associated with derivative transactions was $ 131 million.

At March 31, 2026, the maximum amount of credit exposure associated with derivative transactions was $ 81 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.

Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, PTFI mud rush incident insurance settlement 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).

1 unchanged sentence

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:

September 30,

2026 December 31, 2025

4 unchanged sentences

Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 4,149 $ 4,173

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.

Reflects cash designated for talc-related litigation in accordance with a legal settlement (refer to Note 10 of FCX’s 2025 Form 10-K for further discussion).

FAIR VALUE MEASUREMENT

3 unchanged sentences

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 September 30, 2025

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, PTFI mud rush incident insurance settlement receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:

At March 31, 2026

Carrying Fair Value

1 unchanged sentence

Investment securities:

core fixed income fund $ 29 $ 29 $ 29 $ — $ — $ —

Equity securities $ 37 $ 37 $ — $ 37 $ — $ —

core fixed income fund 29 29 29 — — —

Total 66 66 29 37 — —

2 unchanged sentences

Government mortgage-backed securities 48 48 — — 48 —

Corporate bonds 35 35 — — 35 —

Government bonds and notes 40 40 — — 40 —

Corporate bonds 38 38 — — 38 —

Money market funds 24 24 — 24 — —

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Investment securities:

core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ —

Equity securities $ 36 $ 36 $ — $ 36 $ — $ —

core fixed income fund 29 29 29 — — —

Total 65 65 29 36 — —

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Embedded derivatives in provisional sales/purchase contracts in a gross asset position 217 217 — — 217 —

Copper forward contracts 10 10 — 4 6 —

Copper futures and swap contracts 72 72 — 50 22 —

Total 289 289 — 50 239 —

Embedded derivatives in provisional sales/purchase contracts in a gross liability position 84 84 — — 84 —

Copper futures and swap contracts 28 28 — 17 11 —

Copper forward contracts 23 23 — 11 12 —

2 unchanged sentences

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

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

Refer to Note 5.

Excludes amounts included in restricted cash and cash equivalents that approximate fair value and are associated with talc-related litigation at March 31, 2026, and December 31, 2025.

Refer to Note 10 of FCX’s 2025 Form 10-K for further discussion.

Refer to Note 5 for further discussion.

Recorded at cost except for debt assumed in the 2007 acquisition of Freeport Minerals Corporation (FMC), which was recorded at fair value at the acquisition date.

Recorded at cost except for debt assumed in the 2007 acquisition of Freeport Minerals Corporation, which was recorded at fair value at the acquisition date.

Valuation Techniques.

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.

core fixed income fund is valued at NAV.

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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.

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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);

date based on the month of maturity (refer to Note 5);

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.

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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 September 30, 2025, as compared with those techniques used at December 31, 2024.

There have been no changes in the techniques used at March 31, 2026, as compared with those techniques used at December 31, 2025.

CONTINGENCIES AND COMMITMENTS

Environmental

There were no significant updates to environmental obligations included in Note 10 of FCX’s 2024 Form 10-K, other than as discussed below.

As a result of the 2007 acquisition of FMC, FCX recorded FMC environmental obligations at fair value on the acquisition date in accordance with business combination accounting guidance.

In connection with FCX’s ongoing review and monitoring of these environmental remediation sites, FCX identified specific projects with environmental obligations where it can no longer be concluded that a probable liability exists.

Accordingly, during third-quarter 2025, FCX recorded reductions totaling $ 81 million to the related environmental obligations reflecting closure of these projects.

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, which resulted in a $ 46 million increase to the related environmental obligation.

In third-quarter 2025, FCX also recorded an increase to its environmental obligation associated with the Carteret smelter site totaling $ 19 million based on updated cost estimates for the remediation work.

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 third-quarter 2025, the parties agreed that “foreign claimants” (as defined in the amended plan) would not be discharged.

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

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;

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

and (iii) J&J agreed to remit recoveries of certain legacy insurance claims to Imerys and Cyprus Mines.

In accordance with the settlement, Cyprus Mines received cash of $ 230 million during the first nine months of 2025, with $ 48 million remaining to be received by early 2026.

At September 30, 2025, FCX had a total litigation reserve of $ 477 million associated with the global settlement, including $ 278 million associated with the J&J settlement and $ 4 million for potential foreign claims.

Indonesia Matters

Refer to Notes 10, 11 and 12 of FCX’s 2024 Form 10-K for further discussion of Indonesia matters.

Grasberg Minerals District Mud Rush Incident.

On September 8, 2025, PTFI experienced a mud rush incident that resulted in seven fatalities.

During the incident, which was unprecedented in PTFI’s multi-decade history of block cave mining in the Grasberg minerals district, a sudden rush of approximately 800,000 metric tons of wet material entered the Grasberg Block Cave underground mine from the former Grasberg open pit and traveled rapidly to multiple levels of the mine, including a service level where seven team members were later found deceased.

Mining operations were temporarily suspended following the incident to prioritize the recovery of the seven team members fatally injured during the incident and to conduct an investigation into the root cause of the incident.

The recovery efforts were completed on October 5, 2025, and the investigation is advancing toward completion.

Damage assessments, which are expected to be completed by year-end 2025, are being conducted in parallel with ongoing mud removal activities.

In late October 2025, PTFI restarted operations at the unaffected Big Gossan and Deep Mill Level Zone underground mines.

Smelting operations in Indonesia operated with limited availability since the incident and both smelters are currently on stand-by status pending the delivery of copper concentrate.

FCX and PTFI, including external experts, are completing an investigation of the root cause of the incident and to identify actions required to safeguard against recurrence.

In parallel, and in coordination with Indonesia government authorities, future production plans are being evaluated and damage assessments are being completed.

During third-quarter 2025, PTFI recorded charges totaling $ 195 million associated with the mud rush incident, including $ 152 million for idle facility costs and $ 43 million related to recovery efforts.

During the phased restart and ramp-up of operations in fourth-quarter 2025 and in 2026, a portion of PTFI’s cost of sales are expected to be recognized as idle facility costs, which are non-inventoriable costs.

As of September 30, 2025, PTFI had limited access to the area where the incident occurred and was unable to adequately assess damage to the impacted assets.

Accordingly, no impairment charges were recorded in third-quarter 2025.

Upon completion of damage assessments and evaluation of the affected infrastructure in fourth-quarter 2025, PTFI expects to write-off the carrying value of assets determined to be damaged beyond repair.

Furthermore, FCX does not believe the incident indicates a broader impairment of PTFI’s long-lived mining assets based on PTFI’s reserve life, favorable market outlook for metal prices and expected resumption of operations at the Grasberg Block Cave underground mine in the near term.

PTFI is seeking recovery of damages under its property and business interruption insurance policies, which cover up to $ 1.0 billion in losses (subject to a limit of $ 0.7 billion on underground incidents), after a $ 0.5 billion deductible.

PTFI’s ability to recover damages under its insurance coverage with respect to the mud rush incident is subject to certain conditions.

Any amounts recoverable under PTFI’s insurance policies will be reflected in future periods in which recovery is considered realizable in accordance with the gain contingency accounting guidance.

As a result of the incident and impact on operations, PTFI has also notified certain commercial counterparties of a force majeure under its contracts.

Concentrate Exports.

PTFI’s copper concentrate export license for 1.4 million metric tons of copper concentrate (subject to a 7.5 % export duty) expired on September 16, 2025.

Refer to Note 10 of FCX’s 2025 Form 10-K for further discussion of Indonesia matters.

Long-Term Mining Rights.

With the completion of PTFI’s downstream processing facilities during 2025, FCX and PTFI have advanced discussions with the Indonesia government for a long-term extension of PTFI’s operating rights beyond the current expiration of 2041.

An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.

PTFI is preparing its application for a long-term extension expected to cover the life of the resource, which is expected to be submitted in fourth-quarter 2025.

In connection with the extension, PTFI expects to pursue additional exploration, conduct studies for future additional development and expand its social programs.

FCX expects to maintain its ownership interest of approximately 49% through 2041 and would transfer an additional interest in PTFI to a state-owned enterprise beginning in 2042, leaving FCX to hold an approximately 37% interest.

FCX also expects the existing governance agreements would continue over the life of the resource.

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.

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.

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.

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.

In February 2026, FCX and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration date in 2041.

Under the terms of the MOU, FCX would maintain its current ownership interest in PTFI of 48.76 % through 2041 and hold approximately 37 % beginning in 2042.

The existing governance and operating structure, and terms of the existing shareholder agreement, special mining business license (IUPK) and other agreements in effect will continue over the life of the resource.

PTFI and FCX are working with the Indonesia government to complete the license renewal process.

The extension of operating rights and other agreed terms are subject to, among other things, the Indonesia government’s issuance of an amended IUPK and entry into definitive agreements.

Grasberg Block Cave Ramp-Up.

Following the September 8, 2025, external mud rush incident (Mud Rush Incident), PTFI has progressed a series of activities to address the incident and advance preparation for a safe and sustainable restoration of operations.

During first-quarter 2026, PTFI completed remediation and restoration activities required for the restart of Production Blocks 2 and 3 and commenced initial ramp-up activities at the end of March 2026.

PTFI also continued to advance activities for a planned future start-up of Production Block 1S and advance risk mitigation strategies associated with drainage and cave management technologies.

During initial ramp-up activities in Production Blocks 2 and 3, PTFI encountered changes in operating conditions at the Grasberg Block Cave underground mine following the period of inactivity between September 2025 and April 2026, and modifications to the chute system used to load ore into the automated trains will be required to operate at full capacity.

As a result, near-term production from Production Blocks 2 and 3 is expected to be limited to approximately 60 % of capacity until required modifications to ore loading systems are made.

Installation of specialized equipment has commenced and PTFI expects the current bottlenecks can be substantially addressed by mid-2027.

Following the Mud Rush Incident and until PTFI’s operations return to normal capacity, a portion of PTFI’s cost of sales are being recognized as idle facility costs, which are non-inventoriable.

In first-quarter 2026, PTFI recorded charges for idle facility and restoration costs associated with the Mud Rush Incident totaling $ 499 million (consisting of $ 406 million in production and delivery costs and $ 93 million in depreciation, depletion and amortization (DD&A) expense).

In first-quarter 2026, PTFI recognized a gain of $ 0.7 billion for an insurance settlement associated with the Mud Rush Incident under its property and business interruption policies.

PTFI collected this settlement in April 2026.

Indonesia Tax Matters

On April 10, 2026, PTFI received assessments from the Indonesia tax authorities related to various 2022 audit exceptions for income and other taxes.

PTFI believes it has properly determined and paid its taxes and intends to pursue discussions with the Indonesia tax authorities through the objection process.

There were no significant updates to previously reported legal proceedings included in Note 10 of FCX’s 2025 Form 10-K.

BUSINESS SEGMENT INFORMATION

Product Revenues.

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

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Concentrate $ 1,967 $ 1,788 $ 5,376 $ 5,204

FCX’s revenues attributable to the products it sold for the first quarters of 2026 and 2025 follow:

Three Months Ended

Cathode $ 2,050 $ 2,025

Rod and other refined copper products 1,504 960

Concentrate 1,083 1,386

Purchased copper a

18 150 489 558

Gold 1,204 1,394 3,512 3,497

Molybdenum 613 442

1 unchanged sentence

Adjustments to revenues:

PTFI export duties b

( 135 ) ( 129 ) ( 337 ) ( 360 )

Royalty expense c

( 107 ) ( 131 ) ( 310 ) ( 344 )

Treatment charges d

Royalty expense b

( 53 ) ( 68 )

Treatment charges c

PTFI export duties d

Revenues from contracts with customers 6,254 5,574

Embedded derivatives e

153 110 363 446

Total consolidated revenues $ 6,234 $ 5,728

1 unchanged sentence

Rod & Refining operations.

During 2025, FCX has been able to meet customer demand for copper rod with copper cathode produced by its U.S.

copper mines and South America operations, resulting in a decrease in purchased copper volumes.

Prior to the expiration of its export license on September 16, 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5 %.

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

Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with the sales volumes and the price of copper.

The 2025 periods primarily reflect lower treatment charge rates as a result of favorable market conditions.

Lower charges in first-quarter 2026 primarily reflect lower treatment charge rates as a result of favorable market conditions and the lack of copper concentrate sales volumes in Indonesia now that PTFI is a fully integrated producer of refined copper and gold.

Prior to the expiration of its export license on September 16, 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5 %.

Refer to Note 11 of FCX’s 2025 Form 10-K for further discussion.

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

Financial Information by Business Segment

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

Three Months Ended September 30, 2025

Unaffiliated customers $ 46 $ 12 $ 58 $ 979 $ 204 $ 1,183 $ 2,675 $ — $ 1,774 $ 768 $ 514 a

Intersegment 653 1,229 1,882 226 5 231 — 177 12 6 ( 2,308 ) —

Production and delivery 499 895 1,394 636 166 802 1,024 b

150 1,773 753 ( 1,691 ) 4,205

Depreciation, depletion and amortization (DD&A) 55 79 134 97 17 114 331 b

22 2 7 15 625

Selling, general and administrative expenses — 1 1 2 — 2 36 — — 7 85 131

Exploration and research expenses 11 4 15 3 — 3 2 — — — 35 55

Gain on sales of assets — — — — — — — — — — ( 16 ) ( 16 )

Operating income (loss) 134 262 396 467 26 493 1,282 5 11 7 ( 222 ) 1,972

Interest expense, net — — — ( 5 ) — ( 5 ) ( 25 ) — — ( 8 ) ( 69 ) ( 107 )

Other (expense) income, net ( 1 ) 3 2 17 6 23 16 — ( 1 ) ( 1 ) 20 59

(Provision for) benefit from income taxes — — — ( 192 ) ( 10 ) ( 202 ) ( 466 ) — — 3 ( 4 ) ( 669 )

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

Net (income) loss attributable to noncontrolling interests — — — ( 143 ) ( 2 ) ( 145 ) ( 436 ) — — — 8 ( 573 )

Net income attributable to common stockholders $ 674

Total assets at September 30, 2025 3,289 7,342 10,631 8,290 2,147 10,437 27,464 2,037 389 1,615 4,255 56,828

Capital expenditures 66 249 315 99 11 110 483 28 19 42 59 1,056

Three Months Ended September 30, 2024

Reportable Segments .

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

copper mines, South America operations, Indonesia operations and Molybdenum mines.

In the U.S., FCX operates seven copper operations – Morenci ( 72 %-owned), Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines – Henderson and Climax in Colorado.

A majority of the copper produced at the U.S.

copper mines is cast into copper rod by the U.S.

Rod & Refining operations.

In South America, FCX operates two copper operations – Cerro Verde in Peru and El Abra in Chile.

In Indonesia, PTFI operates in the Grasberg minerals district.

With the completion of its downstream processing facilities during 2025, PTFI is a fully integrated producer of refined copper and gold.

Operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations and U.S.

Rod & Refining operations.

Though not quantitatively material, FCX has also voluntarily disclosed the Morenci copper mine and Atlantic Copper as reportable segments in the following tables.

The Morenci open-pit copper mine, located in southeastern Arizona, produces copper cathode and copper concentrate.

In addition to copper, the Morenci mine also produces molybdenum concentrate.

• Cerro Verde.

The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathode and copper concentrate.

In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver.

• Indonesia Operations.

Indonesia operations include PTFI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver, and PTFI’s downstream processing facilities.

PTFI’s smelter will exclusively receive concentrate from the Grasberg minerals district and the PMR will receive anode slimes from the smelter and from PT Smelting.

Rod & Refining .

Rod & Refining segment consists of copper conversion facilities located in the U.S., and includes a refinery and two rod mills.

These operations process copper primarily produced at FCX’s U.S.

copper mines and purchased copper into copper cathode and rod.

At times, these operations refine copper and produce copper rod for customers on a toll basis.

Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products.

• Atlantic Copper .

Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes.

Intersegment sales between FCX’s operating segments are based on terms similar to arm’s-length transactions with third parties at the time of the sale.

FCX allocates certain operating costs, expenses and capital expenditures to its operating segments.

However, not all costs and expenses applicable to an operation are allocated.

Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each reportable segment would be if it was an independent entity.

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

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.

Financial Information by Reportable Segment as of and for the three months ended March 31, 2026

Reportable Segments

Cerro Indonesia Rod & Atlantic Reportable

Morenci Verde Operations Refining Copper Segments

Segment revenues:

Unaffiliated customers $ 12 $ 1,218 $ 1,072 $ 2,052 $ 966 $ 5,320

$ — $ 1,560 $ 759 $ 440 a

Intersegment 764 163 — 10 3 940

776 1,381 1,072 2,062 969 6,260

Production and delivery 492 811 1,303 630 c

187 817 918 140 1,562 754

DD&A 47 62 109 92 18 110 340 19 2 6 14 600

Selling, general and administrative expenses — 1 1 2 — 2 32 — — 6 76 117

Exploration and research expenses 4 4 8 3 ( 1 ) 2 2 — — — 26 38

Environmental obligations and shutdown costs — — — — — — — — — — 20 20

Operating income (loss) 50 120 170 352 33 385 1,690 ( 27 ) 7 ( 1 ) ( 286 ) 1,938

Interest expense, net — — — ( 6 ) — ( 6 ) ( 10 ) — — ( 10 ) ( 46 ) ( 72 )

Other (expense) income, net ( 1 ) 10 9 22 ( 2 ) 20 42 — ( 1 ) ( 7 ) 34 97

(Provision for) benefit from income taxes — — — ( 148 ) ( 10 ) ( 158 ) ( 625 ) — — ( 1 ) 47 ( 737 )

Equity in affiliated companies’ net earnings — — — — — — 6 — — — 4 10

Net (income) loss attributable to noncontrolling interests — — — ( 114 ) e

( 12 ) ( 126 ) ( 601 ) — — — 17 ( 710 )

Net income attributable to common stockholders $ 526

Total assets at September 30, 2024 3,172 6,647 9,819 8,276 2,013 10,289 27,474 1,955 294 1,491 4,078 55,400

Capital expenditures 48 215 263 82 18 100 713 25 7 28 63 1,199

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

Nine Months Ended September 30, 2025

Unaffiliated customers $ 192 $ 184 $ 376 $ 2,732 $ 599 $ 3,331 $ 7,658 $ — $ 5,090 $ 2,335 $ 1,492 a

Intersegment 1,706 3,202 4,908 593 127 720 4 534 29 12 ( 6,207 ) —

Reconciliation of revenues

Other segments’ revenue - unaffiliated customers a

Other segments’ revenue - intersegment a

Elimination of intersegment revenue ( 2,612 )

Total consolidated revenues, net $ 6,234

Segment measure of profit:

Production and delivery 437 651 710 b

400 5,088 2,278 ( 4,427 ) f

DD&A 151 225 376 282 56 338 906 b

74 4 21 40 1,759

DD&A 69 86 194 c

Selling, general and administrative expenses — 2 25 — 11

Exploration and research expenses 8 4 — — —

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

Gain on sales of assets — — — — — — — — — — ( 16 ) ( 16 )

Operating income (loss) 375 677 1,052 1,216 122 1,338 3,927 59 27 25 ( 721 ) 5,707

Interest expense, net — ( 1 ) ( 1 ) ( 13 ) — ( 13 ) ( 50 ) — — ( 26 ) ( 169 ) ( 259 )

Other (expense) income, net ( 3 ) 7 4 69 7 76 47 ( 1 ) ( 2 ) ( 20 ) 54 158

Provision for income taxes — — — ( 502 ) ( 44 ) ( 546 ) ( 1,431 ) — — ( 9 ) ( 33 ) ( 2,019 )

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

Net income attributable to noncontrolling interests — — — ( 374 ) ( 23 ) ( 397 ) ( 1,359 ) — — — ( 33 ) ( 1,789 )

Net income attributable to common stockholders $ 1,798

Capital expenditures 195 648 843 251 36 287 1,927 74 62 130 166 3,489

Nine Months Ended September 30, 2024

Unaffiliated customers $ 90 $ 62 $ 152 $ 2,787 $ 699 $ 3,486 $ 7,689 $ — $ 4,742 $ 2,330 $ 1,336 a

PTFI mud rush incident insurance settlement — — ( 699 ) — —

Segment operating income $ 262 $ 638 $ 842 $ 15 $ 22

Reconciliation of operating income

Other segments’ operating income a

Corporate expenses and elimination of intersegment operating income ( 119 ) e

Consolidated interest expense, net ( 114 )

Consolidated other income, net 11

Total consolidated income before income taxes and equity in affiliated companies’ net earnings $ 2,034

Segment assets $ 3,434 $ 8,772 $ 27,959 $ 374 $ 1,904 $ 42,443

Reconciliation of segment assets

Total assets for other segments a

Corporate assets and elimination of investments in consolidated subsidiaries ( 20,120 )

Total consolidated assets $ 58,840

Segment capital expenditures $ 44 $ 74 $ 456 $ 14 $ 56 $ 644

Reconciliation of capital expenditures

Total capital expenditures for other segments a

Corporate capital expenditures 5

Total consolidated capital expenditures $ 973

Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S.

GAAP, including other U.S.

copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration.

Also includes legacy oil and gas properties.

Includes charges totaling $ 406 million for idle facility and restoration costs associated with the Mud Rush Incident.

Includes charges totaling $ 93 million for idle facility costs associated with the Mud Rush Incident.

Includes DD&A of $ 157 million related to other operating segments.

Corporate expenses include amounts not allocated to individual operating segments.

Financial Information by Reportable Segment as of and for the three months ended March 31, 2025

Reportable Segments

Cerro Indonesia Rod & Atlantic Reportable

Morenci Verde Operations Refining Copper Segments

Segment revenues:

Unaffiliated customers $ 83 $ 917 $ 1,564 $ 1,624 $ 752 $ 4,940

Intersegment 494 174 6 8 3 685

577 1,091 1,570 1,632 755 5,625

Production and delivery 1,389 2,289 3,678 1,912 c

538 2,450 2,451 393 4,741 2,263 ( 4,180 ) d

Reconciliation of revenues

Other segments’ revenue - unaffiliated customers a

Other segments’ revenue - intersegment a

Elimination of intersegment revenue ( 1,914 )

Total consolidated revenues, net $ 5,728

Segment measure of profit:

Production and delivery 419 587 578 1,622 734

DD&A 50 91 186 1 7

2 unchanged sentences

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

Operating income (loss) 227 360 587 1,056 108 1,164 4,600 ( 29 ) 29 34 ( 764 ) 5,621

Interest expense, net — ( 1 ) ( 1 ) ( 16 ) — ( 16 ) ( 17 ) — — ( 28 ) ( 187 ) ( 249 )

Other (expense) income, net ( 1 ) 9 8 38 11 49 110 — ( 1 ) 1 128 295

(Provision for) benefit from income taxes — — — ( 430 ) ( 45 ) ( 475 ) ( 1,524 ) g

— — 11 ( 15 ) ( 2,003 )

Equity in affiliated companies’ net earnings — — — — — — 7 — — — 7 14

Net income attributable to noncontrolling interests — — — ( 332 ) e

( 48 ) ( 380 ) ( 1,664 ) g

— — — ( 19 ) ( 2,063 )

Net income attributable to common stockholders $ 1,615

Capital expenditures 139 604 743 209 63 272 2,203 88 23 88 152 3,569

Financial Information by Business Segment (continued)

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.

Includes charges totaling $ 195 million in the third quarter and first nine months of 2025 associated with the September 2025 mud rush incident, consisting of $ 128 million of idle facility costs and $ 43 million of recovery expenses that were recorded to production and delivery costs, and $ 24 million of DD&A associated with idle facilities.

The third quarter and first nine months of 2025 also include $ 26 million and $ 56 million, respectively, recorded to production and delivery costs for remediation related to the October 2024 fire incident at the smelter not recoverable under PTFI’s construction insurance program.

In addition, the third quarter and first nine months of 2025 include $ 39 million of tolling fees recorded to production and delivery costs that were recognized as idle facility costs associated with PT Smelting’s (PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia) planned maintenance turnaround.

Includes $ 34 million in third-quarter 2024 and $ 99 million for the first nine months of 2024 of nonrecurring labor-related charges at Cerro Verde associated with new collective labor agreements.

Includes charges for oil and gas properties associated with the write down of a historical contingent consideration asset totaling $ 32 million in the third quarter and first nine months of 2024.

The first nine months of 2024 also includes $ 99 million for assumed oil and gas abandonment obligations (and related adjustments) resulting from bankruptcies of other companies.

Prior to September 2024, FCX’s interest in Cerro Verde was 53.56 %.

Includes charges totaling $ 73 million for the first nine months of 2025 associated with planned maintenance turnaround costs at the Miami smelter.

Includes a net benefit to income taxes totaling $ 182 million for the first nine months of 2024 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 PT Mineral Industri Indonesia).

Refer to Note 2 of FCX’s 2024 Form 10-K for further discussion.

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 September 30, 2025, the related consolidated statements of income, comprehensive income, and equity for the three- and nine-month periods ended September 30, 2025 and 2024, the related consolidated statements of cash flows for the nine-month periods ended September 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

November 6, 2025

Segment operating income $ 109 $ 409 $ 777 $ 9 $ 5

Reconciliation of operating income

Other segments’ operating income a

Corporate expenses and elimination of intersegment operating income ( 83 ) c

Consolidated interest expense, net ( 70 )

Consolidated other income, net 58

Total consolidated income before income taxes and equity in affiliated companies’ net earnings $ 1,291

Segment assets $ 3,239 $ 8,166 $ 28,006 $ 364 $ 1,448 $ 41,223

Reconciliation of segment assets

Total assets for other segments a

Corporate assets and elimination of investments in consolidated subsidiaries ( 20,668 )

Total consolidated assets $ 56,022

Segment capital expenditures $ 59 $ 74 $ 704 $ 17 $ 43 $ 897

Reconciliation of capital expenditures

Total capital expenditures for other segments a

Corporate capital expenditures 1

Total consolidated capital expenditures $ 1,172

Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S.

GAAP, including other U.S.

copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration.

Also includes legacy oil and gas properties.

Includes DD&A of $ 131 million related to other operating segments.

Corporate expenses include amounts not allocated to individual operating segments.

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