What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-06 compared with 2026-05-08 · 257 added, 92 removed, 481 unchanged (42% of the section changed)

12 unchanged sentences

Mill and leach stockpiles 1,577 1,423

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

Other current assets 573 580

8 unchanged sentences

Accounts payable and accrued liabilities $ 4,582 $ 4,565

Accrued income taxes 725 456

Current portion of debt 1,220 466

Accrued income taxes 509 456

Current portion of environmental and asset retirement obligations 327 313

20 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In Millions, Except Per Share Amounts)

7 unchanged sentences

Environmental obligations and shutdown costs

PTFI mud rush incident insurance settlement ( 699 ) —

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

Gain on sale of assets ( 18 ) — ( 18 ) —

Total costs and expenses 5,026 5,150 9,123 9,575

12 unchanged sentences

Weighted-average shares of common stock outstanding:

1,438 1,437 1,439 1,438

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

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

2 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In Millions)

10 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Three Months Ended

Six Months Ended

(In Millions)

3 unchanged sentences

Depreciation, depletion and amortization 1,037 1,134

PTFI mud rush incident insurance settlement ( 699 ) —

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

Proceeds from PTFI mud rush incident insurance settlement 699 —

Gain on sale of assets ( 18 ) —

Net charges for environmental and asset retirement obligations, including accretion 147 116

21 unchanged sentences

Other ( 275 ) ( 238 )

Acquisition of additional ownership interest in Cerro Verde ( 107 ) —

Other, net 7 1

10 unchanged sentences

Payments for withholding of employee taxes related to stock-based awards ( 44 ) ( 22 )

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

Debt issuance costs ( 11 ) —

Net cash used in financing activities ( 1,048 ) ( 908 )

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents 318 ( 87 )

Cash and cash equivalents and restricted cash and cash equivalents at beginning of year 4,173 4,911

3 unchanged sentences

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

THREE MONTHS ENDED MARCH 31

THREE MONTHS ENDED JUNE 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 March 31, 2026 1,630 $ 163 $ 23,713 $ 2,050 $ ( 304 ) 193 $ ( 6,117 ) $ 19,505 $ 12,006 $ 31,511

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

Stock-based compensation, including the tender of shares — — 17 — — — — 17 1 18

Treasury stock purchases — — — — — 1 ( 110 ) ( 110 ) — ( 110 )

Acquisition of additional ownership interest in Cerro Verde — — ( 73 ) — — — — ( 73 ) ( 36 ) ( 109 )

Dividends — — — ( 217 ) — — — ( 217 ) ( 266 ) ( 483 )

Contributions from noncontrolling interests — — ( 1 ) — — — — ( 1 ) 1 —

Net income attributable to common stockholders — — — 984 — — — 984 — 984

Net income attributable to noncontrolling interests

— — — — — — — — 407 407

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

Balance at June 30, 2026 1,630 $ 163 $ 23,659 $ 2,817 $ ( 303 ) 194 $ ( 6,227 ) $ 20,109 $ 12,113 $ 32,222

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 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

Freeport-McMoRan Inc.

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

SIX MONTHS ENDED JUNE 30

Stockholders’ Equity

Common Stock Retained Earnings Accumu-

12 unchanged sentences

Treasury stock purchases — — — — — 3 ( 203 ) ( 203 ) — ( 203 )

Acquisition of additional ownership interest in Cerro Verde — — ( 73 ) — — — — ( 73 ) ( 36 ) ( 109 )

Dividends — — — ( 433 ) — — — ( 433 ) ( 625 ) ( 1,058 )

5 unchanged sentences

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

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

Balance at June 30, 2026 1,630 $ 163 $ 23,659 $ 2,817 $ ( 303 ) 194 $ ( 6,227 ) $ 20,109 $ 12,113 $ 32,222

Stockholders’ Equity

18 unchanged sentences

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

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

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

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

2 unchanged sentences

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, 2025 (2025 Form 10-K).

1 unchanged sentence

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

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.

Operating results for the six-month period ended June 30, 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.

In May 2026, FCX purchased 2.0 million shares of Cerro Verde common stock for a total cost of $ 107 million, increasing FCX’s ownership interest in Cerro Verde from 55.08 % to 55.66 %.

As a result of the transaction, the carrying value of Cerro Verde’s noncontrolling interest was reduced by $ 36 million, and $ 73 million was recorded to reduce capital in excess of par value, including a $ 2 million deferred tax impact.

Subsequent Events.

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.

FCX evaluated events after June 30, 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

3 unchanged sentences

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

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net income $ 1,391 $ 1,547 $ 2,778 $ 2,340

3 unchanged sentences

Basic weighted-average shares of common stock outstanding

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

1,438 1,437 1,439 1,438

Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 5 6 5 6

Diluted weighted-average shares of common stock outstanding

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

Net income per share attributable to common stockholders:

1 unchanged sentence

Diluted $ 0.68 $ 0.53 $ 1.29 $ 0.77

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 such shares excluded in either of the periods shown above.

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

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

Three Months Ended

Six Months Ended

Foreign ( 1,139 ) ( 1,352 )

Total $ ( 1,197 ) $ ( 1,350 )

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.

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 30 % for the first six months of 2026 and 37 % for the first six months of 2025.

income tax provision for the first six months of 2026 primarily relates to the U.S.

Corporate Alternative Minimum Tax provisions, which do not benefit from regular tax U.S.

net operating loss carryforwards.

DEBT AND EQUITY

11 unchanged sentences

Revolving Credit Facilities.

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 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.

At June 30, 2026, PTFI had $ 250 million in borrowings outstanding under its $ 1.75 billion, senior unsecured revolving credit facility that matures in November 2028.

In May 2026, FCX and PTFI entered into a new $ 3.0 billion, five-year , senior unsecured revolving credit facility that matures in May 2031 and replaced the revolving credit facility that was scheduled to mature in October 2027.

The terms of the new revolving credit facility are substantially similar to the prior facility, including that 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.

Interest on loans made under FCX’s revolving credit facility may, at the option of FCX or PTFI, be determined based on the Term Secured Overnight Financing Rate (SOFR) or the Alternate Base Rate (ABR), plus a spread to be determined by reference to a grid based on FCX’s credit rating.

FCX’s revolving credit facility contains customary affirmative covenants and representations, and also contains various negative covenants that, among other things and subject to certain exceptions, restrict the ability of FCX’s subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and the ability of FCX or FCX’s subsidiaries to:

create liens on assets;

enter into sale and leaseback transactions;

engage in mergers, liquidations and dissolutions;

and sell assets.

In addition, the revolving credit facility contains a total leverage ratio financial covenant.

At June 30, 2026, there were no borrowings and $ 5 million in letters of credit issued under FCX’s revolving credit facility.

In May 2026, Cerro Verde entered into a new $ 350 million, five-year , senior unsecured revolving credit facility that matures in May 2031 and replaced its prior revolving credit facility that was scheduled to mature in May

The terms of the new revolving credit facility are substantially similar to the prior facility, including customary representations and affirmative and negative covenants.

Interest on loans made under Cerro Verde’s revolving credit facility may, at the option of Cerro Verde, be determined based on SOFR or ABR, plus a spread.

At June 30, 2026, there were no borrowings outstanding under Cerro Verde’s revolving credit facility.

At June 30, 2026, PTFI, FCX and Cerro Verde were each in compliance with the covenants under their respective credit facilities.

Interest Expense, Net.

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.

Consolidated interest costs (before capitalization) totaled $ 240 million in second-quarter 2026 and $ 414 million for the first six months of 2026, including $ 67 million of nonrecurring adjustments for prior period withholding taxes on PTFI’s senior notes.

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

Capitalized interest totaled $ 145 million in second-quarter 2026 and $ 205 million for the first six months of 2026, including $ 64 million associated with prior period withholding taxes on PTFI’s senior notes.

Capitalized interest totaled $ 99 million in second-quarter 2025 and $ 203 million for the first six months of 2025.

Share Repurchase Program and Dividends.

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.

During the first six months of 2026, FCX acquired 3.4 million shares of its common stock for a total cost of $ 203 million ($ 59.30 average cost per share).

At July 31, 2026, FCX has acquired a total of 55.4 million shares ($ 39.80 average cost per share) and has $ 2.8 billion available under its $ 5.0 billion share repurchase program.

On June 24, 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 August 3, 2026, to common stockholders of record on July 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.

3 unchanged sentences

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,

exchange rates and interest rates.

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

FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the six months ended June 30, 2026 and 2025.

At June 30, 2026, FCX held copper futures and swap contracts that

qualified for hedge accounting for 145 million pounds at an average contract price of $ 5.95 per pound, with maturities through August 2028.

Summary of Gains (Losses).

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

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Copper futures and swap contracts:

Unrealized (losses) gains:

Unrealized gains (losses):

Derivative financial instruments $ 30 $ ( 14 ) $ ( 19 ) $ 67

13 unchanged sentences

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

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

A summary of FCX’s embedded derivatives at June 30, 2026, follows:

Open Positions Average Price

2 unchanged sentences

Embedded derivatives in provisional sales contracts:

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

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

Copper (millions of pounds) 194 $ 6.00 $ 6.07 November 2026

Gold (thousands of ounces) 5 4,588 4,065 October 2026

Embedded derivatives in provisional purchase contracts:

Copper (millions of pounds) 100 5.63 5.59 August 2026

Copper (millions of pounds) 143 6.00 6.07 November 2026

Copper Forward Contracts.

1 unchanged sentence

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

At March 31, 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

At June 30, 2026, Atlantic Copper held net copper forward sales contracts for 30 million pounds at an average contract price of $ 6.18 per pound, with maturities through August 2026.

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,

2026 2025 2026 2025

Embedded derivatives in provisional sales contracts:

2 unchanged sentences

Copper forward contracts b

( 46 ) ( 2 ) ( 35 ) ( 40 )

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.

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

At June 30, 2026, the maximum amount of credit exposure associated with derivative transactions was $ 86 million.

Other Financial Instruments.

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.

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).

13 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, 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

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, 2026

Carrying Fair Value

1 unchanged sentence

Investment securities:

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

core fixed income fund $ 30 $ 30 $ 30 $ — $ — $ —

Equity securities 29 29 — 29 — —

Total 59 59 30 29 — —

6 unchanged sentences

Asset-backed securities 11 11 — — 11 —

Collateralized mortgage-backed securities 1 1 — — 1 —

Total 234 234 72 20 142 —

3 unchanged sentences

Total 86 86 — 42 44 —

Embedded derivatives in provisional sales/purchase contracts in a gross liability position 46 46 — — 46 —

Copper futures and swap contracts 2 2 — 1 1 —

Copper forward contracts 2 2 — — 2 —

Total 50 50 — 1 49 —

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

29 29 — — 29 —

9,386 9,376 — — 9,376 —

At December 31, 2025

22 unchanged sentences

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

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

Excludes amounts included in restricted cash and cash equivalents that approximate fair value and are associated with talc-related litigation at June 30, 2026, and December 31, 2025.

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

2 unchanged sentences

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.

2 unchanged sentences

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.

10 unchanged sentences

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

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

There have been no changes in the techniques used at June 30, 2026, as compared with those techniques used at December 31, 2025.

CONTINGENCIES AND COMMITMENTS

2 unchanged sentences

Long-Term Mining Rights.

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.

In June 2026, PTFI submitted its application for extension of its IUPK, and FCX and PTFI are working with the Indonesia government to complete the formal license process.

The extension of operating rights and other 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.

Following the September 2025 external mud rush incident, PTFI has progressed a series of activities to address the incident and remains focused on a safe and sustainable ramp-up to full operating capacity.

During the phased ramp-up period of the Grasberg Block Cave underground mine and until PTFI’s operations return to normal capacity, a portion of PTFI’s production and delivery costs will be recognized as idle facility costs, which are non-inventoriable.

Idle facility and restoration costs totaled $ 284 million in production and delivery costs and $ 79 million in depreciation, depletion and amortization (DD&A) expense in second-quarter 2026, and $ 690 million in production and delivery costs and $ 172 million in DD&A expense for the first six months of 2026.

Gain on PTFI Mud Rush Incident Insurance Settlement.

In April 2026, PTFI collected pre-tax proceeds of $ 0.7 billion associated with the settlement of its insurance claim under its property and business interruption policies related to the September 2025 external mud rush incident.

The gain associated with this insurance settlement was recognized in first-quarter 2026.

Export Proceeds.

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

In March 2025, the Indonesia government amended the regulation to require 100% of PTFI’s export proceeds to be deposited into Indonesia banks for 12 months, but the amended regulation permits the use of these 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.

Effective June 1, 2026, the Indonesia government issued additional amendments to the export proceeds regulation.

PTFI is seeking clarification regarding the applicability of the amendments and continues to deposit export proceeds in Indonesia banks consistent with its historical practice.

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.

In April 2026, PTFI received assessments totaling $ 220 million from the Indonesia tax authorities related to various 2022 audit exceptions for income and other taxes.

On June 30, 2026, PTFI paid these disputed assessments, and has filed objections to the assessments because PTFI believes it has properly determined and paid its taxes.

At June 30, 2026, PTFI has a long-term tax receivable for these assessments.

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

1 unchanged sentence

Product Revenues.

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

Three Months Ended

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

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Cathode $ 2,647 $ 2,173 $ 4,697 $ 4,198

2 unchanged sentences

Purchased copper a

164 173 253 471

Molybdenum 728 479 1,341 921

Gold 640 1,833 1,332 2,308

Silver and other 297 173 575 312

3 unchanged sentences

Treatment charges c

( 8 ) ( 16 ) ( 10 ) ( 43 )

PTFI export duties d

— ( 146 ) — ( 202 )

Revenues from contracts with customers 6,917 7,526 13,171 13,100

Embedded derivatives e

112 56 92 210

Total consolidated revenues $ 7,029 $ 7,582 $ 13,263 $ 13,310

3 unchanged sentences

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

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.

Lower charges in the 2026 periods, compared to the 2025 periods, 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, gold and silver.

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 %.

10 unchanged sentences

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.

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

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

8 unchanged sentences

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.

PTFI’s smelter will exclusively receive concentrate from the Grasberg minerals district and the precious metals refinery will receive anode slimes from the smelter and from PT Smelting (PTFI’s 66 %-owned smelter and refinery in Gresik, Indonesia, which is accounted for under the equity method).

Rod & Refining .

14 unchanged sentences

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

Financial Information by Reportable Segment as of and for the three months ended June 30, 2026

Reportable Segments

15 unchanged sentences

Exploration and research expenses 10 4 — — —

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

Gain on sale of assets — — — — ( 18 )

Segment operating income $ 265 $ 736 $ 499 $ 22 $ 26

18 unchanged sentences

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 charges totaling $ 284 million for idle facility and restoration costs associated with the September 2025 external mud rush incident.

Refer to Note 7 for further discussion.

Includes charges totaling $ 79 million for idle facility costs associated with the September 2025 external mud rush incident.

Refer to Note 7 for further discussion.

Includes DD&A of $ 149 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

Financial Information by Reportable Segment as of and for the three months ended June 30, 2025

Reportable Segments

3 unchanged sentences

Unaffiliated customers $ 63 $ 836 $ 3,419 $ 1,692 $ 815 $ 6,825

Intersegment 559 193 ( 2 ) a

622 1,029 3,417 1,701 818 7,587

Reconciliation of revenues

Other segments’ revenue - unaffiliated customers b

Other segments’ revenue - intersegment b

Elimination of intersegment revenue ( 2,070 )

Total consolidated revenues, net $ 7,582

Segment measure of profit:

Production and delivery 435 590 1,124 1,693 791

DD&A 46 94 389 1 7

Selling, general and administrative expenses 1 1 35 — 7

Exploration and research expenses 8 4 1 — —

Segment operating income $ 132 $ 340 $ 1,868 $ 7 $ 13

Reconciliation of operating income

Other segments’ operating income b

Corporate expenses and elimination of intersegment operating income ( 70 ) d

Consolidated interest expense, net ( 82 )

Consolidated other income, net 41

Total consolidated income before income taxes and equity in affiliated companies’ net earnings $ 2,391

Segment assets $ 3,337 $ 8,385 $ 27,781 $ 432 $ 1,508 $ 41,443

Reconciliation of segment assets

Total assets for other segments b

Corporate assets and elimination of investments in consolidated subsidiaries ( 20,722 )

Total consolidated assets $ 56,492

Segment capital expenditures $ 70 $ 78 $ 740 $ 26 $ 45 $ 959

Reconciliation of capital expenditures

Total capital expenditures for other segments b

Corporate capital expenditures 2

Total consolidated capital expenditures $ 1,261

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

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.

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

Corporate expenses include amounts not allocated to individual operating segments.

Financial Information by Reportable Segment for the six months ended June 30, 2026

Reportable Segments

Cerro Indonesia Rod & Atlantic Reportable

Morenci Verde Operations Refining Copper Segments

Segment revenues:

Unaffiliated customers $ 29 $ 2,377 $ 2,554 $ 4,280 $ 1,990 $ 11,230

Intersegment 1,503 491 1 21 9 2,025

6 unchanged sentences

Segment measure of profit:

Production and delivery 862 1,315 1,434 b

DD&A 124 168 422 c

Selling, general and administrative expenses 1 3 57 — 19

Exploration and research expenses 18 8 — — —

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

Gain on sale of assets — — — — ( 18 )

Segment operating income $ 527 $ 1,374 $ 1,341 $ 37 $ 48

Reconciliation of operating income

Other segments’ operating income a

Corporate expenses and elimination of intersegment operating income ( 320 ) e

Consolidated interest expense, net ( 209 )

Consolidated other income, net 33

Total consolidated income before income taxes and equity in affiliated companies’ net earnings $ 3,964

Segment capital expenditures $ 94 $ 156 $ 972 $ 28 $ 123 $ 1,373

Reconciliation of capital expenditures

Total capital expenditures for other segments a

Corporate capital expenditures 14

Total consolidated capital expenditures $ 2,077

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.

Includes charges totaling $ 690 million for idle facility and restoration costs associated with the September 2025 external mud rush incident.

Refer to Note 7 for further discussion.

Includes charges totaling $ 172 million for idle facility costs associated with the September 2025 external mud rush incident.

Refer to Note 7 for further discussion.

Includes DD&A of $ 306 million related to other operating segments.

Corporate expenses include amounts not allocated to individual operating segments.

Financial Information by Reportable Segment for the six months ended June 30, 2025

Reportable Segments

Cerro Indonesia Rod & Atlantic Reportable

Morenci Verde Operations Refining Copper Segments

Segment revenues:

Unaffiliated customers $ 146 $ 1,753 $ 4,983 $ 3,316 $ 1,567 $ 11,765

Intersegment 1,053 367 4 17 6 1,447

1,199 2,120 4,987 3,333 1,573 13,212

Reconciliation of revenues

Other segments’ revenue - unaffiliated customers a

Other segments’ revenue - intersegment a

Elimination of intersegment revenue ( 3,984 )

Total consolidated revenues, net $ 13,310

Segment measure of profit:

Production and delivery 854 1,177 1,702 3,315 1,525

10 unchanged sentences

Total consolidated income before income taxes and equity in affiliated companies’ net earnings $ 3,682

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 $ 129 $ 152 $ 1,444 $ 43 $ 88 $ 1,856

6 unchanged sentences

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 $ 262 million related to other operating segments.

1 unchanged sentence

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