Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Freeport-McMoRan Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenues	22,855)	22,780)	22,845)	14,198)	14,402)
Production and delivery	(13,627)	(13,070)	(12,032)	(10,127)	(11,693)
Depreciation, depletion and amortization	(2,068)	(2,019)	(1,998)	(1,528)	(1,412)
Cost of sales	(15,695)	(15,089)	(14,030)	(11,655)	(13,105)
Gross profit	7,160)	7,691)	8,815)	2,543)	1,297)
Selling, general and administrative expenses	(479)	(420)	(383)	(370)	(414)
Mining exploration and research expenses	(137)	(115)	(55)	(50)	(104)
Environmental obligations and shutdown costs	(319)	(121)	(91)	(159)	(105)
Net gain on sales of assets	—)	2)	80)	473)	417)
Operating income	6,225)	7,037)	8,366)	2,437)	1,091)
Interest expense, net	(515)	(560)	(602)	(598)	(620)
Net gain (loss) on early extinguishment of debt	10)	31)	—)	(101)	(27)
Other income (expense), net	286)	207)	(105)	59)	(138)
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings	6,006)	6,715)	7,659)	1,797)	306)
Provision for income taxes	(2,270)	(2,267)	(2,299)	(944)	(510)
Equity in affiliated companies’ net earnings	15)	31)	5)	12)	12)
Net income (loss) from continuing operations	3,751)	4,479)	5,365)	865)	(192)
Net gain from discontinued operations	—)	—)	—)	—)	3)
Net income (loss)	3,751)	4,479)	5,365)	865)	(189)
Net income attributable to noncontrolling interests	(1,903)	(1,011)	(1,059)	(266)	(50)
Net income (loss) attributable to common stockholders	1,848)	3,468)	4,306)	599)	(239)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Freeport-McMoRan Inc. revenues decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Freeport-McMoRan Inc. operating income decreased from 2021 to 2022 and from 2022 to 2023.
Income from continuing operations before income taxes and equity in affiliated companies’ net earnings	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Freeport-McMoRan Inc. income from continuing operations before income taxes and equity in affiliated companies’ net earnings decreased from 2021 to 2022 and from 2022 to 2023.
Net income (loss) attributable to common stockholders	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Freeport-McMoRan Inc. net income (loss) attributable to common stockholders decreased from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc. (NYSE:FCX)

Income Statement