Analysis of Revenues
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Aggregate Accruals
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Revenues as Reported
Freeport-McMoRan Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 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).
Consolidated revenues exhibited a generally positive trend over the five-year period, although with some fluctuations. Revenues increased significantly from 2020 to 2021, plateaued in 2022, experienced a slight decrease in 2023, and then resumed growth in 2024.
- Copper Revenue
- Copper revenue constitutes the largest portion of total revenues. It demonstrated substantial growth from 2020 to 2021, followed by a modest decline in 2023. However, 2024 saw a return to growth, reaching the highest level over the observed period. The components of copper revenue – cathode, concentrate, and rod/refined products – all contributed to this overall trend, with concentrate showing particularly strong performance in 2021 and 2022 before declining slightly in 2023 and stabilizing in 2024.
- Precious Metals Revenue
- Gold revenue increased consistently from 2020 to 2024, achieving the highest value in the latter year. Silver and other revenue also showed an upward trend, though less pronounced than gold. These increases suggest a strengthening contribution from precious metals to overall revenue generation.
- Molybdenum Revenue
- Molybdenum revenue increased from 2020 to 2023, peaking in 2023, before experiencing a slight decrease in 2024. While still representing a smaller portion of total revenue compared to copper and gold, molybdenum’s contribution has grown over the period.
- Revenue Adjustments & Expenses
- Several expense items consistently offset revenue. Royalty expense, treatment charges, PT-FI export duties, and adjustments to revenues all represent deductions from gross revenue. These deductions increased in absolute value from 2020 to 2024, indicating a growing impact on net revenue. Adjustments to revenues consistently represent the largest of these deductions.
- Embedded Derivatives
- Revenue from embedded derivatives fluctuated significantly. It increased from 2020 to 2021, then decreased substantially in 2022, followed by a recovery in 2023 and a further increase in 2024. This volatility suggests the impact of derivative instruments on revenue is not consistent.
- Revenues from Contracts with Customers
- Revenues from contracts with customers closely mirror the trend of consolidated revenues, demonstrating a similar pattern of growth, plateauing, slight decline, and subsequent growth. This indicates that changes in contract revenue are a primary driver of overall revenue performance.
Overall, the revenue performance demonstrates a reliance on copper sales, with increasing contributions from gold and molybdenum. The consistent deductions related to expenses and adjustments, alongside the volatility of embedded derivatives, are factors that influence the final consolidated revenue figure.