Freeport-McMoRan Inc. (NYSE:FCX)

The revenue data over the five-year period presents a dynamic picture of growth and fluctuations across various product segments and financial components.

Product Revenue Trends

Cathode

The revenue from cathode products displays a consistent upward trend, rising from $4,204 million in 2020 to $8,316 million in 2024. The increase was especially notable between 2023 and 2024, suggesting strengthened sales or pricing power in this segment.

Concentrate

Concentrate revenues experienced a significant jump from 2020 ($4,294 million) to 2022 ($9,650 million), almost doubling in two years. However, subsequent years show a decline to $6,726 million by 2024, indicating volatility that may reflect market demand, pricing, or production challenges.

Rod and Other Refined Copper Products

This category demonstrates steady growth, increasing from $2,052 million in 2020 to $3,851 million in 2024, with minor fluctuations. The growth is moderate but consistent, indicating stable demand.

Purchased Copper

Revenues from purchased copper declined from $821 million in 2020 to $416 million in 2023, but then rebounded to $693 million in 2024. This volatility may reflect shifts in sourcing strategies or market conditions.

Copper (Aggregate)

Aggregate copper revenues mirror these trends, showing robust growth from $11,371 million in 2020 to nearly $19,586 million in 2024, despite some year-to-year fluctuations toward the latter part of the timeline.

Gold

Gold revenues display marked growth throughout the period, nearly tripling from $1,702 million in 2020 to $4,446 million in 2024. The growth is steady, indicative of either increased production, higher prices, or favorable market conditions.

Molybdenum

Molybdenum revenues increase from $848 million in 2020 to a peak of $2,006 million in 2023, before a slight decline to $1,801 million in 2024, showing overall positive momentum with some recent softening.

Silver and Other

This category experiences volatility, with revenues increasing from $592 million in 2020 to $821 million in 2021, then declining to $585 million in 2023 before a modest rise to $631 million in 2024.

Expense and Adjustment Trends

Royalty Expense

Royalty expenses have increased in magnitude over time, from -$165 million in 2020 to -$442 million in 2024, reflecting rising costs or higher royalty rates consistent with increased revenues.

Treatment Charges

Treatment charges also have grown in negative value, peaking at -$538 million in 2023 but easing to -$396 million in 2024, suggesting some improvement or negotiation in treatment costs.

PT-FI Export Duties

Export duties steadily increased in cost, escalating from -$92 million in 2020 to -$457 million by 2024, indicating growing fiscal burdens or export volumes.

Adjustments to Revenues

Shifts in revenue adjustments show increasing deduction values from -$619 million in 2020 to -$1,295 million in 2024, which may represent higher allowances or discounts given in relation to overall revenue expansion.

Overall Revenue Composition

Revenues from Contracts with Customers

This line item steadily advances from $13,894 million in 2020 to $25,169 million in 2024, underscoring fundamental business growth and strong contract-based sales.

Embedded Derivatives

The embedded derivatives values show fluctuations, with positive contributions in most years except for a negative figure in 2022 (-$491 million). Recovery is seen in 2023 and 2024, suggesting hedging or derivative impacts affecting revenue variability.

Consolidated Revenues

Consolidated revenues exhibit robust and consistent growth, increasing from $14,198 million in 2020 to $25,455 million in 2024. The progression reflects the combined effects of product sales growth and financial adjustments, signaling expanding business scale.

In summary, the data reveals overall growth in revenues, particularly in copper and gold segments, despite some cyclicality and dips in concentrate and purchased copper revenues. Expenses related to royalties, treatment, and duties have generally increased, which may exert upward pressure on costs. The consolidated revenue growth indicates a strengthening business position over the period analyzed.