Analysis of Revenues
Revenues as Reported
Freeport-McMoRan Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
Consolidated revenues exhibited a generally positive trend over the five-year period, despite some fluctuations. Revenues from contracts with customers increased from US$22,422 million in 2021 to US$25,186 million in 2025. However, a closer examination of the underlying revenue streams reveals varying performance.
- Copper Revenue
- Copper revenue, the largest component, demonstrated relative stability between 2021 and 2023, fluctuating around US$18.7-18.9 billion. A notable increase occurred in 2024, reaching US$19,586 million, followed by a slight decrease to US$19,325 million in 2025. Within copper revenue, cathode products showed consistent growth, increasing from US$5,900 million in 2021 to US$8,147 million in 2025. Concentrate revenue, conversely, peaked in 2022 at US$9,650 million before declining to US$6,310 million in 2025. Rod and other refined copper products showed modest, consistent growth throughout the period.
- Precious Metals Revenue
- Gold revenue experienced significant growth from 2021 to 2024, rising from US$2,580 million to US$4,446 million, before decreasing to US$3,900 million in 2025. Silver and other revenue showed more modest fluctuations, ending at US$749 million in 2025, a slight increase from US$688 million in 2022. Molybdenum revenue also increased substantially, nearly doubling from US$1,283 million in 2021 to US$1,966 million in 2025.
- Revenue Adjustments & Expenses
- Several expense items consistently reduced overall revenue. Royalty expense, PTFI export duties, treatment charges, and adjustments to revenues all represented negative values throughout the period. Adjustments to revenues were the largest of these deductions, consistently exceeding US$1 billion annually. Treatment charges showed a significant decrease in negative value from 2023 to 2024, but increased in magnitude in 2025. PTFI export duties and royalty expense remained relatively stable in absolute terms, though their impact varied with overall revenue levels.
- Embedded Derivatives
- The impact of embedded derivatives was variable. A positive contribution of US$423 million was observed in 2021, followed by a negative impact of US$491 million in 2022. The impact became positive again in 2023 and 2024, culminating in a substantial positive contribution of US$729 million in 2025.
Overall, the revenue performance appears driven by fluctuations in copper cathode sales and gold prices, offset by declines in concentrate revenue. The consistent negative adjustments to revenues represent a significant factor impacting the final consolidated revenue figure. The increasing positive impact from embedded derivatives in the later years of the period also contributed to the overall revenue trend.