Common-Size Balance Sheet: Assets
Quarterly Data
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Freeport-McMoRan Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The asset composition demonstrates a strategic shift in capital allocation, characterized by a reduction in liquid assets and a corresponding increase in operational inventories and long-term capital investments. Overall, there is a transition from a higher concentration of current assets toward a more fixed-asset-heavy structure over the analyzed period.
- Liquidity and Cash Management
- Cash and cash equivalents experienced significant volatility, peaking at 18.94% of total assets in June 2022 before entering a prolonged downward trend to 6.83% by June 2026. This decline suggests a deployment of cash reserves toward capital expenditures or debt obligations. Restricted cash emerged as a factor in late 2023, remaining relatively low but consistent, fluctuating between 0.40% and 2.30% of total assets.
- Working Capital and Inventory Dynamics
- Inventories have steadily increased as a proportion of the balance sheet, rising from 9.50% in March 2021 to 13.17% by June 2026. This growth is driven primarily by increases in "Product" and "Materials and supplies," indicating either higher stockpiling of finished goods or an expansion in operational inputs. Trade accounts receivable have remained relatively stable but lean, generally fluctuating between 1% and 3% of total assets.
- Fixed Assets and Long-term Infrastructure
- Property, plant, equipment and mine development costs represent the dominant component of the asset base. This category grew from 68.22% in March 2021 to 69.83% in June 2026, peaking at 70.84% in September 2024. The increase underscores a sustained commitment to mine development and infrastructure investment. Conversely, long-term mill and leach stockpiles showed a consistent decline, falling from 3.38% to 1.80% over the period.
- Asset Allocation Summary
- The broader balance sheet structure reveals a contraction in current assets, which declined from a peak of 31.34% in March 2022 to 23.72% by June 2026. In contrast, noncurrent assets increased from 75.13% to 76.28%. This reallocation highlights a transition toward a more asset-intensive operational model with lower immediate liquidity.