Common-Size Income Statement
Quarterly Data
Freeport-McMoRan Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial data reveals several notable trends over the observed periods. Revenues serve as the baseline at 100%, allowing for a relative comparison across various cost and profit metrics.
- Cost Structure Trends
- Production and delivery costs as a percentage of revenues exhibited substantial volatility, starting at -98.89% and improving to a range near -50% in mid-2021, indicating enhanced cost efficiency during that interval. However, these costs later fluctuated, returning closer to -60% or above in subsequent quarters, signaling variability in operational expenses. Depreciation, depletion, and amortization expenses consistently ranged from approximately -12% to -7%, showing relative stability with a slight downward trend over time. The aggregate cost of sales followed a similar pattern to production costs, decreasing from extremely high percentages (above -110%) to a more manageable range around -60% to -70%, reflecting partial cost control improvements but remaining significant relative to revenues.
- Profitability Measures
- Gross profit margins improved considerably from negative figures early on to positive margins exceeding 30% in multiple periods, highlighting a recovery in core profitability. This was accompanied by operating income margins that rose from negative values (around -17%) to above 40% at peak points, reflecting strong operational leverage and improved expense management. Nevertheless, operating income margins experienced fluctuations and slight declines in the latest periods, suggesting some profit pressure. Net income attributable to common stockholders demonstrated a gradual increase from negative or low positive percentages to higher positive margins over time, although these gains were less pronounced than operating income improvements, possibly influenced by other income statement factors.
- Expense Trends
- Selling, general and administrative (SG&A) expenses remained relatively stable as a proportion of revenues, generally fluctuating within a narrow band near -2%, indicating consistent overhead control. Exploration and research expenditures remained minor but exhibited some growth in percentage terms over the periods, ranging approximately from -0.6% to -0.2%, reflecting ongoing investment in development activities. Environmental obligations and shutdown costs varied across quarters with no consistent trend, at times rising sharply (above -2%) but generally remaining below -1%, indicating episodic environmental or closure-related expenses impacting profitability.
- Other Income and Expenses
- Interest expense, net, declined steadily over time from around -4.5% to below -1.5%, suggesting reduced financing costs or refinancing activity improving interest burdens. Gains or losses on asset sales and early extinguishment of debt displayed sporadic impacts with minimal consistent trend, occasionally providing small positive contributions to profitability. Other income (expense), net, showed positive contributions in later periods, occasionally exceeding 2%, which may have supported improved net income margins despite operating cost pressures.
- Tax and Equity Impacts
- The provision for income taxes was persistently negative as a percentage of revenues, often between -9% and -13%, diminishing net income gains from operations. Fluctuations here suggest changes in tax rates or taxable income allocations. Equity in affiliated companies’ net earnings or losses remained near zero with minor positive or negative fluctuations, exerting limited impact on overall profitability.
- Net Income and Minority Interests
- Net income margins experienced notable improvement from deeply negative territory to positive margins mostly in the 10% to 20% range, signaling an overall recovery in profitability. However, net income attributable to noncontrolling interests consistently reduced net income margins by several percentage points, increasing in magnitude over time to around -10% in some quarters, indicating a growing share of income attributed to minority stakeholders and reducing amounts available to common stockholders. Consequently, net income attributable to common stockholders remained positive but lower than total net income, with margins generally under 10% in the most recent quarters.
In summary, the data indicates that operational efficiency and cost management improved significantly from 2020 through mid-2021, supporting upward trends in gross and operating profits. Despite some cost volatility thereafter, profitability remained positive, aided by reduced interest expenses and favorable other income components. Tax provisions and minority interests consistently curtailed net income attributable to common stockholders, which, while improved, showed more modest gains relative to operating income. Overall, the trends reflect a company transitioning from losses to sustained profitability with ongoing cost control challenges and capital structure impacts influencing net earnings.