Common-Size Income Statement
Quarterly Data
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Freeport-McMoRan Inc., common-size consolidated income statement (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 financial performance over the analyzed period is characterized by significant volatility in operating margins, primarily driven by fluctuations in production and delivery costs. While revenues serve as the constant baseline, the efficiency of cost management and the impact of non-recurring items have led to substantial variances in net profitability.
- Cost of Sales and Gross Profitability
- Cost of sales exhibits a wide range of fluctuation, peaking at 81.95% of revenues in December 2025 and reaching a low of 55.11% in March 2022. This variability directly correlates with gross profit margins, which have shifted from a high of 44.89% to a low of 18.05%. A general trend toward higher production and delivery costs is observable in the latter half of the data set, putting downward pressure on gross margins before a recovery in early 2026.
- Operating Income and Extraordinary Items
- Operating income has demonstrated cyclicality, with a notable peak of 42.54% in March 2022 and a significant trough of 14.40% in December 2025. The stability of selling, general, and administrative expenses, which generally remain between 1.5% and 2.7% of revenues, suggests that the volatility is rooted in production costs rather than overhead. A substantial outlier occurs in March 2026, where operating income rose to 34.28%, heavily influenced by a non-recurring gain of 11.21% from a PTFI mud rush incident insurance settlement.
- Financing and Tax Obligations
- Net interest expense as a percentage of revenues has shown a general downward trend, declining from approximately 3.0% in early 2021 to between 1.0% and 1.5% in more recent quarters, indicating improved debt serviceability relative to top-line growth. The provision for income taxes has remained relatively consistent, typically fluctuating between 8% and 12% of revenues, with a sharp, anomalous decrease to 3.59% in December 2025.
- Net Income Attribution
- Net income attributable to common stockholders has been highly volatile, ranging from a peak of 23.00% in September 2021 to a low of 4.79% in December 2024. There is a visible increase in the proportion of net income attributable to noncontrolling interests over time, often absorbing between 6% and 11% of total revenues, which narrows the margin available to common shareholders.