Stock Analysis on Net

Freeport-McMoRan Inc. (NYSE:FCX)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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Freeport-McMoRan Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Accounts payable and accrued liabilities
Accrued income taxes
Current portion of debt
Current portion of environmental and asset retirement obligations
Dividends payable, common stock
Current liabilities
Long-term debt, less current portion
Environmental and asset retirement obligations, less current portion
Deferred income taxes
Long-term operating leases, less current portion
Other liabilities
Noncurrent liabilities
Total liabilities
Common stock
Capital in excess of par value
Retained earnings (accumulated deficit)
Accumulated other comprehensive loss
Common stock held in treasury
Stockholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

Based on: 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 capital structure of the organization has undergone a significant shift between March 31, 2021, and March 31, 2026, characterized by a steady transition from a liability-funded model to one more heavily supported by equity. Total liabilities decreased from 55.15% of the total balance sheet to 46.45%, while total equity increased from 44.85% to 53.55% over the same period.

Deleveraging and Long-Term Liability Trends
A consistent reduction in long-term financial leverage is observed. Long-term debt, excluding the current portion, declined from 20.97% in March 2021 to 15.15% by March 2026. This downward trajectory in noncurrent liabilities, which fell from 44.59% to 36.41%, was further supported by a decrease in deferred income taxes from 10.19% to 7.89%. Conversely, environmental and asset retirement obligations showed a slight upward trend, increasing from 8.52% to 9.50%, indicating a growing relative weight of these obligations within the liability structure.
Equity Growth and Retained Earnings Recovery
The most notable change in the balance sheet is the recovery of retained earnings. The company moved from a significant accumulated deficit of -25.12% in March 2021 to a positive retained earnings balance of 3.48% by March 2026. This reversal is the primary driver behind the increase in stockholders' equity, which rose from 25.02% to 33.15%. This trend suggests a period of sustained profitability and internal capital generation. Meanwhile, capital in excess of par value decreased from 59.76% to 40.30%, and treasury stock remained relatively stable, fluctuating between -8% and -11%.
Current Liability Stability
Current liabilities remained relatively stable as a percentage of total assets and equity, generally fluctuating between 9% and 13%. Accounts payable and accrued liabilities maintained a consistent range, ending at 7.04% in March 2026 compared to 6.57% in March 2021. The current portion of debt showed significant volatility, peaking at 2.80% in March 2022 before settling at 0.85% by March 2026, suggesting active management of short-term debt maturities.
Noncontrolling Interests
Noncontrolling interests remained a stable component of the total equity structure, fluctuating minimally between 18.23% and 20.87% throughout the analysis period, ending at 20.40% in March 2026.