Stock Analysis on Net
Stock Analysis on Net

Freeport-McMoRan Inc. (NYSE:FCX)

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

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

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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 7.85 7.21 7.59 7.28 7.40 6.90 7.16 6.78 7.10 7.21 7.15 7.54 7.88 7.91 7.69 6.48 7.28 6.29 6.84 6.57
Accrued income taxes 0.78 0.93 0.69 1.53 1.57 1.94 1.64 2.44 1.50 0.95 1.04 1.66 1.46 0.88 1.01 2.85 3.21 2.64 2.02 1.48
Current portion of debt 0.80 0.67 0.60 0.88 0.07 1.39 1.41 1.42 1.46 0.07 0.07 0.10 2.03 2.07 2.07 2.80 0.77 1.91 2.33 1.50
Current portion of environmental and asset retirement obligations 0.54 0.53 0.53 0.53 0.58 0.66 0.63 0.60 0.60 0.76 0.71 0.65 0.63 0.73 0.63 0.65 0.55 0.70 0.74 0.76
Dividends payable 0.38 0.38 0.39 0.39 0.40 0.39 0.40 0.40 0.42 0.42 0.43 0.43 0.42 0.43 0.43 0.45 0.46 0.24 0.24 0.25
Current liabilities 10.35% 9.72% 9.79% 10.61% 10.02% 11.28% 11.23% 11.63% 11.07% 9.41% 9.41% 10.37% 12.42% 12.02% 11.84% 13.22% 12.27% 11.77% 12.16% 10.57%
Long-term debt, less current portion 15.32 15.69 15.78 15.90 16.24 16.08 15.85 15.97 16.49 18.14 18.58 18.83 18.76 19.34 20.06 16.91 18.90 18.69 19.01 20.97
Environmental and asset retirement obligations, less current portion 9.53 9.60 9.67 9.69 9.85 9.21 9.30 9.33 8.81 8.99 8.97 8.83 8.74 8.46 8.32 8.49 8.57 7.86 8.19 8.52
Deferred income taxes 7.95 7.67 7.81 7.86 7.98 8.11 8.22 8.30 8.48 8.52 8.53 8.46 8.36 8.64 8.57 8.77 8.82 9.59 9.87 10.19
Other liabilities 3.96 3.83 3.86 3.79 3.44 3.22 2.89 2.90 3.14 3.29 3.39 3.14 3.06 3.10 3.22 3.39 3.50 4.06 4.69 4.90
Noncurrent liabilities 36.76% 36.79% 37.11% 37.24% 37.51% 36.62% 36.26% 36.51% 36.91% 38.94% 39.47% 39.25% 38.90% 39.55% 40.18% 37.55% 39.80% 40.21% 41.76% 44.59%
Total liabilities 47.11% 46.51% 46.90% 47.85% 47.53% 47.90% 47.50% 48.14% 47.99% 48.35% 48.87% 49.62% 51.32% 51.57% 52.01% 50.77% 52.07% 51.98% 53.92% 55.15%
Common stock 0.28 0.29 0.29 0.29 0.30 0.29 0.30 0.30 0.31 0.31 0.32 0.32 0.32 0.32 0.32 0.33 0.33 0.34 0.35 0.37
Capital in excess of par value 40.71 41.63 41.85 42.17 43.39 43.32 44.52 45.18 46.92 48.08 49.16 49.55 49.56 51.04 51.21 52.91 53.88 55.47 57.41 59.76
Retained earnings (accumulated deficit) 2.38 2.10 1.31 0.32 -0.31 -0.80 -1.78 -2.93 -3.92 -4.74 -5.70 -6.37 -7.65 -9.22 -9.99 -11.98 -15.36 -18.08 -21.74 -25.12
Accumulated other comprehensive loss -0.52 -0.55 -0.55 -0.56 -0.57 -0.49 -0.50 -0.51 -0.52 -0.61 -0.62 -0.63 -0.63 -0.77 -0.77 -0.79 -0.81 -1.22 -1.27 -1.33
Common stock held in treasury -10.36 -10.60 -10.66 -10.66 -10.75 -10.64 -10.68 -10.73 -10.99 -11.18 -11.33 -11.33 -11.16 -11.42 -11.05 -10.02 -8.94 -8.05 -8.31 -8.65
Stockholders’ equity 32.49% 32.88% 32.23% 31.57% 32.05% 31.68% 31.86% 31.32% 31.79% 31.87% 31.83% 31.54% 30.44% 29.95% 29.71% 30.44% 29.11% 28.46% 26.43% 25.02%
Noncontrolling interests 20.40 20.61 20.87 20.57 20.41 20.43 20.65 20.54 20.22 19.78 19.30 18.84 18.23 18.48 18.27 18.79 18.82 19.56 19.64 19.83
Total equity 52.89% 53.49% 53.10% 52.15% 52.47% 52.10% 52.50% 51.86% 52.01% 51.65% 51.13% 50.38% 48.68% 48.43% 47.99% 49.23% 47.93% 48.02% 46.08% 44.85%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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 composition of liabilities and stockholders’ equity exhibited several notable trends over the observed period from March 2021 to December 2025. Overall, the proportion of total liabilities generally decreased from 55.15% to 47.11% before increasing to 47.89% by December 2025, while stockholders’ equity correspondingly increased and then stabilized. Within these broad categories, specific line items demonstrated distinct patterns.

Current Liabilities
Current liabilities as a percentage of total liabilities and equity initially increased from 10.57% in March 2021 to a peak of 12.42% in December 2021. Subsequently, they decreased to 9.41% by June 2023, before rising again to 10.35% in September 2023 and stabilizing around 10.00% - 10.35% through December 2025. Accounts payable and accrued liabilities, the largest component of current liabilities, remained relatively stable, fluctuating between approximately 6.29% and 7.88% throughout the period. The current portion of debt showed significant volatility, peaking at 2.33% in June 2021, declining sharply to 0.07% by June 2022, and then experiencing a modest increase to 0.80% in September 2023 before falling again.
Noncurrent Liabilities
Noncurrent liabilities decreased from 44.59% in March 2021 to 36.91% in September 2023, before increasing to 37.51% in December 2024 and stabilizing at 36.76% by December 2025. Long-term debt, less current portion, constituted the largest portion of noncurrent liabilities, decreasing from 20.97% to 15.32% over the period. Environmental and asset retirement obligations also showed a gradual increase, rising from 8.52% to 9.53% by December 2025. Deferred income taxes exhibited a consistent decline, decreasing from 10.19% to 7.95%.
Stockholders’ Equity
Stockholders’ equity demonstrated a clear upward trend, increasing from 25.02% in March 2021 to 32.49% in December 2025. This increase was primarily driven by changes in retained earnings, which transitioned from a significant accumulated deficit of -25.12% to a positive 2.38% by December 2025. Capital in excess of par value also contributed to the increase, though to a lesser extent, decreasing from 59.76% to 40.71%. Common stock remained relatively constant, fluctuating around 0.30%, while common stock held in treasury decreased from -8.65% to -10.36%. Noncontrolling interests remained relatively stable, fluctuating between 18.23% and 20.87%.
Tax Related Liabilities
Accrued income taxes showed considerable fluctuation, peaking at 3.21% in December 2021 before declining to 0.69% in June 2025. This suggests potential timing differences in income recognition and tax payments. The current portion of environmental and asset retirement obligations remained relatively stable, fluctuating between 0.53% and 0.76%.

In summary, the liability structure became less dominant relative to equity over the analyzed period, largely due to the reduction in long-term debt and the improvement in retained earnings. The fluctuations in current liabilities appear to be driven by changes in the current portion of debt and accrued income taxes, while noncurrent liabilities were primarily influenced by the reduction in long-term debt. The overall trend suggests a strengthening financial position, with a greater reliance on equity financing.

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