Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Freeport-McMoRan Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	3,824)	3,923)	4,758)	8,146)	8,068)
Restricted cash and cash equivalents	230)	888)	1,208)	111)	—)
Trade accounts receivable	977)	578)	1,209)	1,336)	1,168)
Value added and other tax receivables	686)	564)	455)	459)	574)
Inventories	7,493)	6,808)	6,060)	5,180)	4,497)
Other current assets	580)	535)	375)	381)	523)
Current assets	13,790)	13,296)	14,065)	15,613)	14,830)
Property, plant, equipment and mine development costs, net, excluding operating lease right-of-use assets	39,531)	37,661)	34,847)	32,285)	30,068)
Operating lease right-of-use assets	1,205)	853)	448)	342)	277)
Long-term mill and leach stockpiles	1,173)	1,225)	1,336)	1,252)	1,387)
Long-term tax receivables	810)	306)	354)	399)	378)
Intangible assets	432)	428)	422)	416)	412)
Legally restricted trust assets	232)	217)	212)	182)	209)
Investments	596)	556)	304)	262)	232)
Cloud computing arrangements	226)	163)	76)	—)	—)
Royalty overpayments	39)	22)	—)	—)	—)
Long-term employee receivables	24)	24)	26)	24)	20)
Loans to PT Smelting for expansion	—)	—)	233)	101)	36)
Contingent consideration associated with sales of assets	—)	—)	38)	47)	70)
Other	109)	97)	145)	170)	103)
Other assets	1,658)	1,507)	1,456)	1,202)	1,082)
Noncurrent assets	44,377)	41,552)	38,441)	35,480)	33,192)
Total assets	58,167)	54,848)	52,506)	51,093)	48,022)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets exhibited a consistent upward trend over the five-year period, increasing from US$48.022 billion in 2021 to US$58.167 billion in 2025. This growth was primarily driven by increases in both current and noncurrent assets, although the composition of these assets shifted considerably during the period.

Current Assets: Current assets demonstrated initial growth, peaking at US$15.613 billion in 2022, before declining to US$13.296 billion in 2024. A slight recovery to US$13.790 billion was observed in 2025. A significant component of this fluctuation was the change in cash and cash equivalents, which decreased substantially from US$8.068 billion in 2021 to US$3.824 billion in 2025. Trade accounts receivable also experienced volatility, decreasing from US$1.336 billion in 2022 to US$578 million in 2024, then increasing to US$977 million in 2025. Inventories consistently increased throughout the period, rising from US$4.497 billion to US$7.493 billion, indicating a potential build-up of finished goods or raw materials. Value added and other tax receivables showed a moderate increase over the period.
Noncurrent Assets: Noncurrent assets displayed a steady and substantial increase throughout the period, growing from US$33.192 billion in 2021 to US$44.377 billion in 2025. The largest component, property, plant, equipment and mine development costs, net, excluding operating lease right-of-use assets, consistently increased, rising from US$30.068 billion to US$39.531 billion. Operating lease right-of-use assets also increased significantly, more than tripling from US$277 million to US$1.205 billion. Long-term tax receivables showed a notable increase in 2025, reaching US$810 million. Investments also increased, suggesting potential strategic allocations of capital. Cloud computing arrangements and royalty overpayments were initially absent but grew to US$226 million and US$39 million respectively by 2025.
Restricted Cash: Restricted cash and cash equivalents were not present in 2021, but grew to US$1.208 billion in 2023 before decreasing to US$230 million in 2025. This suggests a fluctuating need for segregated funds, potentially related to specific project financing or regulatory requirements.
Long-Term Assets - Specific Items: Loans to PT Smelting for expansion increased significantly from US$36 million in 2021 to US$233 million in 2023, then disappeared in subsequent years, potentially indicating the completion of the expansion and repayment of the loan. Contingent consideration associated with sales of assets decreased from US$70 million in 2021 to being absent in 2024 and 2025, suggesting the fulfillment of earn-out provisions. Long-term mill and leach stockpiles remained relatively stable throughout the period.

Overall, the asset base expanded considerably, with a notable shift in composition towards long-term assets, particularly property, plant, and equipment, and operating lease right-of-use assets. The fluctuations in current assets, especially cash and cash equivalents and trade accounts receivable, warrant further investigation to understand the underlying operational drivers.

Freeport-McMoRan Inc. (NYSE:FCX)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items