Freeport-McMoRan Inc. (NYSE:FCX)

The financial performance over the five-year period demonstrates fluctuating revenues and profitability. While revenues exhibit a modest overall increase from US$22.845 billion in 2021 to US$25.915 billion in 2025, profitability metrics reveal a more complex picture with significant variations year-over-year.

Revenue and Cost of Sales

Revenues remained relatively stable between 2021 and 2023, fluctuating around US$22.8 billion before increasing to US$25.455 billion in 2024 and US$25.915 billion in 2025. Concurrently, cost of sales consistently increased throughout the period, rising from US$14.030 billion in 2021 to US$18.618 billion in 2025. This increase in cost of sales outpaced revenue growth, particularly between 2021 and 2023, contributing to a decline in gross profit.

Gross Profit and Operating Income

Gross profit experienced a notable decline from US$8.815 billion in 2021 to US$7.160 billion in 2023, before partially recovering to US$7.660 billion in 2024 and US$7.297 billion in 2025. Operating income mirrored this trend, decreasing from US$8.366 billion in 2021 to US$6.225 billion in 2023, then increasing to US$6.864 billion in 2024 and US$6.518 billion in 2025. The fluctuations in operating income suggest sensitivity to changes in cost of sales and operating expenses.

Operating Expenses

Selling, general and administrative expenses, exploration and research expenses, and environmental obligations and shutdown costs all increased over the period. Selling, general and administrative expenses rose steadily from US$383 million in 2021 to US$545 million in 2025. Exploration and research expenses also increased, from US$55 million to US$192 million. Environmental obligations and shutdown costs experienced a significant increase in 2023 (US$319 million) before decreasing to US$58 million in 2025. These rising expenses contributed to the pressure on operating income.

Net Income and Attributable Income

Net income decreased from US$5.365 billion in 2021 to US$3.751 billion in 2023, then increased to US$4.399 billion in 2024 and US$4.152 billion in 2025. However, net income attributable to common stockholders experienced a more substantial decline, falling from US$4.306 billion in 2021 to US$1.848 billion in 2023, before recovering to US$1.889 billion in 2024 and US$2.204 billion in 2025. The increasing portion of net income attributable to noncontrolling interests, rising from US$1.059 billion in 2021 to US$1.948 billion in 2025, explains a significant portion of the difference between consolidated net income and income attributable to common stockholders.

Interest and Other Income

Interest expense, net, decreased from US$602 million in 2021 to US$319 million in 2024, before increasing slightly to US$369 million in 2025. Other income (expense), net, fluctuated significantly, moving from a negative US$105 million in 2021 to a positive US$362 million in 2024, and then decreasing to US$223 million in 2025. These fluctuations in non-operating items impacted the overall net income.

Tax Provision

The provision for income taxes remained relatively consistent between US$2.267 billion and US$2.523 billion throughout the period, generally tracking changes in income before taxes.

In summary, the period was characterized by increasing revenues and costs, leading to fluctuating profitability. The increasing share of net income attributable to noncontrolling interests warrants further investigation. While net income showed some recovery in the later years, the trend in income attributable to common stockholders remained more subdued.