Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Freeport-McMoRan Inc., consolidated income statement (quarterly data)
US$ in millions
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).
Revenues exhibited volatility throughout the analyzed period, beginning at US$4,850 million in March 2021 and peaking at US$7,582 million in June 2025. A general upward trend is observable from 2021 through mid-2024, followed by a significant decline in the latter half of 2024 and into early 2025. Gross profit mirrored this revenue pattern, fluctuating between US$1,644 million and US$2,632 million, with a similar peak in June 2025 before declining. Operating income demonstrated a comparable trajectory, reaching a high of US$2,462 million in September 2021 and experiencing fluctuations before a decline towards the end of the period.
- Cost of Sales & Gross Profit Margin
- Cost of sales consistently represented a substantial portion of revenues, ranging from approximately 66% to 73% of revenues over the period. This resulted in a gross profit margin fluctuating between 34% and 46%. A slight compression in gross profit margin is noticeable in the later quarters, coinciding with the revenue decline. Production and delivery costs, a significant component of cost of sales, remained consistently high.
- Operating Expenses
- Selling, general, and administrative expenses remained relatively stable, generally between US$87 million and US$154 million per quarter. Exploration and research expenses showed a gradual increase over time, reaching US$55 million in September 2025. Environmental obligations and shutdown costs were particularly high in December 2022 and December 2023, impacting operating income in those periods.
- Profitability
- Net income attributable to common stockholders displayed significant variation, starting at US$718 million in March 2021 and peaking at US$1,547 million in June 2025. The latter half of the period saw a substantial decrease, falling to US$406 million by December 2025. This decline aligns with the revenue and operating income trends. Net income attributable to noncontrolling interests consistently represented a notable portion of overall net income, generally between 23% and 33% of total net income.
- Interest & Other Income
- Interest expense remained relatively consistent, generally between US$137 million and US$171 million per quarter. Other income (expense), net, exhibited considerable volatility, swinging from negative values to positive contributions, notably a significant positive impact in December 2022 and June 2025. These fluctuations in other income impacted the overall income before income taxes.
- Tax Rate
- The provision for income taxes varied considerably, resulting in an effective tax rate that fluctuated significantly. The effective tax rate appeared to be higher during periods of higher income, and lower during periods of lower income, suggesting a potentially variable tax burden.
Overall, the financial performance demonstrated a period of growth followed by a marked decline in the most recent quarters. While revenues initially increased, the latter part of the analyzed period shows a concerning downward trend in key financial metrics, including gross profit, operating income, and net income. The volatility in other income and the impact of environmental obligations also warrant further investigation.