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.

Freeport-McMoRan Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 30, 2026	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
Revenues	7,029)	6,234)	5,633)	6,972)	7,582)	5,728)	5,720)	6,790)	6,624)	6,321)	5,905)	5,824)	5,737)	5,389)	5,758)	5,003)	5,416)	6,603)	6,164)	6,083)	5,748)	4,850)
Production and delivery	(4,320)	(4,065)	(4,131)	(4,205)	(4,282)	(3,756)	(3,758)	(4,077)	(3,875)	(3,844)	(3,360)	(3,553)	(3,549)	(3,165)	(3,508)	(3,391)	(3,021)	(3,150)	(3,155)	(3,023)	(3,067)	(2,787)
Depreciation, depletion and amortization	(523)	(514)	(485)	(625)	(668)	(466)	(537)	(600)	(509)	(595)	(589)	(533)	(547)	(399)	(515)	(508)	(507)	(489)	(568)	(528)	(483)	(419)
Cost of sales	(4,843)	(4,579)	(4,616)	(4,830)	(4,950)	(4,222)	(4,295)	(4,677)	(4,384)	(4,439)	(3,949)	(4,086)	(4,096)	(3,564)	(4,023)	(3,899)	(3,528)	(3,639)	(3,723)	(3,551)	(3,550)	(3,206)
Gross profit	2,186)	1,655)	1,017)	2,142)	2,632)	1,506)	1,425)	2,113)	2,240)	1,882)	1,956)	1,738)	1,641)	1,825)	1,735)	1,104)	1,888)	2,964)	2,441)	2,532)	2,198)	1,644)
Selling, general and administrative expenses	(135)	(162)	(133)	(131)	(127)	(154)	(129)	(117)	(123)	(144)	(120)	(118)	(115)	(126)	(107)	(98)	(100)	(115)	(94)	(102)	(87)	(100)
Exploration and research expenses	(53)	(38)	(52)	(55)	(46)	(39)	(41)	(38)	(40)	(37)	(34)	(30)	(42)	(31)	(28)	(38)	(25)	(24)	(19)	(15)	(14)	(7)
Environmental obligations and shutdown costs	(13)	(17)	(21)	—)	(27)	(10)	(12)	(20)	(28)	(67)	(80)	(98)	(74)	(67)	(70)	(6)	(29)	(16)	(40)	(13)	(33)	(5)
Gain on PTFI mud rush incident insurance settlement	—)	699)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain on sale of assets	18)	—)	—)	16)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	2)	—)	17)	60)	3)	—)
Operating income	2,003)	2,137)	811)	1,972)	2,432)	1,303)	1,243)	1,938)	2,049)	1,634)	1,722)	1,492)	1,410)	1,601)	1,530)	962)	1,736)	2,809)	2,305)	2,462)	2,067)	1,532)
Interest expense, net	(95)	(114)	(110)	(107)	(82)	(70)	(70)	(72)	(88)	(89)	(97)	(96)	(171)	(151)	(137)	(140)	(156)	(127)	(171)	(138)	(148)	(145)
Net gain on early extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	5)	5)	—)	3)	20)	8)	—)	—)	—)	—)	—)
Other income (expense), net	22)	11)	65)	59)	41)	58)	67)	97)	69)	129)	103)	71)	24)	88)	140)	25)	11)	31)	(161)	36)	9)	11)
Income before income taxes and equity in affiliated companies’ net earnings (losses)	1,930)	2,034)	766)	1,924)	2,391)	1,291)	1,240)	1,963)	2,030)	1,674)	1,728)	1,472)	1,268)	1,538)	1,536)	867)	1,599)	2,713)	1,973)	2,360)	1,928)	1,398)
Provision for income taxes	(544)	(653)	(202)	(669)	(850)	(500)	(520)	(737)	(754)	(512)	(724)	(508)	(539)	(499)	(557)	(315)	(571)	(824)	(625)	(628)	(603)	(443)
Equity in affiliated companies’ net earnings (losses)	5)	6)	1)	(8)	6)	2)	1)	10)	4)	—)	3)	—)	2)	10)	(2)	8)	10)	15)	10)	(9)	6)	(2)
Net income	1,391)	1,387)	565)	1,247)	1,547)	793)	721)	1,236)	1,280)	1,162)	1,007)	964)	731)	1,049)	977)	560)	1,038)	1,904)	1,358)	1,723)	1,331)	953)
Net income attributable to noncontrolling interests	(407)	(506)	(159)	(573)	(775)	(441)	(447)	(710)	(664)	(689)	(619)	(510)	(388)	(386)	(280)	(156)	(198)	(377)	(252)	(324)	(248)	(235)
Net income attributable to common stockholders	984)	881)	406)	674)	772)	352)	274)	526)	616)	473)	388)	454)	343)	663)	697)	404)	840)	1,527)	1,106)	1,399)	1,083)	718)

Revenue exhibits significant cyclicality over the analyzed period, characterized by an initial growth phase in 2021, followed by a period of volatility between 2022 and 2024. A prominent peak occurred in the second quarter of 2025, with revenues reaching 7,582 million US dollars, before experiencing a contraction in the following two quarters. By the second quarter of 2026, revenue recovered to 7,029 million US dollars.

Gross Profit and Cost Structure: Gross profit margins demonstrate high sensitivity to fluctuations in the cost of sales, primarily driven by production and delivery expenses. Production costs have generally trended upward, moving from 2,787 million US dollars in March 2021 to a peak of 4,320 million US dollars by June 2026. This upward pressure on costs has led to inconsistent gross profit margins, with a notable dip in the fourth quarter of 2025 where gross profit fell to 1,017 million US dollars despite revenues of 5,633 million US dollars.
Operating Performance: Operating income closely tracks gross profit trends, though it is occasionally influenced by non-recurring items. A significant anomaly is observed in the first quarter of 2026, where operating income rose to 2,137 million US dollars, bolstered by a 699 million US dollar gain from the PTFI mud rush incident insurance settlement. Excluding such extraordinary gains, operating income shows a cyclical pattern reflecting commodity price volatility and operational cost fluctuations.
Operating Expenses and Financial Costs: Selling, general, and administrative expenses have remained relatively stable, generally fluctuating between 87 million and 162 million US dollars per quarter. Exploration and research expenses have seen a gradual increase, peaking at 55 million US dollars in June 2025. Net interest expenses show a general downward trend over the long term, decreasing from a range of 138 to 171 million US dollars in 2021 to approximately 70 to 114 million US dollars in the later periods, suggesting a reduction in the debt burden or more favorable financing terms.
Net Income and Attribution: Net income attributable to common stockholders is subject to substantial variance. Significant portions of total net income are consistently diverted to noncontrolling interests, which reached a peak deduction of 775 million US dollars in June 2025. The bottom line for common stockholders hit a low of 274 million US dollars in December 2024 but recovered to 984 million US dollars by June 2026, mirroring the broader recovery in operating performance and revenue.

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Freeport-McMoRan Inc. (NYSE:FCX)

Income Statement Quarterly Data

Income Statement
Quarterly Data