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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Freeport-McMoRan Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenues
- Revenues show a generally upward trend from Q1 2020 through Q1 2025, with some volatility. Starting at 2,798 million USD in March 2020, revenues increased steadily, peaking at 6,790 million USD in September 2024 before a decline in subsequent quarters, with a sharp rise again to 7,582 million USD by June 2025.
- Production and Delivery Costs
- Production and delivery costs have fluctuated but maintained a generally increasing pattern, ranging from -2,767 million USD in March 2020 to a peak around -4,282 million USD in June 2025. This increase correlates with revenue growth, which suggests higher operational activity.
- Depreciation, Depletion, and Amortization
- Depreciation, depletion, and amortization expenses showed increases from -341 million USD in Q1 2020 to fluctuating peaks around -668 million USD by Q2 2025. This cost component exhibits periodic rises possibly reflecting asset base expansion and accelerated depreciation in certain periods.
- Cost of Sales
- Cost of sales followed similar fluctuations as production costs and depreciation, rising from -3,108 million USD in Q1 2020 to a high near -4,950 million USD in Q4 2024. This consistent rise indicates increasing operational expenses accompanying the growth of sales.
- Gross Profit (Loss)
- Gross profit experienced significant variability, turning from a loss of -310 million USD in Q1 2020 to positive territory thereafter. It peaked in March 2022 at 2,964 million USD before declining and then rising again to 2,632 million USD in Q2 2025, showing margins under pressure but generally strong profitability during most recent periods.
- Selling, General and Administrative Expenses
- SG&A expenses showed moderate fluctuations, mostly between -70 million and -154 million USD per quarter, without a clear long-term trend, indicating relatively stable control over these overhead costs despite operational scale changes.
- Exploration and Research Expenses
- Exploration and research costs tend to increase over time, from -16 million USD early in 2020 to approximately -46 million USD by mid-2025, suggesting an expanded emphasis on innovation and new resource development.
- Environmental Obligations and Shutdown Costs
- Environmental and shutdown expenses were irregular, with spikes in certain quarters such as -101 million USD in Q4 2020 and again some elevated costs around -98 to -27 million USD in 2022-2025, indicating episodic impacts from environmental or maintenance activities.
- Net Gain (Loss) on Sales of Assets
- This item is volatile and sporadic, with gains recorded in some quarters (e.g., 486 million USD in Q4 2020 and 60 million USD in Q3 2021) and many quarters showing no data or zero, reflecting occasional asset disposals contributing positively to income.
- Operating Income (Loss)
- Operating income reveals a strong recovery from an initial loss of -473 million USD in Q1 2020 to a general upward trend, peaking at 2,809 million USD in Q1 2022 before some fluctuations, but maintaining high levels near 2,432 million USD at mid-2025. This reflects improved operational efficiency and profitability.
- Interest Expense, Net
- Interest expenses were steady but showed a declining trend, moving from -127 million USD in early 2020 to a lower level near -70 million USD during 2024 and 2025, indicating possible refinancing or debt reduction.
- Net Gain (Loss) on Early Extinguishment of Debt
- This item appears irregular, with sporadic small gains or losses reported primarily in 2020 and 2022, suggesting occasional debt restructuring events.
- Other Income (Expense), Net
- Other income showed some variability with occasional spikes, particularly a negative outlier of -161 million USD in Q4 2021 and high positives such as 140 million USD in Q4 2022 and later quarters, contributing to overall income volatility.
- Income Before Taxes and Equity in Affiliates
- Income before taxes improved markedly from negative values in early 2020 to a peak over 2,700 million USD in Q1 2022, declining thereafter but sustaining substantial positive results, reaching approximately 2,391 million USD in mid-2025.
- Provision for Income Taxes
- The tax provision increased in absolute terms, reflecting higher pre-tax income, with deductibles or tax benefits early in 2020 turning into consistent tax expenses, reaching values as high as -850 million USD by mid-2025.
- Equity in Affiliated Companies
- Results from affiliated companies were minor and inconsistent, with small positive and negative contributions over the periods, not substantially influencing net income trends.
- Net Income (Loss)
- Net income improved remarkably from a loss of -549 million USD in Q1 2020 to strong profit generation thereafter, peaking at 1,904 million USD in Q1 2022, then experiencing volatility but remaining consistently profitable through mid-2025, with income levels around 1,547 million USD in Q2 2025.
- Net Income Attributable to Noncontrolling Interests
- Noncontrolling interests have represented a significant and increasing share of net income, generally negative, indicating consistent allocation of earnings to minority partners which reduces net income attributable to common stockholders.
- Net Income Attributable to Common Stockholders
- Net income attributable to common stockholders presents a strong upward trajectory after 2020 losses and low points, rising from 53 million USD in Q2 2020 to highs over 1,500 million USD in early 2022. Thereafter, it exhibits fluctuations but remains positive, with dips in some quarters reflecting operational and market volatility.