Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Freeport-McMoRan Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	2,948)	2,789)	2,466)	2,701)	2,035)
Salaries, wages and other compensation	382)	361)	343)	329)	334)
Litigation accruals	343)	34)	51)	99)	28)
Pension, postretirement, postemployment and other employee benefits	148)	128)	129)	143)	190)
Accrued interest	145)	135)	146)	218)	203)
Deferred revenue	106)	91)	161)	76)	191)
Short-term operating lease liabilities	103)	98)	84)	38)	38)
Accrued taxes, other than income taxes	79)	81)	88)	75)	64)
Community development programs	62)	75)	58)	60)	—)
PTFI contingencies	49)	49)	67)	179)	259)
MIND ID indemnification	49)	49)	—)	—)	—)
PTFI administrative fine	—)	59)	55)	—)	—)
Other	151)	108)	81)	109)	153)
Accounts payable and accrued liabilities	4,565)	4,057)	3,729)	4,027)	3,495)
Current portion of debt	466)	41)	766)	1,037)	372)
Accrued income taxes	456)	859)	786)	744)	1,541)
Current portion of environmental and asset retirement obligations	313)	320)	316)	320)	264)
Dividends payable	219)	219)	218)	217)	220)
Current liabilities	6,019)	5,496)	5,815)	6,345)	5,892)
Long-term debt, less current portion	8,913)	8,907)	8,656)	9,583)	9,078)
Environmental and asset retirement obligations, less current portion	5,541)	5,404)	4,624)	4,463)	4,116)
Deferred income taxes	4,622)	4,376)	4,453)	4,269)	4,234)
Long-term operating lease liabilities	1,010)	692)	347)	294)	281)
Pension, postretirement, postemployment and other employment benefits	770)	689)	704)	775)	845)
Litigation accruals	163)	163)	163)	109)	131)
Provision for tax positions	131)	136)	174)	161)	232)
Social investment programs	146)	111)	79)	36)	—)
Indemnification of MIND ID	—)	—)	75)	74)	78)
Other	86)	96)	106)	113)	116)
Other liabilities	1,296)	1,195)	1,301)	1,268)	1,402)
Noncurrent liabilities	21,382)	20,574)	19,381)	19,877)	19,111)
Total liabilities	27,401)	26,070)	25,196)	26,222)	25,003)
Common stock, par value $0.10	163)	162)	162)	161)	160)
Capital in excess of par value	23,680)	23,797)	24,637)	25,322)	25,875)
Retained earnings (accumulated deficit)	1,385)	(170)	(2,059)	(3,907)	(7,375)
Accumulated other comprehensive loss	(305)	(314)	(274)	(320)	(388)
Common stock held in treasury, at cost	(6,024)	(5,894)	(5,773)	(5,701)	(4,292)
Stockholders’ equity	18,899)	17,581)	16,693)	15,555)	13,980)
Noncontrolling interests	11,867)	11,197)	10,617)	9,316)	9,039)
Total equity	30,766)	28,778)	27,310)	24,871)	23,019)
Total liabilities and equity	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).

Overall, the company’s liabilities and stockholders’ equity demonstrate a general upward trend from 2021 through 2025. Total liabilities increased from US$25.003 billion to US$27.401 billion, while total equity grew from US$23.019 billion to US$30.766 billion, resulting in a significant increase in total liabilities and equity from US$48.022 billion to US$58.167 billion over the five-year period.

Current Liabilities: Current liabilities exhibited volatility, increasing from US$5.892 billion in 2021 to US$6.345 billion in 2022, decreasing to US$5.496 billion in 2024, and then rising to US$6.019 billion in 2025. A significant component, accrued income taxes, decreased substantially from US$1.541 billion in 2021 to US$456 million in 2025. The current portion of debt also showed considerable fluctuation, peaking at US$1.037 billion in 2022 before declining sharply to US$41 million in 2024 and then increasing again to US$466 million in 2025.
Noncurrent Liabilities: Noncurrent liabilities generally increased over the period, moving from US$19.111 billion in 2021 to US$21.382 billion in 2025. Long-term debt remained relatively stable, fluctuating between US$8.656 billion and US$9.583 billion. Environmental and asset retirement obligations also increased consistently, from US$4.116 billion in 2021 to US$5.541 billion in 2025. Long-term operating lease liabilities experienced a substantial increase, more than tripling from US$281 million in 2021 to US$1.010 billion in 2025.
Stockholders’ Equity: Stockholders’ equity demonstrated consistent growth throughout the period, rising from US$13.980 billion in 2021 to US$18.899 billion in 2025. Retained earnings transitioned from an accumulated deficit of US$7.375 billion in 2021 to a positive balance of US$1.385 billion in 2025, indicating improved profitability and earnings retention. Common stock held in treasury consistently decreased, from US$4.292 billion in 2021 to US$6.024 billion in 2025, potentially reflecting share repurchase activity. Noncontrolling interests also increased steadily, from US$9.039 billion to US$11.867 billion.
Specific Accruals and Contingencies: Litigation accruals experienced significant volatility. While relatively low in 2021 and 2023, they peaked at US$99 million in 2022 and again at US$343 million in 2025. PTFI contingencies decreased substantially from US$259 million in 2021 to US$49 million in both 2024 and 2025. New items, MIND ID indemnification and PTFI administrative fine, appeared in 2024 and 2025, respectively, adding to the liability structure.

The increases in both liabilities and equity suggest overall company growth and potentially increased financing activities. The shifts within current and noncurrent liabilities indicate changes in the company’s short-term and long-term financial obligations and risk management strategies. The positive trend in retained earnings is a favorable sign, while the increasing trend in noncontrolling interests suggests a growing proportion of ownership outside of the parent company.

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Freeport-McMoRan Inc. (NYSE:FCX)

Balance Sheet: Liabilities and Stockholders’ Equity