Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Freeport-McMoRan Inc. pages available for free this week:
- 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 cash flow 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).
The financial information reveals fluctuating cash flows over the analyzed period, spanning from March 2021 to December 2025. Operating activities consistently generated positive cash flow, though with considerable variation. Investing activities consistently represented a cash outflow, primarily driven by capital expenditures. Financing activities exhibited significant volatility, alternating between providing and using cash, influenced by debt transactions, dividend payments, and stock-related activities.
- Net Income
- Net income demonstrated a peak in September 2021 at US$1,723 million, followed by a decline and subsequent recovery. A general upward trend is observed from March 2023 through June 2025, reaching US$1,547 million in March 2025 and US$1,247 million in June 2025, before decreasing to US$565 million in September 2025. The final period shows a recovery to US$721 million in December 2024.
- Operating Activities
- Net cash provided by operating activities generally remained positive throughout the period, peaking at US$2,395 million in June 2021. A substantial decrease occurred in September 2022, falling to US$758 million, followed by a recovery. The period from March 2024 to December 2025 shows a decline, with US$693 million reported in December 2025, indicating potential challenges in generating cash from core operations towards the end of the analyzed timeframe.
- Investing Activities
- Net cash used in investing activities consistently represented a significant outflow, ranging from approximately US$368 million to US$1,412 million per period. Capital expenditures were the primary driver of these outflows, consistently exceeding US$1 billion annually from 2021 onwards. A notable additional outflow of US$210 million was recorded in September 2024 related to the acquisition of additional ownership interest in Cerro Verde.
- Financing Activities
- Financing activities exhibited substantial fluctuations. Significant cash inflows were observed in June 2022 (US$352 million) and December 2025 (US$1,015 million), largely attributable to proceeds from debt. Conversely, substantial cash outflows occurred in December 2021 (US$1,152 million) and December 2024 (US$1,510 million), driven by debt repayments, dividend payments, and treasury stock purchases. Dividend payments consistently represented a significant cash outflow, particularly to noncontrolling interests.
- Working Capital
- Changes in working capital demonstrated considerable variability, contributing to fluctuations in operating cash flow. A significant outflow of US$828 million was observed in September 2022, while inflows were seen in March 2021 (US$932 million) and June 2021 (US$1,734 million). Accounts receivable and inventories showed significant fluctuations, impacting working capital.
- Non-Recurring Items
- Several non-recurring items impacted cash flow. Net charges for environmental and asset retirement obligations, talc-related litigation charges, impairment of oil and gas properties, and payments for the Cerro Verde royalty dispute all contributed to cash outflows in specific periods. Deferred income taxes also exhibited significant variability, impacting operating cash flow.
Overall, the company’s cash flow profile is characterized by strong operating cash generation, substantial investment in capital projects, and fluctuating financing activities driven by debt management and shareholder returns. The recent trend of declining operating cash flow and increased financing needs warrants further investigation.