Cash Flow Statement
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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- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Freeport-McMoRan Inc., consolidated cash flow statement
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data reveals several meaningful trends and fluctuations across the periods under review.
- Profitability
- Net income showed a pronounced increase from 865 million USD in 2020 to a peak of 5,365 million USD in 2021, followed by a subsequent decline over the next two years, settling at 4,399 million USD in 2024. This suggests a strong but volatile earnings environment with potential impacts from market or operational factors.
- Non-cash expenses
- Depreciation, depletion, and amortization steadily increased from 1,528 million USD in 2020 to 2,241 million USD in 2024, indicating ongoing investment in depreciable assets or adjustments in asset bases. Related environmental and asset retirement obligation charges fluctuated, peaking notably in 2021 and again in 2024, signaling continuing environmental liabilities.
- Environmental and social obligations
- Net charges and payments related to environmental and asset retirement obligations, as well as social investment programs, show consistent expenditure with occasional spikes. Payments for environmental obligations declined slightly each year, while social investment charges and payments increased, reflecting a growing commitment to social programs particularly in Indonesia operations.
- One-time and irregular items
- There were variable impacts from gains/losses on asset sales and debt extinguishment, with significant gains in 2020 diminishing substantially in subsequent years. Talc-related litigation charges appeared only sporadically, indicating ongoing legal considerations. Impairments of oil and gas properties emerged in 2023 and 2024, possibly reflecting reassessment of asset values.
- Working capital and operating cash flow
- Changes in working capital varied widely, notably a significant negative impact in 2022 and 2023, which pressured operating cash flow despite solid net income. Adjustments to reconcile net income to net cash from operating activities decreased in 2022 but recovered thereafter. Overall, net cash provided by operating activities increased substantially from 3,017 million USD in 2020 to 7,160 million USD in 2024, reflecting strong cash-generating capability.
- Investing activities
- Capital expenditures rose markedly, more than doubling from 1,961 million USD in 2020 to a peak above 4,800 million USD in 2023 and sustaining high levels in 2024. Proceeds from asset sales declined sharply, indicating fewer divestitures. Loans and acquisitions related to PT Smelting and Cerro Verde varied, with a notable acquisition cost recorded in 2024. Net cash used in investing activities increased in magnitude, highlighting aggressive investment and expansion efforts.
- Financing activities
- Debt issuance showed major volatility, with a large spike in 2022 followed by lower but positive proceeds afterward. Debt repayments were also substantial across all years, consistently reducing liabilities. Dividend payments to common shareholders increased notably in 2022 and stabilized thereafter. Dividends and distributions to noncontrolling interests rose sharply in 2024. Treasury stock purchases occurred mainly in 2021 and 2022, then diminished. Net cash used in financing activities increased over time, indicating heightened financing activity and shareholder returns.
- Liquidity and cash balance
- Cash and equivalents rose strongly in 2021 due to high operating cash and net financing inputs but faced declines in the last two years, reflecting substantial investing outflows and net financing usage. Ending cash balances decreased from a peak of 8,390 million USD in 2022 to 4,911 million USD in 2024, highlighting tighter liquidity conditions despite ongoing cash generation.
In summary, the data depicts a company experiencing robust but fluctuating profitability and operating cash flows, intensified investment expenditure, active financing with considerable debt issuance and repayment, and a gradually tightening liquidity position. Environmental and social responsibilities continue to demand financial attention, while irregular charges and gains contribute to earnings volatility. Overall, the firm appears to be pursuing growth and asset development aggressively, balanced against a mixed cash flow and financing environment.