Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- 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 statement of comprehensive income
US$ in millions
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).
Net income exhibited volatility over the five-year period, beginning at US$5,365 million in 2021, decreasing to US$3,751 million in 2023, and then increasing to US$4,399 million in 2024 before slightly declining to US$4,152 million in 2025. Comprehensive income mirrored this trend, starting at US$5,561 million in 2021, falling to US$3,795 million in 2023, and reaching US$4,357 million in 2024, concluding at US$4,158 million in 2025. A significant portion of the comprehensive income fluctuations is attributable to noncontrolling interests, which consistently reduced the income available to common stockholders.
- Net Income Trend
- Net income decreased from 2021 to 2023, representing a decline of approximately 29.7%. The subsequent increase in 2024 suggests a potential recovery, but the slight decrease in 2025 indicates continued instability. The fluctuations may be linked to commodity price changes or operational factors not reflected in this statement.
- Other Comprehensive Income (OCI)
- Other comprehensive income demonstrated considerable variability. Positive OCI was observed in 2021, 2022, 2023, and 2025, while a loss was recorded in 2024. The primary driver of these fluctuations appears to be defined benefit plans and actuarial gains/losses. Specifically, actuarial losses increased in magnitude from 2023 to 2024, contributing to the overall OCI loss in 2024.
- Impact of Noncontrolling Interests
- Comprehensive income attributable to noncontrolling interests consistently represented a substantial deduction from total comprehensive income. This deduction increased over the period, from US$1,060 million in 2021 to US$1,945 million in 2025. This growing deduction significantly impacted the comprehensive income available to common stockholders.
- Comprehensive Income Attributable to Common Stockholders
- As a result of the net income trends and the increasing impact of noncontrolling interests, comprehensive income attributable to common stockholders experienced a substantial decrease from US$4,501 million in 2021 to US$1,894 million in 2023. While a recovery was seen in 2024 and 2025, reaching US$2,213 million, it did not return to the levels observed in the earlier years of the period.
- Specific OCI Components
- Actuarial gains and losses, net of taxes, fluctuated between gains and losses, with gains observed in 2021, 2022, and 2023, and losses in 2024 and 2025. Amortization of unrecognized benefit amounts remained relatively stable, decreasing slightly over time. Foreign exchange gains/losses were consistently minimal.
Overall, the period was characterized by volatility in both net income and comprehensive income, significantly influenced by fluctuations in actuarial gains/losses and the increasing deduction related to noncontrolling interests. The income available to common stockholders experienced a notable decline, despite a partial recovery in the later years of the period.