Stock Analysis on Net
Stock Analysis on Net

Freeport-McMoRan Inc. (NYSE:FCX)

$24.99

Operating Profit Margin
since 2005

Microsoft Excel

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Calculation

Freeport-McMoRan Inc., operating profit margin, long-term trends, calculation

Microsoft Excel
Operating profit margin = 100 × Operating income (loss)1 ÷ Revenues1
Dec 31, 2025 = 100 × ÷
Dec 31, 2024 = 100 × ÷
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Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
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Dec 31, 2005 = 100 × ÷

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The operating profit margin exhibited considerable fluctuation between 2005 and 2025. Initial years showed relatively strong margins, followed by a period of significant volatility, and a more recent stabilization at a lower, yet positive, level.

Initial Period (2005-2007)
From 2005 to 2007, the operating profit margin decreased from 52.10% to 38.70%. While declining, the margin remained robust, indicating strong profitability relative to revenue during this period. This decrease coincided with a substantial increase in revenues.
Period of Extreme Volatility (2008-2015)
The years 2008 through 2015 were characterized by extreme volatility. A dramatic decline occurred in 2008, with the margin falling to -71.42%, representing a substantial operating loss. Subsequent recovery in 2009 and 2010 was followed by further fluctuations, including another significant loss in 2015 (-84.29%). This period suggests considerable sensitivity to external factors impacting both revenues and operating income.
Stabilization and Recovery (2016-2025)
Beginning in 2016, the operating profit margin demonstrated a trend towards stabilization, albeit at a lower level than the initial period. The margin moved from -18.83% in 2016 to positive values in subsequent years, peaking at 36.62% in 2021. From 2022 to 2025, the margin remained relatively stable, fluctuating between 26.97% and 27.24%, indicating a more consistent, though reduced, level of profitability. The operating profit margin in 2025 was 25.15%.
Revenue Correlation
A review of revenue alongside the operating profit margin suggests a complex relationship. While revenue increases did not always translate to margin improvement, significant declines in revenue, as seen in 2015, were often associated with substantial margin deterioration. The largest revenue figures corresponded with some of the highest operating profit margins, particularly in 2021.

Overall, the operating profit margin demonstrates a history of significant swings, with a recent trend towards stabilization at a lower, but positive, level. The period between 2008 and 2015 was particularly challenging, highlighting the company’s vulnerability to adverse conditions. The more recent period suggests improved resilience, but also a reduced capacity to generate high levels of operating profit relative to revenue.