Analysis of Geographic Areas
Freeport-McMoRan Inc. operates in 4 regions: Indonesia; U.S.; Chile; and Other.
Area Asset Turnover
Freeport-McMoRan Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Indonesia | 0.09 | 0.05 | 0.04 | 0.17 | 0.19 |
| U.S. | 0.79 | 0.75 | 0.77 | 0.83 | 0.86 |
| Chile | 0.39 | 0.40 | 0.39 | 0.35 | 0.31 |
| Other | 1.96 | 2.32 | 2.08 | 1.71 | 1.72 |
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).
Asset turnover ratios across geographic areas exhibit varied performance from 2021 to 2025. Significant differences exist between regions, and trends within each region demonstrate distinct patterns.
- Indonesia
- The asset turnover ratio for Indonesia demonstrates a consistent decline from 0.19 in 2021 to a low of 0.04 in 2023. A slight recovery to 0.05 in 2024 is followed by an increase to 0.09 in 2025, though the ratio remains substantially below the 2021 level. This suggests decreasing efficiency in asset utilization within this region, with a minimal improvement towards the end of the period.
- U.S.
- The U.S. region maintains a relatively stable asset turnover ratio throughout the analyzed period, fluctuating between 0.75 and 0.86. A gradual downward trend is observed from 2021 to 2024, decreasing from 0.86 to 0.75. However, the ratio experiences a slight increase to 0.79 in 2025. Overall, asset utilization in the U.S. remains consistently higher than in Indonesia and demonstrates moderate stability.
- Chile
- Chile exhibits a generally increasing trend in asset turnover from 0.31 in 2021 to 0.39 in 2023, indicating improved asset utilization. The ratio stabilizes at 0.40 in 2024 before decreasing slightly to 0.39 in 2025. This suggests a positive, though leveling off, trend in operational efficiency within the Chilean operations.
- Other
- The “Other” category displays the highest asset turnover ratios among the reported areas. The ratio increases from 1.72 in 2021 to 2.32 in 2024, indicating a significant improvement in asset utilization. A decrease to 1.96 in 2025 is observed, but the ratio remains considerably higher than those of Indonesia, the U.S., and Chile. This suggests a highly efficient use of assets within this combined geographic grouping.
In summary, asset turnover performance varies considerably by geographic area. While Indonesia shows a concerning decline, the U.S. demonstrates stability, Chile exhibits improvement, and the “Other” category maintains consistently high ratios. These differences warrant further investigation to understand the underlying operational and strategic factors driving these trends.
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Area Asset Turnover: Indonesia
Freeport-McMoRan Inc.; Indonesia; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 2,180) | 1,108) | 767) | 3,026) | 3,132) |
| Long-lived assets | 24,059) | 22,580) | 20,602) | 18,121) | 16,288) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 0.09 | 0.05 | 0.04 | 0.17 | 0.19 |
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 2,180 ÷ 24,059 = 0.09
Analysis of the Indonesian area reveals a fluctuating performance in asset utilization between 2021 and 2025. Revenues and long-lived assets both experienced increases over the period, but the area asset turnover ratio demonstrates a complex relationship between these figures.
- Revenues
- Revenues for the Indonesian area decreased from US$3,132 million in 2021 to US$3,026 million in 2022. A significant decline followed, with revenues dropping to US$767 million in 2023. Revenues partially recovered in 2024, reaching US$1,108 million, and continued to increase substantially to US$2,180 million in 2025.
- Long-lived Assets
- Long-lived assets consistently increased throughout the analyzed period. Starting at US$16,288 million in 2021, they rose to US$18,121 million in 2022, US$20,602 million in 2023, US$22,580 million in 2024, and ultimately reached US$24,059 million in 2025. This indicates a continuous investment in assets within the Indonesian area.
- Area Asset Turnover
- The area asset turnover ratio exhibited a declining trend initially. It decreased from 0.19 in 2021 to 0.17 in 2022. A substantial decrease was observed in 2023, falling to 0.04. A slight improvement occurred in 2024, with the ratio increasing to 0.05. The ratio then increased to 0.09 in 2025, though it remains significantly lower than the levels seen in 2021 and 2022. The increasing asset base coupled with the revenue fluctuations resulted in a lower ability to generate revenue from assets in 2023 and 2024, with some recovery in 2025.
The disparity between the increasing asset base and the fluctuating revenue stream suggests a potential inefficiency in asset utilization, particularly in 2023 and 2024. While revenue is recovering in 2025, the asset turnover ratio has not returned to its earlier levels, indicating that the increased asset investment has not yet translated into proportional revenue gains.
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Area Asset Turnover: U.S.
Freeport-McMoRan Inc.; U.S.; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 9,034) | 7,806) | 7,264) | 7,339) | 7,168) |
| Long-lived assets | 11,388) | 10,468) | 9,386) | 8,801) | 8,292) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 0.79 | 0.75 | 0.77 | 0.83 | 0.86 |
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 9,034 ÷ 11,388 = 0.79
The financial performance related to U.S. operations demonstrates fluctuating revenue generation alongside increasing long-lived asset investment over the five-year period. This dynamic impacts the area asset turnover ratio, revealing evolving efficiency in asset utilization.
- Revenues
- Revenues from U.S. operations initially increased from $7,168 million in 2021 to $7,339 million in 2022. A slight decrease followed in 2023, with revenues reaching $7,264 million. Subsequently, a more substantial increase is observed, with revenues rising to $7,806 million in 2024 and further to $9,034 million in 2025. This indicates a positive revenue trend in the later years of the analyzed period.
- Long-lived Assets
- Long-lived assets consistently increased throughout the period. Starting at $8,292 million in 2021, they rose to $8,801 million in 2022, $9,386 million in 2023, $10,468 million in 2024, and culminated at $11,388 million in 2025. This continuous investment in long-lived assets suggests expansion or upgrades within U.S. operations.
- Area Asset Turnover
- The area asset turnover ratio exhibited a declining trend from 2021 to 2023, decreasing from 0.86 to 0.77. This suggests a diminishing efficiency in generating revenue from the invested asset base. However, the ratio experienced a slight recovery in 2024 and 2025, increasing to 0.75 and 0.79 respectively. While the ratio did not return to its 2021 level, the stabilization and modest improvement suggest a potential reversal of the earlier declining trend. The increase in revenue in 2024 and 2025, coupled with continued asset investment, contributed to this stabilization.
In summary, while revenue generation has shown positive momentum in recent years, the asset turnover ratio indicates that the efficiency of asset utilization has been variable. The increasing asset base requires continued revenue growth to maintain or improve asset turnover efficiency.
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Area Asset Turnover: Chile
Freeport-McMoRan Inc.; Chile; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 471) | 451) | 428) | 383) | 343) |
| Long-lived assets | 1,213) | 1,120) | 1,105) | 1,103) | 1,110) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 0.39 | 0.40 | 0.39 | 0.35 | 0.31 |
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 471 ÷ 1,213 = 0.39
Analysis of the Chile geographic area reveals a generally positive trend in revenue generation relative to long-lived assets between 2021 and 2024, followed by a slight moderation in the most recent year. Revenues have consistently increased over the period, while long-lived assets have exhibited a more moderate growth pattern.
- Revenues
- Revenues for the Chile area demonstrate a consistent upward trajectory, increasing from US$343 million in 2021 to US$471 million in 2025. The largest year-over-year increase occurred between 2022 and 2023, with an increase of US$45 million. Growth slowed between 2024 and 2025, with an increase of US$20 million.
- Long-lived assets
- Long-lived assets in the Chile area have generally increased, moving from US$1,110 million in 2021 to US$1,213 million in 2025. However, the rate of increase has not been consistent. A slight decrease was observed between 2021 and 2022. The most substantial increase in long-lived assets occurred between 2024 and 2025, with an increase of US$93 million.
- Area asset turnover
- The area asset turnover ratio, which measures revenue generated per dollar of long-lived assets, increased from 0.31 in 2021 to 0.40 in 2024, indicating improving efficiency in asset utilization. However, the ratio decreased slightly to 0.39 in 2025. This suggests that while asset utilization remains strong, the rate of revenue generation relative to assets has plateaued in the most recent period.
Overall, the Chile area has demonstrated positive financial performance, with increasing revenues and improving asset turnover. The slight decrease in asset turnover in 2025 warrants monitoring to determine if it represents a temporary fluctuation or the beginning of a more sustained trend.
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Area Asset Turnover: Other
Freeport-McMoRan Inc.; Other; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 14,230) | 16,090) | 14,396) | 12,032) | 12,202) |
| Long-lived assets | 7,275) | 6,948) | 6,918) | 7,036) | 7,088) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 1.96 | 2.32 | 2.08 | 1.71 | 1.72 |
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 14,230 ÷ 7,275 = 1.96
The financial performance of this geographic area demonstrates fluctuating revenue generation relative to its long-lived asset base over the five-year period. Revenues initially experienced a slight decrease before exhibiting substantial growth, while long-lived assets remained relatively stable. This dynamic is reflected in the area asset turnover ratio, which shows a clear trend of increasing efficiency followed by a moderate decline.
- Revenues
- Revenues decreased from US$12,202 million in 2021 to US$12,032 million in 2022, representing a minor contraction. A significant increase followed, with revenues reaching US$14,396 million in 2023 and peaking at US$16,090 million in 2024. A subsequent decrease to US$14,230 million was observed in 2025, though remaining above the 2021 level.
- Long-lived assets
- Long-lived assets exhibited relative stability throughout the period. A slight decrease was noted from US$7,088 million in 2021 to US$7,036 million in 2022. Values continued to decline modestly to US$6,918 million in 2023, before increasing slightly to US$6,948 million in 2024 and US$7,275 million in 2025. The overall change in long-lived assets was minimal compared to the revenue fluctuations.
- Area asset turnover
- The area asset turnover ratio, which measures revenue generated per dollar of long-lived assets, increased from 1.72 in 2021 to 1.71 in 2022. A substantial improvement was then observed, with the ratio rising to 2.08 in 2023 and further to 2.32 in 2024. In 2025, the ratio decreased to 1.96, indicating a reduced efficiency in asset utilization compared to the peak in 2024, but still remaining above the levels seen in 2021 and 2022. This suggests that while the area effectively leveraged its assets to generate revenue, the efficiency experienced a slight pullback in the most recent year.
The increasing trend in area asset turnover from 2022 to 2024 aligns with the growth in revenues, indicating improved operational efficiency. The decrease in 2025, despite continued high revenue, suggests potential factors impacting asset utilization, such as increased asset investment or changes in operational processes. Further investigation would be required to determine the underlying causes of this shift.
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Long-lived assets
Freeport-McMoRan Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Indonesia | 24,059) | 22,580) | 20,602) | 18,121) | 16,288) |
| U.S. | 11,388) | 10,468) | 9,386) | 8,801) | 8,292) |
| Chile | 1,213) | 1,120) | 1,105) | 1,103) | 1,110) |
| Other | 7,275) | 6,948) | 6,918) | 7,036) | 7,088) |
| Total | 43,935) | 41,116) | 38,011) | 35,061) | 32,778) |
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).
The value of long-lived assets demonstrates a consistent upward trend across all reported geographic areas between December 31, 2021, and December 31, 2025. The magnitude of increase varies by region, with Indonesia representing the largest portion of these assets and exhibiting the most substantial absolute growth. Overall, the total value of long-lived assets increased steadily throughout the period.
- Indonesia
- Long-lived assets in Indonesia increased from US$16,288 million in 2021 to US$24,059 million in 2025, representing a cumulative increase of approximately 47.6%. The growth appears relatively consistent year-over-year, with incremental increases ranging from approximately US$1,833 million to US$1,479 million annually. This region consistently holds the largest share of the company’s long-lived assets.
- U.S.
- The U.S. experienced an increase in long-lived assets from US$8,292 million in 2021 to US$11,388 million in 2025, a cumulative increase of approximately 37.3%. Growth was consistent, with annual increases ranging from approximately US$509 million to US$920 million. The U.S. represents the second-largest concentration of long-lived assets.
- Chile
- Chile shows the smallest absolute increase in long-lived assets, growing from US$1,110 million in 2021 to US$1,213 million in 2025, a cumulative increase of approximately 9.3%. The annual increases are modest, generally below US$100 million, indicating a relatively stable asset base in this region.
- Other
- Long-lived assets categorized as “Other” remained relatively stable, fluctuating between US$6,918 million and US$7,088 million over the five-year period. The value in 2025 is US$7,275 million, representing a cumulative increase of approximately 4.2% from 2021. While not exhibiting substantial growth, this category maintains a significant portion of the total asset base.
- Total
- The total value of long-lived assets increased from US$32,778 million in 2021 to US$43,935 million in 2025, a cumulative increase of approximately 34.1%. The rate of increase appears to be accelerating slightly, with larger annual increases observed in the later years of the period.
The consistent growth in long-lived assets across most regions suggests ongoing investment and expansion. The substantial increase in Indonesia, coupled with the significant presence of assets in the U.S., highlights the importance of these regions to the company’s overall asset base. The relative stability in Chile and the “Other” category provides a baseline against which to evaluate the growth in the primary operating regions.
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Revenues
Freeport-McMoRan Inc., revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Indonesia | 2,180) | 1,108) | 767) | 3,026) | 3,132) |
| U.S. | 9,034) | 7,806) | 7,264) | 7,339) | 7,168) |
| Chile | 471) | 451) | 428) | 383) | 343) |
| Other | 14,230) | 16,090) | 14,396) | 12,032) | 12,202) |
| Total | 25,915) | 25,455) | 22,855) | 22,780) | 22,845) |
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).
Revenues exhibited varied performance across geographic areas between 2021 and 2025. Overall, total revenues demonstrated a general upward trajectory, though with fluctuations. A significant portion of revenue contribution originates from the ‘Other’ category, followed by the U.S. region.
- Indonesia
- Revenue from Indonesia experienced a substantial decline from 2021 to 2023, decreasing from US$3,132 million to US$767 million. A recovery was observed in 2024, reaching US$1,108 million, followed by further growth to US$2,180 million in 2025. This indicates a period of significant volatility followed by a return towards earlier revenue levels.
- U.S.
- The U.S. region demonstrated consistent revenue generation throughout the period. Revenues increased steadily from US$7,168 million in 2021 to US$9,034 million in 2025. This represents a compound annual growth rate of approximately 5.4%, indicating a stable and growing market within the U.S.
- Chile
- Chile exhibited modest, consistent growth in revenue. Starting at US$343 million in 2021, revenues increased to US$471 million in 2025. While the absolute increase is smaller compared to other regions, the consistent upward trend suggests a stable contribution from this area.
- Other
- The ‘Other’ category represents the largest portion of total revenue, but also shows the most variability. Revenues peaked in 2023 at US$14,396 million and 2024 at US$16,090 million, before decreasing to US$14,230 million in 2025. This suggests potential concentration risk and sensitivity to external factors impacting the regions encompassed within this category.
Total revenue remained relatively stable between 2021 and 2023, fluctuating around US$22.8 billion. A noticeable increase occurred in 2024 and 2025, reaching US$25.455 billion and US$25.915 billion respectively. This growth is primarily driven by increases in the U.S. and ‘Other’ categories, partially offset by fluctuations in Indonesian revenue.
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