Analysis of Reportable Segments
Freeport-McMoRan Inc. operates in 5 segments: Morenci; Cerro Verde; Indonesia Operations; U.S. Rod & Refining; and Atlantic Copper.
Segment Profit Margin
Freeport-McMoRan Inc., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Morenci | 22.92% | 13.42% | 20.75% | 35.89% | 50.43% |
| Cerro Verde | 38.63% | 31.18% | 28.52% | 30.78% | 43.42% |
| Indonesia Operations | 44.54% | 54.49% | 55.80% | 54.59% | 52.35% |
| U.S. Rod & Refining | 0.45% | 0.46% | 0.34% | -0.36% | -0.02% |
| Atlantic Copper | 0.35% | 1.62% | 1.28% | -2.50% | 0.71% |
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).
Segment profit margins exhibited varied performance across the reporting periods. Overall, a considerable degree of fluctuation is apparent, with some segments demonstrating consistent profitability while others experienced significant volatility or remained near breakeven.
- Morenci
- The Morenci segment experienced a substantial decline in profit margin from 50.43% in 2021 to 13.42% in 2024. A partial recovery to 22.92% is observed in 2025, though it remains well below the 2021 level. This suggests potential challenges related to operational costs, commodity pricing, or production volumes within this segment.
- Cerro Verde
- Cerro Verde demonstrated a more stable, albeit decreasing, trend initially, falling from 43.42% in 2021 to 28.52% in 2023. However, margins improved in the latter two years, reaching 38.63% in 2025. This indicates a potential turnaround or positive impact from cost management or favorable market conditions.
- Indonesia Operations
- The Indonesia Operations segment consistently maintained relatively high profit margins throughout the period, ranging from 52.35% to 55.80% between 2021 and 2023. A decrease to 44.54% is noted in 2025, representing the largest single-year decline for this segment, warranting further investigation.
- U.S. Rod & Refining
- The U.S. Rod & Refining segment historically operated at a loss, with margins of -0.02% and -0.36% in 2021 and 2022, respectively. A positive shift is observed in 2023, with a margin of 0.34%, which is sustained at 0.46% and 0.45% in 2024 and 2025. This suggests successful implementation of cost-reduction strategies or improved market conditions.
- Atlantic Copper
- Atlantic Copper exhibited the most volatile profit margin profile. The segment moved from a positive margin of 0.71% in 2021 to a loss of -2.50% in 2022, followed by recovery to 1.62% in 2024 before declining to 0.35% in 2025. This suggests significant sensitivity to external factors or operational challenges.
In summary, the segment profit margins reveal a diverse performance landscape. While some segments, like Indonesia Operations, demonstrate consistent strength, others, such as Morenci and Atlantic Copper, experience considerable fluctuations. The U.S. Rod & Refining segment shows a notable improvement from historical losses, while Cerro Verde exhibits a positive trend in recent years.
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Segment Profit Margin: Morenci
Freeport-McMoRan Inc.; Morenci; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 607) | 315) | 502) | 965) | 1,417) |
| Revenues | 2,648) | 2,347) | 2,419) | 2,689) | 2,810) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 22.92% | 13.42% | 20.75% | 35.89% | 50.43% |
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
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 607 ÷ 2,648 = 22.92%
The financial performance of the Morenci segment demonstrates a fluctuating pattern over the five-year period. Operating income and revenues both experienced declines from 2021 to 2023, followed by partial recoveries in subsequent years. However, the segment profit margin exhibited a more pronounced and consistent downward trend initially, before showing signs of improvement.
- Operating Income
- Operating income decreased significantly from US$1,417 million in 2021 to US$502 million in 2023, representing a substantial contraction. A modest recovery was observed in 2024, reaching US$315 million, and further improvement to US$607 million in 2025, though still below the 2021 level.
- Revenues
- Revenues followed a similar trajectory to operating income, declining from US$2,810 million in 2021 to US$2,419 million in 2023. Revenue increased to US$2,347 million in 2024, before rising to US$2,648 million in 2025. The 2025 revenue figure remains below the 2021 level.
- Segment Profit Margin
- The segment profit margin experienced a consistent decline from 50.43% in 2021 to a low of 13.42% in 2024. This indicates a decreasing ability to translate revenue into profit. A notable increase occurred in 2025, with the margin rising to 22.92%, suggesting a potential stabilization or improvement in operational efficiency or pricing power. However, the 2025 margin remains considerably lower than the 2021 figure.
The correlation between declining revenues and operating income suggests external factors, such as commodity price fluctuations or reduced sales volume, may have significantly impacted the segment’s performance. The substantial decrease in the segment profit margin, despite the revenue recovery in 2025, indicates that cost management or pricing strategies require continued attention. The improvement in profit margin during 2025 is a positive sign, but sustained monitoring is necessary to determine if this represents a lasting trend.
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Segment Profit Margin: Cerro Verde
Freeport-McMoRan Inc.; Cerro Verde; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 1,818) | 1,327) | 1,174) | 1,216) | 1,822) |
| Revenues | 4,706) | 4,256) | 4,117) | 3,950) | 4,196) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 38.63% | 31.18% | 28.52% | 30.78% | 43.42% |
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
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 1,818 ÷ 4,706 = 38.63%
The segment performance of Cerro Verde demonstrates fluctuating profitability between 2021 and 2025. Operating income and revenues both experienced volatility during this period, directly impacting the segment profit margin.
- Operating Income
- Operating income for Cerro Verde decreased from US$1,822 million in 2021 to US$1,216 million in 2022, representing a substantial decline. It remained relatively stable in 2023 at US$1,174 million before increasing to US$1,327 million in 2024. A further increase was observed in 2025, reaching US$1,818 million, returning to levels comparable to those seen in 2021.
- Revenues
- Revenues followed a similar pattern to operating income. A decrease from US$4,196 million in 2021 to US$3,950 million in 2022 was noted. Revenues then rose to US$4,117 million in 2023 and continued to increase to US$4,256 million in 2024. The most significant increase occurred between 2024 and 2025, with revenues reaching US$4,706 million.
- Segment Profit Margin
- The segment profit margin experienced a marked decrease from 43.42% in 2021 to 30.78% in 2022, coinciding with the decline in operating income and revenues. The margin continued to decrease slightly in 2023, reaching 28.52%. A modest recovery was observed in 2024, with the margin increasing to 31.18%. The most substantial improvement occurred in 2025, with the segment profit margin rising to 38.63%, indicating a return towards the higher profitability levels seen earlier in the period. The 2025 margin represents the strongest performance within the analyzed timeframe.
The correlation between revenue and operating income suggests that changes in the segment profit margin are largely driven by operational efficiency and external market factors affecting revenue generation. The substantial increase in both revenues and operating income in 2025 resulted in a significant improvement in the segment profit margin, indicating a positive trend in the segment’s financial health.
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Segment Profit Margin: Indonesia Operations
Freeport-McMoRan Inc.; Indonesia Operations; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 3,840) | 5,622) | 4,708) | 4,600) | 3,938) |
| Revenues | 8,622) | 10,318) | 8,437) | 8,426) | 7,523) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 44.54% | 54.49% | 55.80% | 54.59% | 52.35% |
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
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 3,840 ÷ 8,622 = 44.54%
The Indonesia Operations segment demonstrated a generally positive financial performance from 2021 through 2023, followed by a notable shift in 2024 and 2025. Operating income and revenues both exhibited growth over the initial three-year period, contributing to increasing profitability. However, this trend reversed in the subsequent two years.
- Operating Income
- Operating income increased from US$3,938 million in 2021 to US$4,708 million in 2023, representing a compound annual growth rate of approximately 8.0%. A further increase was observed in 2024, reaching US$5,622 million. However, operating income declined significantly in 2025 to US$3,840 million, falling below the 2021 level.
- Revenues
- Revenues followed a similar pattern to operating income. From US$7,523 million in 2021, revenues grew to US$8,437 million in 2023, a compound annual growth rate of roughly 6.2%. Revenue continued to rise in 2024, reaching US$10,318 million, before decreasing to US$8,622 million in 2025.
- Segment Profit Margin
- The segment profit margin increased steadily from 52.35% in 2021 to 55.80% in 2023, indicating improving operational efficiency and profitability. While remaining relatively high at 54.49% in 2024, the segment profit margin experienced a substantial decrease in 2025, falling to 44.54%. This decline suggests that despite a decrease in revenue, cost structures may have remained relatively fixed or increased, impacting overall profitability. The 2025 margin represents the lowest value observed within the analyzed period.
The period between 2021 and 2023 indicates a strengthening financial position for the Indonesia Operations segment. The subsequent decline in both operating income, revenues, and particularly the segment profit margin in 2024 and 2025 warrants further investigation to determine the underlying causes and potential implications for future performance.
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Segment Profit Margin: U.S. Rod & Refining
Freeport-McMoRan Inc.; U.S. Rod & Refining; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 31) | 29) | 20) | (23) | (1) |
| Revenues | 6,890) | 6,239) | 5,926) | 6,312) | 6,385) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 0.45% | 0.46% | 0.34% | -0.36% | -0.02% |
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
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 31 ÷ 6,890 = 0.45%
The U.S. Rod & Refining segment experienced significant volatility in financial performance between 2021 and 2025. Initially reporting an operating loss, the segment transitioned to profitability, demonstrating improvement over the analyzed period. Revenue figures fluctuated, but generally trended upward, contributing to the positive shift in segment profit margin.
- Operating Income (Loss)
- In 2021, the segment recorded an operating loss of US$1 million. This loss expanded considerably in 2022, reaching US$23 million. A substantial turnaround occurred in 2023, with operating income rising to US$20 million. Further gains were observed in 2024 and 2025, with operating income reaching US$29 million and US$31 million, respectively. This indicates a strengthening operational performance within the segment.
- Revenues
- Revenues for the segment were relatively stable between 2021 and 2023, fluctuating around US$6.0 billion. A slight decrease was noted in 2023 to US$5.926 billion. Revenues increased to US$6.239 billion in 2024 and continued to rise in 2025, reaching US$6.890 billion. This upward trend in revenue likely supported the improvement in operating income.
- Segment Profit Margin
- The segment profit margin reflected the operating income trends. In 2021, the margin was negative at -0.02%. This margin deteriorated to -0.36% in 2022, coinciding with the larger operating loss. A positive margin of 0.34% was achieved in 2023, signaling a return to profitability. The margin continued to improve, reaching 0.46% in 2024 and stabilizing at 0.45% in 2025. The consistent increase in the segment profit margin suggests improved cost management or pricing strategies alongside revenue growth.
Overall, the U.S. Rod & Refining segment demonstrated a strong recovery and positive trajectory during the period. The shift from operating losses to consistent profitability, coupled with increasing revenues and a rising segment profit margin, suggests successful operational improvements and a favorable business environment.
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Segment Profit Margin: Atlantic Copper
Freeport-McMoRan Inc.; Atlantic Copper; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 11) | 49) | 36) | (61) | 21) |
| Revenues | 3,169) | 3,017) | 2,810) | 2,443) | 2,961) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 0.35% | 1.62% | 1.28% | -2.50% | 0.71% |
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
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 11 ÷ 3,169 = 0.35%
The Atlantic Copper segment experienced fluctuating financial performance between 2021 and 2025. Operating income exhibited considerable volatility, transitioning from a positive result in 2021 to a loss in 2022, followed by recovery in 2023 and 2024, and a subsequent decline in 2025. Revenues demonstrated a generally upward trajectory over the five-year period, although with an interruption in 2022. The segment profit margin mirrored the operating income trend, displaying significant variation year-over-year.
- Operating Income
- Operating income began at US$21 million in 2021, then decreased substantially to a loss of US$61 million in 2022. A recovery was observed in 2023, with operating income reaching US$36 million, and further improvement in 2024 to US$49 million. However, operating income declined to US$11 million in 2025.
- Revenues
- Revenues were US$2,961 million in 2021, decreasing to US$2,443 million in 2022. Revenues then increased to US$2,810 million in 2023 and continued to rise to US$3,017 million in 2024. The upward trend continued into 2025, with revenues reaching US$3,169 million.
- Segment Profit Margin
- The segment profit margin started at 0.71% in 2021. It experienced a significant decline in 2022, resulting in a negative margin of -2.50%. The margin recovered to 1.28% in 2023 and further improved to 1.62% in 2024. However, the segment profit margin decreased to 0.35% in 2025, despite increasing revenues.
The divergence between revenue growth and profit margin decline in 2025 warrants further investigation. While revenues increased, the segment’s profitability decreased, suggesting potential increases in operating costs or pricing pressures. The substantial loss in 2022, coupled with the subsequent recovery, indicates sensitivity to external factors impacting copper prices or production costs. The overall trend suggests a degree of instability in the segment’s profitability despite revenue growth.
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Segment Return on Assets (Segment ROA)
Freeport-McMoRan Inc., ROA by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Morenci | 17.82% | 9.76% | 15.71% | 31.62% | 52.33% |
| Cerro Verde | 20.04% | 16.39% | 14.46% | 14.48% | 20.96% |
| Indonesia Operations | 14.08% | 20.59% | 18.43% | 22.29% | 20.76% |
| U.S. Rod & Refining | 9.31% | 14.36% | 11.63% | -12.57% | -0.44% |
| Atlantic Copper | 0.51% | 2.87% | 2.71% | -4.83% | 1.59% |
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).
Segment return on assets exhibited varied performance across the reporting periods. Overall, considerable fluctuation is apparent within each segment, suggesting sensitivity to underlying operational and market conditions. A consistent, company-wide trend is not readily observable.
- Morenci
- Morenci demonstrated a substantial decline in return on assets from 52.33% in 2021 to 9.76% in 2023. A modest recovery to 17.82% is noted in 2025, but remains significantly below the 2021 level. This segment experienced the most dramatic shift in profitability relative to asset utilization.
- Cerro Verde
- Cerro Verde’s return on assets showed relative stability between 2021 and 2023, fluctuating between 14.46% and 20.96%. A positive trend emerges in 2024 and 2025, increasing to 20.04% in 2025, indicating improved asset efficiency. This segment appears to be the most consistently profitable.
- Indonesia Operations
- The Indonesia Operations experienced a moderate decrease in return on assets from 2021 to 2025. Starting at 20.76% in 2021, it declined to 14.08% in 2025. While fluctuations occurred annually, the overall trend suggests a gradual reduction in profitability relative to assets employed.
- U.S. Rod & Refining
- U.S. Rod & Refining exhibited the most volatile performance. Beginning with a negative return on assets of -0.44% in 2021, it reached a low of -12.57% in 2022 before a significant turnaround, achieving 14.36% in 2024. The return on assets decreased to 9.31% in 2025, indicating continued, but less dramatic, variability.
- Atlantic Copper
- Atlantic Copper’s return on assets remained relatively low and inconsistent. It fluctuated from 1.59% in 2021 to -4.83% in 2022, with a slight recovery in subsequent years, but ultimately declining to 0.51% in 2025. This segment consistently underperformed compared to other reportable segments.
The differing trajectories of these segments suggest that profitability is heavily influenced by factors specific to each operation, rather than broad, company-wide trends. Further investigation into the drivers of these segment-specific results is warranted.
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Segment ROA: Morenci
Freeport-McMoRan Inc.; Morenci; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 607) | 315) | 502) | 965) | 1,417) |
| Assets | 3,407) | 3,228) | 3,195) | 3,052) | 2,708) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 17.82% | 9.76% | 15.71% | 31.62% | 52.33% |
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
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 607 ÷ 3,407 = 17.82%
The Morenci segment experienced fluctuating financial performance between 2021 and 2025. Operating income demonstrated a significant decline from 2021 to 2023, followed by a partial recovery in subsequent years. Simultaneously, segment assets generally increased over the five-year period, though at a moderating rate.
- Operating Income
- Operating income decreased substantially from US$1,417 million in 2021 to US$502 million in 2023, representing a roughly 65% reduction. A modest recovery occurred in 2024, with income reaching US$315 million, before increasing further to US$607 million in 2025. This suggests potential sensitivity to external factors impacting profitability, followed by a stabilization and improvement in later periods.
- Assets
- Assets increased from US$2,708 million in 2021 to US$3,407 million in 2025. The largest increase occurred between 2021 and 2022 (US$344 million), with subsequent annual increases becoming smaller. The rate of asset growth slowed over the period, indicating a potential stabilization of investment in the segment.
- Segment ROA
- Segment Return on Assets (ROA) mirrored the trend in operating income. It declined from a high of 52.33% in 2021 to a low of 9.76% in 2024. A recovery was observed in 2025, with ROA increasing to 17.82%. The decline in ROA from 2021 to 2024 suggests diminishing profitability relative to the asset base, while the 2025 increase indicates improved efficiency or profitability. The substantial decrease in ROA during this period warrants further investigation into the underlying drivers of asset utilization and profitability.
Overall, the Morenci segment experienced a period of declining profitability and efficiency between 2021 and 2024, followed by signs of improvement in 2025. The interplay between operating income and asset levels significantly impacted the segment’s ROA, highlighting the importance of monitoring both metrics.
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Segment ROA: Cerro Verde
Freeport-McMoRan Inc.; Cerro Verde; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 1,818) | 1,327) | 1,174) | 1,216) | 1,822) |
| Assets | 9,074) | 8,096) | 8,120) | 8,398) | 8,694) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 20.04% | 16.39% | 14.46% | 14.48% | 20.96% |
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
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 1,818 ÷ 9,074 = 20.04%
The Cerro Verde segment demonstrated fluctuating financial performance between 2021 and 2025. Operating income experienced initial decline followed by recovery, while segment assets generally increased over the period. These movements are reflected in the segment’s Return on Assets (ROA).
- Operating Income
- Operating income for the Cerro Verde segment began at US$1,822 million in 2021, decreased to US$1,216 million in 2022, and remained relatively stable at US$1,174 million in 2023. A subsequent increase was observed in 2024, reaching US$1,327 million, with further growth to US$1,818 million in 2025, exceeding the 2021 level.
- Assets
- The value of assets within the Cerro Verde segment decreased from US$8,694 million in 2021 to US$8,120 million in 2023. This downward trend reversed in 2024, with assets holding steady at US$8,096 million, before increasing significantly to US$9,074 million in 2025.
- Segment ROA
- Segment ROA followed a corresponding pattern. It began at 20.96% in 2021, declining to 14.48% in 2022 and remaining near that level at 14.46% in 2023. An improvement to 16.39% was noted in 2024, culminating in a return to 20.04% in 2025. The ROA’s fluctuations correlate with the changes in operating income and assets, with the 2025 value indicating improved profitability relative to the asset base compared to the 2022-2023 period.
The segment’s ROA demonstrates sensitivity to both operating income and asset levels. The increase in both operating income and assets in 2025 contributed to the highest ROA observed during the analyzed period.
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Segment ROA: Indonesia Operations
Freeport-McMoRan Inc.; Indonesia Operations; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 3,840) | 5,622) | 4,708) | 4,600) | 3,938) |
| Assets | 27,270) | 27,309) | 25,548) | 20,639) | 18,971) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 14.08% | 20.59% | 18.43% | 22.29% | 20.76% |
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
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 3,840 ÷ 27,270 = 14.08%
The Indonesia Operations segment demonstrated fluctuating performance between 2021 and 2025. Operating income generally increased through 2024, followed by a substantial decline in the most recent year. Simultaneously, assets exhibited a consistent upward trend until 2024, after which they stabilized. These movements resulted in corresponding changes in the segment’s Return on Assets (ROA).
- Operating Income
- Operating income increased from US$3,938 million in 2021 to US$4,600 million in 2022, representing a growth of approximately 16.9%. This positive trend continued into 2023 with a further increase to US$4,708 million. The segment achieved its highest operating income in 2024 at US$5,622 million, before experiencing a significant decrease to US$3,840 million in 2025.
- Assets
- The value of assets within the Indonesia Operations segment increased steadily from US$18,971 million in 2021 to US$20,639 million in 2022, and then to US$25,548 million in 2023. This growth continued, albeit at a slower pace, reaching US$27,309 million in 2024. In 2025, assets remained relatively stable at US$27,270 million, indicating a potential plateau in investment or asset accumulation.
- Segment ROA
- Segment ROA initially increased from 20.76% in 2021 to 22.29% in 2022, reflecting the growth in operating income outpacing the increase in assets. However, ROA decreased to 18.43% in 2023, despite continued growth in both operating income and assets, suggesting a less efficient utilization of assets. ROA recovered somewhat in 2024, reaching 20.59%, before declining sharply to 14.08% in 2025. This final decrease is attributable to the substantial reduction in operating income, while assets remained largely unchanged.
The segment’s ROA demonstrates sensitivity to changes in operating income. While asset growth was consistent through 2024, the decline in operating income in 2025 had a disproportionately negative impact on the segment’s profitability as measured by ROA.
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Segment ROA: U.S. Rod & Refining
Freeport-McMoRan Inc.; U.S. Rod & Refining; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 31) | 29) | 20) | (23) | (1) |
| Assets | 333) | 202) | 172) | 183) | 228) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 9.31% | 14.36% | 11.63% | -12.57% | -0.44% |
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
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 31 ÷ 333 = 9.31%
The U.S. Rod & Refining segment demonstrated a significant improvement in financial performance between 2021 and 2025. Initially reporting operating losses, the segment transitioned to profitability, accompanied by fluctuations in asset levels and corresponding changes in Return on Assets (ROA).
- Operating Income (Loss)
- In 2021, the segment experienced a modest operating loss of US$1 million. This loss widened considerably in 2022, reaching US$23 million. A substantial turnaround occurred in 2023, with operating income rising to US$20 million. Further gains were observed in 2024 and 2025, with operating income reaching US$29 million and US$31 million, respectively. This indicates a strengthening of the segment’s core business and improved cost management or revenue generation.
- Assets
- The segment’s asset base decreased from US$228 million in 2021 to US$183 million in 2022, and further to US$172 million in 2023. A moderate increase was noted in 2024, with assets reaching US$202 million. The most significant increase occurred in 2025, with assets growing to US$333 million. This suggests potential reinvestment in the segment or acquisitions contributing to asset growth in the later years.
- Segment ROA
- Reflecting the operating income trends, Segment ROA initially registered at -0.44% in 2021. A substantial decline was observed in 2022, with ROA falling to -12.57%. The segment experienced a dramatic recovery in 2023, with ROA increasing to 11.63%. Continued improvement was seen in 2024, reaching 14.36%. While still positive, ROA decreased slightly in 2025 to 9.31%, potentially due to the larger increase in assets relative to operating income. Despite this slight decrease, the ROA remains significantly higher than the levels observed in 2021 and 2022.
Overall, the U.S. Rod & Refining segment has demonstrated a positive trajectory, moving from losses to consistent profitability and improved asset utilization. The increase in assets in 2025 warrants monitoring to ensure continued efficient deployment of capital and maintenance of ROA levels.
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Segment ROA: Atlantic Copper
Freeport-McMoRan Inc.; Atlantic Copper; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 11) | 49) | 36) | (61) | 21) |
| Assets | 2,170) | 1,705) | 1,326) | 1,262) | 1,318) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 0.51% | 2.87% | 2.71% | -4.83% | 1.59% |
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
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 11 ÷ 2,170 = 0.51%
The Atlantic Copper segment experienced fluctuating financial performance between 2021 and 2025. Operating income exhibited considerable volatility, transitioning from a profit of US$21 million in 2021 to a loss of US$61 million in 2022, before recovering to US$36 million in 2023 and further increasing to US$49 million in 2024. However, operating income decreased to US$11 million in 2025.
Segment assets generally increased over the five-year period. Beginning at US$1,318 million in 2021, assets decreased slightly to US$1,262 million in 2022, then increased to US$1,326 million in 2023. A more substantial increase was observed in 2024, reaching US$1,705 million, and continued into 2025, with assets reaching US$2,170 million.
- Segment Return on Assets (ROA)
- Segment ROA mirrored the volatility in operating income. It began at 1.59% in 2021, then declined sharply to -4.83% in 2022, reflecting the operating loss. A recovery was seen in 2023, with ROA reaching 2.71%, and further improvement in 2024 to 2.87%. However, ROA decreased significantly in 2025 to 0.51%, despite continued asset growth, indicating a substantial reduction in profitability relative to the asset base.
The increase in assets, particularly in 2024 and 2025, did not translate into a proportional increase in operating income or ROA. While operating income increased from 2022 to 2024, the ROA decline in 2025 suggests diminishing returns on the expanded asset base. The negative ROA in 2022 highlights a period of significant underperformance for the segment.
The segment’s performance demonstrates a sensitivity to external factors impacting profitability. The increasing asset base, coupled with the declining ROA in the most recent year, warrants further investigation into the efficiency of asset utilization and the drivers behind the reduced profitability.
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Segment Asset Turnover
Freeport-McMoRan Inc., asset turnover by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Morenci | 0.78 | 0.73 | 0.76 | 0.88 | 1.04 |
| Cerro Verde | 0.52 | 0.53 | 0.51 | 0.47 | 0.48 |
| Indonesia Operations | 0.32 | 0.38 | 0.33 | 0.41 | 0.40 |
| U.S. Rod & Refining | 20.69 | 30.89 | 34.45 | 34.49 | 28.00 |
| Atlantic Copper | 1.46 | 1.77 | 2.12 | 1.94 | 2.25 |
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).
Segment asset turnover ratios exhibit varied performance across the reporting periods. Overall, a mixed trend is apparent, with some segments demonstrating relative stability while others show notable fluctuations. The following details provide a segment-by-segment analysis.
- Morenci
- The Morenci segment experienced a consistent decline in asset turnover from 1.04 in 2021 to 0.73 in 2023. A slight recovery to 0.78 was observed in 2025, but the ratio remains below the 2021 level. This suggests decreasing efficiency in utilizing assets to generate revenue within this segment.
- Cerro Verde
- Asset turnover for the Cerro Verde segment remained relatively stable between 2021 and 2025, fluctuating within a narrow range of 0.47 to 0.53. This indicates consistent, though modest, efficiency in asset utilization. There is no clear upward or downward trend.
- Indonesia Operations
- The Indonesia Operations segment demonstrated a decreasing trend in asset turnover, falling from 0.40 in 2021 to a low of 0.32 in 2025. A dip to 0.33 in 2023 was followed by a slight increase to 0.38 in 2024 before declining again. This suggests a diminishing ability to generate revenue from its asset base.
- U.S. Rod & Refining
- The U.S. Rod & Refining segment exhibited the highest asset turnover ratios, but also the most volatility. The ratio peaked at 34.49 in 2022 before decreasing to 20.69 in 2025. While remaining significantly higher than other segments, the substantial decline indicates a considerable reduction in asset utilization efficiency over the period.
- Atlantic Copper
- Atlantic Copper’s asset turnover ratio showed a downward trend from 2.25 in 2021 to 1.46 in 2025. The ratio experienced a decrease in 2022, a slight recovery in 2023, and then continued to decline. This suggests a decreasing efficiency in converting assets into sales within this segment.
In summary, while the Cerro Verde segment maintained relative stability, the other segments experienced either declining or volatile asset turnover ratios. The U.S. Rod & Refining segment, despite its high turnover, showed the most significant decrease in efficiency. These trends warrant further investigation to understand the underlying operational and market factors driving these changes.
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Segment Asset Turnover: Morenci
Freeport-McMoRan Inc.; Morenci; segment 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 | 2,648) | 2,347) | 2,419) | 2,689) | 2,810) |
| Assets | 3,407) | 3,228) | 3,195) | 3,052) | 2,708) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.78 | 0.73 | 0.76 | 0.88 | 1.04 |
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
Segment asset turnover = Revenues ÷ Assets
= 2,648 ÷ 3,407 = 0.78
The Morenci segment experienced fluctuations in both revenue and asset levels between 2021 and 2025. These movements resulted in a declining trend in segment asset turnover, followed by a slight recovery in the most recent year.
- Revenues
- Revenues for the Morenci segment decreased from US$2,810 million in 2021 to US$2,419 million in 2023, representing a cumulative decline of approximately 14%. Revenues experienced a modest increase to US$2,648 million in 2025, but remained below the 2021 level.
- Assets
- The value of assets within the Morenci segment increased consistently from US$2,708 million in 2021 to US$3,407 million in 2025. This represents a cumulative increase of approximately 26% over the five-year period.
- Segment Asset Turnover
- Segment asset turnover decreased from 1.04 in 2021 to a low of 0.73 in 2024. This indicates a diminishing efficiency in generating revenue from the segment’s asset base. A slight improvement was observed in 2025, with the ratio increasing to 0.78. However, this remains below the 2021 level and suggests continued, though lessened, inefficiency in asset utilization.
The increase in assets, coupled with the initial decline in revenues, contributed to the observed decrease in segment asset turnover. The partial revenue recovery in 2025 appears to have mitigated further declines in the turnover ratio, but did not fully restore it to prior levels. Further investigation may be warranted to understand the drivers behind the asset increases and revenue fluctuations.
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Segment Asset Turnover: Cerro Verde
Freeport-McMoRan Inc.; Cerro Verde; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 4,706) | 4,256) | 4,117) | 3,950) | 4,196) |
| Assets | 9,074) | 8,096) | 8,120) | 8,398) | 8,694) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.52 | 0.53 | 0.51 | 0.47 | 0.48 |
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
Segment asset turnover = Revenues ÷ Assets
= 4,706 ÷ 9,074 = 0.52
The Cerro Verde segment demonstrated relatively stable revenue generation between 2021 and 2025, with a slight upward trend observed in the later years. Total assets within the segment experienced a modest decrease from 2021 to 2023, followed by an increase in 2024 and 2025. Analysis of the segment asset turnover reveals a consistent pattern of efficiency in asset utilization.
- Revenue Trend
- Revenues for the Cerro Verde segment began at US$4,196 million in 2021, decreased to US$3,950 million in 2022, and then showed incremental increases to US$4,117 million in 2023, US$4,256 million in 2024, and finally reaching US$4,706 million in 2025. This indicates a positive revenue trajectory in the most recent period analyzed.
- Asset Trend
- Total assets decreased from US$8,694 million in 2021 to US$8,120 million in 2023. A reversal of this trend occurred in 2024, with assets increasing to US$8,096 million, and continued into 2025, reaching US$9,074 million. The increase in 2025 represents the most significant change in asset levels over the analyzed period.
- Segment Asset Turnover
- The segment asset turnover ratio remained relatively consistent throughout the period, fluctuating between 0.47 and 0.53. It began at 0.48 in 2021, decreased slightly to 0.47 in 2022, and then increased to 0.51 in 2023 and 0.53 in 2024. The ratio settled at 0.52 in 2025. This suggests a stable ability to generate revenue from its asset base.
The combination of relatively stable revenues and fluctuating assets resulted in a consistent asset turnover ratio. The increase in assets in 2025 did not significantly impact the turnover ratio, indicating that the additional assets were effectively utilized to support revenue growth.
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Segment Asset Turnover: Indonesia Operations
Freeport-McMoRan Inc.; Indonesia Operations; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 8,622) | 10,318) | 8,437) | 8,426) | 7,523) |
| Assets | 27,270) | 27,309) | 25,548) | 20,639) | 18,971) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.32 | 0.38 | 0.33 | 0.41 | 0.40 |
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
Segment asset turnover = Revenues ÷ Assets
= 8,622 ÷ 27,270 = 0.32
The Indonesia Operations segment experienced fluctuating revenue and asset levels between 2021 and 2025. Analysis of the segment asset turnover reveals a generally declining trend, punctuated by a brief increase in 2022.
- Revenue Trend
- Revenues for the Indonesia Operations segment increased from US$7,523 million in 2021 to US$8,426 million in 2022, representing a moderate growth rate. Revenue remained relatively stable at US$8,437 million in 2023 before increasing significantly to US$10,318 million in 2024. A subsequent decrease to US$8,622 million was observed in 2025.
- Asset Trend
- Assets within the Indonesia Operations segment demonstrated a consistent upward trend from 2021 to 2024. The asset base grew from US$18,971 million in 2021 to US$20,639 million in 2022, then increased more substantially to US$25,548 million in 2023 and further to US$27,309 million in 2024. Assets experienced a slight decrease in 2025, settling at US$27,270 million.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures the efficiency with which assets are used to generate revenue, began at 0.40 in 2021. It increased slightly to 0.41 in 2022. A notable decline was then observed in 2023, with the ratio falling to 0.33. The ratio partially recovered to 0.38 in 2024, but decreased again in 2025 to 0.32. This indicates a decreasing efficiency in asset utilization over the five-year period, despite revenue increases in certain years.
The increase in assets outpaced revenue growth in the latter part of the analyzed period, contributing to the observed decline in asset turnover. Further investigation may be warranted to understand the drivers behind the asset increases and their impact on operational efficiency within the Indonesia Operations segment.
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Segment Asset Turnover: U.S. Rod & Refining
Freeport-McMoRan Inc.; U.S. Rod & Refining; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 6,890) | 6,239) | 5,926) | 6,312) | 6,385) |
| Assets | 333) | 202) | 172) | 183) | 228) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 20.69 | 30.89 | 34.45 | 34.49 | 28.00 |
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
Segment asset turnover = Revenues ÷ Assets
= 6,890 ÷ 333 = 20.69
The U.S. Rod & Refining segment experienced fluctuating financial performance between 2021 and 2025. Revenues demonstrated a generally upward trajectory, while assets exhibited more volatility. The segment asset turnover ratio, a key indicator of asset utilization efficiency, showed a distinct pattern of initial improvement followed by a decline.
- Revenues
- Revenues for the U.S. Rod & Refining segment remained relatively stable over the period, beginning at US$6,385 million in 2021. A slight decrease was observed in 2022 to US$6,312 million, followed by a dip to US$5,926 million in 2023. Revenues recovered in 2024 to US$6,239 million and continued to increase significantly in 2025, reaching US$6,890 million. This indicates a positive revenue trend in the latter part of the analyzed period.
- Assets
- The value of assets within the U.S. Rod & Refining segment decreased from US$228 million in 2021 to US$183 million in 2022, and further to US$172 million in 2023. A moderate increase was noted in 2024, with assets reaching US$202 million. However, a substantial increase occurred in 2025, with assets rising to US$333 million. This suggests a significant investment in assets during the final year of the period.
- Segment Asset Turnover
- The segment asset turnover ratio increased from 28.00 in 2021 to 34.49 in 2022, indicating improved efficiency in generating revenue from assets. This positive trend continued into 2023, with a ratio of 34.45. However, the ratio decreased to 30.89 in 2024. A more pronounced decline was observed in 2025, with the ratio falling to 20.69. This suggests a diminishing ability to generate revenue from the segment’s asset base in the most recent year, potentially due to the substantial asset increase not yet translating into proportional revenue gains.
The combination of increasing assets and decreasing asset turnover in 2025 warrants further investigation to determine the underlying causes and potential implications for future performance. The initial improvement in asset turnover between 2021 and 2023 suggests effective asset management during those years, but the subsequent decline raises concerns about capital allocation and operational efficiency.
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Segment Asset Turnover: Atlantic Copper
Freeport-McMoRan Inc.; Atlantic Copper; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 3,169) | 3,017) | 2,810) | 2,443) | 2,961) |
| Assets | 2,170) | 1,705) | 1,326) | 1,262) | 1,318) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.46 | 1.77 | 2.12 | 1.94 | 2.25 |
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
Segment asset turnover = Revenues ÷ Assets
= 3,169 ÷ 2,170 = 1.46
Segment performance for Atlantic Copper demonstrates fluctuating revenue and asset levels between 2021 and 2025. Analysis of the segment asset turnover reveals a declining trend over the five-year period, despite initial stability.
- Revenues
- Revenues for Atlantic Copper initially decreased from US$2,961 million in 2021 to US$2,443 million in 2022, representing a decline of approximately 17.5%. Revenues then experienced a recovery, increasing to US$2,810 million in 2023 and further to US$3,017 million in 2024. This upward momentum continued into 2025, with revenues reaching US$3,169 million. Overall, revenues demonstrate a net increase from 2021 to 2025, though with significant year-over-year volatility.
- Assets
- The value of assets associated with Atlantic Copper exhibited a modest decrease from US$1,318 million in 2021 to US$1,262 million in 2022. Assets then saw a slight increase to US$1,326 million in 2023, before a more substantial rise to US$1,705 million in 2024. This growth continued in 2025, with assets reaching US$2,170 million. The asset base has increased significantly over the period, particularly in the latter years.
- Segment Asset Turnover
- The segment asset turnover ratio began at 2.25 in 2021, indicating that for every dollar of assets, the segment generated US$2.25 in revenue. This ratio decreased to 1.94 in 2022, coinciding with the revenue decline. A slight recovery was observed in 2023, with the ratio increasing to 2.12. However, the ratio then decreased to 1.77 in 2024 and further to 1.46 in 2025. This represents a consistent downward trend in asset utilization efficiency over the latter part of the analyzed period, despite increasing revenues. The declining ratio suggests that the segment is becoming less efficient at generating revenue from its asset base.
The increasing asset base, coupled with the declining asset turnover ratio, warrants further investigation. While revenues have generally increased, the segment requires a greater investment in assets to generate the same level of revenue, indicating potential inefficiencies or changes in the capital intensity of operations.
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Segment Capital Expenditures to Depreciation
Freeport-McMoRan Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Morenci | 1.11 | 0.98 | 1.33 | 1.49 | 0.89 |
| Cerro Verde | 0.95 | 0.77 | 0.69 | 0.46 | 0.36 |
| Indonesia Operations | 2.16 | 2.44 | 3.32 | 1.54 | 1.24 |
| U.S. Rod & Refining | 16.00 | 8.75 | 2.60 | 1.80 | 0.40 |
| Atlantic Copper | 7.48 | 5.07 | 2.29 | 2.81 | 1.21 |
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 relationship between segment capital expenditures and depreciation exhibits varied trends across the reporting periods and segments. Significant fluctuations are observed, particularly in the U.S. Rod & Refining and Atlantic Copper segments, while Morenci and Cerro Verde demonstrate more moderate changes. Indonesia Operations shows a substantial increase followed by a moderation in the ratio.
- Morenci
- The Morenci segment’s ratio fluctuated between 0.89 and 1.49 during the 2021-2023 period. A decrease to 0.98 was noted in 2024, followed by a slight increase to 1.11 in 2025. This suggests a relatively stable investment pattern with moderate capital expenditure relative to depreciation.
- Cerro Verde
- The Cerro Verde segment experienced a consistent increase in the ratio from 0.36 in 2021 to 0.95 in 2025. This indicates a growing level of capital expenditure relative to depreciation, potentially reflecting ongoing investment in the segment’s operations. The increase, while consistent, is gradual.
- Indonesia Operations
- The Indonesia Operations segment demonstrated a significant increase in the ratio from 1.24 in 2021 to 3.32 in 2023. This was followed by a decrease to 2.44 in 2024 and a further decrease to 2.16 in 2025. This pattern suggests a period of substantial capital investment followed by a moderation, potentially indicating the completion of a major project or phase of expansion. The ratio remains elevated compared to the 2021 level.
- U.S. Rod & Refining
- The U.S. Rod & Refining segment exhibited the most dramatic changes. The ratio increased from 0.40 in 2021 to 1.80 in 2022, then to 2.60 in 2023, and escalated sharply to 8.75 in 2024 before reaching 16.00 in 2025. This substantial and accelerating increase suggests a significant and growing investment in capital expenditures relative to depreciation, potentially driven by modernization, expansion, or regulatory compliance initiatives.
- Atlantic Copper
- The Atlantic Copper segment’s ratio increased from 1.21 in 2021 to 2.81 in 2022, then decreased to 2.29 in 2023, before rising sharply to 5.07 in 2024 and 7.48 in 2025. This indicates a period of fluctuating capital expenditure relative to depreciation, with a marked increase in the later years. The trend suggests increasing investment, though with some intermediate volatility.
Overall, the analysis reveals that capital expenditure patterns vary considerably across segments. The U.S. Rod & Refining and Atlantic Copper segments demonstrate the most pronounced increases in the ratio, while Morenci and Cerro Verde exhibit more moderate trends. Indonesia Operations shows a significant initial increase followed by a leveling off. These differences likely reflect segment-specific investment strategies and operational requirements.
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Segment Capital Expenditures to Depreciation: Morenci
Freeport-McMoRan Inc.; Morenci; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 232) | 184) | 232) | 263) | 135) |
| DD&A | 209) | 187) | 175) | 177) | 152) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.11 | 0.98 | 1.33 | 1.49 | 0.89 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ DD&A
= 232 ÷ 209 = 1.11
The relationship between capital expenditures and depreciation within the Morenci segment exhibits fluctuations over the five-year period. Capital expenditures initially increased significantly before stabilizing and then experiencing a moderate increase again. Depreciation, conversely, demonstrated a consistent upward trend throughout the period.
- Capital Expenditures
- Capital expenditures in the Morenci segment rose substantially from US$135 million in 2021 to US$263 million in 2022. Following this peak, expenditures decreased to US$232 million in 2023 and further to US$184 million in 2024, representing the lowest value in the observed period. A subsequent increase to US$232 million is noted in 2025, returning to the level seen in 2023.
- Depreciation, Depletion, and Amortization (DD&A)
- DD&A consistently increased year-over-year, moving from US$152 million in 2021 to US$209 million in 2025. The increases were relatively steady, with the smallest increment occurring between 2022 and 2023 (US$2 million) and the largest between 2024 and 2025 (US$22 million).
- Segment Capital Expenditures to Depreciation
- The ratio of segment capital expenditures to depreciation initially increased from 0.89 in 2021 to a peak of 1.49 in 2022, reflecting the significant rise in capital spending relative to depreciation. This ratio then declined to 1.33 in 2023 and 0.98 in 2024, coinciding with the decrease in capital expenditures. The ratio recovered somewhat in 2025 to 1.11, indicating a partial restoration of the balance between capital investment and asset depreciation. The 2024 value represents the only period where capital expenditures were less than depreciation.
The observed patterns suggest a period of substantial investment in the Morenci segment in 2022, followed by a period of reduced investment and a consistent increase in the depreciable asset base. The 2025 figures indicate a potential resumption of investment at a level comparable to 2023.
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Segment Capital Expenditures to Depreciation: Cerro Verde
Freeport-McMoRan Inc.; Cerro Verde; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 353) | 293) | 271) | 164) | 132) |
| DD&A | 373) | 380) | 395) | 357) | 366) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.95 | 0.77 | 0.69 | 0.46 | 0.36 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ DD&A
= 353 ÷ 373 = 0.95
The segment capital expenditures to depreciation ratio for Cerro Verde demonstrates a consistent upward trend over the five-year period. Capital expenditures and depreciation, depletion, and amortization (DD&A) both exhibit changes, but the ratio’s movement indicates a growing proportion of capital investment relative to the depreciation expense recognized.
- Capital Expenditures
- Capital expenditures increased from US$132 million in 2021 to US$353 million in 2025. The most significant increase occurred between 2022 and 2023, rising from US$164 million to US$271 million. Growth continued, albeit at a slower pace, in 2024 and 2025.
- Depreciation, Depletion, and Amortization (DD&A)
- DD&A remained relatively stable between 2021 and 2023, fluctuating around US$360 million. A slight decrease was observed in 2024 to US$380 million, followed by a further decrease to US$373 million in 2025. While fluctuations occurred, the overall trend suggests a modest decline in depreciation expense.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio began at 0.36 in 2021 and increased steadily to 0.95 in 2025. This indicates that for every dollar of depreciation expense recognized, US$0.36 was invested in capital assets in 2021, increasing to US$0.95 in 2025. The acceleration in the ratio’s growth from 2023 onwards suggests a more substantial emphasis on capital investment relative to depreciation during those years. This could indicate expansionary projects or significant upgrades to existing assets.
The combined effect of increasing capital expenditures and relatively stable, and slightly declining, DD&A resulted in a substantial increase in the segment capital expenditures to depreciation ratio. This suggests a shift towards a more capital-intensive operation at Cerro Verde.
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Segment Capital Expenditures to Depreciation: Indonesia Operations
Freeport-McMoRan Inc.; Indonesia Operations; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 2,358) | 2,908) | 3,411) | 1,575) | 1,296) |
| DD&A | 1,094) | 1,193) | 1,028) | 1,025) | 1,049) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.16 | 2.44 | 3.32 | 1.54 | 1.24 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ DD&A
= 2,358 ÷ 1,094 = 2.16
The Indonesia Operations segment experienced fluctuating capital expenditures between 2021 and 2025. Depreciation and depletion (DD&A) remained relatively stable over the same period, resulting in a dynamic segment capital expenditures to depreciation ratio.
- Capital Expenditures
- Capital expenditures within the Indonesia Operations segment increased from US$1,296 million in 2021 to US$1,575 million in 2022, representing a 21.8% increase. A substantial rise was then observed in 2023, with capital expenditures reaching US$3,411 million. This was followed by a decrease to US$2,908 million in 2024 and a further reduction to US$2,358 million in 2025.
- Depreciation, Depletion, and Amortization (DD&A)
- DD&A for the Indonesia Operations segment remained consistent between 2021 and 2023, fluctuating around US$1,025-1,049 million. A moderate increase was noted in 2024, reaching US$1,193 million, followed by a slight decrease to US$1,094 million in 2025. The overall trend indicates a relatively stable depreciation profile.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio exhibited a notable trend. Starting at 1.24 in 2021, it increased to 1.54 in 2022. The ratio peaked at 3.32 in 2023, coinciding with the highest level of capital expenditures. Subsequently, the ratio decreased to 2.44 in 2024 and further to 2.16 in 2025, aligning with the reduction in capital expenditures. This suggests that investment in the Indonesia Operations segment, relative to the depreciation of existing assets, was highest in 2023 and has since moderated.
The significant increase in capital expenditures in 2023, coupled with the relatively stable DD&A, drove the substantial increase in the capital expenditures to depreciation ratio during that year. The subsequent decline in the ratio reflects a return to more moderate capital spending levels.
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Segment Capital Expenditures to Depreciation: U.S. Rod & Refining
Freeport-McMoRan Inc.; U.S. Rod & Refining; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 80) | 35) | 13) | 9) | 2) |
| DD&A | 5) | 4) | 5) | 5) | 5) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 16.00 | 8.75 | 2.60 | 1.80 | 0.40 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ DD&A
= 80 ÷ 5 = 16.00
Segment capital expenditures for U.S. Rod & Refining increased significantly over the observed period, while depreciation remained relatively stable. This resulted in a substantial increase in the segment capital expenditures to depreciation ratio.
- Capital Expenditures
- Capital expenditures began at US$2 million in 2021 and rose steadily to US$80 million by 2025. The most substantial increase occurred between 2023 and 2024, with expenditures tripling from US$13 million to US$35 million. Further growth continued into 2025.
- Depreciation, Depletion, and Amortization (DD&A)
- DD&A remained consistent at US$5 million annually from 2021 to 2023. A slight decrease to US$4 million was noted in 2024, followed by a return to US$5 million in 2025. The overall fluctuation was minimal compared to the changes in capital expenditures.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation exhibited a marked upward trend. Starting at 0.40 in 2021, it increased to 1.80 in 2022 and 2.60 in 2023. The ratio experienced a dramatic rise in 2024, reaching 8.75, and continued to climb to 16.00 in 2025. This indicates that capital investments are increasingly outpacing the depreciation of assets within this segment.
The increasing ratio suggests a potential shift in the segment’s investment strategy, possibly involving significant upgrades, expansions, or the introduction of new assets. The sustained growth in capital expenditures relative to depreciation warrants further investigation to understand the underlying drivers and potential impact on future financial performance.
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Segment Capital Expenditures to Depreciation: Atlantic Copper
Freeport-McMoRan Inc.; Atlantic Copper; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 202) | 142) | 64) | 76) | 34) |
| DD&A | 27) | 28) | 28) | 27) | 28) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 7.48 | 5.07 | 2.29 | 2.81 | 1.21 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ DD&A
= 202 ÷ 27 = 7.48
The segment capital expenditures to depreciation ratio for Atlantic Copper demonstrates a consistently increasing trend over the observed five-year period. Capital expenditures and depreciation both exhibit relatively stable patterns individually, but their relationship, as indicated by the ratio, reveals significant changes in investment strategy or asset utilization.
- Capital Expenditures
- Capital expenditures began at US$34 million in 2021, increased substantially to US$76 million in 2022, then decreased to US$64 million in 2023. A significant increase is then observed in 2024, reaching US$142 million, followed by a further increase to US$202 million in 2025. This suggests a growing investment in the Atlantic Copper segment, particularly in the later years of the period.
- Depreciation, Depletion, and Amortization (DD&A)
- DD&A remained relatively stable throughout the period, fluctuating between US$27 million and US$28 million annually. This consistency suggests a steady rate of asset consumption within the Atlantic Copper segment, independent of the capital expenditure changes.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation began at 1.21 in 2021. It increased to 2.81 in 2022, then decreased slightly to 2.29 in 2023. A substantial increase is then observed, rising to 5.07 in 2024 and further to 7.48 in 2025. This indicates that capital expenditures are increasingly outpacing depreciation, suggesting a growing investment in new assets relative to the consumption of existing assets. The accelerating trend in the ratio from 2024 onwards warrants further investigation to understand the drivers behind the increased capital investment and its potential impact on future profitability and asset base.
The increasing ratio suggests a potential shift towards modernization, expansion, or the introduction of new technologies within the Atlantic Copper segment. Alternatively, it could indicate a strategic decision to accelerate asset replacement or to invest in projects with longer payback periods. Continued monitoring of this ratio, alongside other segment performance indicators, is recommended.
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Revenues
Freeport-McMoRan Inc., revenues by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Morenci | 2,648) | 2,347) | 2,419) | 2,689) | 2,810) |
| Cerro Verde | 4,706) | 4,256) | 4,117) | 3,950) | 4,196) |
| Indonesia Operations | 8,622) | 10,318) | 8,437) | 8,426) | 7,523) |
| U.S. Rod & Refining | 6,890) | 6,239) | 5,926) | 6,312) | 6,385) |
| Atlantic Copper | 3,169) | 3,017) | 2,810) | 2,443) | 2,961) |
| Total Reportable Segments | 26,035) | 26,177) | 23,709) | 23,820) | 23,875) |
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).
Overall, total revenues from reportable segments exhibited relative stability between 2021 and 2023, followed by a notable increase in 2024, with a slight decrease in 2025. A segment-by-segment analysis reveals varying performance patterns contributing to this overall trend.
- Morenci
- Revenues from Morenci demonstrated a declining trend from 2021 to 2023, decreasing from US$2,810 million to US$2,419 million. A recovery was observed in 2024, reaching US$2,648 million, indicating a potential stabilization or modest improvement in performance.
- Cerro Verde
- Cerro Verde experienced a slight decrease in revenues from 2021 to 2022, followed by relative stability in 2023. Revenues then increased consistently through 2025, reaching US$4,706 million, representing the strongest growth among the segments analyzed. This suggests increasing operational efficiency or favorable market conditions for this segment.
- Indonesia Operations
- Indonesia Operations showed a significant increase in revenues from 2021 to 2024, rising from US$7,523 million to US$10,318 million. However, revenues decreased in 2025 to US$8,622 million. This segment consistently contributed the largest portion of total revenues throughout the period, despite the 2025 decline.
- U.S. Rod & Refining
- U.S. Rod & Refining revenues remained relatively stable between 2021 and 2023, with a slight decrease observed. A modest increase occurred in 2024 and continued into 2025, reaching US$6,890 million. This segment demonstrates consistent, albeit moderate, performance.
- Atlantic Copper
- Atlantic Copper revenues decreased from 2021 to 2022, followed by a recovery and continued growth through 2025, reaching US$3,169 million. While not the largest segment, Atlantic Copper demonstrated consistent positive momentum in the latter part of the analyzed period.
The increase in total reportable segment revenues in 2024 was primarily driven by substantial growth in the Indonesia Operations and Atlantic Copper segments, partially offset by a decline in Morenci. The slight decrease in total revenues in 2025 can be attributed to the decrease in Indonesia Operations revenues, despite increases in other segments.
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DD&A
Freeport-McMoRan Inc., dd&a by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Morenci | 209) | 187) | 175) | 177) | 152) |
| Cerro Verde | 373) | 380) | 395) | 357) | 366) |
| Indonesia Operations | 1,094) | 1,193) | 1,028) | 1,025) | 1,049) |
| U.S. Rod & Refining | 5) | 4) | 5) | 5) | 5) |
| Atlantic Copper | 27) | 28) | 28) | 27) | 28) |
| Total Reportable Segments | 1,708) | 1,792) | 1,631) | 1,591) | 1,600) |
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).
Depreciation, Depletion, and Amortization (DD&A) across reportable segments exhibited varied trends between 2021 and 2025. Overall, total DD&A remained relatively stable with a slight increase over the period. However, significant differences are apparent when examining individual segment contributions.
- Morenci
- DD&A for the Morenci segment demonstrated a consistent upward trend, increasing from US$152 million in 2021 to US$209 million in 2025. This represents a cumulative increase of approximately 37.5% over the five-year period, suggesting increased investment in assets or a shift in asset base composition within this segment.
- Cerro Verde
- DD&A for Cerro Verde fluctuated modestly. It decreased slightly from US$366 million in 2021 to US$357 million in 2022, then increased to US$395 million in 2023 before declining to US$373 million in 2025. The overall change from 2021 to 2025 was minimal, indicating a relatively stable asset base and depreciation pattern.
- Indonesia Operations
- The Indonesia Operations segment experienced a generally increasing trend in DD&A. Starting at US$1,049 million in 2021, it remained relatively flat for two years before rising significantly to US$1,193 million in 2024, and then decreasing slightly to US$1,094 million in 2025. The 2024 peak suggests substantial capital investment or asset revaluation within this segment during that year.
- U.S. Rod & Refining
- DD&A for U.S. Rod & Refining remained consistently low and stable, fluctuating between US$4 million and US$5 million throughout the period. This indicates a limited asset base subject to depreciation, depletion, or amortization within this segment.
- Atlantic Copper
- Atlantic Copper’s DD&A remained remarkably stable, consistently around US$27-28 million annually. This suggests a consistent asset base and depreciation schedule over the observed timeframe.
Total DD&A for all reportable segments showed a slight overall increase from US$1,600 million in 2021 to US$1,708 million in 2025. This increase was primarily driven by the growth in DD&A within the Morenci and Indonesia Operations segments, partially offset by fluctuations in Cerro Verde. The stability observed in U.S. Rod & Refining and Atlantic Copper contributed to the overall moderate change in total DD&A.
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Operating income (loss)
Freeport-McMoRan Inc., operating income (loss) by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Morenci | 607) | 315) | 502) | 965) | 1,417) |
| Cerro Verde | 1,818) | 1,327) | 1,174) | 1,216) | 1,822) |
| Indonesia Operations | 3,840) | 5,622) | 4,708) | 4,600) | 3,938) |
| U.S. Rod & Refining | 31) | 29) | 20) | (23) | (1) |
| Atlantic Copper | 11) | 49) | 36) | (61) | 21) |
| Total Reportable Segments | 6,307) | 7,342) | 6,440) | 6,697) | 7,197) |
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).
Operating income across reportable segments exhibited varied performance between 2021 and 2025. While total reportable segment operating income remained relatively stable overall, significant fluctuations occurred within individual segments. A general increase in operating income was observed from 2021 to 2024, followed by a decrease in 2025.
- Morenci
- Morenci experienced a substantial decline in operating income from US$1,417 million in 2021 to US$315 million in 2024. A partial recovery was noted in 2025, with operating income increasing to US$607 million. This segment demonstrated the most significant volatility among those reported.
- Cerro Verde
- Cerro Verde’s operating income decreased from US$1,822 million in 2021 to US$1,216 million in 2022, followed by a slight decrease to US$1,174 million in 2023. Operating income then increased steadily to US$1,327 million in 2024 and further to US$1,818 million in 2025, reaching its highest level over the analyzed period.
- Indonesia Operations
- Indonesia Operations consistently generated the highest operating income among the reported segments. Operating income increased from US$3,938 million in 2021 to US$4,708 million in 2023, peaking at US$5,622 million in 2024 before decreasing to US$3,840 million in 2025. Despite the 2025 decline, this segment remained a significant contributor to overall profitability.
- U.S. Rod & Refining
- U.S. Rod & Refining consistently reported minimal operating income, initially experiencing a loss of US$1 million in 2021 and a larger loss of US$23 million in 2022. The segment achieved positive operating income of US$20 million in 2023, increasing to US$29 million in 2024 and US$31 million in 2025, indicating a gradual improvement in performance.
- Atlantic Copper
- Atlantic Copper demonstrated fluctuating operating income. After reporting US$21 million in 2021, the segment experienced a loss of US$61 million in 2022. Operating income recovered to US$36 million in 2023 and US$49 million in 2024, before decreasing to US$11 million in 2025.
Total reportable segment operating income decreased slightly from US$7,197 million in 2021 to US$6,697 million in 2022. It then declined further to US$6,440 million in 2023 before increasing to US$7,342 million in 2024. A decrease was observed in 2025, with total operating income falling to US$6,307 million. The Indonesia Operations segment consistently represented a substantial portion of the total operating income.
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Assets
Freeport-McMoRan Inc., assets by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Morenci | 3,407) | 3,228) | 3,195) | 3,052) | 2,708) |
| Cerro Verde | 9,074) | 8,096) | 8,120) | 8,398) | 8,694) |
| Indonesia Operations | 27,270) | 27,309) | 25,548) | 20,639) | 18,971) |
| U.S. Rod & Refining | 333) | 202) | 172) | 183) | 228) |
| Atlantic Copper | 2,170) | 1,705) | 1,326) | 1,262) | 1,318) |
| Total Reportable Segments | 42,254) | 40,540) | 38,361) | 33,534) | 31,919) |
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 asset values for each reportable segment demonstrate varying trends over the five-year period. Overall, total reportable segment assets increased consistently from 2021 to 2025. However, the composition of these assets shifted significantly across individual segments.
- Morenci
- Morenci experienced a steady, albeit moderate, increase in assets from US$2,708 million in 2021 to US$3,407 million in 2025. This represents a cumulative growth of approximately 25.8% over the period, indicating ongoing investment or asset accumulation within this segment.
- Cerro Verde
- Cerro Verde exhibited a decline in asset value from 2021 to 2023, decreasing from US$8,694 million to US$8,120 million. However, a substantial increase was observed in 2024 and 2025, reaching US$9,074 million. This suggests potential divestitures or depreciation followed by renewed investment or asset revaluation in recent years.
- Indonesia Operations
- The Indonesia Operations segment demonstrated the most significant growth in asset value. Assets increased substantially from US$18,971 million in 2021 to US$27,270 million in 2025, representing a growth of approximately 43.7%. This suggests considerable capital expenditure or asset acquisition within this segment, potentially related to expansion projects.
- U.S. Rod & Refining
- U.S. Rod & Refining showed a fluctuating asset value. After a decrease from US$228 million in 2021 to US$172 million in 2023, assets increased to US$333 million in 2025. This volatility may indicate changes in inventory levels, or smaller-scale investments and divestitures.
- Atlantic Copper
- Atlantic Copper experienced a consistent increase in asset value throughout the period, rising from US$1,318 million in 2021 to US$2,170 million in 2025. This represents a growth of approximately 64.3%, indicating sustained investment and expansion within this segment.
In summary, while total reportable segment assets increased consistently, the growth was primarily driven by the Indonesia Operations and, to a lesser extent, Atlantic Copper and Morenci. Cerro Verde experienced a period of decline followed by recovery, while U.S. Rod & Refining exhibited more volatility. These trends suggest differing investment strategies and operational dynamics across the company’s reportable segments.
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Capital expenditures
Freeport-McMoRan Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Morenci | 232) | 184) | 232) | 263) | 135) |
| Cerro Verde | 353) | 293) | 271) | 164) | 132) |
| Indonesia Operations | 2,358) | 2,908) | 3,411) | 1,575) | 1,296) |
| U.S. Rod & Refining | 80) | 35) | 13) | 9) | 2) |
| Atlantic Copper | 202) | 142) | 64) | 76) | 34) |
| Total Reportable Segments | 3,225) | 3,562) | 3,991) | 2,087) | 1,599) |
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).
Capital expenditures across reportable segments exhibited considerable fluctuation between 2021 and 2025. Overall, total capital expenditures increased significantly in 2022 and 2023 before declining in the subsequent two years. A segment-by-segment analysis reveals varying patterns of investment.
- Morenci
- Capital expenditures at Morenci initially increased from US$135 million in 2021 to US$263 million in 2022, then decreased to US$184 million in 2024 before recovering to US$232 million in both 2023 and 2025. This suggests a cycle of investment followed by a period of reduced spending, potentially related to project completion and subsequent maintenance.
- Cerro Verde
- Cerro Verde demonstrated a consistent upward trend in capital expenditures throughout the period. Starting at US$132 million in 2021, investment rose to US$353 million by 2025. This sustained increase indicates ongoing expansion or significant upgrades at this operation.
- Indonesia Operations
- The Indonesia Operations experienced the most substantial changes in capital expenditure. A significant increase is observed from US$1,296 million in 2021 to US$3,411 million in 2023, followed by a decrease to US$2,358 million in 2025. This pattern likely reflects major project phases, potentially including mine development or expansion, with subsequent periods of lower investment as projects mature.
- U.S. Rod & Refining
- Capital expenditures at U.S. Rod & Refining showed a steady increase throughout the period, albeit from a relatively low base. Investment grew from US$2 million in 2021 to US$80 million in 2025, suggesting a gradual modernization or expansion of this segment’s facilities.
- Atlantic Copper
- Atlantic Copper’s capital expenditures increased from US$34 million in 2021 to US$202 million in 2025. The largest increase occurred between 2023 and 2024, rising from US$64 million to US$142 million. This indicates a growing commitment to investment in this segment.
The total capital expenditure peaked in 2023 at US$3,991 million, driven primarily by the Indonesia Operations. The subsequent decline in 2024 and 2025, to US$3,562 million and US$3,225 million respectively, suggests a company-wide adjustment in investment strategy or the completion of major capital projects.
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