FREEPORT-MCMORAN INC, 10-Q filed on 5/8/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-11307-01  
Entity Registrant Name Freeport-McMoRan Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 74-2480931  
Entity Address, Address Line One 4340 E. Cotton Center Blvd., Suite 110  
Entity Address, City or Town Phoenix  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85040-8852  
City Area Code (602)  
Local Phone Number 366-8100  
Title of 12(b) Security Common Stock, par value $0.10 per share  
Trading Symbol FCX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,437,559,865
Entity Central Index Key 0000831259  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 3,737 $ 3,824
Restricted cash and cash equivalents 280 230
Trade accounts receivable 681 977
Value added and other tax receivables 666 686
Inventories:    
Product 3,042 3,332
Materials and supplies, net 2,865 2,738
Mill and leach stockpiles 1,513 1,423
PT Freeport Indonesia (PTFI) mud rush incident insurance settlement receivable 699 0
Other current assets 609 580
Total current assets 14,092 13,790
Property, plant, equipment and mine development costs, net 41,101 40,736
Long-term mill and leach stockpiles 1,100 1,173
Long-term tax receivables 832 810
Other assets 1,715 1,658
Total assets 58,840 58,167
Current liabilities:    
Accounts payable and accrued liabilities 4,142 4,565
Accrued income taxes 725 456
Current portion of debt 500 466
Current portion of environmental and asset retirement obligations 323 313
Dividends payable - common stock 217 219
Total current liabilities 5,907 6,019
Long-term debt, less current portion 8,914 8,913
Environmental and asset retirement obligations, less current portion 5,592 5,541
Deferred income taxes 4,641 4,622
Long-term leases, less current portion 987 1,010
Other liabilities 1,288 1,296
Total liabilities 27,329 27,401
Stockholders’ equity:    
Common stock 163 163
Capital in excess of par value 23,713 23,680
Retained earnings 2,050 1,385
Accumulated other comprehensive loss (304) (305)
Common stock held in treasury (6,117) (6,024)
Total stockholders’ equity 19,505 18,899
Noncontrolling interests 12,006 11,867
Total equity 31,511 30,766
Total liabilities and equity $ 58,840 $ 58,167
v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenues $ 6,234 $ 5,728
Cost of sales:    
Production and delivery 4,065 3,756
Depreciation, depletion and amortization 514 466
Total cost of sales 4,579 4,222
Selling, general and administrative expenses 162 154
Exploration and research expenses 38 39
Environmental obligations and shutdown costs 17 10
PTFI mud rush incident insurance settlement (699) 0
Total costs and expenses 4,097 4,425
Operating income 2,137 1,303
Interest expense, net (114) (70)
Other income, net 11 58
Income before income taxes and equity in affiliated companies’ net earnings 2,034 1,291
Provision for income taxes (653) (500)
Equity in affiliated companies’ net earnings 6 2
Net income 1,387 793
Net income (loss) attributable to noncontrolling interests 506 441
Net income attributable to common stockholders $ 881 $ 352
Net income per share attributable to common stockholders:    
Earnings per share, basic (in dollars per share) $ 0.61 $ 0.24
Earnings per share, diluted (in dollars per share) $ 0.61 $ 0.24
Weighted-average shares of common stock outstanding:    
Basic weighted-average shares of common stock outstanding 1,439 1,438
Diluted weighted-average shares of common shares outstanding 1,444 1,444
Dividends declared per share of common stock (in dollars per share) $ 0.15 $ 0.15
v3.26.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 1,387 $ 793
Defined benefit plans:    
Amortization of unrecognized amounts included in net periodic benefit costs 1 1
Other comprehensive income 1 1
Total comprehensive income 1,388 794
Total comprehensive income attributable to noncontrolling interests (506) (441)
Total comprehensive income (loss) $ 882 $ 353
v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flow from operating activities:    
Net income $ 1,387 $ 793
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 514 466
PTFI mud rush incident insurance settlement (699) 0
Net charges for environmental and asset retirement obligations, including accretion 71 49
Payments for environmental and asset retirement obligations (38) (50)
Stock-based compensation 68 54
Net charges for defined pension and postretirement plans 12 14
Pension plan contributions (5) (3)
Deferred income taxes 19 26
Charges for PTFI social investment programs 11 15
Payments for PTFI social investment programs (12) (13)
Other, net 28 4
Changes in working capital and other:    
Accounts receivable 325 (215)
Inventories 201 (143)
Other current assets 0 24
Accounts payable and accrued liabilities (671) 2
Accrued income taxes and timing of other tax payments 284 35
Net cash provided by operating activities 1,495 1,058
Cash flow from investing activities:    
Capital expenditures (973) (1,172)
Other, net (12) (4)
Net cash used in investing activities (985) (1,176)
Cash flow from financing activities:    
Proceeds from debt 1,137 1,088
Repayments of debt (1,102) (636)
Finance lease payments (9) (3)
Cash dividends and distributions paid:    
Common stock (218) (218)
Noncontrolling interests (225) 0
Treasury stock purchases (93) (55)
Proceeds from exercised stock options 19 1
Payments for withholding of employee taxes related to stock-based awards (43) (22)
Net cash (used in) provided by financing activities (534) 155
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (24) 37
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 4,173 4,911
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 4,149 4,948
North America Copper Mines Segment    
Cash flow from investing activities:    
Capital expenditures (244) (255)
South America Mines Segment    
Cash flow from investing activities:    
Capital expenditures (114) (85)
Indonesia Segment    
Cash flow from investing activities:    
Capital expenditures (456) (704)
Molybdenum    
Cash flow from investing activities:    
Capital expenditures (29) (19)
Other Operating Segment    
Cash flow from investing activities:    
Capital expenditures $ (130) $ (109)
v3.26.1
Consolidated Statement of Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Capital in Excess of Par Value
Accumulated Deficit
AOCI Attributable to Parent
Common Stock Held in Treasury
Total Stockholder's Equity
Noncontrolling Interests
Balance (in shares) at Dec. 31, 2024   1,624.0            
Beginning balance (in shares) at Dec. 31, 2024           187.0    
Balance at Dec. 31, 2024 $ 28,778 $ 162 $ 23,797 $ (170) $ (314) $ (5,894) $ 17,581 $ 11,197
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   2.0            
Exercised and issued stock-based awards 2 $ 1 1       2  
Stock-based compensation, including the tender of shares (in shares)           1.0    
Stock-based compensation, including the tender of shares 23   45     $ (22) 23 0
Treasury stock purchases (in shares)           1.0    
Treasury stock purchases (55)         $ (55) (55)  
Dividends (328)   (216)       (216) (112)
Net loss attributable to common stockholders 352     352     352  
Net income (loss) attributable to noncontrolling interests 441             441
Other comprehensive income 1       1   1 0
Balance (in shares) at Mar. 31, 2025   1,626.0            
Ending balance (in shares) at Mar. 31, 2025           189.0    
Balance at Mar. 31, 2025 29,214 $ 163 23,627 182 (313) $ (5,971) 17,688 11,526
Balance (in shares) at Dec. 31, 2025   1,627.0            
Beginning balance (in shares) at Dec. 31, 2025           191.0    
Balance at Dec. 31, 2025 30,766 $ 163 23,680 1,385 (305) $ (6,024) 18,899 11,867
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   3.0            
Exercised and issued stock-based awards 19   19       19  
Stock-based compensation, including the tender of shares $ 6   15       15 (9)
Treasury stock purchases (in shares) 1.7         2.0    
Treasury stock purchases $ (93)         $ (93) (93)  
Dividends (575)     (216)     (216) (359)
Contributions from noncontrolling interests 0   (1)       (1) 1
Net loss attributable to common stockholders 881     881     881  
Net income (loss) attributable to noncontrolling interests 506             506
Other comprehensive income 1       1   1  
Balance (in shares) at Mar. 31, 2026   1,630.0            
Ending balance (in shares) at Mar. 31, 2026           193.0    
Balance at Mar. 31, 2026 $ 31,511 $ 163 $ 23,713 $ 2,050 $ (304) $ (6,117) $ 19,505 $ 12,006
v3.26.1
General Information
 3 Months Ended
Mar. 31, 2026
General Information [Abstract]  
General Information GENERAL INFORMATION
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Dollar amounts in tables are stated in millions, except per share amounts.

Subsequent Events. FCX evaluated events after March 31, 2026, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.
v3.26.1
Earnings per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders (after deducting accumulated undistributed dividends and earnings allocated to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be antidilutive.

Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:
Three Months Ended
March 31,
 20262025
Net income$1,387 $793 
Net income attributable to noncontrolling interests(506)(441)
Undistributed dividends and earnings allocated to participating securities(7)(6)
Net income attributable to common stockholders$874 $346 
Basic weighted-average shares of common stock outstanding
1,439 1,438 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)5 
a
6 
Diluted weighted-average shares of common stock outstanding
1,444 1,444 
Net income per share attributable to common stockholders:
Basic$0.61 $0.24 
Diluted$0.61 $0.24 
a.Excludes approximately 1 million shares of common stock associated with RSUs that were anti-dilutive.
Shares associated with outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. There were no such shares excluded in either of the periods shown above.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Geographic sources of FCX’s (provision) benefit for income taxes follow:
Three Months Ended
March 31,
 20262025
U.S.$(5)

$2 
Foreign(648)(502)
Total$(653)$(500)

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 32% for first-quarter 2026 and 39% for first-quarter 2025.
v3.26.1
Debt and Equity
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt and Equity DEBT AND EQUITY
The components of debt follow:
 March 31,
2026		December 31, 2025
PT Freeport Indonesia (PTFI) revolving credit facility$250 $250 
Senior notes and debentures:
Issued by FCX5,289 5,287 
Issued by PTFI2,987 2,985 
Issued by Freeport Minerals Corporation351 352 
Atlantic Copper515 482 
Other22 23 
Total debt9,414 9,379 
Less current portion of debt(500)(466)
Long-term debt$8,914 $8,913 

Revolving Credit Facilities. FCX and PTFI have a $3.0 billion, senior unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion, with a $1.5 billion sublimit on the issuance of letters of credit and a $500 million limit on PTFI’s borrowing capacity. At March 31, 2026, there were no borrowings and $5 million in letters of credit issued under FCX’s revolving credit facility.

At March 31, 2026, PTFI had $250 million in borrowings outstanding under its $1.75 billion, senior unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $350 million, senior unsecured revolving credit facility that matures in May 2027.
At March 31, 2026, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $174 million in both first-quarter 2026 and 2025. Lower capitalized interest of $60 million in first-quarter 2026, compared to $104 million in first-quarter 2025, primarily reflects the impact of placing PTFI’s smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities) into service in 2025.

Share Repurchase Program and Dividends. During first-quarter 2026, FCX acquired 1.7 million shares of its common stock for a total cost of $93 million ($54.25 average cost per share). At April 30, 2026, FCX has acquired a total of 53.7 million shares ($39.01 average cost per share) and has $2.9 billion available under its $5.0 billion share repurchase program.

On March 25, 2026, FCX’s Board of Directors (Board) declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which were paid on May 1, 2026, to common stockholders of record on April 15, 2026.
The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.
v3.26.1
Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments FINANCIAL INSTRUMENTS
FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes,
exchange rates and interest rates.

Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions.

A discussion of FCX’s derivative contracts and programs follows.

Derivatives Designated as Hedging Instruments - Fair Value Hedges.
Copper Futures and Swap Contracts. Some of FCX’s North America copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during first-quarter 2026 and 2025. At March 31, 2026, FCX held copper futures and swap contracts that qualified for hedge accounting for 126 million pounds at an average contract price of $5.51 per pound, with maturities through December 2027.

Summary of (Losses) Gains. A summary of realized and unrealized (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:
 Three Months Ended
March 31,
 20262025
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments$(49)$81 
Hedged item – firm sales commitments49 (81)
Realized gains:  
Matured derivative financial instruments35 20 


Derivatives Not Designated as Hedging Instruments.
Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper settlement price and the London Bullion Market Association (London) PM gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement.
FCX records revenues and invoices customers at the time of shipment based on the then-current LME copper settlement price and the London PM gold price as specified in the contracts, which results in an embedded derivative (i.e., a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate, cathode or anode slimes at the then-current LME copper settlement or London PM gold prices. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate, cathode and anode slime sales agreements because these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME copper forward price and the adjusted London PM gold price, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at March 31, 2026, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)239 $5.60 $5.57 August 2026
Gold (thousands of ounces)2 4,834 4,607 May 2026
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)100 5.63 5.59 August 2026

Copper Forward Contracts. Atlantic Copper enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At March 31, 2026, Atlantic Copper held net copper forward sales contracts for 93 million pounds at an average contract price of $5.69 per pound, with maturities through May 2026.

Summary of (Losses) Gains. A summary of realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
 Three Months Ended
March 31,
 20262025
Embedded derivatives in provisional sales contracts:a
Copper$(21)$116 
Gold and other metals1 38 
Copper forward contractsb
11 (38)
a.Amounts recorded in revenues. 
b.Amounts recorded in cost of sales as production and delivery costs.

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. At March 31, 2026, the maximum amount of credit exposure associated with derivative transactions was $81 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, PTFI mud rush incident insurance settlement receivable, investment securities, legally restricted trust assets, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 6 for the fair values of investment securities, legally restricted funds and debt).
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
March 31,
2026		December 31, 2025
Balance sheet components:
Cash and cash equivalents$3,737 $3,824 
Restricted cash and cash equivalents, currenta
280 230 
Restricted cash and cash equivalents, long-term - included in other assets132 119 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$4,149 $4,173 
a.Reflects cash designated for talc-related litigation in accordance with a legal settlement (refer to Note 10 of FCX’s 2025 Form 10-K for further discussion).
v3.26.1
Fair Value Measurement
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement FAIR VALUE MEASUREMENT
Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX does not have any significant Level 3 assets or liabilities.

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, PTFI mud rush incident insurance settlement receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:

At March 31, 2026
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
Equity securities$37 $37 $— $37 $— $— 
U.S. core fixed income fund29 29 29 — — — 
Total66 66 29 37 — — 
Legally restricted funds:a
    
U.S. core fixed income fund71 71 71 — — — 
Government mortgage-backed securities48 48 — — 48 — 
Government bonds and notes40 40 — — 40 — 
Corporate bonds38 38 — — 38 — 
Money market funds24 24 — 24 — — 
Asset-backed securities10 10 — — 10 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total232 232 71 24 137 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position44 44 — — 44 — 
Copper futures and swap contracts25 25 — 16 9 — 
Copper forward contracts12 12 — 4 8 — 
       Total81 81 — 20 61 — 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position46 46 — — 46 — 
Copper futures and swap contracts2 2 — 1 1 — 
Copper forward contracts2 2 — — 2 — 
Total50 50 — 1 49 — 
Debtd
9,414 9,369 — — 9,369 — 
At December 31, 2025
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
Equity securities$36 $36 $— $36 $— $— 
U.S. core fixed income fund29 29 29 — — — 
Total65 65 29 36 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 71 71 71 — — — 
Government mortgage-backed securities56 56 — — 56 — 
Government bonds and notes37 37 — — 37 — 
Corporate bonds34 34 — — 34 — 
Money market funds22 22 — 22 — — 
Asset-backed securities11 11 — — 11 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total232 232 71 22 139 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position217 217 — — 217 — 
Copper futures and swap contracts72 72 — 50 22 — 
Total289 289 — 50 239 — 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position84 84 — — 84 — 
Copper forward contracts23 23 — 11 12 — 
Total107 107 — 11 96 — 
Debtd
9,379 9,493 — — 9,493 — 
a.Current portion included in other current assets and long-term portion included in other assets.
b.Excludes amounts included in restricted cash and cash equivalents that approximate fair value and are associated with talc-related litigation at March 31, 2026, and December 31, 2025. Refer to Note 10 of FCX’s 2025 Form 10-K for further discussion.
c.Refer to Note 5 for further discussion.
d.Recorded at cost except for debt assumed in the 2007 acquisition of Freeport Minerals Corporation, which was recorded at fair value at the acquisition date.

Valuation Techniques. Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy.

The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice).

Fixed income securities (government securities, corporate bonds, asset-backed securities and collateralized mortgage-backed securities) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy.

Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME copper forward prices and the adjusted London PM gold prices at each reporting
date based on the month of maturity (refer to Note 5); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy.
FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 5). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices.

Debt is primarily valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy.

The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at March 31, 2026, as compared with those techniques used at December 31, 2025.
v3.26.1
Contingencies and Commitments
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Commitments CONTINGENCIES AND COMMITMENTS
Indonesia Matters
Refer to Note 10 of FCX’s 2025 Form 10-K for further discussion of Indonesia matters.

Long-Term Mining Rights. In February 2026, FCX and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration date in 2041.

Under the terms of the MOU, FCX would maintain its current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042. The existing governance and operating structure, and terms of the existing shareholder agreement, special mining business license (IUPK) and other agreements in effect will continue over the life of the resource. PTFI and FCX are working with the Indonesia government to complete the license renewal process. The extension of operating rights and other agreed terms are subject to, among other things, the Indonesia government’s issuance of an amended IUPK and entry into definitive agreements.

Grasberg Block Cave Ramp-Up. Following the September 8, 2025, external mud rush incident (Mud Rush Incident), PTFI has progressed a series of activities to address the incident and advance preparation for a safe and sustainable restoration of operations.

During first-quarter 2026, PTFI completed remediation and restoration activities required for the restart of Production Blocks 2 and 3 and commenced initial ramp-up activities at the end of March 2026. PTFI also continued to advance activities for a planned future start-up of Production Block 1S and advance risk mitigation strategies associated with drainage and cave management technologies.

During initial ramp-up activities in Production Blocks 2 and 3, PTFI encountered changes in operating conditions at the Grasberg Block Cave underground mine following the period of inactivity between September 2025 and April 2026, and modifications to the chute system used to load ore into the automated trains will be required to operate at full capacity. As a result, near-term production from Production Blocks 2 and 3 is expected to be limited to approximately 60% of capacity until required modifications to ore loading systems are made. Installation of specialized equipment has commenced and PTFI expects the current bottlenecks can be substantially addressed by mid-2027.

Following the Mud Rush Incident and until PTFI’s operations return to normal capacity, a portion of PTFI’s cost of sales are being recognized as idle facility costs, which are non-inventoriable. In first-quarter 2026, PTFI recorded charges for idle facility and restoration costs associated with the Mud Rush Incident totaling $499 million (consisting of $406 million in production and delivery costs and $93 million in depreciation, depletion and amortization (DD&A) expense).
In first-quarter 2026, PTFI recognized a gain of $0.7 billion for an insurance settlement associated with the Mud Rush Incident under its property and business interruption policies. PTFI collected this settlement in April 2026.

Indonesia Tax Matters
On April 10, 2026, PTFI received assessments from the Indonesia tax authorities related to various 2022 audit exceptions for income and other taxes. PTFI believes it has properly determined and paid its taxes and intends to pursue discussions with the Indonesia tax authorities through the objection process.

Litigation
There were no significant updates to previously reported legal proceedings included in Note 10 of FCX’s 2025 Form 10-K.
v3.26.1
Business Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENT INFORMATION
Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2026 and 2025 follow:
Three Months Ended
March 31,
 20262025
Copper:
Cathode$2,050 $2,025 
Rod and other refined copper products1,504 960 
Concentrate1,083 1,386 
Purchased coppera
89 298 
Gold692 475 
Molybdenum613 442 
Silver and other278 139 
Adjustments to revenues:
Royalty expenseb
(53)(68)
Treatment chargesc
(2)(28)
PTFI export dutiesd
— (55)
Revenues from contracts with customers6,254 5,574 
Embedded derivativese
(20)154 
Total consolidated revenues$6,234 $5,728 
a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations.
b.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
c.Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with the sales volumes and the price of copper. Lower charges in first-quarter 2026 primarily reflect lower treatment charge rates as a result of favorable market conditions and the lack of copper concentrate sales volumes in Indonesia now that PTFI is a fully integrated producer of refined copper and gold.
d.Prior to the expiration of its export license on September 16, 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5%. Refer to Note 11 of FCX’s 2025 Form 10-K for further discussion.
e.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.

Reportable Segments. FCX has organized its mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines.

In the U.S., FCX operates seven copper operations – Morenci (72%-owned), Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines – Henderson and Climax in Colorado. A majority of the copper produced at the U.S. copper mines is cast into copper rod by the U.S. Rod & Refining operations.

In South America, FCX operates two copper operations – Cerro Verde in Peru and El Abra in Chile.

In Indonesia, PTFI operates in the Grasberg minerals district. With the completion of its downstream processing facilities during 2025, PTFI is a fully integrated producer of refined copper and gold.
Operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations and U.S. Rod & Refining operations. Though not quantitatively material, FCX has also voluntarily disclosed the Morenci copper mine and Atlantic Copper as reportable segments in the following tables.

•Morenci. The Morenci open-pit copper mine, located in southeastern Arizona, produces copper cathode and copper concentrate. In addition to copper, the Morenci mine also produces molybdenum concentrate.

•Cerro Verde. The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathode and copper concentrate. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver.

•Indonesia Operations. Indonesia operations include PTFI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver, and PTFI’s downstream processing facilities. PTFI’s smelter will exclusively receive concentrate from the Grasberg minerals district and the PMR will receive anode slimes from the smelter and from PT Smelting.

•U.S. Rod & Refining. The U.S. Rod & Refining segment consists of copper conversion facilities located in the U.S., and includes a refinery and two rod mills. These operations process copper primarily produced at FCX’s U.S. copper mines and purchased copper into copper cathode and rod. At times, these operations refine copper and produce copper rod for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products.

•Atlantic Copper. Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes.

Intersegment sales between FCX’s operating segments are based on terms similar to arm’s-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.

FCX allocates certain operating costs, expenses and capital expenditures to its operating segments. However, not all costs and expenses applicable to an operation are allocated. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each reportable segment would be if it was an independent entity.

FCX's Chief Executive Officer is identified as its chief operating decision maker (CODM) under segment reporting guidance. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions.
Financial Information by Reportable Segment as of and for the three months ended March 31, 2026
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
    
Segment revenues:     
Unaffiliated customers$12 $1,218 $1,072 $2,052 $966 $5,320 
Intersegment764 163 — 10 3 940 
776 1,381 1,072 2,062 969 6,260 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
914 
Other segments’ revenue - intersegmenta
1,672 
Elimination of intersegment revenue(2,612)
Total consolidated revenues, net$6,234 
Segment measure of profit:
Production and delivery437 651 710 
b
2,046 929 
DD&A69 86 194 
c
1 7 
Selling, general and administrative expenses— 2 25 — 11 
Exploration and research expenses8 4 — — — 
PTFI mud rush incident insurance settlement— — (699)— — 
Segment operating income$262 $638 $842 $15 $22 

$1,779 
Reconciliation of operating income
Other segments’ operating incomea
477 
d
Corporate expenses and elimination of intersegment operating income(119)
e
Consolidated interest expense, net(114)
Consolidated other income, net11 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$2,034 
Segment assets $3,434 $8,772 $27,959 $374 $1,904 $42,443 
Reconciliation of segment assets
Total assets for other segmentsa
36,517 
Corporate assets and elimination of investments in consolidated subsidiaries(20,120)
Total consolidated assets$58,840 
Segment capital expenditures$44 $74 $456 $14 $56 $644 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
324 
Corporate capital expenditures5 
Total consolidated capital expenditures$973 
a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration. Also includes legacy oil and gas properties.
b.Includes charges totaling $406 million for idle facility and restoration costs associated with the Mud Rush Incident.
c.Includes charges totaling $93 million for idle facility costs associated with the Mud Rush Incident.
d.Includes DD&A of $157 million related to other operating segments.
e.Corporate expenses include amounts not allocated to individual operating segments.
Financial Information by Reportable Segment as of and for the three months ended March 31, 2025
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
    
Segment revenues:     
Unaffiliated customers$83 $917 $1,564 $1,624 $752 $4,940 
Intersegment494 174 6 8 3 685 
577 1,091 1,570 1,632 755 5,625 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
788 
Other segments’ revenue - intersegmenta
1,229 
Elimination of intersegment revenue(1,914)
Total consolidated revenues, net$5,728 
Segment measure of profit:
Production and delivery419 587 578 1,622 734 
DD&A50 91 186 1 7 
Selling, general and administrative expenses— 2 27 — 9 
Exploration and research expenses6 2 2 — — 
Environmental obligations and shutdown costs(7)— — — — 
Segment operating income$109 $409 $777 $9 $5 

$1,309 
Reconciliation of operating income
Other segments’ operating incomea
77 
b
Corporate expenses and elimination of intersegment operating income(83)
c
Consolidated interest expense, net(70)
Consolidated other income, net58 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$1,291 
Segment assets $3,239 $8,166 $28,006 $364 $1,448 $41,223 
Reconciliation of segment assets
Total assets for other segmentsa
35,467 
Corporate assets and elimination of investments in consolidated subsidiaries(20,668)
Total consolidated assets$56,022 
Segment capital expenditures$59 $74 $704 $17 $43 $897 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
274 
Corporate capital expenditures1 
Total consolidated capital expenditures$1,172 
a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration. Also includes legacy oil and gas properties.
b.Includes DD&A of $131 million related to other operating segments.
c.Corporate expenses include amounts not allocated to individual operating segments.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:
Three Months Ended
March 31,
 20262025
Net income$1,387 $793 
Net income attributable to noncontrolling interests(506)(441)
Undistributed dividends and earnings allocated to participating securities(7)(6)
Net income attributable to common stockholders$874 $346 
Basic weighted-average shares of common stock outstanding
1,439 1,438 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)5 
a
6 
Diluted weighted-average shares of common stock outstanding
1,444 1,444 
Net income per share attributable to common stockholders:
Basic$0.61 $0.24 
Diluted$0.61 $0.24 
a.Excludes approximately 1 million shares of common stock associated with RSUs that were anti-dilutive.
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Geographic sources of FCX’s (provision) benefit for income taxes follow:
Three Months Ended
March 31,
 20262025
U.S.$(5)

$2 
Foreign(648)(502)
Total$(653)$(500)
v3.26.1
Debt and Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The components of debt follow:
 March 31,
2026		December 31, 2025
PT Freeport Indonesia (PTFI) revolving credit facility$250 $250 
Senior notes and debentures:
Issued by FCX5,289 5,287 
Issued by PTFI2,987 2,985 
Issued by Freeport Minerals Corporation351 352 
Atlantic Copper515 482 
Other22 23 
Total debt9,414 9,379 
Less current portion of debt(500)(466)
Long-term debt$8,914 $8,913 
v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) A summary of realized and unrealized (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:
 Three Months Ended
March 31,
 20262025
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments$(49)$81 
Hedged item – firm sales commitments49 (81)
Realized gains:  
Matured derivative financial instruments35 20 
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at March 31, 2026, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)239 $5.60 $5.57 August 2026
Gold (thousands of ounces)2 4,834 4,607 May 2026
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)100 5.63 5.59 August 2026
Schedule of Derivative Instruments Included in Trading Activities A summary of realized and unrealized (losses) gains recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
 Three Months Ended
March 31,
 20262025
Embedded derivatives in provisional sales contracts:a
Copper$(21)$116 
Gold and other metals1 38 
Copper forward contractsb
11 (38)
a.Amounts recorded in revenues. 
b.Amounts recorded in cost of sales as production and delivery costs.
Schedule of Cash Flow, Supplemental Disclosures The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
March 31,
2026		December 31, 2025
Balance sheet components:
Cash and cash equivalents$3,737 $3,824 
Restricted cash and cash equivalents, currenta
280 230 
Restricted cash and cash equivalents, long-term - included in other assets132 119 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$4,149 $4,173 
a.Reflects cash designated for talc-related litigation in accordance with a legal settlement (refer to Note 10 of FCX’s 2025 Form 10-K for further discussion).
v3.26.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement Inputs Disclosure A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, PTFI mud rush incident insurance settlement receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:
At March 31, 2026
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
Equity securities$37 $37 $— $37 $— $— 
U.S. core fixed income fund29 29 29 — — — 
Total66 66 29 37 — — 
Legally restricted funds:a
    
U.S. core fixed income fund71 71 71 — — — 
Government mortgage-backed securities48 48 — — 48 — 
Government bonds and notes40 40 — — 40 — 
Corporate bonds38 38 — — 38 — 
Money market funds24 24 — 24 — — 
Asset-backed securities10 10 — — 10 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total232 232 71 24 137 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position44 44 — — 44 — 
Copper futures and swap contracts25 25 — 16 9 — 
Copper forward contracts12 12 — 4 8 — 
       Total81 81 — 20 61 — 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position46 46 — — 46 — 
Copper futures and swap contracts2 2 — 1 1 — 
Copper forward contracts2 2 — — 2 — 
Total50 50 — 1 49 — 
Debtd
9,414 9,369 — — 9,369 — 
At December 31, 2025
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
Equity securities$36 $36 $— $36 $— $— 
U.S. core fixed income fund29 29 29 — — — 
Total65 65 29 36 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 71 71 71 — — — 
Government mortgage-backed securities56 56 — — 56 — 
Government bonds and notes37 37 — — 37 — 
Corporate bonds34 34 — — 34 — 
Money market funds22 22 — 22 — — 
Asset-backed securities11 11 — — 11 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total232 232 71 22 139 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position217 217 — — 217 — 
Copper futures and swap contracts72 72 — 50 22 — 
Total289 289 — 50 239 — 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position84 84 — — 84 — 
Copper forward contracts23 23 — 11 12 — 
Total107 107 — 11 96 — 
Debtd
9,379 9,493 — — 9,493 — 
a.Current portion included in other current assets and long-term portion included in other assets.
b.Excludes amounts included in restricted cash and cash equivalents that approximate fair value and are associated with talc-related litigation at March 31, 2026, and December 31, 2025. Refer to Note 10 of FCX’s 2025 Form 10-K for further discussion.
c.Refer to Note 5 for further discussion.
d.Recorded at cost except for debt assumed in the 2007 acquisition of Freeport Minerals Corporation, which was recorded at fair value at the acquisition date.
v3.26.1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Revenue from External Customers by Products and Services
Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2026 and 2025 follow:
Three Months Ended
March 31,
 20262025
Copper:
Cathode$2,050 $2,025 
Rod and other refined copper products1,504 960 
Concentrate1,083 1,386 
Purchased coppera
89 298 
Gold692 475 
Molybdenum613 442 
Silver and other278 139 
Adjustments to revenues:
Royalty expenseb
(53)(68)
Treatment chargesc
(2)(28)
PTFI export dutiesd
— (55)
Revenues from contracts with customers6,254 5,574 
Embedded derivativese
(20)154 
Total consolidated revenues$6,234 $5,728 
a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations.
b.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
c.Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with the sales volumes and the price of copper. Lower charges in first-quarter 2026 primarily reflect lower treatment charge rates as a result of favorable market conditions and the lack of copper concentrate sales volumes in Indonesia now that PTFI is a fully integrated producer of refined copper and gold.
d.Prior to the expiration of its export license on September 16, 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5%. Refer to Note 11 of FCX’s 2025 Form 10-K for further discussion.
e.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Schedule of Segment Reporting Information, by Segment
Financial Information by Reportable Segment as of and for the three months ended March 31, 2026
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
    
Segment revenues:     
Unaffiliated customers$12 $1,218 $1,072 $2,052 $966 $5,320 
Intersegment764 163 — 10 3 940 
776 1,381 1,072 2,062 969 6,260 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
914 
Other segments’ revenue - intersegmenta
1,672 
Elimination of intersegment revenue(2,612)
Total consolidated revenues, net$6,234 
Segment measure of profit:
Production and delivery437 651 710 
b
2,046 929 
DD&A69 86 194 
c
1 7 
Selling, general and administrative expenses— 2 25 — 11 
Exploration and research expenses8 4 — — — 
PTFI mud rush incident insurance settlement— — (699)— — 
Segment operating income$262 $638 $842 $15 $22 

$1,779 
Reconciliation of operating income
Other segments’ operating incomea
477 
d
Corporate expenses and elimination of intersegment operating income(119)
e
Consolidated interest expense, net(114)
Consolidated other income, net11 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$2,034 
Segment assets $3,434 $8,772 $27,959 $374 $1,904 $42,443 
Reconciliation of segment assets
Total assets for other segmentsa
36,517 
Corporate assets and elimination of investments in consolidated subsidiaries(20,120)
Total consolidated assets$58,840 
Segment capital expenditures$44 $74 $456 $14 $56 $644 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
324 
Corporate capital expenditures5 
Total consolidated capital expenditures$973 
a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration. Also includes legacy oil and gas properties.
b.Includes charges totaling $406 million for idle facility and restoration costs associated with the Mud Rush Incident.
c.Includes charges totaling $93 million for idle facility costs associated with the Mud Rush Incident.
d.Includes DD&A of $157 million related to other operating segments.
e.Corporate expenses include amounts not allocated to individual operating segments.
Financial Information by Reportable Segment as of and for the three months ended March 31, 2025
Reportable Segments
U.S.Total
CerroIndonesiaRod &AtlanticReportable
MorenciVerdeOperationsRefiningCopperSegments
    
Segment revenues:     
Unaffiliated customers$83 $917 $1,564 $1,624 $752 $4,940 
Intersegment494 174 6 8 3 685 
577 1,091 1,570 1,632 755 5,625 
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa
788 
Other segments’ revenue - intersegmenta
1,229 
Elimination of intersegment revenue(1,914)
Total consolidated revenues, net$5,728 
Segment measure of profit:
Production and delivery419 587 578 1,622 734 
DD&A50 91 186 1 7 
Selling, general and administrative expenses— 2 27 — 9 
Exploration and research expenses6 2 2 — — 
Environmental obligations and shutdown costs(7)— — — — 
Segment operating income$109 $409 $777 $9 $5 

$1,309 
Reconciliation of operating income
Other segments’ operating incomea
77 
b
Corporate expenses and elimination of intersegment operating income(83)
c
Consolidated interest expense, net(70)
Consolidated other income, net58 
Total consolidated income before income taxes and equity in affiliated companies’ net earnings$1,291 
Segment assets $3,239 $8,166 $28,006 $364 $1,448 $41,223 
Reconciliation of segment assets
Total assets for other segmentsa
35,467 
Corporate assets and elimination of investments in consolidated subsidiaries(20,668)
Total consolidated assets$56,022 
Segment capital expenditures$59 $74 $704 $17 $43 $897 
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa
274 
Corporate capital expenditures1 
Total consolidated capital expenditures$1,172 
a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration. Also includes legacy oil and gas properties.
b.Includes DD&A of $131 million related to other operating segments.
c.Corporate expenses include amounts not allocated to individual operating segments.
v3.26.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net income (loss) from continuing operations $ 1,387 $ 793
Net income attributable to noncontrolling interests (506) (441)
Undistributed dividends and earnings allocated to participating securities (7) (6)
Net income attributable to common stockholders $ 874 $ 346
Basic weighted-average shares of common stock outstanding 1,439 1,438
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 5 6
Diluted weighted-average shares of common stock outstanding 1,444 1,444
Earnings per share, basic (in dollars per share) $ 0.61 $ 0.24
Earnings per share, diluted (in dollars per share) $ 0.61 $ 0.24
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 1  
v3.26.1
Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
U.S. $ (5) $ 2
Foreign (648) (502)
Total $ (653) $ (500)
v3.26.1
Income Taxes - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Consolidated effective income tax rate (percent) 32.00% 39.00%
v3.26.1
Debt and Equity - Components of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Long-term debt $ 9,414 $ 9,379
Less current portion of debt (500) (466)
Long-term debt, less current portion 8,914 8,913
Line of Credit    
Debt Instrument [Line Items]    
Long-term debt 515 482
Line of Credit | PT-FI | Unsecured Credit Facility    
Debt Instrument [Line Items]    
Line of credit 250 250
Senior Notes | PT-FI    
Debt Instrument [Line Items]    
Long-term debt 2,987 2,985
Senior Notes | FCX    
Debt Instrument [Line Items]    
Long-term debt 5,289 5,287
Debentures | Freeport McMoRan Corporation    
Debt Instrument [Line Items]    
Long-term debt 351 352
Other    
Debt Instrument [Line Items]    
Long-term debt $ 22 $ 23
v3.26.1
Debt and Equity - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions
 3 Months Ended
Apr. 30, 2026
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Debt Instrument [Line Items]        
Interest costs   $ 174,000,000    
Interest costs capitalized   $ 60,000,000 $ 104,000,000  
Treasury stock purchases (in shares)   1.7    
Shares repurchased   $ 93,000,000    
Cost per share repurchased (in dollars per share)   $ 54.25    
Dividends declared per share of common stock (in dollars per share)   0.15 $ 0.15  
Base cash dividend (in dollars per share)   0.075    
Variable cash dividend (in dollars per share)   $ 0.075    
Subsequent event        
Debt Instrument [Line Items]        
Stock repurchase program, authorized amount $ 2,900,000,000      
Subsequent event | Share Repurchase Program        
Debt Instrument [Line Items]        
Treasury stock purchases (in shares) 53.7      
Cost per share repurchased (in dollars per share) $ 39.01      
Line of Credit | Revolving Credit Facility | October 2022 Unsecured Revolving Credit Facility        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   $ 3,000,000,000.0    
Line of credit   0    
Line of Credit | Revolving Credit Facility | PT-FI | October 2022 Unsecured Revolving Credit Facility        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   500,000,000    
Line of Credit | Letter of Credit        
Debt Instrument [Line Items]        
Revolving credit facility, availability   1,500,000,000    
Line of credit   5,000,000    
Line of Credit | Unsecured Credit Facility | PT-FI        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   1,750,000,000    
Line of credit   250,000,000   $ 250,000,000
Line of Credit | Unsecured Credit Facility | Cerro Verde        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   350,000,000    
Line of credit   $ 0    
v3.26.1
Financial Instruments - Unrealized gains losses (Details)
oz in Thousands, lb in Millions, $ in Millions
 3 Months Ended
Jun. 30, 2023
lb
oz
Mar. 31, 2026
USD ($)
lb
$ / lb
$ / oz
$ / lb
Mar. 31, 2025
USD ($)
Commodity Contract      
Unrealized gains (losses):      
Derivative financial instruments   $ (49) $ 81
Hedged item – firm sales commitments   49 (81)
Realized gains (losses):      
Matured derivative financial instruments   35 20
Matured derivative financial instruments   $ 35 20
Commodity Contract | Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb   126  
Derivative, Average Forward Price | $ / lb   5.51  
Forward Contracts | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb   93  
Derivative, Average Forward Price | $ / lb   5.69  
Realized gains (losses):      
Matured derivative financial instruments   $ 11 (38)
Matured derivative financial instruments   11 (38)
Copper | Not Designated as Hedging Instrument      
Realized gains (losses):      
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ (21) 116
Copper | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb 239    
Derivative, Average Forward Price | $ / lb   5.60  
Realized gains (losses):      
Derivative Average Market Price | $ / lb   5.57  
Copper | Long [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | lb 100    
Derivative, Average Forward Price | $ / lb   5.63  
Realized gains (losses):      
Derivative Average Market Price | $ / lb   5.59  
Gold | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Nonmonetary Notional Amount, Mass | oz 2    
Derivative, Average Forward Price | $ / oz   4,834  
Realized gains (losses):      
Derivative Average Market Price | $ / oz   4,607  
gold and other | Not Designated as Hedging Instrument      
Realized gains (losses):      
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ 1 $ 38
v3.26.1
Financial Instruments - Derivative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Summary of Derivative Instruments [Abstract]        
Credit Derivative, Maximum Exposure, Undiscounted $ 81      
Cash and cash equivalents 3,737 $ 3,824    
Restricted cash and cash equivalents 280 230    
Restricted Cash and Cash Equivalents, Noncurrent 132 119    
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 4,149 $ 4,173 $ 4,948 $ 4,911
v3.26.1
Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure $ 29 $ 29
Trust Assets Fair Value Disclosure 71 71
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability 0 0
Long-term debt, including current portion 0 0
Level 1    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 37 36
Trust Assets Fair Value Disclosure 24 22
Derivatives:    
Derivative Asset 20 50
Derivatives: [Abstract]    
Derivative Liability 1 11
Long-term debt, including current portion 0 0
Level 2    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 0 0
Trust Assets Fair Value Disclosure 137 139
Derivatives:    
Derivative Asset 61 239
Derivatives: [Abstract]    
Derivative Liability 49 96
Long-term debt, including current portion 9,369 9,493
Level 3    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 0 0
Trust Assets Fair Value Disclosure 0 0
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability 0 0
Long-term debt, including current portion 0 0
Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 66 65
Trust Assets Fair Value Disclosure 232 232
Derivatives:    
Derivative Asset 81 289
Derivatives: [Abstract]    
Derivative Liability 50 107
Long-term debt, including current portion 9,414 9,379
Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 66 65
Trust Assets Fair Value Disclosure 232 232
Derivatives:    
Derivative Asset 81 289
Derivatives: [Abstract]    
Derivative Liability 50 107
Long-term debt, including current portion 9,369 9,493
Embedded Derivative Financial Instruments | Fair Value Measured at Net Asset Value Per Share    
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability 0 0
Embedded Derivative Financial Instruments | Level 1    
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability 0 0
Embedded Derivative Financial Instruments | Level 2    
Derivatives:    
Derivative Asset 44 217
Derivatives: [Abstract]    
Derivative Liability 46 84
Embedded Derivative Financial Instruments | Level 3    
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability 0 0
Embedded Derivative Financial Instruments | Carrying Amount, Fair Value Disclosure    
Derivatives:    
Derivative Asset 44 217
Derivatives: [Abstract]    
Derivative Liability 46 84
Embedded Derivative Financial Instruments | Estimate of Fair Value Measurement    
Derivatives:    
Derivative Asset 44 217
Derivatives: [Abstract]    
Derivative Liability 46 84
Commodity Contract | Fair Value Measured at Net Asset Value Per Share    
Derivatives:    
Derivative Asset 0  
Derivatives: [Abstract]    
Derivative Liability 0  
Commodity Contract | Fair Value Measured at Net Asset Value Per Share | Futures and Swaps    
Derivatives:    
Derivative Asset   0
Commodity Contract | Level 1    
Derivatives:    
Derivative Asset 16  
Derivatives: [Abstract]    
Derivative Liability 1  
Commodity Contract | Level 1 | Futures and Swaps    
Derivatives:    
Derivative Asset   50
Commodity Contract | Level 2    
Derivatives:    
Derivative Asset 9  
Derivatives: [Abstract]    
Derivative Liability 1  
Commodity Contract | Level 2 | Futures and Swaps    
Derivatives:    
Derivative Asset   22
Commodity Contract | Level 3    
Derivatives:    
Derivative Asset 0  
Derivatives: [Abstract]    
Derivative Liability 0  
Commodity Contract | Level 3 | Futures and Swaps    
Derivatives:    
Derivative Asset   0
Commodity Contract | Carrying Amount, Fair Value Disclosure    
Derivatives:    
Derivative Asset 25  
Derivatives: [Abstract]    
Derivative Liability 2  
Commodity Contract | Carrying Amount, Fair Value Disclosure | Futures and Swaps    
Derivatives:    
Derivative Asset   72
Commodity Contract | Estimate of Fair Value Measurement    
Derivatives:    
Derivative Asset 25  
Derivatives: [Abstract]    
Derivative Liability 2  
Commodity Contract | Estimate of Fair Value Measurement | Futures and Swaps    
Derivatives:    
Derivative Asset   72
Forward Contracts | Fair Value Measured at Net Asset Value Per Share    
Derivatives:    
Derivative Asset 0  
Derivatives: [Abstract]    
Derivative Liability 0 0
Forward Contracts | Level 1    
Derivatives:    
Derivative Asset 4  
Derivatives: [Abstract]    
Derivative Liability 0 11
Forward Contracts | Level 2    
Derivatives:    
Derivative Asset 8  
Derivatives: [Abstract]    
Derivative Liability 2 12
Forward Contracts | Level 3    
Derivatives:    
Derivative Asset 0  
Derivatives: [Abstract]    
Derivative Liability 0 0
Forward Contracts | Carrying Amount, Fair Value Disclosure    
Derivatives:    
Derivative Asset 12  
Derivatives: [Abstract]    
Derivative Liability 2 23
Forward Contracts | Estimate of Fair Value Measurement    
Derivatives:    
Derivative Asset 12  
Derivatives: [Abstract]    
Derivative Liability 2 23
Equity securities | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Marketable Securities 0 0
Equity securities | Level 1    
Investment securities (current and long-term):    
Marketable Securities 37 36
Equity securities | Level 2    
Investment securities (current and long-term):    
Marketable Securities 0 0
Equity securities | Level 3    
Investment securities (current and long-term):    
Marketable Securities 0 0
Equity securities | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Marketable Securities 37 36
Equity securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Marketable Securities 37 36
U.S. core fixed income fund | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Marketable Securities 29 29
Trust Assets Fair Value Disclosure 71 71
U.S. core fixed income fund | Level 1    
Investment securities (current and long-term):    
Marketable Securities 0 0
Trust Assets Fair Value Disclosure 0 0
U.S. core fixed income fund | Level 2    
Investment securities (current and long-term):    
Marketable Securities 0 0
Trust Assets Fair Value Disclosure 0 0
U.S. core fixed income fund | Level 3    
Investment securities (current and long-term):    
Marketable Securities 0 0
Trust Assets Fair Value Disclosure 0 0
U.S. core fixed income fund | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Marketable Securities 29 29
Trust Assets Fair Value Disclosure 71 71
U.S. core fixed income fund | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Marketable Securities 29 29
Trust Assets Fair Value Disclosure 71 71
Government mortgage-backed securities | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government mortgage-backed securities | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government mortgage-backed securities | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 48 56
Government mortgage-backed securities | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government mortgage-backed securities | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 48 56
Government mortgage-backed securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 48 56
Government bonds | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government bonds | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government bonds | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 40 37
Government bonds | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government bonds | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 40 37
Government bonds | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 40 37
Corporate bonds | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Corporate bonds | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Corporate bonds | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 38 34
Corporate bonds | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Corporate bonds | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 38 34
Corporate bonds | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 38 34
Money market funds | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Money market funds | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 24 22
Money market funds | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Money market funds | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Money market funds | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 24 22
Money market funds | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 24 22
Asset-backed securities | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Asset-backed securities | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Asset-backed securities | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 10 11
Asset-backed securities | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Asset-backed securities | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 10 11
Asset-backed securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 10 11
Collateralized Mortgage Backed Securities | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Collateralized Mortgage Backed Securities | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Collateralized Mortgage Backed Securities | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 1 1
Collateralized Mortgage Backed Securities | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Collateralized Mortgage Backed Securities | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 1 1
Collateralized Mortgage Backed Securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure $ 1 $ 1
v3.26.1
Contingencies and Commitments - Indonesia Matters (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Jan. 01, 2042
Loss Contingencies [Line Items]      
Capacity percentage 60.00%    
PTFI mud rush incident insurance settlement $ 699 $ 0  
PT Freeport Indonesia      
Loss Contingencies [Line Items]      
PTFI mud rush incident insurance settlement $ 700    
PT Freeport Indonesia      
Loss Contingencies [Line Items]      
Noncontrolling interest, ownership percentage by parent 48.76%    
PT Freeport Indonesia | Forecast      
Loss Contingencies [Line Items]      
Noncontrolling interest, ownership percentage by parent     37.00%
Mud Rush      
Loss Contingencies [Line Items]      
Production and delivery $ 499    
Recovery costs (406)    
Cost Associated With Idle Facilities, Depreciation, Amortization and Depletion $ (93)    
v3.26.1
Business Segments (Product Revenue) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
operation
segment
Mar. 31, 2025
USD ($)
Revenue from External Customer [Line Items]    
Royalty expense $ (53) $ (68)
Treatment chargesc (2) (28)
PT-FI export duties 0 (55)
Revenues from contracts with customers 6,254 5,574
Revenues $ 6,234 5,728
Export duty to be paid, percent 7.50%  
Number of Divisions | segment 4  
NumberOfReportableSegmentsNotDisclosedFlag Operating segments  
Sales | Not Designated as Hedging Instrument    
Revenue from External Customer [Line Items]    
Matured derivative financial instruments $ (20) 154
Copper Cathode    
Revenue from External Customer [Line Items]    
Revenue 2,050 2,025
Refined Copper Products    
Revenue from External Customer [Line Items]    
Revenue 1,504 960
Copper In Concentrates    
Revenue from External Customer [Line Items]    
Revenue 1,083 1,386
Purchased Copper    
Revenue from External Customer [Line Items]    
Revenue 89 298
Gold    
Revenue from External Customer [Line Items]    
Revenue 692 475
Molybdenum    
Revenue from External Customer [Line Items]    
Revenue $ 613 442
Molybdenum | UNITED STATES    
Revenue from External Customer [Line Items]    
Number Of Operations | operation 2  
Silver And Other    
Revenue from External Customer [Line Items]    
Revenue $ 278 $ 139
Copper | UNITED STATES    
Revenue from External Customer [Line Items]    
Number Of Operations | operation 7  
Copper | South America    
Revenue from External Customer [Line Items]    
Number Of Operations | operation 2  
Copper | Morenci    
Revenue from External Customer [Line Items]    
Noncontrolling interest, ownership percentage by parent 72.00%  
v3.26.1
Business Segments (Segment Reporting) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Revenues $ 6,234 $ 5,728  
Depreciation, depletion and amortization (DD&A) 514 466  
Selling, general and administrative expenses 162 154  
Exploration and research expenses 38 39  
Environmental obligations and shutdown costs 17 10  
PTFI mud rush incident insurance settlement (699) 0  
Operating income 2,137 1,303  
Interest expense, net (114) (70)  
Other Nonoperating Income (Expense) 11 58  
Income before income taxes and equity in affiliated companies’ net earnings 2,034 1,291  
Corporate Expenses And Elimination Of Intersegment Operating Income (Loss) (119) (83)  
Total assets 58,840 56,022 $ 58,167
Capital expenditures 973 1,172  
Mud Rush      
Segment Reporting Information [Line Items]      
Production and delivery 499    
Recovery costs 406    
DD&A, idle facilities 93    
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment      
Segment Reporting Information [Line Items]      
Depreciation, depletion and amortization (DD&A) 157 131  
Operating income 477 77  
Total assets 36,517 35,467  
Capital expenditures 324 274  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Unaffiliated Customers      
Segment Reporting Information [Line Items]      
Revenues 914 788  
Intersegment      
Segment Reporting Information [Line Items]      
Revenues (2,612) (1,914)  
Total assets (20,120) (20,668)  
Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 6,260 5,625  
Operating income 1,779 1,309  
Total assets 42,443 41,223  
Capital expenditures 644 897  
Operating Segments | Unaffiliated Customers      
Segment Reporting Information [Line Items]      
Revenues 5,320 4,940  
Operating Segments | Intersegment Customers      
Segment Reporting Information [Line Items]      
Revenues 940 685  
Segment Reporting, Reconciling Item, Corporate Nonsegment      
Segment Reporting Information [Line Items]      
Capital expenditures 5 1  
Segment Reporting, Reconciling Item, Corporate Nonsegment | Intersegment Customers      
Segment Reporting Information [Line Items]      
Revenues 1,672 1,229  
Morenci | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 776 577  
Production and delivery 437 419  
Depreciation, depletion and amortization (DD&A) 69 50  
Selling, general and administrative expenses 0 0  
Exploration and research expenses 8 6  
Environmental obligations and shutdown costs   (7)  
PTFI mud rush incident insurance settlement 0    
Operating income 262 109  
Total assets 3,434 3,239  
Capital expenditures 44 59  
Morenci | Operating Segments | Unaffiliated Customers      
Segment Reporting Information [Line Items]      
Revenues 12 83  
Morenci | Operating Segments | Intersegment Customers      
Segment Reporting Information [Line Items]      
Revenues 764 494  
Cerro Verde | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 1,381 1,091  
Production and delivery 651 587  
Depreciation, depletion and amortization (DD&A) 86 91  
Selling, general and administrative expenses 2 2  
Exploration and research expenses 4 2  
Environmental obligations and shutdown costs   0  
PTFI mud rush incident insurance settlement 0    
Operating income 638 409  
Total assets 8,772 8,166  
Capital expenditures 74 74  
Cerro Verde | Operating Segments | Unaffiliated Customers      
Segment Reporting Information [Line Items]      
Revenues 1,218 917  
Cerro Verde | Operating Segments | Intersegment Customers      
Segment Reporting Information [Line Items]      
Revenues 163 174  
Grasberg Segment | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 1,072 1,570  
Production and delivery 710 578  
Depreciation, depletion and amortization (DD&A) 194 186  
Selling, general and administrative expenses 25 27  
Exploration and research expenses 0 2  
Environmental obligations and shutdown costs   0  
PTFI mud rush incident insurance settlement (699)    
Operating income 842 777  
Total assets 27,959 28,006  
Capital expenditures 456 704  
Grasberg Segment | Operating Segments | Unaffiliated Customers      
Segment Reporting Information [Line Items]      
Revenues 1,072 1,564  
Grasberg Segment | Operating Segments | Intersegment Customers      
Segment Reporting Information [Line Items]      
Revenues 0 6  
Rod and Refining Segment | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 2,062 1,632  
Production and delivery 2,046 1,622  
Depreciation, depletion and amortization (DD&A) 1 1  
Selling, general and administrative expenses 0 0  
Exploration and research expenses 0 0  
Environmental obligations and shutdown costs   0  
PTFI mud rush incident insurance settlement 0    
Operating income 15 9  
Total assets 374 364  
Capital expenditures 14 17  
Rod and Refining Segment | Operating Segments | Unaffiliated Customers      
Segment Reporting Information [Line Items]      
Revenues 2,052 1,624  
Rod and Refining Segment | Operating Segments | Intersegment Customers      
Segment Reporting Information [Line Items]      
Revenues 10 8  
Atlantic Copper Smelting and Refining Segment | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 969 755  
Production and delivery 929 734  
Depreciation, depletion and amortization (DD&A) 7 7  
Selling, general and administrative expenses 11 9  
Exploration and research expenses 0 0  
Environmental obligations and shutdown costs   0  
PTFI mud rush incident insurance settlement 0    
Operating income 22 5  
Total assets 1,904 1,448  
Capital expenditures 56 43  
Atlantic Copper Smelting and Refining Segment | Operating Segments | Unaffiliated Customers      
Segment Reporting Information [Line Items]      
Revenues 966 752  
Atlantic Copper Smelting and Refining Segment | Operating Segments | Intersegment Customers      
Segment Reporting Information [Line Items]      
Revenues $ 3 $ 3