
Portions of the registrant’s proxy statement for its 2026 annual meeting of stockholders are incorporated by reference into Part III of this report.

Entity Central Index Key

0000831259

Document Fiscal Year Focus

2025

Document Fiscal Period Focus

FY

Amendment Flag

false

ICFR Auditor Attestation Flag

true

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Phoenix, Arizona
Auditor Firm ID	42

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 25,915	$ 25,455	$ 22,855
Cost of sales:
Production and delivery	16,374	15,554	13,627
Depreciation, depletion and amortization	2,244	2,241	2,068
Total cost of sales	18,618	17,795	15,695
Selling, general and administrative expenses	545	513	479
Exploration Expense	192	156	137
Environmental obligations and shutdown costs	58	127	319
Gain on sales of assets	(16)	0	0
Total costs and expenses	19,397	18,591	16,630
Operating income	6,518	6,864	6,225
Interest expense, net	(369)	(319)	(515)
Net gain on early extinguishment of debt	0	0	10
Other income, net	223	362	286
Income before income taxes and equity in affiliated companies’ net earnings	6,372	6,907	6,006
Provision for (benefit from) income taxes	(2,221)	(2,523)	(2,270)
Equity in affiliated companies’ net earnings	1	15	15
Net income	4,152	4,399	3,751
Net income attributable to noncontrolling interests	(1,948)	(2,510)	(1,903)
Net income attributable to common stockholders	$ 2,204	$ 1,889	$ 1,848
Net income per share attributable to common stockholders:
Basic	$ 1.53	$ 1.31	$ 1.28
Diluted	$ 1.52	$ 1.30	$ 1.28
Weighted-average common shares outstanding:
Basic	1,437	1,438	1,434
Diluted	1,443	1,445	1,443
Dividends declared per share of common stock (in dollars per share)	$ 0.60	$ 0.60	$ 0.60

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 4,152	$ 4,399	$ 3,751
Defined benefit plans:
Actuarial (losses) gains arising during the period, net of taxes	(5)	(44)	39
Amortization of unrecognized amounts included in net periodic benefit costs	12	3	5
Foreign exchange losses	(1)	(1)	0
Other comprehensive income (loss)	6	(42)	44
Total comprehensive income	4,158	4,357	3,795
Total comprehensive income attributable to noncontrolling interests	(1,945)	(2,508)	(1,901)
Total comprehensive income attributable to common stockholders	$ 2,213	$ 1,849	$ 1,894

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flow from operating activities:
Net income	$ 4,152	$ 4,399	$ 3,751
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	2,244	2,241	2,068
Net charges for environmental and asset retirement obligations, including accretion	291	622	295
Payments for environmental and asset retirement obligations	244	234	250
Stock-based compensation	121	109	109
Net charges for defined pension and postretirement plans	62	35	62
Pension plan contributions	(37)	(78)	(75)
Deferred income taxes	247	(76)	182
Charges for PT Freeport Indonesia’s (PTFI) social investment programs	86	103	84
Payments for PTFI social investment programs	(65)	(54)	(44)
Impairment of oil and gas properties	64	69	67
Charges for talc-related litigation reserves	4	0	65
Net gain on early extinguishment of debt	0	0	(10)
Changes in deferred profit on PTFI sales to PT Smelting	0	0	(112)
Other, net	23	53	(33)
Changes in working capital and other:
Accounts receivable	(521)	460	166
Inventories	(709)	(638)	(873)
Other current assets	(55)	(41)	(29)
Accounts payable and accrued liabilities	802	143	(161)
Accrued income taxes and timing of other tax payments	(855)	47	17
Net cash provided by (used in) operating activities	5,610	7,160	5,279
Cash flow from investing activities:
Capital expenditures	(4,494)	(4,808)	(4,824)
Proceeds from sales of assets
Acquisition of additional ownership interest in Cerro Verde	0	(210)	0
Loans to PT Smelting for expansion	0	(28)	(129)
Other, net	22	18	(3)
Net cash provided by (used in) investing activities	(4,472)	(5,028)	(4,956)
Cash flow from financing activities:
Proceeds from debt	3,195	2,251	1,781
Repayments of debt	(2,777)	(2,731)	(2,980)
Finance lease payments	(37)	(41)	(3)
Cash dividends and distributions paid:
Common stock	(865)	(865)	(863)
Noncontrolling interests	(1,274)	(1,833)	(625)
Treasury stock purchases	(107)	(59)	0
Proceeds from exercised stock options	12	29	47
Payments for withholding of employee taxes related to stock-based awards	(23)	(35)	(50)
Contributions from noncontrolling interests	0	0	50
Other, net	0	0	(7)
Net cash used in financing activities	(1,876)	(3,284)	(2,650)
Net decrease in cash and cash equivalents and restricted cash and cash equivalents	(738)	(1,152)	(2,327)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	4,173	4,911	6,063
U.S. copper mines
Cash flow from investing activities:
Capital expenditures	(1,102)	(1,033)	(761)
South America operations
Cash flow from investing activities:
Capital expenditures	(419)	(375)	(368)
Indonesia operations
Cash flow from investing activities:
Capital expenditures	(2,358)	(2,908)	(3,411)
Molybdenum mines
Cash flow from investing activities:
Capital expenditures	(108)	(117)	(84)
Other
Cash flow from investing activities:
Capital expenditures	$ (507)	$ (375)	$ (200)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 3,824	$ 3,923
Restricted cash and cash equivalents	230	888
Trade accounts receivable	977	578
Value added and other tax receivables	686	564
Inventories:
Product	3,332	3,038
Total materials and supplies, net	2,738	2,382
Mill and leach stockpiles	1,423	1,388
Other current assets	580	535
Total current assets	13,790	13,296
Property, plant, equipment and mine development costs, net	40,736	38,514
Long-term mill and leach stockpiles	1,173	1,225
Long-term tax receivables	810	306
Other assets	1,658	1,507
Total assets	58,167	54,848
Current liabilities:
Accounts payable and accrued liabilities	4,565	4,057
Current portion of debt	466	41
Accrued income taxes	456	859
Current portion of environmental and asset retirement obligations	313	320
Dividends payable	219	219
Total current liabilities	6,019	5,496
Long-term debt, less current portion	8,913	8,907
Environmental and asset retirement obligations, less current portion	5,541	5,404
Deferred income taxes	4,622	4,376
Long-term leases	1,010	692
Other liabilities	1,296	1,195
Total liabilities	27,401	26,070
Stockholders’ equity:
Common stock, par value $0.10, 1,627 shares and 1,624 shares issued, respectively	163	162
Capital in excess of par value	23,680	23,797
Retained earnings (accumulated deficit)	1,385	(170)
Accumulated other comprehensive loss	(305)	(314)
Common stock held in treasury – 191 shares and 187 shares, respectively, at cost	(6,024)	(5,894)
Total stockholders’ equity	18,899	17,581
Noncontrolling interests	11,867	11,197
Total equity	30,766	28,778
Total liabilities and equity	$ 58,167	$ 54,848

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued (in shares)	1,627	1,624
Share repurchased (in shares)	191	187

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	(Accumulated Deficit) Retained Earnings	Accumu- lated Other Compre-hensive Loss	Common Stock Held in Treasury	Total Stock- holders’ Equity	Non- controlling Interests
Balance (in shares) at Dec. 31, 2022		1,613
Balance at Dec. 31, 2022	$ 24,871	$ 161	$ 25,322	$ (3,907)	$ (320)	$ (5,701)	$ 15,555	$ 9,316
Balance (in shares) at Dec. 31, 2022						183
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		6
Exercised and issued stock-based awards	48	$ 1	68			$ (21)	48
Stock-based compensation, including tax benefit and the tender of shares	35		87			$ (51)	36	(1)
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1
Dividends	(1,489)		(864)				(864)	(625)
Contributions from noncontrolling interests	50		24				24	26
Net income attributable to common stockholders	1,848			1,848			1,848
Net income attributable to noncontrolling interests	1,903							1,903
Other comprehensive income (loss)	44				46		46	(2)
Balance (in shares) at Dec. 31, 2023		1,619
Balance at Dec. 31, 2023	27,310	$ 162	24,637	(2,059)	(274)	$ (5,773)	16,693	10,617
Balance (in shares) at Dec. 31, 2023						184
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		5				1
Exercised and issued stock-based awards	28	$ 0	56			$ (28)	28
Stock-based compensation, including tax benefit and the tender of shares	54		92			$ (34)	58	(4)
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1
Treasury stock purchases	(59)					$ (59)	(59)
Treasury stock purchases (in shares)						1
Acquisition of additional ownership interest in Cerro Verde	(215)		(125)				(125)	(90)
Dividends	(2,699)		(866)				(866)	(1,833)
Changes in consolidated subsidiary ownership interests	2		3				3	(1)
Net income attributable to common stockholders	1,889			1,889			1,889
Net income attributable to noncontrolling interests	2,510							2,510
Other comprehensive income (loss)	(42)				(40)		(40)	(2)
Balance (in shares) at Dec. 31, 2024		1,624
Balance at Dec. 31, 2024	$ 28,778	$ 162	23,797	(170)	(314)	$ (5,894)	17,581	11,197
Balance (in shares) at Dec. 31, 2024	187					187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		3
Exercised and issued stock-based awards	$ 13	$ 1	12				13
Stock-based compensation, including tax benefit and the tender of shares	63		90			$ (23)	67	(4)
Stock-based compensation, including tax benefit and the tender of shares (in shares)						1
Treasury stock purchases	(107)					$ (107)	(107)
Treasury stock purchases (in shares)						3
Dividends	(2,139)		(216)	(649)			(865)	(1,274)
Contributions from noncontrolling interests	0		(3)				(3)	3
Net income attributable to common stockholders	2,204			2,204			2,204
Net income attributable to noncontrolling interests	1,948							1,948
Other comprehensive income (loss)	6				9		9	(3)
Balance (in shares) at Dec. 31, 2025		1,627
Balance at Dec. 31, 2025	$ 30,766	$ 163	$ 23,680	$ 1,385	$ (305)	$ (6,024)	$ 18,899	$ 11,867
Balance (in shares) at Dec. 31, 2025	191					191

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation. The consolidated financial statements of Freeport-McMoRan Inc. (FCX) include the accounts of those subsidiaries where it directly or indirectly has more than 50% of the voting rights and/or has control over the subsidiary. As of December 31, 2025, the most significant entities that FCX consolidates include its 48.76%-owned subsidiary, PT Freeport Indonesia (PTFI), and its wholly owned subsidiary, Freeport Minerals Corporation (FMC). Refer to Note 2 for further discussion, including FCX’s conclusion to consolidate PTFI.

FMC’s unincorporated joint venture at Morenci is reflected using the proportionate consolidation method (refer to Note 2). Investments in unconsolidated companies over which FCX has the ability to exercise significant influence, but does not control, are accounted for under the equity method and include PTFI’s investment in PT Smelting (refer to Note 2). Investments in unconsolidated companies owned less than 20%, and for which FCX does not exercise significant influence, are recorded at (i) fair value for those that have a readily determinable fair value or (ii) cost, less any impairment, for those that do not have a readily determinable fair value. All significant intercompany transactions have been eliminated. Dollar amounts in tables are stated in millions, except per share amounts. Certain prior year amounts have been reclassified to conform with current year presentation.

Reportable Segments. FCX has organized its mining operations into four primary divisions – United States (U.S.) copper mines, South America operations, Indonesia operations and Molybdenum mines. Operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations and U.S. Rod & Refining operations. FCX has voluntarily disclosed its Morenci copper mine and Atlantic Copper, S.L.U. (Atlantic Copper) as reportable segments. Refer to Note 14 for further discussion.

Use of Estimates. The preparation of FCX’s financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include asset lives for depreciation, depletion and amortization (DD&A); environmental obligations; asset retirement obligations (AROs); estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; valuation of derivative instruments; and estimates for idle facility costs. Actual results could differ from those estimates.

Functional Currency. The functional currency for the majority of FCX’s foreign operations is the U.S. dollar. For foreign subsidiaries whose functional currency is the U.S. dollar, monetary assets and liabilities denominated in the local currency are translated at current exchange rates, and non-monetary assets and liabilities, such as inventories, property, plant, equipment and mine development costs, are translated at historical exchange rates. Gains and losses resulting from translation of such account balances are included in other income, net, as are gains and losses from foreign currency transactions. Foreign currency net gains totaled $34 million in 2025, $17 million in 2024 and $20 million in 2023.

Cash and Cash Equivalents. Highly liquid investments purchased with maturities of three months or less are considered cash equivalents.

Restricted Cash and Cash Equivalents. Restricted cash and cash equivalents are classified as a current or long-term asset based on the timing and nature of when or how the cash is expected to be used or when the restrictions are expected to lapse. Refer to Notes 10 and 12 for information specific to our cash restrictions.

Inventories. Inventories include product, materials and supplies, and mill and leach stockpiles. Inventories are stated at the lower of weighted-average cost or net realizable value (NRV).

Product. Product inventories represent copper, gold and molybdenum products in various salable forms that are valued based on the weighted-average cost of source material plus applicable conversion costs at our processing facilities. Product inventories include labor and benefits, supplies, energy, DD&A, site overhead costs and other necessary costs associated with the extraction and processing of ore, such as mining, milling, smelting, leaching, solution extraction and electrowinning (SX/EW), refining, roasting and chemical processing. Product inventories exclude corporate general and administrative costs.

Materials and Supplies, net. Materials and supplies inventory of $2.7 billion at December 31, 2025, and $2.4 billion at December 31, 2024, is net of obsolescence reserves totaling $62 million at December 31, 2025, and $54 million at December 31, 2024.

Mill and Leach Stockpiles. Mill and leach stockpiles are work-in-process inventories for FCX’s mining operations. Estimated metals in stockpiles not expected to be recovered within the next 12 months are classified as long-term. Mill and leach stockpiles contain ore that has been extracted from an ore body and is available for metal recovery. Mill stockpiles contain sulfide ores, and recovery of metal is through milling, concentrating and smelting and refining or, alternatively, by concentrate leaching. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in solution to extraction processing facilities (i.e., SX/EW). The recorded cost of mill and leach stockpiles includes mining and haulage costs incurred to deliver ore to stockpiles, DD&A and site overhead costs. Material is removed from the stockpiles at a weighted-average cost per pound. Each mine site maintains one work-in-process balance on a weighted-average cost basis for each process (i.e., leach, mill or concentrate leach) regardless of the number of stockpile systems at that site.

Because it is impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper grade of the material delivered to mill and leach stockpiles.

Expected copper recoveries for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately.

Expected copper recoveries for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery from leach stockpiles can vary significantly from a low percentage to more than 80% depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. For newly placed material on active stockpiles, as much as 80% of the total copper recovery may occur during the first year and the remaining copper may be recovered over many years.

Process rates and copper recoveries for mill and leach stockpiles are monitored regularly, and recovery estimates are adjusted annually based on new information and as related technology and processing methods change. Recovery adjustments will typically result in a future impact to the value of the material removed from the stockpiles at a revised weighted-average cost per pound of recoverable copper. For example, an increase in recovery rates increases recoverable copper in the leach stockpiles resulting in a lower weighted-average cost per pound of recoverable copper and a decrease in recovery rates decreases recoverable copper in the leach stockpiles and results in a higher weighted-average cost per pound of recoverable copper.

Based on annual reviews of mill and leach stockpiles, FCX increased its estimated consolidated recoverable copper in certain leach stockpiles, net of joint venture interests, by 207 million pounds in 2025 and 164 million pounds in 2024. These revised estimates did not have a material impact on the weighted-average cost per pound of recoverable copper or FCX’s consolidated site production and delivery costs in the period the volume adjustments were recorded.

Property, Plant, Equipment and Mine Development Costs. Property, plant, equipment and mine development costs are carried at cost. Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable mineral reserves or identifying new mineral resources at development or production stage properties, are charged to expense as incurred. Development costs are capitalized beginning after proven and probable mineral reserves have been established. Development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable mineral reserves, including shafts, adits, drifts, ramps, permanent excavations, infrastructure and removal of overburden. For underground mines certain costs related to panel development, such as undercutting and drawpoint development, are also capitalized as mine development costs until production reaches sustained design capacity for the mine. After reaching design capacity, the underground mine transitions to the production phase and panel development costs are allocated to inventory and included as a component of production and delivery costs.

Additionally, interest expense allocable to the cost of developing mines and to constructing new facilities is capitalized until assets are ready for their intended use.

Expenditures for replacements and improvements are capitalized. Costs related to periodic scheduled maintenance (i.e., turnarounds) are charged to expense as incurred. Depreciation for mining and milling life-of-mine assets, infrastructure and other common costs is determined using the unit-of-production (UOP) method based on estimated recoverable proven and probable copper reserves (for primary copper mines) and proven and probable molybdenum reserves (for primary molybdenum mines). Development costs and acquisition costs for proven and probable mineral reserves that relate to a specific ore body are depreciated using the UOP method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. DD&A using the UOP method is recorded upon extraction of the recoverable copper or molybdenum from the ore body or production of finished goods (as applicable), at which time it is allocated to inventory cost and then included as a component of production and delivery costs. Other assets are depreciated on a straight-line basis over estimated useful lives for the related assets of up to 50 years for buildings and 3 to 50 years for machinery and equipment, and mobile equipment.

Included in property, plant, equipment and mine development costs is value beyond proven and probable mineral reserves (VBPP), primarily resulting from FCX’s acquisition of FMC. The concept of VBPP may be interpreted differently by different mining companies. FCX’s VBPP is attributable to (i) measured and indicated mineral resources that FCX believes could be brought into production with the establishment or modification of required permits and should market conditions and technical assessments warrant, (ii) inferred mineral resources and (iii) exploration potential.

Carrying amounts assigned to VBPP are not charged to expense until the VBPP becomes associated with additional proven and probable mineral reserves and the reserves are produced or the VBPP is determined to be impaired. Additions to proven and probable mineral reserves for properties with VBPP will carry with them the value assigned to VBPP at the date acquired, less any impairment amounts. Refer to Note 3 for further discussion.

Impairment of Long-Lived Mining Assets. FCX assesses the carrying values of its long-lived mining assets for impairment when events or changes in circumstances indicate that the related carrying amounts of such assets may not be recoverable. In evaluating long-lived mining assets for recoverability, estimates of pre-tax undiscounted future cash flows of FCX’s individual mines are used. An impairment is considered to exist if total estimated undiscounted future cash flows are less than the carrying amount of the asset. Once it is determined that an impairment exists, an impairment loss is measured as the amount by which the asset carrying value exceeds its fair value. The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of FCX’s mining operations are derived from current business plans, which are developed using near-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to near- and long-term metal price assumptions, other key assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; VBPP estimates; and the use of appropriate discount rates in the measurement of fair value. FCX believes its estimates and models used to determine fair value are similar to what a market participant would use. As quoted market prices are unavailable for FCX’s individual mining operations, fair value is determined through the use of after-tax discounted estimated future cash flows (i.e., Level 3 measurement).

Deferred Mining Costs. Stripping costs (i.e., the costs of removing overburden and waste material to access mineral deposits) incurred during the production phase of an open-pit mine are considered variable production costs and are included as a component of inventory produced during the period in which stripping costs are incurred. Major development expenditures, including stripping costs to prepare unique and identifiable areas outside the current mining area for future production that are considered to be pre-production mine development, are capitalized and amortized using the UOP method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. However, where a second or subsequent pit or major expansion is considered to be a continuation of existing mining activities, stripping costs are accounted for as a current production cost and a component of the associated inventory.

Environmental Obligations. Environmental expenditures are charged to expense or capitalized, depending upon their future economic benefits. Accruals for such expenditures are recorded when it is probable that obligations have been incurred and the costs can be reasonably estimated. Environmental obligations attributed to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) or analogous state programs are considered probable when a claim is asserted, or is probable of assertion, and FCX, or any of its

subsidiaries, have been associated with the site. Other environmental remediation obligations are considered probable based on specific facts and circumstances. FCX’s estimates of these costs are based on an evaluation of various factors, including currently available facts, existing technology, presently enacted laws and regulations, remediation experience, whether or not FCX is a potentially responsible party (PRP) and the ability of other PRPs to pay their allocated portions. With the exception of those obligations assumed in the acquisition of FMC that were initially recorded at estimated fair values (refer to Note 10 for further discussion), environmental obligations are recorded on an undiscounted basis. Where the available information is sufficient to estimate the amount of the obligation, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. Possible recoveries of some of these costs from other parties are not recognized in the consolidated financial statements until they become probable. Legal costs associated with environmental remediation (such as fees to third-party legal firms for work relating to determining the extent and type of remedial actions and the allocation of costs among PRPs) are included as part of the estimated obligation.

Environmental obligations assumed in the 2007 acquisition of FMC, which were initially recorded at fair value and estimated on a discounted basis, are accreted to full value over time through charges to interest expense. Adjustments arising from changes in amounts and timing of estimated costs and settlements may result in increases and decreases in these obligations and are calculated in the same manner as they were initially estimated. Unless these adjustments qualify for capitalization, changes in environmental obligations are charged to operating income when they occur.

FCX performs a comprehensive review of its environmental obligations annually and also reviews changes in facts and circumstances associated with these obligations at least quarterly.

Asset Retirement Obligations. FCX records the fair value of estimated AROs associated with tangible long-lived assets in the period incurred. AROs associated with long-lived assets are those for which there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction. These obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to production and delivery costs. In addition, asset retirement costs (ARCs) are capitalized as part of the related asset’s carrying value and are depreciated over the asset’s useful life.

For mining operations, reclamation costs for disturbances are recognized as an ARO and as a related ARC in the period of the disturbance and depreciated primarily on a UOP basis. FCX’s AROs for mining operations consist primarily of costs associated with mine reclamation and closure activities. These activities, which are site specific, generally include costs for earthwork, revegetation, water treatment and demolition.

For non-operating properties and operating mines whose reclamation-related assets have been fully depreciated, changes to the ARO are recorded in production and delivery costs.

At least annually, FCX reviews its ARO estimates for changes in the projected timing of certain reclamation and closure/restoration costs, changes in cost estimates and additional AROs incurred during the period. Refer to Note 10 for further discussion.

Revenue Recognition. FCX recognizes revenue for its products upon transfer of control in an amount that reflects the consideration it expects to receive in exchange for those products. Transfer of control is in accordance with the terms of customer contracts, which is generally upon shipment or delivery of the product. While payment terms vary by contract, terms generally include payment to be made within 30 days, but not longer than 60 days. Certain of FCX’s concentrate and cathode sales contracts also provide for provisional pricing, which is accounted for as an embedded derivative (refer to Note 12 for further discussion). For provisionally priced sales, 90% to 100% of the provisional invoice amount is collected upon shipment or within 20 days, and final balances are settled in a contractually specified future month (generally one to four months from the shipment date) based on quoted monthly average copper settlement prices on the London Metal Exchange (LME) or the Commodity Exchange Inc. (COMEX), and quoted monthly average London Bullion Market Association (London) PM gold prices.

FCX’s product revenues are also recorded net of treatment charges, royalties and export duties prior to the expiration of PTFI’s export license on September 16, 2025. Moreover, because a portion of the metals contained in copper concentrate is unrecoverable as a result of the smelting process, FCX’s revenues from concentrate sales are also recorded net of allowances based on the quantity and value of these unrecoverable metals. These allowances are a negotiated term of FCX’s contracts and vary by customer. Treatment and refining charges

represent payments or price adjustments to smelters and refiners that are generally fixed. Refer to Note 14 for a summary of revenue by product type.

Gold sales are priced according to individual contract terms, generally the average London PM gold price for a specified month near the month of shipment.

The majority of FCX’s molybdenum sales are priced based on the Platts Metals Daily Molybdenum Dealer Oxide weekly average price, plus conversion premiums for products that undergo additional processing, such as ferromolybdenum and molybdenum chemical products, for the month prior to the month of shipment.

FCX accounts for shipping and handling activities performed after control of goods has been transferred to a customer as a fulfillment cost recorded in production and delivery costs on the consolidated statements of income.

Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes-Merton option valuation model. The fair value for stock-settled restricted stock units (RSUs) is based on FCX’s stock price on the date of grant. Shares of common stock are issued at the vesting date for stock-settled RSUs. The fair value of performance share units (PSUs) is determined using FCX’s stock price and a Monte-Carlo simulation model. The fair value for liability-classified awards (i.e., cash-settled RSUs) is remeasured each reporting period using FCX’s stock price. FCX has elected to recognize compensation costs for stock option awards that vest over several years on a straight-line basis over the vesting period, and for RSUs using the graded-vesting method over the vesting period. Refer to Note 8 for further discussion.

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 for the years ended December 31 follow:


	2025		2024		2023
Net income	$	4,152	$	4,399	$	3,751
Net income attributable to noncontrolling interests	(1,948)		(2,510)		(1,903)

Undistributed dividends and earnings allocated to participating securities	(7)		(6)		(6)






Net income attributable to common stockholders	$	2,197	$	1,883	$	1,842

(shares in millions)
Basic weighted-average shares of common stock outstanding	1,437		1,438		1,434
Add shares issuable upon exercise or vesting of dilutive stock options, PSUs and RSUs	6		7		9


Diluted weighted-average shares of common stock outstanding	1,443		1,445		1,443


Net income per share attributable to common stockholders:
Basic	$	1.53	$	1.31	$	1.28



Diluted	$	1.52	$	1.30	$	1.28

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 shares of common stock associated with outstanding stock options excluded in any of the years shown above.

Global Intangible Low-Taxed Income (GILTI). FCX has elected to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred.

New Accounting Standards. FCX did not adopt any new accounting standards in 2025 that had a material impact on its consolidated financial statements.

Income Taxes. In December 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) requiring enhancements to disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. FCX adopted this standard retrospectively in the consolidated financial statements for the year ended December 31, 2025. Refer to Note 9 for the revised disclosures.

Disaggregation of Expenses. In November 2024, the FASB issued an ASU requiring entities to provide disaggregated disclosures of specified categories of expenses that are included in relevant line items on the face of the income statement, including: purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion. This ASU is effective for FCX’s consolidated financial statements for the year ended December 31, 2027, and subsequent interim consolidated financial statements.

Subsequent Events. FCX evaluated events after December 31, 2025, and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES	12 Months Ended
OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES	Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]
Ownership In Subsidiaries And Joint Ventures	OWNERSHIP IN SUBSIDIARIES AND JOINT VENTURES Ownership in Subsidiaries. FCX owns 100% of FMC. FMC produces copper and molybdenum from mines in the U.S. and South America. At December 31, 2025, FMC’s operating mines in the U.S. were Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami located in Arizona; Tyrone and Chino located in New Mexico; and Henderson and Climax located in Colorado. FMC has a 72% interest in Morenci (refer to “Joint Ventures. Sumitomo and SMM Morenci, Inc.”) and owns 100% of the other U.S. mines. At December 31, 2025, operating mines in South America were Cerro Verde (55.08% owned - refer to “Cerro Verde” below) located in Peru and El Abra (51% owned) located in Chile. At December 31, 2025, FMC’s net assets totaled $19.2 billion and its accumulated deficit totaled $12.1 billion. FCX had no loans to FMC outstanding at December 31, 2025 and 2024. Refer to Note 6 for information regarding FMC’s senior notes. FCX owns 48.76% of PTFI (refer to “PTFI Divestment” below). In Indonesia, PTFI operates in the Grasberg minerals district. In addition to copper, the Grasberg minerals district also produces gold and silver. With the completion of PTFI’s smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities) in Gresik, Indonesia, in 2025, PTFI is a fully integrated producer of refined copper and gold. At December 31, 2025, PTFI’s net assets totaled $17.2 billion and its retained earnings totaled $12.7 billion. FCX had no loans to PTFI outstanding at December 31, 2025 and 2024. Refer to Note 6 for information regarding PTFI’s senior notes. FCX owns 100% of Atlantic Copper (FCX’s smelting and refining unit in Spain). At December 31, 2025, Atlantic Copper’s net assets totaled $89 million and its accumulated deficit totaled $450 million. FCX had outstanding loans to Atlantic Copper totaling $364 million at December 31, 2025, and $644 million at December 31, 2024. Refer to Note 6 for information regarding Atlantic Copper's short-term lines of credit. Cerro Verde. In September 2024, FCX purchased 5.3 million shares of Cerro Verde common stock for a total cost of $210 million, increasing FCX’s ownership interest in Cerro Verde to 55.08% from 53.56%. As a result of the transaction, the carrying value of Cerro Verde’s noncontrolling interest was reduced by $90 million, with $125 million recorded to capital in excess to par value, including a $5 million deferred tax impact. PTFI Divestment. On December 21, 2018, FCX completed the transaction with the Indonesia government regarding PTFI’s long-term mining rights and share ownership (the 2018 Transaction). Pursuant to the divestment agreement and related documents, PT Mineral Industri Indonesia (MIND ID), an Indonesia state-owned enterprise, acquired all of Rio Tinto plc’s (Rio Tinto) interests associated with its joint venture with PTFI (the former Rio Tinto Joint Venture) and 100% of FCX’s interests in PT Indonesia Papua Metal Dan Mineral (PTI). In connection with the 2018 Transaction, PTFI acquired all of the common stock of PT Rio Tinto Indonesia that held the former Rio Tinto Joint Venture interest. After the 2018 Transaction, MIND ID’s (26.24%) and PTI’s (25.00%) collective share ownership of PTFI totals 51.24% and FCX’s share ownership totals 48.76%. The arrangements provide for FCX and the other pre-transaction PTFI shareholders (i.e., MIND ID) to retain the economics of the revenue and cost sharing arrangements under the former Rio Tinto Joint Venture. As a result, FCX’s economic interest, including the attribution of net income or loss and dividends paid, in PTFI approximated 81% through 2022 and is 48.76% in 2023 and thereafter (see “Attribution of PTFI Net Income or Loss” below). FCX, PTFI, PTI and MIND ID entered into a shareholders agreement (the PTFI Shareholders Agreement), which includes provisions related to the governance and management of PTFI. FCX considered the terms of the PTFI Shareholders Agreement and related governance structure, including whether MIND ID has substantive participating rights, and concluded that FCX has retained control and would continue to consolidate PTFI in its financial statements following the 2018 Transaction. Among other terms, the governance arrangements under the PTFI Shareholders Agreement transfers control over the management of PTFI’s mining operations to an operating committee, which is controlled by FCX. Additionally, as discussed above, the existing PTFI shareholders retained the economics of the revenue and cost sharing arrangements under the former Rio Tinto Joint Venture, so that FCX’s economic interest in the project through 2041 will not be significantly affected by the 2018 Transaction. FCX believes its conclusion to continue to consolidate PTFI in its financial statements is in accordance with the U.S. Securities and Exchange Commission (SEC) Regulation S-X, Rule 3A-02 (a), which provides for situations in which consolidation of an entity, notwithstanding the lack of majority ownership, is necessary to present fairly the financial position and results of operations of the registrant, because of the existence of a parent-subsidiary relationship by means other than recorded ownership of voting stock. Attribution of PTFI Net Income or Loss. Beginning January 1, 2023, the attribution of PTFI’s net income or loss is based on equity ownership percentages (48.76% for FCX, 26.24% for MIND ID and 25.00% for PTI), except for net income in 2023 associated with the sale of approximately 190,000 ounces of gold because PTFI did not achieve the Gold Target (as defined in the PTFI Shareholders Agreement), and net income in 2024 associated with the closure of its 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters (refer to Note 9), which were attributed approximately 81% to FCX. For all of its other partially owned consolidated subsidiaries, FCX attributes net income or loss based on equity ownership percentages. Joint Ventures. Sumitomo and SMM Morenci, Inc. FMC owns a 72% undivided interest in Morenci via an unincorporated joint venture. The remaining 28% is owned by Sumitomo (15%) and SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production. FMC purchased 19 million pounds during 2025 and 15 million pounds during 2024 of Morenci’s copper cathode from Sumitomo and SMM Morenci, Inc. at market prices for $93 million and $63 million, respectively. FMC had receivables from Sumitomo and SMM Morenci, Inc. totaling $25 million at December 31, 2025, and $23 million at December 31, 2024. PT Smelting. PT Smelting is an Indonesia company that owns a copper smelter and refinery in Gresik, Indonesia. In 1996, PTFI entered into a joint venture and shareholder agreement with Mitsubishi Materials Corporation (MMC) to jointly construct the PT Smelting facilities. PT Smelting commenced operations in 1999. In December 2023, PT Smelting completed the expansion of its capacity by 30% to process approximately 1.3 million metric tons of copper concentrate per year. The project was funded by PTFI with loans totaling $254 million that converted to equity effective June 30, 2024, increasing PTFI’s common stock ownership in PT Smelting to 66% from 39.5%. MMC owns the remaining 34% of PT Smelting’s outstanding common stock and serves as the operator of the facilities. FCX has determined that PT Smelting is a variable interest entity, however, as mutual consent of both PTFI and MMC is required to make the decisions that most significantly impact the economic performance of PT Smelting, PTFI is not the primary beneficiary. As PTFI has the ability to exercise significant influence over PT Smelting, PTFI accounts for its investment in PT Smelting under the equity method. PTFI’s maximum exposure to loss is its investment in PT Smelting (refer to Note 4). PTFI’s equity in PT Smelting’s earnings totaled $6 million in 2025, $8 million in 2024 and $10 million in 2023. Beginning January 1, 2023, PTFI’s commercial arrangement with PT Smelting changed from a copper concentrate sales agreement to a tolling arrangement. Under this arrangement, PTFI pays PT Smelting a tolling fee to smelt and refine its copper concentrate and PTFI retains title to all products for sale to third parties (i.e., there are no sales from PTFI to PT Smelting). PTFI recorded tolling-related charges of $200 million in 2025, $326 million in 2024 and $183 million in 2023.

PROPERTY, PLANT, EQUIPMENT AND MINING DEVELOPMENT COSTS, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment, Net [Abstract]

Property, Plant, Equipment and Mining Development Costs, Net

PROPERTY, PLANT, EQUIPMENT AND MINE DEVELOPMENT COSTS, NET

The components of net property, plant, equipment and mine development costs follow:


	December 31,
	2025		2024
Machinery and equipment	$	21,585	$	16,319
Mine development and other	13,446		12,828
Buildings and infrastructure	12,046		10,667
Proven and probable mineral reserves	7,164		7,159
Mobile equipment	6,313		5,598
Construction in progress	5,523		9,381
VBPPa	353		358
Oil and gas propertiesb	—		35
Total	66,430		62,345
Accumulated DD&A	(25,694)		(23,831)
Property, plant, equipment and mine development costs, net	$	40,736	$	38,514

a.Represents VBPP primarily acquired in connection with the 2007 acquisition of FMC.

b.Oil and gas properties under the full cost method are net of accumulated amortization and impairments of $27.5 billion at December 31, 2025, and $27.4 billion at December 31, 2024.

Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, including the construction and development of PTFI’s downstream processing facilities, totaled $342 million in 2025, $391 million in 2024 and $267 million in 2023.

During the three-year period ended December 31, 2025, no material impairments of FCX’s long-lived mining assets were recorded. As discussed in Note 10, PTFI recorded asset impairment charges totaling $73 million in 2025 associated with the September 2025 mud rush incident, including for the write-off of $60 million of assets damaged beyond repair and $13 million of chute galleries that are being upgraded. However, the incident did not indicate a broader impairment of PTFI’s long-lived mining assets based on PTFI’s reserve life, favorable market outlook for metal prices and expected resumption of operations at the Grasberg Block Cave underground mine in the near term.

OTHER ASSETS

12 Months Ended

Dec. 31, 2025

Other Assets [Abstract]

OTHER ASSETS

The components of other assets follow:


	December 31,
	2025		2024
Intangible assetsa	$	432	$	428
Legally restricted trust assetsb	232		217



Investments:
PT Smeltingc	352		354
Fixed income, equity securities and other	125		102
Restricted time depositsd	119		100

Cloud computing arrangements	226		163
Royalty overpayments	39		22
Long-term employee receivables	24		24





Other	109		97
Total other assets	$	1,658	$	1,507

a.Indefinite-lived intangible assets totaled $214 million at both December 31, 2025 and 2024. Definite-lived intangible assets totaled $219 million at December 31, 2025, and $214 million at December 31, 2024, which were net of accumulated amortization totaling $50 million and $46 million, respectively.

b.Reflects amounts held in trusts for AROs related to properties in New Mexico (refer to Note 10).

c.Refer to Note 2.

d.Relates to PTFI’s regulatory commitments (refer to Notes 10 and 12).

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2025

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accounts Payable and Accrued Liabilities

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

The components of accounts payable and accrued liabilities follow:


	December 31,
	2025		2024
Accounts payable	$	2,948	$	2,789
Salaries, wages and other compensation	382		361
Litigation accrualsa	343		34
Pension, postretirement, postemployment and other employee benefitsb	148		128
Accrued interestc	145		135
Deferred revenue	106		91
Leasesd	103		98
Accrued taxes, other than income taxes	79		81
Community development programs	62		75
PTFI contingenciese	49		49
MIND ID indemnificationd	49		49
PTFI administrative finea	—		59
Other	151		108
Total accounts payable and accrued liabilities	$	4,565	$	4,057

a.Refer to Note 10.

b.Refer to Note 7 for the long-term portion.

c.Third-party interest paid, net of capitalized interest, was $256 million in 2025, $206 million in 2024 and $419 million in 2023.

d.Refer to Note 11.

e.Primarily reflects Indonesia tax matters. Refer to Note 10.

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

DEBT

FCX’s debt is net of reductions of $49 million at December 31, 2025, and $58 million at December 31, 2024, for unamortized net discounts and unamortized debt issuance costs. The components of debt follow:


	December 31,
	2025		2024

Revolving credit facilities:
PTFI	$	250	$	250
FCX	—		—
Cerro Verde	—		—

Senior notes and debentures:
Issued by FCX:
5.00% Senior Notes due 2027	450		449
4.125% Senior Notes due 2028	484		484
4.375% Senior Notes due 2028	431		431
5.25% Senior Notes due 2029	471		469
4.25% Senior Notes due 2030	447		447
4.625% Senior Notes due 2030	590		589
5.40% Senior Notes due 2034	724		724
5.450% Senior Notes due 2043	1,690		1,688
Issued by PTFI:
4.763% Senior Notes due 2027	748		747
5.315% Senior Notes due 2032	1,492		1,491
6.200% Senior Notes due 2052	745		745
Issued by FMC:
7 1/8% Debentures due 2027	115		115
9 1/2% Senior Notes due 2031	118		119
6 1/8% Senior Notes due 2034	119		119









Atlantic Coppera	482		57
Other	23		24
Total debt	9,379		8,948
Less current portion of debtb	(466)		(41)
Long-term debt	$	8,913	$	8,907

a.Includes short-term lines of credit used for working capital requirements, primarily based on the Secured Overnight Financing Rate (SOFR) plus a spread.

b.At December 31, 2025, the weighted average interest rate of FCX’s current portion of debt was 3.9%.

Revolving Credit Facilities.

FCX. FCX and PTFI have a $3.0 billion, 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 December 31, 2025, there were no borrowings and $5 million in letters of credit issued under FCX’s revolving credit facility. Interest on loans made under the revolving credit facility may, at the option of FCX or PTFI, be determined based on SOFR plus a spread to be determined by reference to a grid based on FCX’s credit rating.

The revolving credit facility contains customary affirmative covenants and representations, and also contains various negative covenants that, among other things and subject to certain exceptions, restrict the ability of FCX’s subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and the ability of FCX or FCX’s subsidiaries to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. In addition, the revolving credit facility contains a total leverage ratio financial covenant.

PTFI. At December 31, 2025, PTFI had $250 million in borrowings outstanding under its $1.75 billion senior unsecured revolving credit facility that matures in November 2028. PTFI’s revolving credit facility is available for its general corporate purposes. Interest on loans made under PTFI’s revolving credit facility is determined based on SOFR plus a spread.

PTFI’s revolving credit facility contains customary affirmative covenants and representations and also contains standard negative covenants that, among other things, restrict, subject to certain exceptions, the ability of PTFI to incur additional indebtedness; create liens on assets; enter into sale and leaseback transactions; sell assets; and modify or amend the shareholders agreement or related governance structure. The credit facility also contains financial covenants governing maximum total leverage and minimum interest expense coverage and other covenants addressing certain environmental and social compliance requirements.

Cerro Verde. At December 31, 2025, Cerro Verde had no borrowings outstanding under its $350 million senior unsecured revolving credit facility that matures in May 2027. Cerro Verde’s revolving credit facility contains customary representations and affirmative and negative covenants.

At December 31, 2025, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants.

Senior Notes.

FCX. FCX’s 5.00% senior notes due 2027 are redeemable at 100% of principal. The senior notes listed below are redeemable in whole or in part, at the option of FCX, at specified redemption prices prior to the dates stated below and beginning on the dates stated below at 100% of principal.


Debt Instrument						Date
4.125% Senior Notes due 2028						March 1, 2026
4.375% Senior Notes due 2028						August 1, 2026
5.25% Senior Notes due 2029						September 1, 2027
4.25% Senior Notes due 2030						March 1, 2028
4.625% Senior Notes due 2030						August 1, 2028

The senior notes listed below are redeemable in whole or in part, at the option of FCX, at a make-whole redemption price prior to the dates stated below and beginning on the dates stated below at 100% of principal.


Debt Instrument						Date

5.40% Senior Notes due 2034						May 14, 2034
5.450% Senior Notes due 2043						September 15, 2042

FCX’s senior notes contain limitations on liens and rank equally with FCX’s other existing and future unsecured and unsubordinated indebtedness.

PTFI. The senior notes listed below are redeemable in whole or in part, at the option of PTFI, at a make-whole redemption price prior to the dates stated below and beginning on the dates stated below at 100% of principal.


Debt Instrument						Date
4.763% Senior Notes due 2027						March 14, 2027
5.315% Senior Notes due 2032						January 14, 2032
6.200% Senior Notes due 2052						October 14, 2051

FMC. The FMC senior notes are redeemable in whole or in part, at the option of FMC, at stated make-whole redemption prices at any time prior to maturity.

Maturities. Maturities of debt instruments based on the principal amounts outstanding at December 31, 2025, total $0.5 billion in 2026, $1.3 billion in 2027, $1.2 billion in 2028, $0.5 billion in 2029, $1.0 billion in 2030 and $4.9 billion thereafter.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2025

Other Liabilities, Including Employee Benefits [Abstract]

Other Liabilities

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS

The components of other liabilities follow:


	December 31,
	2025		2024

Pension, postretirement, postemployment and other employment benefitsa	$	770	$	689
Litigation accruals	163		163
Provision for tax positions	131		136


Social investment programs	146		111



Other	86		96
Total other liabilities	$	1,296	$	1,195

a.Refer to Note 5 for current portion.

Pension Plans. FCX uses a measurement date of December 31 for its plans.

SERP Plan. FCX has an unfunded Supplemental Executive Retirement Plan (SERP) for its Chairman of the Board. The SERP provides for retirement benefits payable in the form of a joint and survivor annuity, life annuity or an equivalent lump sum. The participant has elected to receive an equivalent lump sum payment. The payment will equal a percentage of the participant’s highest average compensation for any consecutive three-year period during the five years immediately preceding the completion of 25 years of credited service. The SERP benefit will be reduced by the value of all benefits from current and former retirement plans (qualified and nonqualified) sponsored by FCX, by FM Services Company, FCX’s wholly owned subsidiary, or by any predecessor employer (including FCX’s former parent company), except for benefits produced by accounts funded exclusively by deductions from the participant’s pay.

FMC Plans. FMC has U.S. trusteed, non-contributory pension plans covering some U.S. employees and some employees of its international subsidiaries hired before 2007. The applicable FMC plan design determines the manner in which benefits are calculated for any particular group of employees. Benefits are calculated based on final average monthly compensation and years of service or based on a fixed amount for each year of service. Non-bargained FMC employees hired after December 31, 2006, are not eligible to participate in the FMC U.S. pension plan. Effective September 1, 2020, the FMC Retirement Plan, the largest FMC plan, was amended such that participants no longer accrue any additional benefits.

FCX’s funding policy for these plans provides that contributions to pension trusts shall be at least equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended, for U.S. plans; or, in the case of international plans, the minimum legal requirements that may be applicable in the various countries. Additional contributions also may be made from time to time.

FCX’s primary investment objectives for the FMC plan assets held in a master trust (Master Trust) are to maintain funds sufficient to pay all benefit and expense obligations when due, minimize the volatility of the plan’s funded status to the extent practical, and to maintain prudent levels of risk consistent with the plan’s investment policy. The FMC plan assets are invested in a risk-mitigating portfolio, which is allocated among multiple fixed income managers. The current target allocation of the portfolio is long-duration credit (50%); long-duration U.S. government/credit (20%); core fixed income (22%); long-term U.S. Treasury Separate Trading of Registered Interest and Principal Securities (7%); and cash equivalents (1%).

Plan assets are classified within a fair value 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), then to prices derived using significant observable inputs (Level 2) and the lowest priority to prices derived using significant unobservable inputs (Level 3).

A summary of the fair value for pension plan assets, including those measured at net asset value (NAV) as a practical expedient, associated with the FMC plans follows:


	Fair Value at December 31, 2025
	Total		NAV		Level 1		Level 2		Level 3
Commingled/collective funds:

Fixed income securities	$	405	$	405	$	—	$	—	$	—












Short-term investments	17		17		—		—		—

Fixed income:
Corporate bonds	600		—		—		600		—
Government bonds	240		—		—		240		—


Private equity investments	77		77		—		—		—
Other investments	59		—		1		58		—
Total investments	1,398		$	499	$	1	$	898	$	—

Cash and receivables	20
Payables	(2)
Total pension plan net assets	$	1,416


	Fair Value at December 31, 2024
	Total		NAV		Level 1		Level 2		Level 3
Commingled/collective funds:

Fixed income securities	$	395	$	395	$	—	$	—	$	—









Short-term investments	37		37		—		—		—








Fixed income:
Corporate bonds	624		—		—		624		—
Government bonds	238		—		—		238		—

Private equity investments	68		68		—		—		—
Other investments	57		—		1		56		—
Total investments	1,419		$	500	$	1	$	918	$	—

Cash and receivables	20
Payables	(3)
Total pension plan net assets	$	1,436

Following is a description of the pension plan asset categories included in the above tables and the valuation techniques used to measure fair value. There have been no changes to the techniques used to measure fair value.

Commingled/collective funds are managed by several fund managers and are valued at the NAV per unit of the fund. For most of these funds, the majority of the underlying assets are actively traded securities. These funds primarily require up to a two-business-day notice for redemptions.

Fixed income investments include corporate and government bonds held directly by the Master Trust. Fixed income securities are valued using a bid-evaluation price or a mid-evaluation price and, as such, are classified within Level 2 of the fair value hierarchy. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs.

Private equity investments are valued at NAV using information from general partners and have inherent restrictions on redemptions that may affect the ability to sell the investments at their NAV in the near term.

The benefit obligation net of plan assets for the FCX plans (FMC and SERP plans) totaled $361 million at December 31, 2025, and $344 million at December 31, 2024. The balance at December 31, 2025, consisted of $3 million in accounts payable and accrued liabilities, $11 million in other assets and $369 million in other liabilities. The balance at December 31, 2024, consisted of $3 million in accounts payable and accrued liabilities, $11 million in other assets and $352 million in other liabilities.

PTFI Plan. PTFI has a defined benefit pension plan denominated in Indonesia rupiah covering substantially all of its Indonesia national employees. PTFI funds the plan and invests the assets in accordance with Indonesia pension guidelines. The pension obligation was valued at an exchange rate of 16,698 rupiah to one U.S. dollar on December 31, 2025, and 16,081 rupiah to one U.S. dollar on December 31, 2024. Indonesia labor laws require that companies provide a minimum severance to employees upon employment termination based on the reason for termination and the employee’s years of service. PTFI’s pension benefit obligation includes benefits determined in accordance with this law.

A summary of the fair value for pension plan assets associated with the PTFI plan follows:


	Fair Value at December 31, 2025
	Total		Level 1		Level 2		Level 3
Government bonds	$	111	$	111	$	—	$	—
Common stocks	55		55		—		—
Mutual funds	14		14		—		—
Total investments	180		$	180	$	—	$	—

Cash and receivablesa	28
Payables	(2)
Total pension plan net assets	$	206


	Fair Value at December 31, 2024
	Total		Level 1		Level 2		Level 3
Government bonds	$	96	$	96	$	—	$	—
Common stocks	53		53		—		—
Mutual funds	12		12		—		—
Total investments	161		$	161	$	—	$	—

Cash and receivablesa	24

Total pension plan net assets	$	185

a.Cash consists primarily of short-term time deposits.

Following is a description of the valuation techniques used for pension plan assets measured at fair value associated with the PTFI plan. There have been no changes to the techniques used to measure fair value.

Government bonds, common stocks and mutual funds 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 valuation techniques described for the FMC and PTFI plans may produce a fair value calculation that may not be indicative of NRV or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with those used by other market participants, the use of different techniques or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The benefit obligation net of plan assets for the PTFI plan totaled $28 million at December 31, 2025 and 2024, which was included in other liabilities.

Included in accumulated other comprehensive loss are $402 million at December 31, 2025, and $417 million at December 31, 2024, that have not been recognized in net periodic pension cost.

The expected benefit payments for FCX’s (FMC and SERP plans) and PTFI’s pension plans follow:


	FCX		PTFIa
2026	$	126	$	34
2027	195		28
2028	128		30
2029	128		28
2030	128		30
2031 through 2035	623		126

a.Based on a December 31, 2025, exchange rate of 16,698 Indonesia rupiah to one U.S. dollar.

Postretirement and Other Benefits. FCX also provides postretirement medical and life insurance benefits for certain U.S. employees and, in some cases, employees of certain international subsidiaries. These postretirement benefits vary among plans, and many plans require contributions from retirees. The expected cost of providing such postretirement benefits is accrued during the years employees render service.

The benefit obligation (funded status) for the postretirement medical and life insurance benefit plans consisted of a current portion of $4 million (included in accounts payable and accrued liabilities) and a long-term portion of $29 million (included in other liabilities) at December 31, 2025, and a current portion of $5 million and a long-term portion of $31 million at December 31, 2024.

FCX has a number of postemployment plans covering severance, long-term disability income, continuation of health and life insurance coverage for disabled employees or other welfare benefits. The accumulated postemployment benefit obligation consisted of a current portion of $9 million (included in accounts payable and accrued liabilities) and a long-term portion of $54 million (included in other liabilities) at December 31, 2025, and a current portion of $7 million and a long-term portion of $43 million at December 31, 2024.

FCX also sponsors a retirement savings plan for most of its U.S. employees. The plan allows employees to contribute a portion of their income in accordance with specified guidelines. The savings plan is a qualified 401(k) plan for all U.S. salaried and non-bargained hourly employees. Participants exercise control and direct the investment of their contributions and account balances among various investment options under the plan. FCX contributes to the plan and matches a percentage of employee contributions up to certain limits. For employees whose eligible compensation exceeds certain levels, FCX provides a nonqualified unfunded defined contribution plan, which had a liability balance of $73 million at December 31, 2025, and $69 million at December 31, 2024, all of which was included in other liabilities.

The costs charged to operations for the employee savings plan totaled $140 million in 2025, $131 million in 2024 and $119 million in 2023. FCX has other employee benefit plans, certain of which are related to FCX’s financial results, which are recognized in operating costs.

Employee Benefits

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS

The components of other liabilities follow:


	December 31,
	2025		2024

Pension, postretirement, postemployment and other employment benefitsa	$	770	$	689
Litigation accruals	163		163
Provision for tax positions	131		136


Social investment programs	146		111



Other	86		96
Total other liabilities	$	1,296	$	1,195

a.Refer to Note 5 for current portion.

Pension Plans. FCX uses a measurement date of December 31 for its plans.

SERP Plan. FCX has an unfunded Supplemental Executive Retirement Plan (SERP) for its Chairman of the Board. The SERP provides for retirement benefits payable in the form of a joint and survivor annuity, life annuity or an equivalent lump sum. The participant has elected to receive an equivalent lump sum payment. The payment will equal a percentage of the participant’s highest average compensation for any consecutive three-year period during the five years immediately preceding the completion of 25 years of credited service. The SERP benefit will be reduced by the value of all benefits from current and former retirement plans (qualified and nonqualified) sponsored by FCX, by FM Services Company, FCX’s wholly owned subsidiary, or by any predecessor employer (including FCX’s former parent company), except for benefits produced by accounts funded exclusively by deductions from the participant’s pay.

FMC Plans. FMC has U.S. trusteed, non-contributory pension plans covering some U.S. employees and some employees of its international subsidiaries hired before 2007. The applicable FMC plan design determines the manner in which benefits are calculated for any particular group of employees. Benefits are calculated based on final average monthly compensation and years of service or based on a fixed amount for each year of service. Non-bargained FMC employees hired after December 31, 2006, are not eligible to participate in the FMC U.S. pension plan. Effective September 1, 2020, the FMC Retirement Plan, the largest FMC plan, was amended such that participants no longer accrue any additional benefits.

FCX’s funding policy for these plans provides that contributions to pension trusts shall be at least equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended, for U.S. plans; or, in the case of international plans, the minimum legal requirements that may be applicable in the various countries. Additional contributions also may be made from time to time.

FCX’s primary investment objectives for the FMC plan assets held in a master trust (Master Trust) are to maintain funds sufficient to pay all benefit and expense obligations when due, minimize the volatility of the plan’s funded status to the extent practical, and to maintain prudent levels of risk consistent with the plan’s investment policy. The FMC plan assets are invested in a risk-mitigating portfolio, which is allocated among multiple fixed income managers. The current target allocation of the portfolio is long-duration credit (50%); long-duration U.S. government/credit (20%); core fixed income (22%); long-term U.S. Treasury Separate Trading of Registered Interest and Principal Securities (7%); and cash equivalents (1%).

Plan assets are classified within a fair value 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), then to prices derived using significant observable inputs (Level 2) and the lowest priority to prices derived using significant unobservable inputs (Level 3).

A summary of the fair value for pension plan assets, including those measured at net asset value (NAV) as a practical expedient, associated with the FMC plans follows:


	Fair Value at December 31, 2025
	Total		NAV		Level 1		Level 2		Level 3
Commingled/collective funds:

Fixed income securities	$	405	$	405	$	—	$	—	$	—












Short-term investments	17		17		—		—		—

Fixed income:
Corporate bonds	600		—		—		600		—
Government bonds	240		—		—		240		—


Private equity investments	77		77		—		—		—
Other investments	59		—		1		58		—
Total investments	1,398		$	499	$	1	$	898	$	—

Cash and receivables	20
Payables	(2)
Total pension plan net assets	$	1,416


	Fair Value at December 31, 2024
	Total		NAV		Level 1		Level 2		Level 3
Commingled/collective funds:

Fixed income securities	$	395	$	395	$	—	$	—	$	—









Short-term investments	37		37		—		—		—








Fixed income:
Corporate bonds	624		—		—		624		—
Government bonds	238		—		—		238		—

Private equity investments	68		68		—		—		—
Other investments	57		—		1		56		—
Total investments	1,419		$	500	$	1	$	918	$	—

Cash and receivables	20
Payables	(3)
Total pension plan net assets	$	1,436

Following is a description of the pension plan asset categories included in the above tables and the valuation techniques used to measure fair value. There have been no changes to the techniques used to measure fair value.

Commingled/collective funds are managed by several fund managers and are valued at the NAV per unit of the fund. For most of these funds, the majority of the underlying assets are actively traded securities. These funds primarily require up to a two-business-day notice for redemptions.

Fixed income investments include corporate and government bonds held directly by the Master Trust. Fixed income securities are valued using a bid-evaluation price or a mid-evaluation price and, as such, are classified within Level 2 of the fair value hierarchy. A bid-evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs.

Private equity investments are valued at NAV using information from general partners and have inherent restrictions on redemptions that may affect the ability to sell the investments at their NAV in the near term.

The benefit obligation net of plan assets for the FCX plans (FMC and SERP plans) totaled $361 million at December 31, 2025, and $344 million at December 31, 2024. The balance at December 31, 2025, consisted of $3 million in accounts payable and accrued liabilities, $11 million in other assets and $369 million in other liabilities. The balance at December 31, 2024, consisted of $3 million in accounts payable and accrued liabilities, $11 million in other assets and $352 million in other liabilities.

PTFI Plan. PTFI has a defined benefit pension plan denominated in Indonesia rupiah covering substantially all of its Indonesia national employees. PTFI funds the plan and invests the assets in accordance with Indonesia pension guidelines. The pension obligation was valued at an exchange rate of 16,698 rupiah to one U.S. dollar on December 31, 2025, and 16,081 rupiah to one U.S. dollar on December 31, 2024. Indonesia labor laws require that companies provide a minimum severance to employees upon employment termination based on the reason for termination and the employee’s years of service. PTFI’s pension benefit obligation includes benefits determined in accordance with this law.

A summary of the fair value for pension plan assets associated with the PTFI plan follows:


	Fair Value at December 31, 2025
	Total		Level 1		Level 2		Level 3
Government bonds	$	111	$	111	$	—	$	—
Common stocks	55		55		—		—
Mutual funds	14		14		—		—
Total investments	180		$	180	$	—	$	—

Cash and receivablesa	28
Payables	(2)
Total pension plan net assets	$	206


	Fair Value at December 31, 2024
	Total		Level 1		Level 2		Level 3
Government bonds	$	96	$	96	$	—	$	—
Common stocks	53		53		—		—
Mutual funds	12		12		—		—
Total investments	161		$	161	$	—	$	—

Cash and receivablesa	24

Total pension plan net assets	$	185

a.Cash consists primarily of short-term time deposits.

Following is a description of the valuation techniques used for pension plan assets measured at fair value associated with the PTFI plan. There have been no changes to the techniques used to measure fair value.

Government bonds, common stocks and mutual funds 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 valuation techniques described for the FMC and PTFI plans may produce a fair value calculation that may not be indicative of NRV or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with those used by other market participants, the use of different techniques or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The benefit obligation net of plan assets for the PTFI plan totaled $28 million at December 31, 2025 and 2024, which was included in other liabilities.

Included in accumulated other comprehensive loss are $402 million at December 31, 2025, and $417 million at December 31, 2024, that have not been recognized in net periodic pension cost.

The expected benefit payments for FCX’s (FMC and SERP plans) and PTFI’s pension plans follow:


	FCX		PTFIa
2026	$	126	$	34
2027	195		28
2028	128		30
2029	128		28
2030	128		30
2031 through 2035	623		126

a.Based on a December 31, 2025, exchange rate of 16,698 Indonesia rupiah to one U.S. dollar.

Postretirement and Other Benefits. FCX also provides postretirement medical and life insurance benefits for certain U.S. employees and, in some cases, employees of certain international subsidiaries. These postretirement benefits vary among plans, and many plans require contributions from retirees. The expected cost of providing such postretirement benefits is accrued during the years employees render service.

The benefit obligation (funded status) for the postretirement medical and life insurance benefit plans consisted of a current portion of $4 million (included in accounts payable and accrued liabilities) and a long-term portion of $29 million (included in other liabilities) at December 31, 2025, and a current portion of $5 million and a long-term portion of $31 million at December 31, 2024.

FCX has a number of postemployment plans covering severance, long-term disability income, continuation of health and life insurance coverage for disabled employees or other welfare benefits. The accumulated postemployment benefit obligation consisted of a current portion of $9 million (included in accounts payable and accrued liabilities) and a long-term portion of $54 million (included in other liabilities) at December 31, 2025, and a current portion of $7 million and a long-term portion of $43 million at December 31, 2024.

FCX also sponsors a retirement savings plan for most of its U.S. employees. The plan allows employees to contribute a portion of their income in accordance with specified guidelines. The savings plan is a qualified 401(k) plan for all U.S. salaried and non-bargained hourly employees. Participants exercise control and direct the investment of their contributions and account balances among various investment options under the plan. FCX contributes to the plan and matches a percentage of employee contributions up to certain limits. For employees whose eligible compensation exceeds certain levels, FCX provides a nonqualified unfunded defined contribution plan, which had a liability balance of $73 million at December 31, 2025, and $69 million at December 31, 2024, all of which was included in other liabilities.

The costs charged to operations for the employee savings plan totaled $140 million in 2025, $131 million in 2024 and $119 million in 2023. FCX has other employee benefit plans, certain of which are related to FCX’s financial results, which are recognized in operating costs.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (q)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Notes)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Stock-Based Compensation

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

FCX’s authorized shares of capital stock consists of 3.0 billion shares of common stock and 50 million shares of preferred stock.

Financial Policy. FCX’s financial policy includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to FCX maintaining its net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding debt for PTFI’s downstream processing facilities). FCX’s Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.

Under its $5.0 billion share repurchase program, FCX has acquired a total of 52 million shares of its common stock for a cost of $2.0 billion ($38.51 average cost per share), including 2.9 million shares for a total cost of $107 million in 2025 and 1.2 million shares for a total cost of $59 million in 2024 (no purchases were made in 2023). As of February 13, 2026, FCX has $3.0 billion available for repurchases under the program.

On December 17, 2025, FCX’s 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 February 2, 2026, to common stockholders of record as of January 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.

Stock Award Plans. FCX currently has awards outstanding under various stock-based compensation plans. In June 2025, common stockholders approved the 2025 Stock Incentive Plan (the 2025 Plan). The 2025 Plan authorizes the issuance of stock options, stock appreciation rights, restricted stock, RSUs, PSUs and other stock-based awards for up to 43.8 million common shares, subject to certain adjustments and less awards granted after April 1, 2025, under the 2016 Stock Incentive Plan and prior to the effective date of the 2025 Plan. As of December 31, 2025, 40.5 million shares were available for grant under the 2025 Plan, and no shares were available under other plans.

Stock Options. Stock options granted under the plans generally expire 10 years after the date of grant and vest in one-third annual increments beginning one year from the date of grant. The award agreements provide that participants will receive the following year’s vesting upon retirement. Therefore, on the date of grant, FCX accelerates one year of amortization for retirement-eligible employees. The award agreements also provide for accelerated vesting upon certain qualifying terminations of employment within one year following a change of control. FCX has not granted stock options since 2021.

A summary of stock options outstanding as of December 31, 2025, and activity during the year, follows:


	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Balance at January 1, 2025	5,609,047	$	14.22

Exercised	(844,079)	12.51

Balance at December 31, 2025	4,764,968	14.53		3.3	$	173

All stock options outstanding at December 31, 2025, were vested and exercisable. The total intrinsic value of options exercised was $26 million during 2025, $95 million during 2024 and $52 million during 2023. Total fair value of options vested was less than $1 million during 2024 and $3 million during 2023.

Stock-Settled PSUs and RSUs. Since 2014, FCX’s executive officers received annual grants of PSUs that vest after a three-year performance period. The total grant date target shares related to the PSU grants were 0.5 million for 2025 and 0.4 million for each of 2024 and 2023, of which the executive officers will earn between 0% and 200% of the target shares based on achievement of financial metrics, which amount shall be subject to an increase or decrease of up to 25% of the target shares based on FCX’s total shareholder return compared to the total shareholder return of a peer group. PSU awards for FCX’s executive officers who are retirement-eligible are non-forfeitable. As such, FCX charges the estimated fair value of the non-forfeitable PSU awards to expense at the time the financial and operational metrics are established, which is typically grant date. The fair value of PSU awards for FCX’s executive officers who are not retirement-eligible are charged to expense over the performance period.

FCX grants RSUs that vest over a period of three years to certain employees. Some award agreements allow for participants to receive the following year’s vesting upon retirement. Therefore, on the date of grant of these RSU awards, FCX accelerates one year of amortization for retirement-eligible employees. FCX also grants RSUs to its directors, which vest on the first anniversary of the date of grant. The fair value of the RSUs is amortized over the vesting period or the period until the director becomes retirement eligible, whichever is shorter. Upon a director’s retirement, all of their unvested RSUs immediately vest. For retirement-eligible directors, the fair value of RSUs is recognized in earnings on the date of grant.

The award agreements provide for accelerated vesting of all RSUs held by directors if there is a change of control (as defined in the award agreements) and for accelerated vesting of all RSUs held by employees if they experience a qualifying termination within one year following a change of control. Dividends attributable to RSUs and PSUs accrue and are paid if the awards vest.

A summary of outstanding stock-settled RSUs and PSUs as of December 31, 2025, and activity during the year, follows:


	Number of Awards	Weighted-Average Grant-Date Fair Value Per Award		Aggregate Intrinsic Value
Balance at January 1, 2025	5,723,084	$	39.21
Granted	2,292,300	37.84
Vested	(1,957,163)	40.48
Forfeited	(114,579)	39.21
Balance at December 31, 2025	5,943,642	38.26		$	302

The total fair value of stock-settled RSUs and PSUs granted was $87 million during 2025, $92 million during 2024 and $93 million during 2023. The total intrinsic value of stock-settled RSUs and PSUs vested was $77 million during 2025, $84 million during 2024 and $136 million during 2023. As of December 31, 2025, FCX had $26 million of total unrecognized compensation cost related to unvested stock-settled RSUs and PSUs expected to be recognized over approximately 1.2 years.

Cash-Settled RSUs. Cash-settled RSUs are similar to stock-settled RSUs but are settled in cash rather than in shares of common stock. These cash-settled RSUs generally vest over three years of service. Some award agreements allow for participants to receive the following year’s vesting upon retirement. Therefore, on the date of grant of these cash-settled RSU awards, FCX accelerates one year of amortization for retirement-eligible employees. The cash-settled RSUs are classified as liability awards, and the fair value of these awards is remeasured each reporting period until the vesting dates. The award agreements for cash-settled RSUs provide for accelerated vesting upon certain qualifying terminations of employment within one year following a change of control. Dividends attributable to cash-settled RSUs accrue and are paid if the awards vest.

A summary of outstanding cash-settled RSUs as of December 31, 2025, and activity during the year, follows:


	Number of Awards	Weighted-Average Grant-Date Fair Value Per Award		Aggregate Intrinsic Value
Balance at January 1, 2025	1,063,486	$	40.60
Granted	691,250	37.84
Vested	(497,533)	40.58
Forfeited	(28,060)	39.15
Balance at December 31, 2025	1,229,143	39.09		$	62

The total grant-date fair value of cash-settled RSUs was $26 million during 2025, $25 million during 2024 and $24 million during 2023. The intrinsic value of cash-settled RSUs vested was $20 million during 2025, $15 million during 2024 and $20 million during 2023. The accrued liability associated with cash-settled RSUs consisted of a current portion of $33 million (included in accounts payable and accrued liabilities) and a long-term portion of $11 million (included in other liabilities) at December 31, 2025, and a current portion of $22 million and a long-term portion of $8 million at December 31, 2024.

Other Information. The following table includes amounts related to exercises of stock options and vestings of RSUs and PSUs during the years ended December 31:


	2025		2024		2023
FCX shares tendered or withheld to pay the exercise
price and/or the statutory withholding taxesa	560,613		1,505,675		1,633,519
Cash received from stock option exercises	$	12	$	29	$	47
Actual tax benefit realized for tax deductions	$	5	$	5	$	4
Amounts FCX paid for employee taxes	$	22	$	35	$	50

a.Under terms of the related plans, upon exercise of stock options, vesting of stock-settled RSUs and payout of PSUs, employees may tender or have withheld FCX shares to pay the exercise price and/or required withholding taxes.

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Geographic sources of income (loss) before income taxes and equity in affiliated companies’ net earnings for the years ended December 31 follow:


	2025		2024		2023
U.S.	$	405	$	(547)	$	68
Foreign	5,967		7,454		5,938
Total	$	6,372	$	6,907	$	6,006

Income taxes are provided on the earnings of FCX’s material foreign subsidiaries under the assumption that these earnings will be distributed. FCX has not provided deferred income taxes for other differences between the book and tax carrying amounts of its investments in material foreign subsidiaries as FCX considers its ownership positions to be permanent in duration, and quantification of the related deferred tax liability is not practicable.

FCX’s provision for income taxes for the years ended December 31 follows:


	2025		2024		2023
Current income taxes:
U.S. federal	$	—	$	36	$	5
U.S. state	(6)		(1)		(6)
Foreign	(1,967)		(2,635)		(2,087)
Total current	(1,973)		(2,600)		(2,088)

Deferred income taxes:
U.S. federal	—		1		(50)
U.S. state	(3)		(1)		(3)
Foreign	(250)		74		(320)
Total deferred	(253)		74		(373)

Adjustments	1		—		6
Operating loss carryforwards	4		3		185
Provision for income taxes	$	(2,221)	$	(2,523)	$	(2,270)

A reconciliation of the U.S. federal statutory tax rate to FCX’s effective income tax rate for the years ended December 31 follows:


	2025				2024					2023
	Amount		%		Amount			%		Amount		%
U.S. federal statutory tax rate	$	(1,338)	(21)	%	$	(1,450)		(21)	%	$	(1,261)	(21)	%
U.S. state and local income taxes, net of federal income tax effecta	9		—		—			—		(3)		—
Foreign tax effects:
Indonesiab
Statutory tax rate difference between Indonesia and U.S.	(154)		(2)		(228)			(3)		(192)		(3)
Mining taxes	(290)		(5)		(453)			(7)		(357)		(6)
Withholding taxes	(128)		(2)		(208)			(3)		(162)		(3)
Other	(27)		—		(20)			—		(28)		—
Peruc
Statutory tax rate difference between Peru and U.S.	(205)		(3)		(144)			(2)		(130)		(2)
Mining taxes	(110)		(2)		(81)			(1)		(76)		(2)
Withholding taxes	(33)		—		(21)			—		(16)		—
Other	31		—		(12)			—		(41)		(1)
Other foreign jurisdictions	(50)		(1)		(47)			(1)		2		—
Effect of changes in tax laws or rates enacted in the current period	—		—		—			—		—		—
Effect of cross-border tax laws	(2)		—		(10)			—		(2)		—
Tax credits:
Foreign tax credit expiration/limitation	(32)		(1)		(1,043)			(15)		(287)		(5)
Other	(25)		—		(14)			—		—		—
Changes in valuation allowance	(50)		(1)		861			12		128		2
Nontaxable or nondeductible items:
Depletion	210		3		88			1		204		3
Other	(13)		—		(9)			—		(2)		—
Changes in unrecognized tax benefits	(6)		—		228		b	3		(28)		—
Other adjustments	(8)		—		40			—		(19)		—
Provision for income taxes	$	(2,221)	(35)	%	$	(2,523)		(37)	%	$	(2,270)	(38)	%

a.New York state taxes in 2025 and Texas state taxes in 2023 contributed to the majority of the tax effect in this category.

b.Refer to “Indonesia Tax Matters” below.

c.Refer to “Peru Tax Matters” below.

Income taxes paid (net of refunds) are as follows for the years ended December 31:


	2025		2024		2023



U.S. federal	$	—	$	—	$	—
U.S. state	—		1		—
Foreign:
Indonesia	2,194		1,971		1,350
Peru	632		560		630
Other foreign jurisdictions	72		20		27
Total foreign	2,898		2,551		2,007
Total income taxes paid, net	$	2,898	$	2,552	$	2,007

The components of deferred taxes follow:


	December 31,
	2025		2024
Deferred tax assets:


Accrued expenses	$	1,845	$	1,657
Net operating losses	1,805		1,814
Foreign tax credits	159		184
Employee benefit plans	72		76

Other	199		214
Deferred tax assets	4,080		3,945
Valuation allowances	(3,079)		(2,984)
Net deferred tax assets	1,001		961

Deferred tax liabilities:
Property, plant, equipment and mine development costs	(4,335)		(4,193)

Undistributed earnings	(1,037)		(981)
Other	(241)		(155)
Total deferred tax liabilities	(5,613)		(5,329)
Net deferred tax liabilities	$	(4,612)	$	(4,368)

Tax Attributes. At December 31, 2025, FCX had (i) U.S. state net operating losses (NOLs) of $10.6 billion, of which $3.6 billion can be carried forward indefinitely, with the remainder primarily expiring between 2026 and 2045, (ii) U.S. federal NOLs of $6.1 billion, of which $0.8 billion can be carried forward indefinitely, with the remainder primarily expiring between 2036 and 2037, (iii) U.S. foreign tax credits of $0.2 billion that will expire between 2026 and 2034 and (iv) Atlantic Copper NOLs of $0.4 billion that can be carried forward indefinitely.

Valuation Allowances. On the basis of available information at December 31, 2025, including positive and negative evidence, FCX has provided valuation allowances for certain of its deferred tax assets where it believes it is more-likely-than-not that some portion or all of such assets will not be realized. Valuation allowances totaled $3.1 billion at December 31, 2025, and covered all of FCX’s U.S. federal NOLs and foreign tax credits, substantially all of its U.S. state and foreign NOLs, as well as a portion of its U.S. federal, state and foreign deferred tax assets.

The valuation allowance related to FCX’s U.S. foreign tax credits totaled $0.2 billion at December 31, 2025. FCX has operations in tax jurisdictions where statutory income taxes and withholding taxes are in excess of the U.S. federal income tax rate. Valuation allowances are recognized on foreign tax credits for which no benefit is expected to be realized.

The valuation allowance related to FCX’s U.S. federal, state and foreign NOLs totaled $1.8 billion and other deferred tax assets totaled $1.1 billion at December 31, 2025. NOLs and deferred tax assets represent future deductions for which a benefit will only be realized to the extent these deductions offset future income. FCX develops an estimate of which future tax deductions will be realized and recognizes a valuation allowance to the extent these deductions are not expected to be realized in future periods.

Valuation allowances will continue to be carried on U.S. foreign tax credits, U.S. federal, state and foreign NOLs and U.S. federal, state and foreign deferred tax assets, until such time that (i) FCX generates taxable income against which any of the assets, credits or NOLs can be used, (ii) forecasts of future taxable income provide sufficient positive evidence to support reversal of the valuation allowances or (iii) FCX identifies a prudent and feasible means of securing the benefit of the assets, credits or NOLs that can be implemented.

The $0.1 billion net increase in the valuation allowances during 2025 is primarily related to a $0.2 billion increase in U.S. federal temporary differences related to current year activity, partially offset by a $0.1 billion decrease in valuation allowances against outstanding Section 163(j) deferred tax assets.

U.S. Tax Matters

One Big Beautiful Bill Act. On July 4, 2025, the President signed into law H.R.1 (also referred to as the One Big Beautiful Bill Act), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain provisions of the Tax Cuts & Jobs Act of 2017. H.R.1 did not have a material impact on FCX’s consolidated financial results for the year 2025.

Inflation Reduction Act of 2022. The provisions of the U.S. Inflation Reduction Act of 2022 (the Act), which became applicable to FCX on January 1, 2023, include, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average annual AFSI exceeding $1.0 billion over a three-year period.

Based on current guidance, FCX has determined that the provisions of the Act did not impact its financial results for the three years ended December 31, 2025. However, the proposed and interim guidance released by the Internal Revenue Service relating to the calculation of CAMT is not final and is subject to change.

Pillar Two of the Global Anti-Base Erosion Rules. In 2021, the Organisation for Economic Co-operation and Development (OECD) published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which was designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a 15% minimum level of income tax. In January 2026, the OECD published additional guidance on the framework, including safe harbor provisions that would minimize or eliminate application of the 15% global minimum income tax on domestic operations of U.S.-parent multinational companies.

Recommendations from the OECD regarding the 15% global minimum income tax, the safe harbor provisions and other changes are being considered and/or implemented in jurisdictions where FCX operates. At current metals market prices, FCX does not expect enactment of the recommended framework in jurisdictions where it operates to materially impact its financial results.

Indonesia Tax Matters. Under the terms of its special mining business license (IUPK), PTFI is subject to a 25% corporate income tax rate and a 10% profits tax on net income.

During 2024, in conjunction with closure of PTFI’s 2021 corporate income tax audit and resolution of Indonesia disputed tax matters, PTFI recorded credits to net income of $215 million, including $199 million to provision for income taxes, $8 million to production and delivery costs and $8 million to interest expense, net.

Peru Tax Matters. Cerro Verde’s current mining stability agreement subjects it to a stable income tax rate of 32% through the expiration of the agreement on December 31, 2028. The enacted tax rate on dividend distributions, which is not stabilized by the agreement, is 5%.

During 2025, in conjunction with closure of Cerro Verde’s 2020 corporate income tax audit, Cerro Verde recorded credits to net income of $27 million, including $54 million to provision for income taxes and $2 million to other income, net, partially offset by charges of $29 million to production and delivery costs.

Chile Tax Matters. Under the US-Chilean Tax Treaty, which became effective in 2024, FCX’s share of income from El Abra is subject to an income tax rate of 35%.

Effective January 1, 2024, mining royalty taxes in Chile consist of two main components: (i) profitability-based mining royalty rates on a sliding scale of 8% to 26% (depending on a defined operational margin) and (ii) an additional ad valorem royalty tax based on 1% of sales.

Uncertain Tax Positions. Tax positions reflected in the consolidated financial statements are, based on their technical merits, more-likely-than-not to be sustained upon examination by taxing authorities or have otherwise been effectively settled. Such tax positions reflect the largest amount of benefit, determined on a cumulative probability basis, that is more-likely-than-not to be realized upon settlement with the applicable taxing authority with full knowledge of all relevant information. FCX’s policy associated with uncertain tax positions is to record accrued interest in interest expense and accrued penalties in other income, net, rather than in the provision for income taxes.

A summary of the activities associated with FCX’s reserve for unrecognized tax benefits for the years ended December 31 follows:


	2025		2024		2023
Balance at beginning of year	$	161	$	720	$	810
Additions:
Prior year tax positions	24		13		27
Current year tax positions	10		10		28

Decreases:
Prior year tax positions	(20)		(54)		(13)

Settlements with taxing authorities	(4)		(492)		(132)
Lapse of statute of limitations	(2)		(36)		—

Balance at end of year	$	169	$	161	$	720

The total amount of accrued interest and penalties associated with unrecognized tax benefits was $275 million at December 31, 2025, primarily relating to unrecognized tax benefits associated with royalties and the timing of advance payments, $264 million at December 31, 2024, and $536 million at December 31, 2023. Amounts include unpaid items on the consolidated balance sheet of $28 million at December 31, 2025, $26 million at December 31, 2024, and $33 million at December 31, 2023. (Charges) benefits for interest and penalties related to unrecognized tax benefits totaled $(3) million in 2025, $8 million in 2024 and $(153) million in 2023.

The reserve for unrecognized tax benefits of $169 million at December 31, 2025, included $58 million net of income tax benefits and valuation allowances that, if recognized, would reduce FCX’s provision for income taxes. Changes in the reserve for unrecognized tax benefits associated with current and prior-year tax positions were primarily related to uncertainties associated with FCX’s tax treatment of cost recovery methods and various non-deductible costs.

FCX or its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The tax years for FCX’s major tax jurisdictions that remain subject to examination are as follows:


Jurisdiction	Years Subject to Examination	Open Years
U.S. Federal	—	2022-2025
Indonesia	2017, 2022	2023-2025
Peru	2021	2017-2020, 2022-2025
Chile	2023-2024	2022, 2025

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 12
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

Environmental. FCX’s operations are subject to various environmental laws and regulations that govern the generation, storage, treatment, transportation and disposal of hazardous substances; solid waste disposal; air emissions; wastewater discharges; remediation, restoration and reclamation of environmental contamination, including mine closures and reclamation; protection of endangered and threatened species and designation of critical habitats; and other related matters. FCX subsidiaries that operate in the U.S. also are subject to potential liabilities arising under CERCLA and similar state laws that impose responsibility on current and previous owners and operators of a facility for the remediation of hazardous substances released from the facility into the environment, including damages to natural resources, in some cases irrespective of when the damage to the environment occurred or who caused it. Remediation liability also extends to persons who arranged for the disposal of hazardous substances or transported the hazardous substances to a disposal site selected by the transporter. These liabilities are often shared on a joint and several basis, meaning that each responsible party is fully responsible for the remediation if some or all of the other historical owners or operators no longer exist, do not have the financial ability to respond or cannot be found. As a result, because of FCX’s acquisition of FMC, many of the subsidiary companies FCX now owns are responsible for a wide variety of environmental remediation projects throughout the U.S., and FCX expects to spend substantial sums annually for many years to address those remediation issues. Certain FCX subsidiaries have been advised by the U.S. Environmental Protection Agency (EPA), the Department of the Interior, the Department of Agriculture and various state agencies that, under CERCLA or similar state laws and regulations, they may be liable for costs of responding to environmental conditions at a number of sites that have been or are being investigated to determine whether releases of hazardous substances have occurred and, if so, to develop and implement remedial actions to address environmental concerns. FCX is

also subject to claims where the release of hazardous substances is alleged to have caused natural resource damages (NRD) and to litigation by individuals allegedly exposed to hazardous substances. As of December 31, 2025, FCX had approximately 80 active remediation projects, including NRD claims, in 23 U.S. states. The largest obligations discussed below total $1.7 billion and account for approximately 85% of the total balance at December 31, 2025.

A summary of changes in FCX’s estimated environmental obligations for the years ended December 31 follows:


	2025		2024		2023
Balance at beginning of year	$	2,040	$	1,939	$	1,740
Accretion expensea	116		131		119
Net (reductions) additionsb	(19)		82		195

Spending	(119)		(112)		(115)
Balance at end of year	2,018		2,040		1,939
Less current portion	(125)		(131)		(131)
Long-term portion	$	1,893	$	1,909	$	1,808

a.Represents accretion of the fair value of environmental obligations assumed in the 2007 acquisition of FMC, which were determined on a discounted cash flow basis in accordance with applicable business combination accounting guidance.

b.In connection with its ongoing review and monitoring of environmental remediation sites, during 2025, FCX identified specific projects with environmental obligations where it could no longer be concluded that a probable liability exists and recorded reductions totaling $91 million reflecting closure of these projects. See further discussion below of revisions for changes in the anticipated scope and timing of projects.

Estimated future environmental cash payments (on an undiscounted and de-escalated basis) total $4.3 billion, including $125 million in 2026, $120 million in 2027, $118 million in 2028, $86 million in 2029, $61 million in 2030 and $3.8 billion thereafter. The amount and timing of these estimated payments will change as a result of changes in regulatory requirements, changes in scope and timing of remediation activities, the settlement of environmental matters and as actual spending occurs.

At December 31, 2025, FCX’s environmental obligations totaled $2.0 billion, including $1.8 billion recorded on a discounted basis for those obligations assumed in the 2007 acquisition of FMC. FCX estimates it is reasonably possible that these obligations could range between $3.8 billion and $5.0 billion on an undiscounted and de-escalated basis.

At December 31, 2025, the most significant environmental obligations were associated with the Pinal Creek site in Arizona; the Newtown Creek site in New York City; historical uranium mining sites in the western U.S.; and historical smelter sites principally located in Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma and Pennsylvania. FCX may also be subject to litigation brought by private parties, regulators and local governmental authorities related to these historical sites. A discussion of these sites follows.

Pinal Creek. FCX’s environmental liability balance for Pinal Creek was $520 million at December 31, 2025.

The Pinal Creek site was listed under the Arizona Department of Environmental Quality’s (ADEQ) Water Quality Assurance Revolving Fund program in 1989 for contamination in the shallow alluvial aquifers within the Pinal Creek drainage near Miami, Arizona. Since that time, environmental remediation has been performed by members of the Pinal Creek Group, consisting of Freeport-McMoRan Miami Inc. (Miami), an indirect wholly owned subsidiary of FCX, and two other companies. Pursuant to a 2010 settlement agreement, Miami agreed to take full responsibility for future groundwater remediation at the Pinal Creek site, with limited exceptions. Remediation work consisting of groundwater extraction and treatment plus source control capping is expected to continue for many years. During 2023, FCX recorded adjustments to the Pinal Creek environmental obligation totaling $61 million associated with a refined engineering scope and cost estimate for work to be completed within the next several years.

Newtown Creek. FCX’s environmental liability balance for Newtown Creek was $486 million at December 31, 2025.

From the 1930s until 1964, Phelps Dodge Refining Corporation (PDRC), an indirect wholly owned subsidiary of FCX, operated a copper smelter, and from the 1930s until 1984, a copper refinery, on the banks of Newtown Creek (the creek), which is a 3.5-mile-long waterway that forms part of the boundary between Brooklyn and Queens in New York City. Heavy industrial uses on and around the creek and discharges from the City of New York’s sewer system over more than a century resulted in significant environmental contamination of the waterway. In 2010, EPA

designated the creek as a Superfund site and identified PDRC, four other companies and the City of New York as PRPs. The following year, PDRC and the four other companies (the Newtown Creek Group, NCG) and the City of New York entered an Administrative Order on Consent to perform a remedial investigation/feasibility study (RI/FS) to assess the nature and extent of environmental contamination in the creek and identify remedial options. EPA approved the final RI report in April 2023. The NCG’s FS work is ongoing. At the agency’s request, the NCG prepared a focused feasibility study (FFS) for an early action remediation project focusing on the East Branch tributary of the creek. In January 2025, the agency issued a record of decision selecting an interim remedy for the East Branch. EPA has identified over 30 PRPs for the site, including the NCG members and New York City, and invited all PRPs to participate in performing the East Branch remedial design. During 2023, FCX recorded adjustments to Newtown Creek environmental obligations totaling $64 million based on updated cost estimates from the draft early action FFS and no further adjustment was considered necessary based on the issuance of the 2025 record of decision. PDRC, City of New York, and two other PRPs have signed a settlement agreement, which reduced future litigation risk among the participating parties. The scope and design of the site remedy (or remedies), final costs of the site investigation and remediation, and future recovery of costs among various non-NCG PRPs are uncertain and subject to change. Changes to the overall cost of this remedial obligation and the portion ultimately allocated to PDRC could be material to FCX.

Historical Uranium Mining Sites. FCX’s environmental liability balance for the historical uranium mining sites was $482 million at December 31, 2025.

During a period between 1940 and the early 1980s, certain FCX subsidiaries and their predecessors were involved in uranium exploration and mining in the western U.S., primarily on federal and tribal lands in the Four Corners region of the Southwest. Similar exploration and mining activities by other companies have also caused environmental impacts warranting remediation.

In 2017, the Department of Justice, EPA, Navajo Nation, and two FCX subsidiaries reached an agreement regarding the financial contribution of the U.S. government and the FCX subsidiaries and the scope of the environmental investigation and remediation work for 94 former uranium mining sites on tribal lands. Under the terms of the Consent Decree executed in May 2017, and approved by the U.S. District Court for the District of Arizona, the U.S. contributed $335 million into a trust fund to cover the government’s initial share of the costs, and

FCX’s subsidiaries are proceeding with the environmental investigation and remediation work at the 94 sites. The program is expected to take more than 20 years to complete. The Consent Decree excluded 23 former uranium mine sites at which an FCX subsidiary may also be potentially liable, but for which the U.S. recovered funds as part of a larger bankruptcy settlement with Tronox. In 2021, EPA informed an FCX subsidiary as well as two other federal entities that it does not expect to have funds sufficient to remediate all of the sites covered by the Tronox bankruptcy settlement. Based on information from EPA, it is currently considered unlikely that EPA will deplete the Tronox settlement funds in the near-term.

FCX is also conducting site surveys of historical uranium mining claims associated with FCX subsidiaries on non-tribal federal lands in the Four Corners region. Under a memorandum of understanding with the U.S. Bureau of Land Management (BLM), site surveys are being performed on approximately 15,000 mining claims, ranging from undisturbed claims to claims with mining features. Based on these surveys, BLM has issued no further action determinations for certain undisturbed claims. A similar agreement is in place with the U.S. Forest Service for mine features on U.S. Forest Service land. Either BLM or the U.S. Forest Service may request additional assessment or remediation activities for other claims with mining features. FCX will update this obligation when it has sufficient support for reconsideration or remedy decisions from the BLM or the U.S. Forest Service to support a reasonably certain range of outcomes. FCX expects it will take several years to complete this work.

Historical Smelter Sites. FCX’s environmental liability balance for historical smelter sites was $224 million at December 31, 2025.

FCX subsidiaries and their predecessors at various times owned or operated copper, zinc and lead smelters or refineries in states including Arizona, Indiana, Kansas, Missouri, New Jersey, Oklahoma and Pennsylvania. For some of these former processing sites, certain FCX subsidiaries have been advised by EPA or state agencies that they may be liable for costs of investigating and, if appropriate, remediating environmental conditions associated with these former processing facilities. At other sites, certain FCX subsidiaries have entered into state voluntary remediation programs to investigate and, if appropriate, remediate on-site and off-site conditions associated with the facilities. The historical processing sites are in various stages of assessment and remediation. At some of these

sites, disputes with local residents and elected officials regarding alleged health effects or the effectiveness of remediation efforts have resulted in litigation of various types, and similar litigation at other sites is possible.

From 1920 until 1986, United States Metals Refining Company (USMR), an indirect wholly owned subsidiary of FCX, owned and operated a copper smelter and refinery in the Borough of Carteret, New Jersey. Since the early 1980s, the site has been the subject of environmental investigation and remediation, under the direction and supervision of the New Jersey Department of Environmental Protection (NJDEP). In 2012, after receiving a request from NJDEP, USMR also began investigating and remediating off-site properties, which is ongoing. As a result of off-site soil sampling in public and private areas near the former Carteret smelter, FCX established an environmental obligation for known and potential off-site environmental remediation; that work was essentially completed at the end of 2024. In September 2025, FCX also recorded an increase to its environmental obligation associated with the onsite portion of the Carteret smelter site totaling $19 million based on updated cost estimates for the remediation work. On-site contamination is in the later stages of remediation.

Assessments of sediments in the adjacent Arthur Kill resulted in NJDEP’s acceptance of USMR’s proposal for alternative remediation standards for sediment in the Arthur Kill. The subsequent selection of a preferred sediment remedial action resulted in an increase of $46 million to the related environmental obligation in July 2025. Remedial work is expected to start in 2026 and will take several years to complete.

In 2024 and 2025, EPA released guidance that governs the remediation of lead and arsenic. While the January 2025 EPA final toxicological assessment for inorganic arsenic is subject to further policy review, the updated October 2025 lead guidance for cleanup of residential soils simplifies the process for selecting screening and removal levels. The guidance also emphasizes the use of site-specific risk assessments and institutional controls to manage soil lead risks, which is consistent with the approach used within our smelter portfolio. FCX is working with state agencies to understand possible ramifications of this guidance on its projects. Future changes to EPA’s lead and arsenic cleanup levels could result in increases to FCX’s environmental obligations for ongoing residential property cleanup projects near former smelter sites.

AROs. FCX’s ARO estimates are reflected on a third-party cost basis and are based on FCX’s legal obligation to retire tangible, long-lived assets. A summary of changes in FCX’s AROs for the years ended December 31 follows:


	2025			2024			2023
Balance at beginning of year	$	3,684		$	3,001		$	3,043

Liabilities incurred	2			16			18
Revisions to cash flow estimates and settlements, net	101		a	635		a	54
Accretion expense	175			154			20		b

Spending	(126)			(122)			(134)

Balance at end of year	3,836			3,684			3,001
Less current portion	(188)			(189)			(185)
Long-term portion	$	3,648		$	3,495		$	2,816

a.Primarily reflects adjustments for legacy oil and gas properties, Safford and El Abra in 2025, and legacy oil and gas properties, Sierrita, PTFI, Climax and Henderson in 2024.

b.Includes a $112 million adjustment at PTFI to correct certain inputs in the historical ARO model.

ARO costs may increase or decrease significantly in the future as a result of changes in regulations, changes in engineering designs and technology, permit modifications or updates, changes in mine plans, settlements, inflation or other factors and as reclamation (concurrent with mining operations or post mining) spending occurs. ARO activities and expenditures for mining operations generally are made over an extended period of time commencing near the end of the mine life; however, certain reclamation activities may be accelerated if legally required or if determined to be economically beneficial. For ARO activities and expenditures for legacy oil and gas properties, the methods used or required to plug and abandon non-producing oil and gas wellbores; remove platforms, tanks, production equipment and flow lines; and restore wellsites could change over time.

In 2025, FCX completed the implementation of and verification of conformance with the Global Industry Standard on Tailings Management (the Tailings Standard) at all applicable tailings storage facilities. Accordingly, at December 31, 2025, FCX’s tailings storage facility closure plans and associated cost estimates and AROs meet the requirements of the Tailings Standard.

Financial Assurance. Arizona, New Mexico, Colorado and other states, as well as U.S. regulations governing mine operations on federal land, require financial assurance to be provided for the estimated costs of mine reclamation and closure, including groundwater quality protection programs. FCX has satisfied financial assurance requirements by using a variety of mechanisms, primarily involving parent company performance guarantees and financial capability demonstrations, but also trust funds, surety bonds, letters of credit and other collateral. The applicable regulations specify financial strength tests that are designed to confirm a company’s or guarantor’s financial capability to fund estimated reclamation and closure costs. The amount of financial assurance FCX subsidiaries are required to provide will vary with changes in laws, regulations, reclamation and closure requirements, and cost estimates. At December 31, 2025, FCX’s financial assurance obligations associated with these U.S. mine closure and reclamation/restoration costs totaled $2.2 billion, including $1.2 billion in the form of guarantees primarily issued by FCX, and $0.6 billion in letters of credit, bank guarantees and surety bonds. FCX had trust assets totaling $0.2 billion at December 31, 2025 (refer to Note 4), which are legally restricted to be used to satisfy FCX’s financial assurance obligations for its mining properties in New Mexico.

In addition, FCX subsidiaries have financial assurance obligations totaling $0.7 billion, including $0.5 billion in the form of guarantees and $0.2 billion in letters of credit, bank guarantees and surety bonds for legacy oil and gas properties associated with plugging and abandoning wells and facilities. Where oil and gas guarantees associated with the Bureau of Ocean Energy Management do not include a stated cap, the amounts reflect management’s estimates of the potential exposure.

Arizona Environmental and Reclamation Programs. At December 31, 2025, FCX had accrued reclamation and closure costs of $918 million for its Arizona operations and facilities.

FCX’s Arizona operations are subject to regulatory oversight by the ADEQ. ADEQ has adopted regulations for its aquifer protection permit (APP) program that require permits for, among other things, certain facilities, activities and structures used for mining, leaching, concentrating and smelting, and require compliance with aquifer water quality standards during operations and closure. An application for an APP requires a proposed closure strategy that will meet applicable groundwater protection requirements following cessation of operations and an estimate of the implementation cost, with a more detailed closure plan required at the time operations cease. A permit applicant must demonstrate its financial ability to meet the closure costs approved by ADEQ. Closure costs for facilities covered by APPs are required to be updated every six years and financial assurance mechanisms are required to be updated every two years.

Portions of Arizona mining facilities that operated after January 1, 1986, also are subject to the Arizona Mined Land Reclamation Act (AMLRA). AMLRA requires reclamation to achieve stability and safety consistent with post-mining land use objectives specified in a reclamation plan. Reclamation plans must be approved by the Arizona State Mine Inspector (ASMI) and must include an estimate of the cost to perform the reclamation measures specified in the plan along with financial assurance. In 2023, the ASMI requested updates to reclamation cost estimates and associated financial assurance for FCX’s Arizona mine sites, and in 2024, FCX submitted updated closure scopes of work and associated costs for Miami, Bagdad and Morenci. In 2025, Safford completed changes to its facilities, resulting in a $31 million increase in its AROs. FCX will continue to evaluate options for future reclamation and closure activities at its operating and non-operating sites, which are likely to result in adjustments to FCX’s AROs, and those adjustments could be material.

New Mexico Environmental and Reclamation Programs. At December 31, 2025, FCX had accrued reclamation and closure costs of $573 million for its New Mexico operations.

FCX’s New Mexico operations are regulated under the New Mexico Water Quality Act and regulations adopted by the Water Quality Control Commission. In connection with discharge permits, the New Mexico Environment Department (NMED) has required each of these operations to submit closure plans for NMED’s approval. The closure plans must include measures to assure meeting applicable groundwater quality standards following the closure of discharging facilities and to abate groundwater or surface water contamination to meet applicable standards. FCX’s New Mexico operations also are subject to regulation under the 1993 New Mexico Mining Act (the Mining Act) and the related rules that are administered by the Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department. Under the Mining Act, mines are required to obtain approval of reclamation plans. The agencies approved updates to the closure plan and financial assurance instruments and completed a permit renewal for Chino in 2020 and Tyrone in 2021. Additional accruals may be required based on the state’s periodic review of FCX’s updated closure plans and any resulting permit conditions, and the amount of those accruals could be material.

Colorado Reclamation Programs. As of December 31, 2025, FCX had accrued reclamation and closure costs of $367 million for its Colorado operations.

FCX’s Colorado operations are regulated by the Colorado Mined Land Reclamation Act (Reclamation Act) and regulations promulgated thereunder, which are consistent with the Tailings Standard. Under the Reclamation Act, mines are required to obtain approval of plans for reclamation of lands affected by mining operations to be performed during mining or upon cessation of mining operations. In 2024, both Henderson and Climax updated cost estimates associated with reclamation plans under the Reclamation Act and recorded a total increase of $162 million to their related AROs.

In 2019, Colorado enacted legislation that requires proof of an end date for water treatment as a condition of permit authorizations for new mining operations and expansions beyond current permit authorizations. While this requirement does not apply to existing operations, it may lead to changes in long-term water management requirements at Climax and Henderson operations and their related AROs.

Chile Reclamation and Closure Programs. At December 31, 2025, FCX had accrued reclamation and closure costs of $129 million for its El Abra operations.

El Abra is subject to regulation under the Mine Closure Law administered by the National Geology and Mining Service. In 2025, El Abra submitted its updated closure plan and cost estimates and recorded an increase of $18 million to its AROs.

At December 31, 2025, El Abra had financial assurance obligations of $0.1 billion covered by insurance policies.

Peru Reclamation and Closure Programs. At December 31, 2025, FCX had accrued reclamation and closure costs of $242 million for its Cerro Verde operations.

Cerro Verde is subject to regulation under the Mine Closure Law administered by the Peru Ministry of Energy and Mines. Under the closure regulations, mines must submit a closure plan that includes the reclamation methods, closure cost estimates, methods of control and verification, closure and post-closure plans, and financial assurance. In 2023, Cerro Verde received approval of its updated closure plan and cost estimates and recorded an increase of $18 million to its AROs.

At December 31, 2025, Cerro Verde had financial assurance obligations of $0.1 billion covered by letters of credit, bank guarantees and surety bonds.

Indonesia Reclamation and Closure Programs. At December 31, 2025, FCX had accrued reclamation and closure costs of $1.0 billion for its PTFI operations.

The ultimate amount of reclamation and closure costs to be incurred at PTFI’s operations will be determined based on applicable laws and regulations and PTFI’s assessment of appropriate remedial activities under the circumstances, after consultation with governmental authorities, affected local residents and other affected parties and cannot currently be projected with precision. Some reclamation costs will be incurred during mining activities, while the remaining reclamation costs will be incurred after the end of mining activities, which are currently estimated to continue through 2041. In 2024, PTFI recorded net increases to its ARO totaling $122 million primarily for revised reclamation plans for the Grasberg open pit area and adjustments resulting from a review and update of the PTFI ARO model.

Indonesia government regulations require a company to provide mine closure and reclamation guarantees in the form of time deposits placed in state‑owned banks in Indonesia. At December 31, 2025, PTFI had $119 million in restricted time deposits included in other assets and $18 million in letters of credit, bank guarantees and surety bonds for mine closure and reclamation guarantees.

Oil and Gas Properties. As of December 31, 2025, Freeport McMoRan Oil & Gas LLC (FM O&G), FCX’s subsidiary that holds its legacy oil and gas properties, had accrued reclamation and closure costs of $593 million covering approximately 150 wells and 130 platforms and other structures.

Substantially all of FM O&G’s oil and gas leases require that, upon termination of economic production, the working interest owners plug and abandon non-producing wellbores, remove equipment and facilities from leased acreage,

and restore land in accordance with applicable local, state and federal laws. Following several sales transactions, FM O&G’s remaining operating areas primarily include offshore California and the Gulf of Mexico (also referred to as Gulf of America). FM O&G recorded increases to its ARO totaling $78 million in 2025, $163 million in 2024 and $91 million in 2023.

FM O&G’s ARO adjustments for 2025 and 2024 included charges totaling $31 million and $116 million, respectively, associated with revisions to obligations assumed as a result of bankruptcies from other oil companies and were charged to production and delivery costs. FM O&G, as a predecessor-in-interest in oil and natural gas leases, is in the chain of title with unrelated third parties either directly or by virtue of divestiture of certain oil and natural gas assets previously owned and assigned by its subsidiaries. Certain counterparties in these divestiture transactions or third parties in existing leases have filed for bankruptcy protection or undergone associated reorganizations and have not performed the required abandonment obligations. Accordingly, regulations or federal laws require that other working interest owners, including FM O&G, assume such obligations.

Litigation. In addition to the pending legal proceedings discussed below and above under “Environmental,” FCX is involved periodically in ordinary routine litigation incidental to our business, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. SEC regulations require us to disclose environmental proceedings involving a governmental authority if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, we use a threshold of $1 million for purposes of determining whether disclosure of any such environmental proceedings is required. Management does not believe, based on currently available information, that the outcome of any current pending legal proceeding will have a material adverse effect on FCX’s financial condition, although individual or cumulative outcomes could be material to FCX’s operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period.

Asbestos and Talc Claims. Since approximately 1990, various FCX affiliates have been named as defendants in a large number of lawsuits alleging personal injury from exposure to asbestos or talc allegedly contained in industrial products such as electrical wire and cable, raw materials such as paint and joint compounds, talc-based lubricants used in rubber manufacturing or from asbestos contained in buildings and facilities located at properties owned or operated by affiliates of FCX. Many of these suits involve a large number of codefendants. Based on litigation results to date and facts currently known, FCX believes that the amounts of any such losses, individually or in the aggregate, are not material to its consolidated financial statements. There can be no assurance that future developments will not alter this conclusion.

In recent years, there has been a significant increase in the number of cases alleging the presence of asbestos contamination in talc-based cosmetic and personal care products and in cases alleging exposure to talc products that are not alleged to be contaminated with asbestos. The primary targets have been the producers of those products, but defendants in many of these cases also include talc miners. Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, and Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, are among those targets. Cyprus Mines was engaged in talc mining and processing from 1964 until 1992 when it exited its talc business by conveying it to a third party. In 2011, the third party sold that business to Imerys Talc America (Imerys), an affiliate of Imerys S.A.

In accordance with the terms of the 1992 transactions and subsequent agreements, Cyprus Mines has contractual indemnification rights, subject to limited reservations, against Imerys, which historically acknowledged those indemnification obligations and took responsibility for all talc lawsuits against Cyprus Mines and CAMC tendered to it. However, in February 2019, Imerys filed for Chapter 11 bankruptcy protection and, as a result, stopped defending the talc lawsuits against Cyprus Mines and CAMC.

In January 2021, Imerys filed the form of a global settlement agreement to be entered into by CAMC, Cyprus Mines, FCX, Imerys and the other debtors, tort claimants’ committee and future claims representative in the Imerys bankruptcy. In accordance with the global settlement, among other things, (1) CAMC agreed to contribute a total of $130 million in cash to a settlement trust in seven annual installments, which will be guaranteed by FCX, and (2) CAMC and Cyprus Mines and their affiliates will contribute to the settlement trust all rights that they have to the proceeds of certain legacy insurance policies as well as indemnity rights they have against Johnson & Johnson (J&J). In accordance with the settlement, Cyprus Mines commenced its bankruptcy process in February 2021, with all talc lawsuits against CAMC, Cyprus Mines and FCX being stayed. The claimants failed to approve the Imerys bankruptcy plan in 2021, which resulted in a lengthy mediation process among the interested parties.

Mediation resulted in CAMC agreeing to contribute an additional $65 million over seven years to the claimant trust for a total contribution of $195 million. The claimants in both the Imerys and Cyprus Mines bankruptcy cases approved the global settlement in January 2025, and in September 2025, the parties agreed that “foreign claimants” (as defined in the amended plan) would not be discharged, which now remains subject to bankruptcy court approvals in both cases. There can be no assurance that the global settlement will be approved and successfully implemented.

In addition, in 2024, Cyprus Mines and Imerys entered into a settlement agreement with J&J, which became effective in February 2025. In accordance with the settlement agreement, (i) all indemnity claims against J&J were released, and Imerys and Cyprus Mines waived claims against insurers that could lead to the insurers asserting claims against J&J; (ii) J&J agreed to pay $505 million to Imerys and Cyprus Mines (shared 50/50 between the two parties); and (iii) J&J agreed to remit recoveries of certain legacy insurance claims to Imerys and Cyprus Mines. In accordance with the settlement, Cyprus Mines received cash of $230 million in 2025 (which included recoveries of legacy insurance claims) and the remaining $48 million in January 2026. At December 31, 2025, FCX had a total litigation reserve of $477 million associated with the global settlement, including $278 million associated with the J&J settlement and $4 million for other potential contributions.

Tax Matters. FCX’s operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. FCX and its subsidiaries are subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. The final taxes paid may be dependent upon many factors, including negotiations with taxing authorities. In certain jurisdictions, FCX pays a portion of the disputed amount before formally appealing an assessment. Such payment is recorded as a receivable if FCX believes the amount is collectible.

Peru Tax Matters. Cerro Verde has received assessments from the National Superintendency of Customs and Administration for additional taxes, penalties and interest related to various audit exceptions for income and other taxes. Cerro Verde has filed or will file objections to the assessments because it believes it has properly determined and paid its taxes. A summary of these assessments follows:


Tax Year	Tax Assessment		Penalties and Interest		Total
2003 to 2008	$	33	$	108	$	141
2009	9		31		40
2010	7		67		74
2011 and 2012	6		36		42
2013	9		27		36
2014 to 2022	102		45		147

	$	166	$	314	$	480

As of December 31, 2025, Cerro Verde had paid $471 million of disputed tax assessments. A reserve has been applied against these payments totaling $179 million, resulting in a net receivable of $292 million (included in long-term tax receivables), which Cerro Verde believes is collectible.

Cerro Verde’s income tax assessments, penalties and interest included in the table above totaled $409 million at December 31, 2025, of which $257 million has not been charged to expense.

Indonesia Tax Matters. PTFI has received assessments from the Indonesia tax authorities for additional taxes and interest related to various audit exceptions for income and other taxes totaling $108 million (including $74 million of tax assessments and $34 million of interest). PTFI has filed objections to the assessments because it believes it has properly determined and paid its taxes.

As of December 31, 2025, PTFI has paid $10 million on these disputed tax assessments (included in value added and other tax receivables), which PTFI believes is collectible. Disputed tax assessments include pending cases at the Indonesia Supreme Court related to withholding taxes for employees and other service providers for the years 2005 and 2007, which total $41 million (included in accounts payable and accrued liabilities) as of December 31, 2025.

PTFI’s income tax assessments and interest included in the assessments noted above totaled $56 million at December 31, 2025, of which $51 million has not been charged to expense.

Indonesia Matters.

Grasberg Minerals District Mud Rush Incident. On September 8, 2025, PTFI experienced an external mud rush incident that resulted in seven fatalities. Mining operations were temporarily suspended to prioritize the recovery of the seven team members fatally injured and to conduct investigations. Following the incident, PTFI has been engaged in activities to address the incident and advance preparation for a safe and sustainable restart of operations.

In late October 2025, PTFI restarted operations at the unaffected Deep Mill Level Zone and Big Gossan underground mines. Investigations and remedial plans were completed in fourth-quarter 2025 and a phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026.

Following the September 2025 mud rush incident and until PTFI operations return to normal capacity, a portion of PTFI’s costs of sales are being recognized as idle facility, which are non-inventoriable costs. During 2025, PTFI recorded idle facility costs and direct recovery expenses totaling $743 million (consisting of $625 million in production and delivery costs and $118 million in DD&A expense).

During 2025, PTFI also recorded asset impairment charges totaling $73 million (included in production and delivery costs) associated with the mud rush incident, including for the write-off of $60 million of assets damaged beyond repair and $13 million of chute galleries that are being upgraded. The incident did not indicate a broader impairment of PTFI’s long-lived mining assets based on PTFI’s reserve life, favorable market outlook for metal prices and expected resumption of operations at the Grasberg Block Cave underground mine in the near term.

PTFI is seeking recovery of damages under its property and business interruption insurance policies, which cover up to $1.0 billion in losses (subject to a limit of $0.7 billion on underground incidents), after a $0.5 billion deductible. Any amounts recoverable under PTFI’s insurance policies will be reflected in future periods in which recovery is considered realizable in accordance with the gain contingency accounting guidance.

Concentrate Exports. PTFI’s copper concentrate export license for 1.4 million metric tons of copper concentrate (subject to a 7.5% export duty) expired on September 16, 2025. Current regulations in Indonesia prohibit exports of copper concentrate.

Long-term Mining Rights. With the completion of PTFI’s downstream processing facilities during 2025, FCX and PTFI have advanced discussions with the Indonesia government for a long-term extension of PTFI’s operating rights beyond the current expiration in 2041. PTFI is preparing its application for a long-term extension expected to cover the life of the resource, which is expected to be submitted in 2026. In connection with the extension, PTFI would pursue additional exploration, conduct studies for future additional development and expand its social programs. FCX expects to maintain its ownership interest in PTFI of approximately 49% through 2041 and hold approximately 37% beginning in 2042, following the transfer of an additional interest in PTFI to an Indonesia state-owned enterprise. FCX expects the existing governance agreements would continue over the life of the resource. Application for extension may be submitted at any time up to one year prior to the expiration of PTFI’s IUPK.

Export Proceeds. In accordance with a regulation issued by the Indonesia government in 2023, 30% of PTFI’s gross export proceeds were being temporarily deposited into Indonesia banks for a period of 90 days before withdrawal. At December 31, 2024, PTFI had $0.7 billion in current restricted cash and cash equivalents deposited in Indonesia banks in accordance with this regulation.

Effective March 1, 2025, the Indonesia government implemented a new regulation (March 2025 Regulation) for export proceeds that requires 100% of export proceeds to be deposited in Indonesia banks for 12 months. The March 2025 Regulation allows the use of funds for ongoing business requirements, including dividends to shareholders, payment of taxes and other obligations to the Indonesia government, payment for materials or capital expenditures that are not available domestically and repayment of loans. Because PTFI has the ability to utilize its export proceeds to fund business requirements, these deposits are classified as cash and cash equivalents. The Indonesia government is considering additional changes to the March 2025 regulation; however, the details of the modifications have not been finalized.

Smelter Assurance. In March 2025, assurance bonds and funds required to be held in escrow to support commitment for smelter development were released following approval from the Indonesia government that PTFI’s smelter development obligation had been met.

Administrative Fine. In March 2025, PTFI paid $59 million for an administrative fine that was previously assessed by the Indonesia government for delays in smelter development.

Insurance. FCX and its subsidiaries purchase a variety of insurance products to mitigate potential losses, which typically have specified deductible amounts or self-insured retentions and policy limits. Refer to Grasberg Minerals District Mud Rush Incident above for discussion of recoveries being sought by PTFI under its property and business interruption insurance policies.

FCX generally is self-insured for U.S. workers’ compensation but purchases excess insurance up to statutory limits. An actuarial analysis is performed twice a year on the various casualty insurance programs covering FCX’s U.S.-based mining operations, including workers’ compensation, to estimate expected losses. At December 31, 2025, FCX’s liability for expected losses under these insurance programs totaled $55 million, which consisted of a current portion of $14 million (included in accounts payable and accrued liabilities) and a long-term portion of $41 million (included in other liabilities). In addition, FCX has receivables of $17 million (a current portion of $9 million included in other current assets and a long-term portion of $8 million included in other assets) for expected claims associated with these losses to be filed with insurance carriers.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-20/tableOfContent

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-30/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483049/450-30-50-1

+ Details

COMMITMENTS AND GUARANTEES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND GUARANTEES

Leases. The components of FCX’s leases presented in the consolidated balance sheets as of December 31 follow:




	2025		2024
Lease right-of-use assets (included in property, plant, equipment and mine development costs, net)	$	1,205	$	853

Short-term leases (included in accounts payable and accrued liabilities)	$	103	$	98
Long-term leases	1,010		692
Total leasesa	$	1,113	$	790

a.Includes leases totaling $0.8 billion at December 31, 2025, and $0.6 billion at December 31, 2024, for PTFI’s downstream processing facilities, primarily for shallow draft vessels ($0.3 billion at December 31, 2025, and $0.1 billion at December 31, 2024), an oxygen plant ($0.2 billion at December 31, 2025 and 2024), land ($0.1 billion at December 31, 2025 and 2024), and a wharf ($0.1 billion at December 31, 2025 and 2024).

Operating lease costs, primarily included in production and delivery costs in the consolidated statements of income, for the years ended December 31 follow:


	2025		2024		2023

Operating leases	$	61	$	44	$	48

Variable and short-term leasesa	162		146		126
Total operating lease costs	$	223	$	190	$	174

a.Includes $49 million in 2025, $50 million in 2024 and $30 million in 2023 related to a variable lease component of PTFI’s tolling arrangement with PT Smelting. Refer to Note 2 for additional discussion of PTFI’s commercial arrangement with PT Smelting.

Total finance lease costs, including both depreciation and interest, were $76 million in 2025, $24 million in 2024 and $6 million in 2023.

FCX acquired right-of-use assets through lease arrangements totaling $0.5 billion in 2025 and 2024, and $0.2 billion in 2023. FCX payments included in operating cash flows for its lease liabilities totaled $85 million in 2025 and $61 million in both 2024 and 2023. FCX payments included in financing cash flows for its lease liabilities totaled $37 million in 2025, $41 million in 2024 and $3 million in 2023. At December 31, 2025, the weighted-average discount rate used to determine the lease liabilities was 5.0% (4.9% at December 31, 2024) and the weighted-average remaining lease term was 16.0 years (15.0 years at December 31, 2024).

The future minimum payments for leases presented in the consolidated balance sheet at December 31, 2025, follow:



2026	$	151
2027	128
2028	115
2029	171
2030	75
Thereafter	956
Total payments	1,596
Less amount representing interest	(483)
Present value of net minimum lease payments	1,113
Less current portion	(103)
Long-term portion	$	1,010

Contractual Obligations. At December 31, 2025, based on applicable prices on that date, FCX has unconditional purchase obligations (including take-or-pay contracts with terms less than one year) of $4.2 billion, primarily comprising the procurement of copper concentrate ($3.6 billion), transportation services ($0.3 billion) and electricity ($0.2 billion). Some of FCX’s unconditional purchase obligations are settled based on the prevailing market rate for the service or commodity purchased. In some cases, the amount of the actual obligation may change over time because of market conditions. Obligations for copper concentrate provide for deliveries of specified volumes to Atlantic Copper at market-based prices. Transportation obligations are primarily associated with contracted ocean freight agreements for our South America and Indonesia operations. Electricity obligations are primarily for long-term power purchase agreements in the U.S. and contractual minimum demand at the South America mines.

FCX’s unconditional purchase obligations total $2.8 billion in 2026, $0.9 billion in 2027, $0.3 billion in 2028, $0.1 billion in 2029, less than $0.1 billion in 2030 and $0.1 billion thereafter. During the three-year period ended December 31, 2025, FCX fulfilled its minimum contractual purchase obligations.

IUPK – Indonesia. In December 2018, FCX completed the 2018 Transaction with the Indonesia government regarding PTFI’s long-term mining rights and share ownership. Concurrent with the closing of the 2018 Transaction, the Indonesia government granted PTFI an IUPK to replace its former contract of work. Under the terms of the IUPK, PTFI was granted an extension of mining rights through 2031, with rights to extend mining rights through 2041, subject to PTFI completing the development of additional smelting and refining capacity in Indonesia and fulfilling its defined fiscal obligations to the Indonesia government. The IUPK, and related documentation, contains legal and fiscal terms and is legally enforceable through 2041, assuming the additional extension is received. In addition, FCX, as a foreign investor, has rights to resolve investment disputes with the Indonesia government through international arbitration.

Pursuant to regulations issued during 2024, PTFI is eligible to apply for an extension of its mining rights beyond 2041, provided certain conditions are met. The application for extension may be submitted at any time up to one year prior to the expiration of the current IUPK. Refer to Note 10 for further discussion.

The key fiscal terms set forth in the IUPK include a 25% corporate income tax rate, a 10% profits tax on net income, and royalty rates of 4% for copper, 3.75% for gold and 3.25% for silver. PTFI’s royalties charged against revenues totaled $345 million in 2025, $433 million in 2024 and $338 million in 2023.

Dividend distributions from PTFI to FCX totaled $1.0 billion in 2025, $1.5 billion in 2024 and $0.4 billion in 2023, and were subject to a 10% withholding tax.

Export Duties. The IUPK required PTFI to pay export duties of 5%, declining to 2.5% when smelter development progress exceeded 30% and eliminated when development progress for additional smelting and refining capacity in Indonesia exceeded 50%. In December 2022, PTFI received approval, based on construction progress achieved, for a reduction in export duties from 5% to 2.5%, which was effective immediately. In March 2023, the Indonesia government further verified that construction progress of the smelter exceeded 50% and PTFI’s export duties were eliminated effective March 29, 2023.

In July 2023, the Ministry of Finance issued a revised regulation on duties for various exported products, including copper concentrates. Under the revised regulation PTFI was assessed export duties for copper concentrates at

7.5% in the second half of 2023 (totaling $307 million). For 2024, the revised regulation assessed export duties for copper concentrates at 10% for companies with smelter progress of 70% to 90% and at 7.5% for companies with smelter progress exceeding 90%. At December 31, 2023, construction progress of PTFI’s smelter projects exceeded 90%; however, PTFI was subject to the 10% export duty during 2024 until it received a revised concentrate export license. In July 2024, PTFI was granted copper concentrate and anode slimes export licenses, which were valid through December 2024, subjecting PTFI to a 7.5% export duty. 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%. PTFI’s export duties totaled $337 million in 2025, $457 million in 2024 and $324 million in 2023.

Indemnification. The PTFI divestment agreement, discussed in Note 2, provides that FCX will indemnify MIND ID and PTI from any losses (reduced by receipts) arising from any tax disputes of PTFI disclosed to MIND ID in a Jakarta, Indonesia, tax court letter limited to PTI’s respective percentage share at the time the loss is finally incurred. FCX had accrued $49 million as of December 31, 2025 and 2024 (included in accounts payable and accrued liabilities in the consolidated balance sheets) related to this indemnification.

Community Development Programs. FCX has adopted policies that govern its working relationships with the communities where it operates and that are designed to guide FCX’s practices and programs in a manner that respects human rights and the culture of the local people impacted by FCX’s operations. FCX continues to make significant expenditures on community development, health, education, training and cultural programs.

Indonesia. PTFI provides funding and technical assistance to support various community development and empowerment programs in areas such as health, education, economic development and local infrastructure. In 1996, PTFI established a social investment fund with the aim of contributing to social and economic development in the Mimika Regency. In 2019, the Amungme and Kamoro Community Empowerment Foundation (Yayasan Pemberdayaan Masyarakat Amungme dan Kamoro, or YPMAK) was established, and in 2020, PTFI appointed YPMAK to assist in distributing a significant portion of PTFI’s funding to support the development and empowerment of the local Indigenous Papuan people. YPMAK is governed by a Board of Governors consisting of seven representatives, including four from PTFI.

In addition, since 2001, PTFI has voluntarily established and contributed to land rights trust funds administered by Amungme and Kamoro representatives that focus on socioeconomic initiatives, human rights and environmental issues.

PTFI is committed to the continued funding of YPMAK programs and the land rights trust funds, as well as for other local-community development initiatives through the end of its IUPK in support of public health, education, local economic development and empowerment. PTFI recorded charges to production and delivery costs totaling $118 million in 2025, $141 million in 2024 and $123 million in 2023 for social and economic development programs in Indonesia.

South America. Cerro Verde has provided a variety of community support projects over the years. Following

engagements with regional and local governments, civic leaders and development agencies, Cerro Verde

constructed a potable water treatment plant to serve Arequipa. In addition, the development of a water storage

network was financed by Cerro Verde and a distribution network was financed by the Cerro Verde Civil Association.

In 2015, Cerro Verde completed construction of a wastewater treatment plant for the city of Arequipa, which, in addition to supplementing existing water supplies to support Cerro Verde’s concentrator expansion, also improves the local water quality, enhances agriculture products grown in the area and reduces the risk of waterborne illnesses.

In December 2025, Cerro Verde entered into a long-term wastewater offtake agreement with Servicio de Agua Potable y Alcantarillado de Arequipa S.A. (SEDAPAR), the municipal water and sanitation services provider in the Arequipa region, to expand the existing wastewater treatment plant through the later of December 31, 2060, or the end of Cerro Verde’s mine life, and complete additional infrastructure projects for the benefit of Arequipa’s population. In accordance with the agreement, Cerro Verde has committed approximately $365 million, including $250 million for the expansion of the existing wastewater treatment plant and $115 million for additional infrastructure projects specified by SEDAPAR. Cerro Verde’s commitment also includes up to $510 million of water and sanitation facility projects, and Cerro Verde has agreed to construct an additional wastewater treatment plant in the future once the existing wastewater treatment plant reaches it expanded capacity, for which the costs of both will

be recovered through tax credits from the Peru government. The agreement provides Cerro Verde with preferential rights to a portion of the treated water and secures long-term access to water to support its operations. Commencement of the additional infrastructure projects and future wastewater plant is pending SEDAPAR providing the land and Cerro Verde obtaining the necessary permits.

In addition to these projects, Cerro Verde annually makes significant community development investments in the Arequipa region.

Guarantees. FCX provides certain financial and performance guarantees, as well as indemnities.

In a financial guarantee, FCX or its subsidiaries are obligated to make payments if the guaranteed party fails to make payments under, or violates the terms of, the financial arrangement. In a performance guarantee, FCX or its subsidiaries provide assurance that the guaranteed party will execute on the terms of the contract. If they do not, FCX or its subsidiaries are required to perform on their behalf. FCX or its subsidiaries have also provided indemnification arrangements related to certain assets or businesses that were sold many years ago. These arrangements include, but are not limited to, indemnifications for environmental, tax and certain operating liabilities, claims or litigation existing at closing of the sale. Given the nature of these indemnity obligations, it is not possible to estimate the maximum potential exposure.

Other than the guarantees and indemnifications described above for the PTFI divestment agreement and environmental obligations and AROs described in Note 10, which are identified as contingencies requiring accrual of liabilities or disclosure, FCX does not consider any of such obligations as having a probable likelihood of payment that is reasonably estimable, and accordingly, has not recorded any obligations associated with these indemnities.

FINANCIAL INSTRUMENTS (Notes)

12 Months Ended

Dec. 31, 2025

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, foreign currency 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 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 the three years ended December 31, 2025. At December 31, 2025, FCX held copper futures and swap contracts that qualified for hedge accounting for 104 million pounds at an average contract price of $5.05 per pound, with maturities through December 2027.

Summary of Gains (Losses). A summary of realized and unrealized gains (losses) 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 for the years ended December 31 follows:


	2025		2024		2023
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments	$	100	$	(32)	$	3
Hedged item – firm sales commitments	(100)		32		(3)

Realized gains (losses):
Matured derivative financial instruments	58		29		(4)

Derivatives Not Designated as Hedging Instruments

Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the LME copper settlement price and the 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 December 31, 2025, follows:


	Open	Average Price Per Unit				Maturities
	Positions	Contract		Market		Through
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	365	$	5.05	$	5.64	May 2026
Gold (thousands of ounces)	3	3,826		4,331		February 2026
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	143	5.06		5.65		April 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 December 31, 2025, Atlantic Copper held net copper forward sales contracts for 79 million pounds at an average contract price of $5.36 per pound, with maturities through February 2026.

Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, for the years ended December 31 follows:


	2025		2024		2023
Embedded derivatives in provisional sales contracts:a
Copper	$	534	$	117	$	97
Gold and other metals	195		169		55




Copper forward contractsb	(104)		1		(6)

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. As of December 31, 2025, the maximum amount of credit exposure associated with derivative transactions was $289 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts 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 13 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:


	December 31,
	2025			2024
Balance sheet components:
Cash and cash equivalents	$	3,824		$	3,923

Restricted cash and cash equivalents, current	230		a	888		b
Restricted cash and cash equivalents, long-term – included in other assets	119			100
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	4,173		$	4,911

a.Reflects cash designated for talc-related litigation in accordance with a legal settlement (refer to Note 10).

b.Included (i) $0.7 billion associated with a portion of PTFI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a previous Indonesia regulation and (ii) $0.1 billion in assurance bonds to support PTFI’s commitment for its downstream processing facilities. Refer to Note 10 for further discussion.

FAIR VALUE MEASUREMENT (Notes)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

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 NAV as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 12), follows:


	At December 31, 2025
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
Equity securities	$	36	$	36	$	—	$	36	$	—	$	—
U.S. core fixed income fund	29		29		29		—		—		—

Total	65		65		29		36		—		—

Legally restricted funds:a
U.S. core fixed income fund	71		71		71		—		—		—
Government mortgage-backed securities	56		56		—		—		56		—
Government bonds and notes	37		37		—		—		37		—
Corporate bonds	34		34		—		—		34		—
Money market funds	22		22		—		22		—		—
Asset-backed securities	11		11		—		—		11		—
Collateralized mortgage-backed securities	1		1		—		—		1		—

Total	232		232		71		22		139		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	217		217		—		—		217		—
Copper futures and swap contracts	72		72		—		50		22		—



Total	289		289		—		50		239		—



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	84	84	—	—	84	—



Copper forward contracts	23	23	—	11	12	—

Total	107	107	—	11	96	—



Debtd	9,379	9,493	—	—	9,493	—


	At December 31, 2024
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	27	$	27	$	27	$	—	$	—	$	—
Equity securities	9		9		—		9		—		—

Total	36		36		27		9		—		—

Legally restricted funds:a
U.S. core fixed income fund	66		66		66		—		—		—



Government mortgage-backed securities	54		54		—		—		54		—
Government bonds and notes	34		34		—		—		34		—
Corporate bonds	31		31		—		—		31		—
Money market funds	19		19		—		19		—		—
Asset-backed securities	12		12		—		—		12		—
Collateralized mortgage-backed securities	1		1		—		—		1		—

Total	217		217		66		19		132		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	10		10		—		—		10		—

Copper forward contracts	10		10		—		4		6		—


Total	20		20		—		4		16		—





Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	60		60		—		—		60		—
Copper futures and swap contracts	28		28		—		17		11		—
Copper forward contracts	1		1		—		1		—		—
Total	89		89		—		18		71		—


Debtd	8,948		8,807		—		—		8,807		—

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 (which approximated fair value), primarily associated with talc-related litigation at December 31, 2025, and PTFI’s export proceeds at December 31, 2024. Refer to Note 12.

c.Refer to Note 12 for further discussion.

d.Recorded at cost except for debt assumed in the 2007 acquisition of FMC, 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 12 for further discussion); 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 12 for further discussion). 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 NRV 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 December 31, 2025, as compared to those techniques used at December 31, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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+ Details

BUSINESS SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Business Segment Information

BUSINESS SEGMENT INFORMATION

Product Revenues. FCX’s revenues attributable to the products it sold for the years ended December 31 follow:


	2025		2024		2023
Copper:
Cathode	$	8,147	$	8,317	$	6,588
Concentrate	6,310		6,734		7,132
Rod and other refined copper products	4,419		3,851		3,659
Purchased coppera	449		684		452
Gold	3,900		4,446		3,472
Molybdenum	1,966		1,786		1,991
Silver and other	749		646		600
Adjustments to revenues:
Royalty expenseb	(354)		(442)		(346)
PTFI export dutiesc	(337)		(457)		(307)
Treatment chargesd	(63)		(396)		(538)
Revenues from contracts with customers	25,186		25,169		22,703
Embedded derivativese	729		286		152
Total consolidated revenues	$	25,915	$	25,455	$	22,855

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.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 for further discussion.

d.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 2025 primarily reflect lower treatment charge rates as a result of favorable market conditions.

e.Refer to Note 12 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.

Geographic Area. Information concerning financial data by geographic area follows:


	December 31,
	2025		2024
Long-lived assets:a
Indonesia	$	24,059	$	22,580
U.S.	11,388		10,468
Peru	6,604		6,452

Chile	1,213		1,120
Other	671		496
Total	$	43,935	$	41,116

a.Excludes deferred tax assets and intangible assets.


	Years Ended December 31,
	2025		2024		2023
Revenues:a
U.S.	$	9,034	$	7,806	$	7,264
Switzerland	5,334		4,251		3,971
Japan	2,850		5,930		3,431
Indonesia	2,180		1,108		767
Singapore	1,246		1,116		1,178
United Kingdom	1,136		115		171
Spain	723		1,052		1,251
China	636		743		1,081
Chile	471		451		428
Germany	332		500		714
France	315		306		226
Egypt	261		239		229
South Korea	193		203		267
India	163		273		354
Philippines	3		283		396
Other	1,038		1,079		1,127
Total	$	25,915	$	25,455	$	22,855

a.Revenues are attributed to countries based on the location of the customer.

Major Customers and Affiliated Companies. Sales to MMC, PTFI’s joint venture partner in PT Smelting, totaled $1.7 billion in 2025, $4.4 billion in 2024 and $2.0 billion in 2023. Sales to MMC totaled 17% of FCX’s consolidated revenues in 2024, and they are the only customer that accounted for 10% or more of FCX’s annual consolidated revenues during the three years ended December 31, 2025.

Consolidated revenues include sales to the noncontrolling interest owners of FCX’s South America operations and Morenci’s joint venture partners totaling $1.5 billion in 2025, $1.6 billion in 2024 and $1.4 billion in 2023.

Labor Matters. As of December 31, 2025, approximately 28% of FCX’s global labor force was covered by collective labor agreements (CLAs), and approximately 11% was covered by agreements that will or are scheduled to expire during 2026.

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 mine, located in southeastern Arizona, produces copper cathode and copper concentrate. In addition to copper, the Morenci mine also produces molybdenum concentrate. During 2025, the Morenci mine produced 38% of copper from FCX’s U.S. copper mines and 15% of FCX’s consolidated copper production.

•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. During 2025, the Cerro Verde mine produced 81% of copper from FCX’s South America operations and 26% of FCX’s consolidated copper production.

•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. During 2025, PTFI’s Grasberg minerals district produced 30% of FCX’s consolidated copper production and 98% of FCX’s consolidated gold production.

•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. During 2025, Atlantic Copper purchased 77% of its concentrate requirements from unaffiliated third parties, 21% from FCX’s South America operations and 2% from FCX’s U.S. copper mines.

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 year ended December 31, 2025



	Reportable Segments

								U.S.				Total
			Cerro		Indonesia			Rod &		Atlantic		Reportable
	Morenci		Verde		Operations			Refining		Copper		Segments

Segment revenues:
Unaffiliated customers	$	303	$	3,776	$	8,618		$	6,850	$	3,155	$	22,702
Intersegment	2,345		930		4			40		14		3,333
	2,648		4,706		8,622			6,890		3,169		26,035

Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa												3,213
Other segments’ revenue - intersegmenta												5,480
Elimination of intersegment revenue												(8,813)
Total consolidated revenues, net												$	25,915

Segment measure of profit:
Production and delivery	1,804		2,492		3,551		b	6,854		3,099
DD&A	209		373		1,094		c	5		27
Selling, general and administrative expenses	1		7		132			—		32
Exploration and research expenses	34		16		5			—		—
Environmental obligations and shutdown costs	(7)		—		—			—		—


Segment operating income	$	607	$	1,818	$	3,840		$	31	$	11	$	6,307

Reconciliation of operating income
Other segments’ operating incomea												695		d,e
Corporate expenses and elimination of intersegment operating income												(484)		d,f
Consolidated interest expense, net												(369)

Consolidated other income, net												223
Total consolidated income before income taxes and equity in affiliated companies’ net earnings												$	6,372

Segment assets	$	3,407	$	9,074	$	27,270		$	333	$	2,170	$	42,254

Reconciliation of segment assets
Total assets for other segmentsa												36,309
Corporate assets and elimination of investments in consolidated subsidiaries												(20,396)
Total consolidated assets												$	58,167

Segment capital expenditures	$	232	$	353	$	2,358		$	80	$	202	$	3,225

Reconciliation of capital expenditures
Total capital expenditures for other segmentsa												1,264
Corporate capital expenditures												5
Total consolidated capital expenditures												$	4,494

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 $625 million for idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident, $81 million for asset impairment and other write-offs, $65 million for remediation related to the October 2024 smelter fire incident and $39 million for tolling fees that were recognized as idle facility costs associated with PT Smelting’s planned major maintenance turnaround.

c.Includes charges totaling $118 million for idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident.

d.Includes DD&A of $535 million related to other operating segments and $1 million related to corporate assets.

e.Includes charges totaling $118 million, primarily for impairments of legacy oil and gas properties and adjustments to abandonment obligations, including assumed obligations resulting from bankruptcies of other companies. Also includes charges totaling $73 million associated with planned maintenance turnaround costs at the Miami smelter.

f.Corporate expenses include amounts not allocated to individual operating segments.

Financial Information by Reportable Segment as of and for the year ended December 31, 2024



	Reportable Segments

									U.S.				Total
			Cerro			Indonesia			Rod &		Atlantic		Reportable
	Morenci		Verde			Operations			Refining		Copper		Segments

Segment revenues:
Unaffiliated customers	$	101	$	3,618		$	9,774		$	6,196	$	3,009	$	22,698
Intersegment	2,246		638			544			43		8		3,479
	2,347		4,256			10,318			6,239		3,017		26,177

Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa													2,757
Other segments’ revenue - intersegmenta													4,581
Elimination of intersegment revenue													(8,060)
Total consolidated revenues, net													$	25,455

Segment measure of profit:
Production and delivery	1,826		2,529		b	3,368		c	6,206		2,912
DD&A	187		380			1,193			4		28
Selling, general and administrative expenses	2		8			127			—		28
Exploration and research expenses	17		12			8			—		—



Segment operating income	$	315	$	1,327		$	5,622		$	29	$	49	$	7,342

Reconciliation of operating income
Other segments’ operating lossa													(86)		d,e
Corporate expenses and elimination of intersegment operating income													(392)		d,f
Consolidated interest expense, net													(319)

Consolidated other income, net													362
Total consolidated income before income taxes and equity in affiliated companies’ net earnings													$	6,907

Segment assets	$	3,228	$	8,096		$	27,309		$	202	$	1,705	$	40,540

Reconciliation of segment assets
Total assets for other segmentsa													34,844
Corporate assets and elimination of investments in consolidated subsidiaries													(20,536)
Total consolidated assets													$	54,848

Segment capital expenditures	$	184	$	293		$	2,908		$	35	$	142	$	3,562

Reconciliation of capital expenditures
Total capital expenditures for other segmentsa													1,237
Corporate capital expenditures													9
Total consolidated capital expenditures													$	4,808

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 nonrecurring labor-related charges totaling $97 million associated with Cerro Verde’s new CLAs with its two unions.

c.Includes charges totaling $144 million associated with ARO adjustments.

d.Includes DD&A of $447 million related to other operating segments and $2 million related to corporate assets.

e.Includes charges totaling $222 million, primarily for impairments of legacy oil and gas properties and adjustments to abandonment obligations, including assumed obligations resulting from bankruptcies of other companies.

f.Corporate expenses include amounts not allocated to individual operating segments.

Financial Information by Reportable Segment as of and for the year ended December 31, 2023



	Reportable Segments

								U.S.				Total
			Cerro		Indonesia			Rod &		Atlantic		Reportable
	Morenci		Verde		Operations			Refining		Copper		Segments

Segment revenues:
Unaffiliated customers	$	91	$	3,330	$	7,816		$	5,886	$	2,791	$	19,914
Intersegment	2,328		787		621			40		19		3,795
	2,419		4,117		8,437			5,926		2,810		23,709

Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa												2,941
Other segments’ revenue - intersegmenta												4,615
Elimination of intersegment revenue												(8,410)
Total consolidated revenues, net												$	22,855

Segment measure of profit:
Production and delivery	1,730		2,529		2,570		b	5,901		2,718
DD&A	175		395		1,028			5		28
Selling, general and administrative expenses	2		9		129			—		28
Exploration and research expenses	11		10		2			—		—
Environmental obligations and shutdown costs	(1)		—		—			—		—


Segment operating income	$	502	$	1,174	$	4,708		$	20	$	36	$	6,440

Reconciliation of operating income
Other segments’ operating incomea												235		c,d
Corporate expenses and elimination of intersegment operating income												(450)		c,e
Consolidated interest expense, net												(515)
Consolidated net gain on early extinguishment of debt												10
Consolidated other income, net												286
Total consolidated income before income taxes and equity in affiliated companies’ net earnings												$	6,006

Segment assets	$	3,195	$	8,120	$	25,548		$	172	$	1,326	$	38,361

Reconciliation of segment assets
Total assets for other segmentsa												35,913
Corporate assets and elimination of investments in consolidated subsidiaries												(21,768)
Total consolidated assets												$	52,506

Segment capital expenditures	$	232	$	271	$	3,411		$	13	$	64	$	3,991

Reconciliation of capital expenditures
Total capital expenditures for other segmentsa												832
Corporate capital expenditures												1
Total consolidated capital expenditures												$	4,824

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 for administrative fines of $55 million and credits totaling $112 million associated with ARO adjustments.

c.Includes DD&A of $432 million related to other operating segments and $5 million related to corporate assets.

d.Includes charges totaling $74 million, primarily for the impairment of legacy oil and gas properties. Also includes charges totaling $65 million associated with the proposed settlement of talc-related litigation.

e.Corporate expenses include amounts not allocated to individual operating segments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) SUPPLEMENTARY MINERAL RESERVE INFORMATION

12 Months Ended

Dec. 31, 2025

Supplementary Mineral Reserve Information [Abstract]

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED)

Recoverable proven and probable mineral reserves as of December 31, 2025, have been prepared using industry accepted practice and conform to the disclosure requirements under Subpart 1300 of SEC Regulation S-K. FCX’s proven and probable mineral reserves may not be comparable to similar information regarding mineral reserves disclosed in accordance with the guidance in other countries. Proven and probable mineral reserves were determined by the use of mapping, drilling, sampling, assaying and evaluation methods generally applied in the mining industry. Mineral reserves, as used in the reserve data presented here, mean an estimate of tonnage and grade of measured and indicated mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. Proven mineral reserves are the economically mineable part of a measured mineral resource. To classify an estimate as a proven mineral reserve, the qualified person must possess a high degree of confidence of tonnage, grade and quality. Probable mineral reserves are the economically mineable part of an indicated or, in some cases, a measured mineral resource. The qualified person’s level of confidence will be lower in determining a probable mineral reserve than it would be in determining a proven mineral reserve. To classify an estimate as a probable mineral reserve, the qualified person’s confidence must still be sufficient to demonstrate that extraction is economically viable considering reasonable investment and market assumptions.

FCX’s mineral reserve estimates are based on the latest available geological and geotechnical studies. FCX conducts ongoing studies of its ore bodies to evaluate economic values and to manage risk. FCX revises its mine plans and estimates of proven and probable mineral reserves as required in accordance with the latest available studies.

Estimated recoverable proven and probable mineral reserves at December 31, 2025, were determined using metals price assumptions of $3.25 per pound for copper, $1,600 per ounce for gold and $14.00 per pound for molybdenum. For the three-year period ended December 31, 2025, LME copper settlement prices averaged $4.17 per pound, London PM gold prices averaged $2,588 per ounce and the weekly average price for molybdenum quoted by Platts Metals Daily averaged $22.51 per pound.

The recoverable proven and probable mineral reserves presented in the table below represent the estimated metal quantities from which FCX expects to be paid after application of estimated metallurgical recoveries and smelter recoveries, where applicable.


	Estimated Recoverable Proven and Probable Mineral Reserves
	at December 31, 2025
	Coppera (billion pounds)		Gold (million ounces)	Molybdenum (billion pounds)
U.S.	42.5		0.6	2.6
South America	45.6	b	0.1	0.9
Indonesiac	24.2		20.0	—
Consolidated basisd	112.3		20.6	3.5
Net equity interestc,e	78.6		10.4	3.1

Note: Totals may not foot because of rounding.

a.Estimated consolidated recoverable copper reserves included 1.4 billion pounds in leach stockpiles and 0.2 billion pounds in mill stockpiles.

b.Includes 17.5 billion pounds of recoverable copper associated with a potential mill project at El Abra.

c.Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. As a result, PTFI’s current long-term mine plan and planned operations are based on the assumption that PTFI will abide by the terms and conditions of the IUPK and will be granted the 10-year extension from 2031 through 2041 (refer to Note 11 for further discussion). As such, PTFI will not mine all of these mineral reserves during the initial term of the IUPK. Prior to the end of 2031, PTFI expects to mine 34% of its recoverable proven and probable mineral reserves at December 31, 2025, representing 38% of FCX’s net equity share of recoverable copper reserves and 36% of FCX’s net equity share of recoverable gold reserves in Indonesia.

d.Consolidated mineral reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in the U.S. (refer to Note 2 for further discussion). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 351 million ounces of silver, which were determined using a silver price assumption of $20 per ounce.

e.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of FCX’s ownership in subsidiaries). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 230 million ounces of silver, which were determined using a silver price assumption of $20 per ounce.


		Estimated Recoverable Proven and Probable Mineral Reserves
		at December 31, 2025
		Orea (million metric tons)		Average Ore Grade Per Metric Tona				Recoverable Proven and Probable Mineral Reservesb
	FCX’s Interest	FCX’s Interest	100% Basis	Copper (%)	Gold (grams)		Molybdenum (%)	Copper (billion pounds)		Gold (million ounces)	Molybdenum (billion pounds)





U.S.
Production stage:
Morenci	72%	2,577	3,578	0.22	—		0.01	11.8		—	0.2
Sierrita	100%	2,179	2,179	0.23	—	c	0.03	9.3		0.1	1.0
Bagdad	100%	2,587	2,587	0.34	—	c	0.02	16.1		0.2	0.9
Safford, including Lone Star	100%	924	924	0.40	—		—	5.5		—	—
Chino, including Cobre	100%	322	322	0.47	0.04		—	2.8		0.3	—
Tyrone	100%	59	59	0.19	—		—	0.2		—	—
Miami	100%	—	—	—	—		—	—	c	—	—
Climax	100%	146	146	—	—		0.14	—		—	0.4
Henderson	100%	40	40	—	—		0.16	—		—	0.1




South America
Production stage:
Cerro Verde	55.08%	2,126	3,860	0.34	—		0.01	24.9		—	0.7
El Abra	51%	1,445	2,832	0.40	0.02		0.01	20.6	d	0.1	0.2

Indonesiae
Production stage:
Grasberg Block Cave	48.76%	230	472	1.04	0.66		—	9.2		6.8	—
Deep Mill Level Zone	48.76%	171	350	0.71	0.53		—	4.6		4.6	—
Big Gossan	48.76%	23	47	2.23	0.94		—	2.1		1.0	—


Development stage:
Kucing Liar	48.76%	229	469	1.03	0.88		—	8.4		7.6	—
Total 100% basis			17,865					115.6		20.6	3.5
Consolidated basisf			16,863					112.3		20.6	3.5
FCX’s net equity interestg			13,056					78.6		10.4	3.1

Note: Totals may not foot because of rounding.

a.Excludes material contained in stockpiles.

b.Includes estimated recoverable metals contained in stockpiles.

c.Amounts not shown because of rounding.

d.Includes 17.5 billion pounds of copper associated with the potential mill project. El Abra has advanced preliminary feasibility studies for the development of this project, which would require significant additional capital investment to bring the associated copper to production.

e.Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. Refer to Note 11 for discussion of PTFI’s IUPK.

f.Consolidated mineral reserves represent estimated metal quantities after reduction for Morenci’s joint venture partner interests (refer to Note 2 for further discussion).

g.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of FCX’s ownership in subsidiaries).

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Notes)

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]


			Additions (Deductions)
	Balance at		Charged to			Charged to				Balance at
	Beginning of		Costs and			Other		Other		End of
	Year		Expense			Accounts		Deductions		Year
Reserves and allowances deducted
from asset accounts:




Valuation allowance for deferred tax assets
Year Ended December 31, 2025	$	2,984	$	98	a	$	(3)	$	—	$	3,079
Year Ended December 31, 2024	3,894		(918)		b	8		—		2,984
Year Ended December 31, 2023	3,985		(80)		c	(11)		—		3,894

Reserves for non-income taxes:
Year Ended December 31, 2025	$	29	$	8		$	—	$	(2)	$	35
Year Ended December 31, 2024	28		6			—		(5)		29
Year Ended December 31, 2023	24		9			—		(5)		28

a.Primarily relates to a $186 million increase in United States (U.S.) federal temporary differences related to current year activity, partially offset by a $75 million decrease in valuation allowances against outstanding Section 163(j) deferred tax assets.

b.Primarily relates to the expiration of U.S. foreign tax credits.

c.Primarily relates to decreases of $292 million associated with the expiration of U.S. foreign tax credits and $32 million of U.S. federal net operating losses utilized during 2023, partially offset by increases of $188 million primarily associated with changes in U.S. federal temporary differences and $22 million in valuation allowances against Section 163(j) deferred tax assets.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain a cyber risk management program designed to assess, identify, manage, mitigate and respond to cybersecurity threats and incidents. We seek to address material risks from cybersecurity threats through a cross-functional approach, and we utilize various processes to inform our identification, assessment and management of material risks from cybersecurity threats. Our cyber risk management program is integrated into our overall enterprise risk management (ERM) program. Cybersecurity risks are identified and assessed through our ERM program, which is designed to provide cross-functional executive insight across the business to identify and monitor risks, opportunities and emerging trends that can impact our strategic business objectives. The underlying controls of our cyber risk management program are based on recognized best practices and industry standards for cybersecurity and information technology, including the National Institute of Standards and Technology Cybersecurity Framework. We utilize dedicated internal and external cybersecurity personnel to focus on assessing, detecting, identifying, managing, preventing and responding to cybersecurity threats and incidents. Our approach to cybersecurity incorporates a layered portfolio of technology controls, including strategic partnerships for our cybersecurity platforms, documented policies and procedures, periodic end user training, including annual cybersecurity awareness training for employees and certain contractors, periodic training for specialized roles, quarterly phishing tests and dedicated resources to manage and monitor the evolving threat landscape, including through the gathering of actionable threat intelligence. We maintain and periodically evaluate and, as needed, update our information security policy and an incident response plan, which describes the processes we use to prepare for, detect, respond to and recover from a cybersecurity incident, including processes to assess severity, escalate, contain, investigate and remediate an incident, as well as to comply with potentially applicable legal and disclosure obligations. We regularly evaluate and assess the threat landscape and our security controls, including through audits and assessments, regular network and endpoint monitoring, vulnerability testing, penetration testing and tabletop exercises that include senior management. To assess the design and effectiveness of our cybersecurity controls, we engage with assessors, consultants, auditors and other third parties, including through independent third-party reviews of our information technology security program conducted on at least an annual basis. We also have processes to oversee and identify material cybersecurity risks associated with our use of third-party service providers, including utilizing safeguards to protect sensitive data, performing diligence on certain third parties that have access to our systems, data or facilities that store such systems or data, continually monitoring cybersecurity threat risks identified through such diligence and contracting to manage cybersecurity risks in specified ways such as requiring agreements to be subject to periodic cybersecurity audits. We have experienced targeted and non-targeted cybersecurity incidents in the past. However, as of February 13, 2026, we have not experienced a cybersecurity threat, including prior cybersecurity incidents, that has materially affected or is reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. In addition, we have not been materially affected by any cybersecurity incidents experienced by our third-party service providers. Notwithstanding our cyber risk management program, we may not be successful in preventing or mitigating a cybersecurity incident that could materially affect us, including our business strategy, results of operations or financial condition. Refer to Item 1A. “Risk Factors” for further discussion on the risks we face from cybersecurity threats.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	While management is responsible for the day-to-day management of cybersecurity risks, our Board and its Audit Committee have ongoing oversight roles. The Audit Committee reviews and discusses with management, including reports from our Chief Innovation Officer, at least annually: •the adequacy and effectiveness of our information technology security processes and procedures, •the assessment of risks and threats to our information technology systems, •the internal controls regarding information technology security and cybersecurity, and •the steps management has taken to monitor and mitigate information technology security and cybersecurity risks. The Audit Committee also periodically receives reports on notable cybersecurity incidents and trends and briefs the full Board on these matters.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	While management is responsible for the day-to-day management of cybersecurity risks, our Board and its Audit Committee have ongoing oversight roles. The Audit Committee reviews and discusses with management, including reports from our Chief Innovation Officer, at least annually: •the adequacy and effectiveness of our information technology security processes and procedures, •the assessment of risks and threats to our information technology systems, •the internal controls regarding information technology security and cybersecurity, and •the steps management has taken to monitor and mitigate information technology security and cybersecurity risks. The Audit Committee also periodically receives reports on notable cybersecurity incidents and trends and briefs the full Board on these matters.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO is responsible for protecting our global technology systems from cybersecurity incidents, which includes overseeing the deployment of cybersecurity controls, managing a team of cybersecurity professionals and reporting on cybersecurity matters to management and the Audit Committee of our Board of Directors (Board).
Cybersecurity Risk Role of Management [Text Block]	Our Senior Vice President and Chief Innovation Officer, who has served in various senior leadership roles in operational improvement and technology during his over 30-year tenure with us, leads our innovation and technology initiatives, corporate information systems and financial shared services. Our cybersecurity risk management and strategy processes are led by our Chief Information Officer (CIO) and our Chief Information Security Officer (CISO). Our CIO and CISO each report to our Chief Innovation Officer. Our CIO is responsible for the strategy, deployment, operational effectiveness and risk management of our technology systems and operations. Our CIO has over 30 years of experience in technology, cybersecurity and risk management, including leading information and technology initiatives for companies in the mining and energy sectors as a partner and senior managing director at a global professional services public company specializing in information technology services and management consulting. Our CISO is responsible for protecting our global technology systems from cybersecurity incidents, which includes overseeing the deployment of cybersecurity controls, managing a team of cybersecurity professionals and reporting on cybersecurity matters to management and the Audit Committee of our Board of Directors (Board). Our CISO has over 30 years of experience in the technology and cybersecurity industries, including 12 years serving as CISO for public companies. Our CISO is also a Certified Information Systems Security Professional. Our ERM management committee is responsible for providing input and oversight of our ERM program, including cybersecurity risks. Our ERM management committee is comprised of senior leaders, including our Chief Innovation Officer, with responsibility across operations and core business functions, and with a breadth of knowledge, influence and experience covering the risks we face. An annual report on our enterprise risks, including cybersecurity risks, is presented to the Audit Committee and the Audit Committee briefs the full Board.
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk management and strategy processes are led by our Chief Information Officer (CIO) and our Chief Information Security Officer (CISO).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO has over 30 years of experience in technology, cybersecurity and risk management, including leading information and technology initiatives for companies in the mining and energy sectors as a partner and senior managing director at a global professional services public company specializing in information technology services and management consulting. Our CISO is responsible for protecting our global technology systems from cybersecurity incidents, which includes overseeing the deployment of cybersecurity controls, managing a team of cybersecurity professionals and reporting on cybersecurity matters to management and the Audit Committee of our Board of Directors (Board). Our CISO has over 30 years of experience in the technology and cybersecurity industries, including 12 years serving as CISO for public companies. Our CISO is also a Certified Information Systems Security Professional.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Senior Vice President and Chief Innovation Officer, who has served in various senior leadership roles in operational improvement and technology during his over 30-year tenure with us, leads our innovation and technology initiatives, corporate information systems and financial shared services. Our cybersecurity risk management and strategy processes are led by our Chief Information Officer (CIO) and our Chief Information Security Officer (CISO). Our CIO and CISO each report to our Chief Innovation Officer. Our CIO is responsible for the strategy, deployment, operational effectiveness and risk management of our technology systems and operations. Our CIO has over 30 years of experience in technology, cybersecurity and risk management, including leading information and technology initiatives for companies in the mining and energy sectors as a partner and senior managing director at a global professional services public company specializing in information technology services and management consulting. Our CISO is responsible for protecting our global technology systems from cybersecurity incidents, which includes overseeing the deployment of cybersecurity controls, managing a team of cybersecurity professionals and reporting on cybersecurity matters to management and the Audit Committee of our Board of Directors (Board). Our CISO has over 30 years of experience in the technology and cybersecurity industries, including 12 years serving as CISO for public companies. Our CISO is also a Certified Information Systems Security Professional.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation. The consolidated financial statements of Freeport-McMoRan Inc. (FCX) include the accounts of those subsidiaries where it directly or indirectly has more than 50% of the voting rights and/or has control over the subsidiary. As of December 31, 2025, the most significant entities that FCX consolidates include its 48.76%-owned subsidiary, PT Freeport Indonesia (PTFI), and its wholly owned subsidiary, Freeport Minerals Corporation (FMC). Refer to Note 2 for further discussion, including FCX’s conclusion to consolidate PTFI.

FMC’s unincorporated joint venture at Morenci is reflected using the proportionate consolidation method (refer to Note 2). Investments in unconsolidated companies over which FCX has the ability to exercise significant influence, but does not control, are accounted for under the equity method and include PTFI’s investment in PT Smelting (refer to Note 2). Investments in unconsolidated companies owned less than 20%, and for which FCX does not exercise significant influence, are recorded at (i) fair value for those that have a readily determinable fair value or (ii) cost, less any impairment, for those that do not have a readily determinable fair value. All significant intercompany transactions have been eliminated. Dollar amounts in tables are stated in millions, except per share amounts. Certain prior year amounts have been reclassified to conform with current year presentation.

Reportable Segments

Reportable Segments. FCX has organized its mining operations into four primary divisions – United States (U.S.) copper mines, South America operations, Indonesia operations and Molybdenum mines. Operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations and U.S. Rod & Refining operations. FCX has voluntarily disclosed its Morenci copper mine and Atlantic Copper, S.L.U. (Atlantic Copper) as reportable segments. Refer to Note 14 for further discussion.

Use of Estimates

Use of Estimates. The preparation of FCX’s financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include asset lives for depreciation, depletion and amortization (DD&A); environmental obligations; asset retirement obligations (AROs); estimates of recoverable copper in mill and leach stockpiles; deferred taxes and valuation allowances; reserves for contingencies and litigation; asset impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; valuation of derivative instruments; and estimates for idle facility costs. Actual results could differ from those estimates.

Functional Currency

Functional Currency. The functional currency for the majority of FCX’s foreign operations is the U.S. dollar. For foreign subsidiaries whose functional currency is the U.S. dollar, monetary assets and liabilities denominated in the local currency are translated at current exchange rates, and non-monetary assets and liabilities, such as inventories, property, plant, equipment and mine development costs, are translated at historical exchange rates. Gains and losses resulting from translation of such account balances are included in other income, net, as are gains and losses from foreign currency transactions. Foreign currency net gains totaled $34 million in 2025, $17 million in 2024 and $20 million in 2023.

Cash and Cash Equivalents

Cash and Cash Equivalents. Highly liquid investments purchased with maturities of three months or less are considered cash equivalents.

Restricted Cash and Cash Equivalents

Restricted Cash and Cash Equivalents. Restricted cash and cash equivalents are classified as a current or long-term asset based on the timing and nature of when or how the cash is expected to be used or when the restrictions are expected to lapse. Refer to Notes 10 and 12 for information specific to our cash restrictions.

Inventories