FREEPORT-MCMORAN INC, 10-Q filed on 8/8/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-11307-01  
Entity Registrant Name Freeport-McMoRan Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 74-2480931  
Entity Address, Address Line One 333 North Central Avenue  
Entity Address, City or Town Phoenix  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85004-2189  
City Area Code (602)  
Local Phone Number 366-8100  
Title of 12(b) Security Common Stock, par value $0.10 per share  
Trading Symbol FCX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,435,774,134
Entity Central Index Key 0000831259  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 4,490 $ 3,923
Restricted cash and cash equivalents 230 888
Trade accounts receivable 941 578
Value added and other tax receivables 474 564
Inventories:    
Product 2,961 3,038
Materials and supplies, net 2,516 2,382
Mill and leach stockpiles 1,477 1,388
Other current assets 547 535
Total current assets 13,636 13,296
Property, plant, equipment and mine development costs, net 39,835 38,514
Long-term mill and leach stockpiles 1,122 1,225
Other assets 1,899 1,813
Total assets 56,492 54,848
Current liabilities:    
Accounts payable and accrued liabilities 4,288 4,057
Accrued income taxes 389 859
Current portion of debt 338 41
Current portion of environmental and asset retirement obligations 298 320
Dividends payable 218 219
Total current liabilities 5,531 5,496
Long-term debt, less current portion 8,913 8,907
Environmental and asset retirement obligations, less current portion 5,463 5,404
Deferred income taxes 4,410 4,376
Other liabilities 2,179 1,887
Total liabilities 26,496 26,070
Stockholders’ equity:    
Common stock 163 162
Capital in excess of par value 23,642 23,797
Retained earnings (accumulated deficit) 738 (170)
Accumulated other comprehensive loss (311) (314)
Common stock held in treasury (6,024) (5,894)
Total stockholders’ equity 18,208 17,581
Noncontrolling interests 11,788 11,197
Total equity 29,996 28,778
Total liabilities and equity $ 56,492 $ 54,848
v3.25.2
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenues $ 7,582 $ 6,624 $ 13,310 $ 12,945
Cost of sales:        
Production and delivery 4,282 3,875 8,038 7,719
Depreciation, depletion and amortization 668 509 1,134 1,104
Total cost of sales 4,950 4,384 9,172 8,823
Selling, general and administrative expenses 127 123 281 267
Exploration and research expenses 46 40 85 77
Environmental obligations and shutdown costs 27 28 37 95
Total costs and expenses 5,150 4,575 9,575 9,262
Operating income 2,432 2,049 3,735 3,683
Interest expense, net (82) (88) (152) (177)
Other income, net 41 69 99 198
Income before income taxes and equity in affiliated companies’ net earnings 2,391 2,030 3,682 3,704
Provision for income taxes (850) (754) (1,350) (1,266)
Equity in affiliated companies’ net earnings 6 4 8 4
Net income 1,547 1,280 2,340 2,442
Net income (loss) attributable to noncontrolling interests 775 664 1,216 1,353
Net income attributable to common stockholders $ 772 $ 616 $ 1,124 $ 1,089
Net income per share attributable to common stockholders:        
Earnings per share, basic (in dollars per share) $ 0.53 $ 0.42 $ 0.78 $ 0.75
Earnings per share, diluted (in dollars per share) $ 0.53 $ 0.42 $ 0.77 $ 0.75
Weighted-average shares of common stock outstanding:        
Basic weighted-average shares of common stock outstanding 1,437 1,438 1,438 1,437
Diluted weighted-average shares of common shares outstanding 1,443 1,445 1,444 1,445
Dividends declared per share of common stock (in dollars per share) $ 0.15 $ 0.15 $ 0.30 $ 0.30
v3.25.2
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 1,547 $ 1,280 $ 2,340 $ 2,442
Defined benefit plans:        
Amortization of unrecognized amounts included in net periodic benefit costs 2 0 3 1
Foreign exchange losses 0 0 0 (1)
Other comprehensive income 2 0 3 0
Total comprehensive income 1,549 1,280 2,343 2,442
Total comprehensive income attributable to noncontrolling interests (775) (664) (1,216) (1,353)
Total comprehensive income (loss) $ 774 $ 616 $ 1,127 $ 1,089
v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flow from operating activities:    
Net income $ 2,340 $ 2,442
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 1,134 1,104
Net charges for environmental and asset retirement obligations, including accretion 116 300
Payments for environmental and asset retirement obligations (113) (97)
Stock-based compensation 74 77
Net charges for defined pension and postretirement plans 29 16
Pension plan contributions (9) (38)
Deferred income taxes 34 37
Charges for social investment programs at PT Freeport Indonesia 50 51
Payments for social investment programs at PT Freeport Indonesia (41) (37)
Other, net (19) 21
Changes in working capital and other:    
Accounts receivable (320) 92
Inventories (62) (341)
Other current assets 16 21
Accounts payable and accrued liabilities 428 103
Accrued income taxes and timing of other tax payments (404) 101
Net cash provided by operating activities 3,253 3,852
Cash flow from investing activities:    
Capital expenditures (2,433) (2,370)
Loans to PT Smelting for expansion 0 (28)
Proceeds from sale of assets and other, net (1) (13)
Net cash used in investing activities (2,432) (2,385)
Cash flow from financing activities:    
Proceeds from debt 1,630 1,281
Repayments of debt (1,338) (1,281)
Finance lease payments (15) (1)
Cash dividends and distributions paid:    
Common stock (433) (433)
Noncontrolling interests (625) (685)
Treasury stock purchases (107) 0
Proceeds from exercised stock options 2 26
Payments for withholding of employee taxes related to stock-based awards (22) (35)
Net cash used in financing activities (908) (1,128)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (87) 339
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 4,911 6,063
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 4,824 6,402
North America Copper Mines Segment    
Cash flow from investing activities:    
Capital expenditures (528) (480)
South America Mines Segment    
Cash flow from investing activities:    
Capital expenditures (177) (172)
Indonesia Segment    
Cash flow from investing activities:    
Capital expenditures (1,444) (1,490)
Molybdenum    
Cash flow from investing activities:    
Capital expenditures (46) (63)
Other Operating Segment    
Cash flow from investing activities:    
Capital expenditures $ (238) $ (165)
v3.25.2
Consolidated Statement of Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Capital in Excess of Par Value
Accumulated Deficit
AOCI Attributable to Parent
Common Stock Held in Treasury
Total Stockholder's Equity
Noncontrolling Interests
Balance (in shares) at Dec. 31, 2023   1,619.0            
Beginning balance (in shares) at Dec. 31, 2023           184.0    
Balance at Dec. 31, 2023 $ 27,310 $ 162 $ 24,637 $ (2,059) $ (274) $ (5,773) $ 16,693 $ 10,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   5.0       1.0    
Exercised and issued stock-based awards 25   53     $ (28) 25  
Stock-based compensation, including the tender of shares (in shares)           1.0    
Stock-based compensation, including the tender of shares 27   64     $ (34) 30 (3)
Dividends (1,118)   (433)       (433) (685)
Net loss attributable to common stockholders 1,089     1,089     1,089  
Net income (loss) attributable to noncontrolling interests 1,353             1,353
Other comprehensive income 0              
Balance (in shares) at Jun. 30, 2024   1,624.0            
Ending balance (in shares) at Jun. 30, 2024           186.0    
Balance at Jun. 30, 2024 28,686 $ 162 24,321 (970) (274) $ (5,835) 17,404 11,282
Balance (in shares) at Mar. 31, 2024   1,622.0            
Beginning balance (in shares) at Mar. 31, 2024           186.0    
Balance at Mar. 31, 2024 28,105 $ 162 24,488 (1,586) (274) $ (5,817) 16,973 11,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   2.0            
Exercised and issued stock-based awards 20   31     (11) 20  
Stock-based compensation, including the tender of shares 9   18     $ (7) 11 (2)
Dividends (728)   (216)       (216) (512)
Net loss attributable to common stockholders 616     616     616  
Net income (loss) attributable to noncontrolling interests 664             664
Other comprehensive income 0              
Balance (in shares) at Jun. 30, 2024   1,624.0            
Ending balance (in shares) at Jun. 30, 2024           186.0    
Balance at Jun. 30, 2024 28,686 $ 162 24,321 (970) (274) $ (5,835) 17,404 11,282
Balance (in shares) at Dec. 31, 2024   1,624.0            
Beginning balance (in shares) at Dec. 31, 2024           187.0    
Balance at Dec. 31, 2024 28,778 $ 162 23,797 (170) (314) $ (5,894) 17,581 11,197
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercised and issued stock-based awards (in shares)   2.0            
Exercised and issued stock-based awards 2 $ 1 1       2  
Stock-based compensation, including the tender of shares (in shares)           1.0    
Stock-based compensation, including the tender of shares $ 37   60     $ (23) 37 0
Treasury stock purchases (in shares) 2.9         3.0    
Treasury stock purchases $ (107)         $ (107) (107)  
Dividends (1,057)   (216) (216)     (432) (625)
Net loss attributable to common stockholders 1,124     1,124     1,124  
Net income (loss) attributable to noncontrolling interests 1,216             1,216
Other comprehensive income 3       3   3  
Balance (in shares) at Jun. 30, 2025   1,626.0            
Ending balance (in shares) at Jun. 30, 2025           191.0    
Balance at Jun. 30, 2025 29,996 $ 163 23,642 738 (311) $ (6,024) 18,208 11,788
Balance (in shares) at Mar. 31, 2025   1,626.0            
Beginning balance (in shares) at Mar. 31, 2025           189.0    
Balance at Mar. 31, 2025 29,214 $ 163 23,627 182 (313) $ (5,971) 17,688 11,526
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock-based compensation, including the tender of shares 14   15     $ (1) 14  
Treasury stock purchases (in shares)           2.0    
Treasury stock purchases (52)         $ (52) (52)  
Dividends (729)     (216)     (216) (513)
Net loss attributable to common stockholders 772     772     772  
Net income (loss) attributable to noncontrolling interests 775             775
Other comprehensive income 2       2   2  
Balance (in shares) at Jun. 30, 2025   1,626.0            
Ending balance (in shares) at Jun. 30, 2025           191.0    
Balance at Jun. 30, 2025 $ 29,996 $ 163 $ 23,642 $ 738 $ (311) $ (6,024) $ 18,208 $ 11,788
v3.25.2
General Information
 6 Months Ended
Jun. 30, 2025
General Information [Abstract]  
General Information GENERAL INFORMATION
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2024 (2024 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the six-month period ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. Dollar amounts in tables are stated in millions, except per share amounts.

Subsequent Events. FCX evaluated events after June 30, 2025, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.
v3.25.2
Earnings per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders (after deducting accumulated undistributed dividends and earnings allocated to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be antidilutive.

Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:
Three Months EndedSix Months Ended
June 30,June 30,
 2025202420252024
Net income$1,547 $1,280 $2,340 $2,442 
Net income attributable to noncontrolling interests(775)(664)(1,216)(1,353)
Undistributed dividends and earnings allocated to participating securities(6)(6)(6)(6)
Net income attributable to common stockholders$766 $610 $1,118 $1,083 
Basic weighted-average shares of common stock outstanding
1,437 1,438 1,438 1,437 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units6 7 6 8 
Diluted weighted-average shares of common stock outstanding
1,443 1,445 1,444 1,445 
Net income per share attributable to common stockholders:
Basic$0.53 $0.42 $0.78 $0.75 
Diluted$0.53 $0.42 $0.77 $0.75 
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 periods shown above.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Geographic sources of FCX’s benefit (provision) for income taxes follow:
Six Months Ended
June 30,
 20252024
U.S.$2 

$(4)
International(1,352)(1,262)
Total$(1,350)$(1,266)


FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 37% for the first six months of 2025 and 34% for the first six months of 2024. The provision for income taxes for the first six months of 2024 included net benefits of $182 million related to closure of PT Freeport Indonesia’s (PTFI) 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

During the first six months of 2025 and 2024, FCX’s U.S. operations generated net losses that would not result in a realized tax benefit; accordingly, applicable accounting rules required FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. net losses.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act (OB3 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. FCX is analyzing the OB3 Act, but does not expect it to have a material impact on its 2025 financial results.
v3.25.2
Debt and Equity
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt and Equity DEBT AND EQUITY
The components of debt follow:
 June 30,
2025		December 31, 2024
PTFI revolving credit facility$250 $250 
Senior notes and debentures:
Issued by FCX5,284 5,281 
Issued by PTFI2,984 2,983 
Issued by Freeport Minerals Corporation352 353 
Atlantic Coppera
358 57 
Other23 24 
Total debt9,251 8,948 
Less current portion of debt(338)(41)
Long-term debt$8,913 $8,907 
a.Includes short-term lines of credit used for working capital requirements, with interest rates primarily based on the Secured Overnight Financing Rate plus a spread.

Revolving Credit Facilities. 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 June 30, 2025, there were no borrowings and $5 million in letters of credit issued under FCX’s revolving credit facility.

At June 30, 2025, PTFI had $250 million in borrowings outstanding under its $1.75 billion unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $350 million unsecured revolving credit facility that matures in May 2027.
At June 30, 2025, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $181 million in both second-quarter 2025 and 2024, $355 million for the first six months of 2025 and $356 million for the first six months of 2024.
Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, including construction and development of PTFI’s new smelter and precious metals refinery (collectively, PTFI’s downstream processing facilities), totaled $99 million in second-quarter 2025, $93 million in second-quarter 2024, $203 million for the first six months of 2025 and $179 million for the first six months of 2024.

Share Repurchase Program and Dividends. During the first six months of 2025, FCX acquired 2.9 million shares of its common stock for a total cost of $107 million ($36.41 average cost per share). As of July 31, 2025, FCX has acquired a total of 52 million shares ($38.51 average cost per share) and has $3.0 billion available under its current share repurchase program.

On June 25, 2025, FCX’s Board of Directors (Board) declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which were paid on August 1, 2025, to common shareholders of record as of July 15, 2025.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.
v3.25.2
Financial Instruments
 6 Months Ended
Jun. 30, 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 Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the six-month periods ended June 30, 2025 and 2024. At June 30, 2025, FCX held copper futures and swap contracts that qualified for hedge accounting for 109 million pounds at an average contract price of $4.75 per pound, with maturities through March 2027.
Summary of (Losses) Gains. A summary of realized and unrealized (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:
 Three Months EndedSix Months Ended
June 30,June 30,
 2025202420252024
Copper futures and swap contracts:  
Unrealized (losses) gains:  
Derivative financial instruments$(14)$1 $67 $10 
Hedged item – firm sales commitments14 (1)(67)(10)
Realized gains:  
Matured derivative financial instruments10 28 30 29 

Derivatives Not Designated as Hedging Instruments.
Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper settlement price and the London Bullion Market Association (London) 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 then-current LME copper settlement price and the London 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 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 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 June 30, 2025, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)440 $4.34 $4.49 December 2025
Gold (thousands of ounces)81 3,334 3,297 August 2025
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)107 4.36 4.49 October 2025

Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, 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 June 30, 2025, Atlantic Copper held net copper forward sales contracts for 53 million pounds at an average contract price of $4.47 per pound, with maturities through August 2025.
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, follows:
 Three Months EndedSix Months Ended
June 30,June 30,
 2025202420252024
Embedded derivatives in provisional sales contracts:a
Copper$34 $181 $150 $247 
Gold and other metals22 45 60 89 
Copper forward contractsb
(2)(17)(40)(26)
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 June 30, 2025, the maximum amount of credit exposure associated with derivative transactions was $107 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 6 for the fair values of investment securities, legally restricted funds and debt).

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
June 30,
2025		December 31, 2024
Balance sheet components:
Cash and cash equivalents$4,490 $3,923 
Restricted cash and cash equivalents, current230 
a
888 
b
Restricted cash and cash equivalents, long-term - included in other assets104 100 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$4,824 $4,911 
a.Reflects cash designated for talc-related litigation in accordance with a legal settlement. Refer to Note 7 for further discussion.
b.Included $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.
v3.25.2
Fair Value Measurement
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement FAIR VALUE MEASUREMENT
Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX does not have any significant Level 3 assets or liabilities.

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

At June 30, 2025
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$28 $28 $28 $— $— $— 
Equity securities21 21 — 21 — — 
Total49 49 28 21 — — 
Legally restricted funds:a
    
U.S. core fixed income fund69 69 69 — — — 
Government mortgage-backed securities57 57 — — 57 — 
Corporate bonds35 35 — — 35 — 
Government bonds and notes25 25 — — 25 — 
Money market funds22 22 — 22 — — 
Asset-backed securities16 16 — — 16 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total225 225 69 22 134 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position66 66 — — 66 — 
Copper futures and swap contracts41 41 — 27 14 — 
       Total107 107 — 27 80 — 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position19 19 — — 19 — 
Copper futures and swap contracts2 2 — — 2 — 
Copper forward contracts1 1 — 1 — — 
Total22 22 — 1 21 — 
Debtd
9,251 9,249 — — 9,249 — 
At December 31, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities9 9 — 9 — — 
Total36 36 27 9 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 66 66 66 — — — 
Government mortgage-backed securities54 54 — — 54 — 
Government bonds and notes34 34 — — 34 — 
Corporate bonds31 31 — — 31 — 
Money market funds19 19 — 19 — — 
Asset-backed securities12 12 — — 12 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total217 217 66 19 132 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position10 10 — — 10 — 
Copper forward contracts10 10 — 4 6 — 
Total20 20 — 4 16 — 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position60 60 — — 60 — 
Copper futures and swap contracts28 28 — 17 11 — 
Copper forward contracts1 1 — 1 — — 
Total89 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 restricted cash and cash equivalents (which approximated fair value), primarily associated with talc-related litigation at June 30, 2025, and PTFI’s export proceeds at December 31, 2024. Refer to Note 5.
c.Refer to Note 5 for further discussion and balance sheet classifications.
d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

Valuation Techniques. 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).

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.

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 gold prices at each reporting date based on the month of maturity (refer to Note 5 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 5 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 June 30, 2025, as compared with those techniques used at December 31, 2024.
v3.25.2
Contingencies and Commitments
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Commitments CONTINGENCIES AND COMMITMENTS
Environmental

Refer to Note 10 of FCX’s 2024 Form 10-K for further discussion of FCX’s environmental obligations.

Historical Smelter Sites. In July 2025, the New Jersey Department of Environmental Protection accepted FCX’s proposal for alternative remediation standards for sediment remediation in Arthur Kill, the water body adjacent to the former Carteret smelter site. During third-quarter 2025, FCX will work to develop remedial alternatives to establish a workplan and associated cost estimates, which are expected to result in an adjustment to the related environmental obligation.

Litigation
There were no significant updates to previously reported legal proceedings included in Note 10 of FCX’s 2024 Form 10-K, other than the matter discussed below.

Asbestos and Talc Claims. The claimants in both the Imerys Talc America (Imerys) and Cyprus Mines Corporation (Cyprus Mines) bankruptcy cases previously approved a global settlement, which remains subject to bankruptcy court approvals in both cases. During second-quarter 2025, Imerys agreed to carve out a foreign subsidiary from the bankruptcy cases and the parties agreed to an amended plan to set up a separate sub-trust for foreign claimants. In accordance with the global settlement, as recently amended, Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX and Cyprus Mines’ parent company, agreed to contribute $199 million in the aggregate over seven years to a proposed claimant trust, which includes $4 million for a sub-trust for potential foreign claimants that was added in second-quarter 2025. There can be no assurance that the amended plan will be approved by the bankruptcy court.

In addition, in 2024, Cyprus Mines and Imerys entered into a settlement agreement with Johnson & Johnson (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; and (ii) J&J agreed to pay $505 million to Imerys and Cyprus Mines (shared 50/50 between the two parties). In accordance with the settlement, Cyprus Mines received cash of $229 million during the first six months of 2025, with the remaining $24 million to be received by December 31, 2025.

At June 30, 2025, FCX had a total litigation reserve of $452 million associated with the global settlement, including $253 million associated with the J&J settlement.
Indonesia Regulatory Matters
Refer to Notes 10, 11 and 12 of FCX’s 2024 Form 10-K for further discussion of Indonesia regulatory matters.

Concentrate Exports. On March 17, 2025, the Indonesia government granted PTFI a copper concentrate export license through September 16, 2025, for 1.4 million metric tons of copper concentrate, and PTFI re-commenced exports of copper concentrate. Pursuant to current regulations, PTFI is required to pay a 7.5% export duty on copper concentrate exports.

Export Proceeds. Effective March 1, 2025, the Indonesia government implemented a new regulation for export proceeds that requires 100% of export proceeds to be deposited in Indonesia banks for 12 months. The 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.

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. The fine was fully accrued at year-end 2024.
Long-Term Mining Rights. 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, including ownership of integrated downstream facilities that have entered the operational stage; domestic ownership of at least 51% and agreement with a state-owned enterprise for an additional 10% ownership; and commitments for additional exploration and increases in refining capacity, each as approved by the Ministry of Energy and Mineral Resources. Application for extension may be submitted at any time up to one year prior to the expiration of PTFI’s special mining business license (IUPK). PTFI expects to apply for an extension during 2025, pending agreement with PT Mineral Industri Indonesia (MIND ID) on a purchase and sale agreement for the transfer of an additional 10% interest in PTFI to MIND ID beginning in 2041.
v3.25.2
Business Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
FCX has organized its mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations (including the Grasberg minerals district and PTFI’s downstream processing facilities), and U.S. Rod & Refining operations. FCX has also separately disclosed the Morenci copper mine and Atlantic Copper Smelting & Refining segments in the following tables.

FCX's Chief Executive Officer is identified as its chief operating decision maker (CODM) under business 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.

Intersegment sales between FCX’s business segments are based on terms similar to arms-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 defers recognizing profits on intercompany sales to Atlantic Copper until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.
FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual operating segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, some selling, general and administrative costs are not allocated to the operating divisions or individual operating segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or individual operating segment would be if it was an independent entity.

Product Revenues. FCX’s revenues attributable to the products it sold for the second quarters and for the first six months of 2025 and 2024 follow:
Three Months EndedSix Months Ended
June 30,June 30,
 2025202420252024
Copper:
Cathode$2,173 $2,273 $4,198 $4,232 
Concentrate2,023 1,596 3,409 3,416 
Rod and other refined copper products969 974 1,929 1,927 
Purchased coppera
173 262 471 408 
Gold1,833 935 2,308 2,103 
Molybdenum479 472 921 889 
Silver and other173 144 312 297 
Adjustments to revenues:
PTFI export dutiesb
(146)(75)(202)(231)
Royalty expensec
(135)(93)(203)(213)
Treatment charges(16)(90)(43)(219)
Revenues from contracts with customers7,526 6,398 13,100 12,609 
Embedded derivativesd
56 226 210 336 
Total consolidated revenues$7,582 $6,624 $13,310 $12,945 
a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations.
b.Reflects an export duty of 7.5% on copper concentrate exports.
c.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
d.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Financial Information by Business Segment
AtlanticCorporate,
U.S. Copper MinesSouth America OperationsU.S.CopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended June 30, 2025           
Revenues:            
Unaffiliated customers$63 $64 $127 $836 $183 $1,019 $3,419 $— $1,692 $815 $510 
a
$7,582 
Intersegment559 1,028 1,587 193 49 242 (2)
b
180 9 3 (2,019)— 
Production and delivery435 779 1,214 590 178 768 1,124 

128 1,693 791 (1,436)4,282 
Depreciation, depletion and amortization (DD&A)46 72 118 94 19 113 389 26 1 7 14 668 
Selling, general and administrative expenses
1 — 1 1 1 2 35 — — 7 82 127 
Exploration and research expenses8 5 13 4 — 4 1 1 — — 27 46 
Environmental obligations and shutdown costs
— — — — — — — — — — 27 27 
Operating income (loss)132 236 368 340 34 374 1,868 25 7 13 (223)2,432 
Interest expense, net— 1 1 4 — 4 16 — — 7 54 82 
Other (expense) income, net(1)1 — 20 2 22 15 (1)(1)(14)20 41 
Provision for income taxes— — — 139 12 151 677 — — 2 20 850 
Equity in affiliated companies’ net earnings — — — — — — 6 — — — — 6 
Net income attributable to noncontrolling interests— — — 105 4 109 648 — — — 18 775 
Net income attributable to common stockholders$772 
Total assets at June 30, 20253,337 7,253 10,590 8,385 2,091 10,476 27,781 2,027 432 1,508 3,678 56,492 
Capital expenditures70 203 273 78 14 92 740 27 26 45 58 1,261 
Three Months Ended June 30, 2024            
Revenues:            
Unaffiliated customers$13 $10 $23 $1,075 $254 $1,329 $2,185 

$— $1,693 $898 $496 
a
$6,624 
Intersegment587 926 1,513 

182 — 182 83 138 11 2 (1,929)— 
Production and delivery438 713 1,151 679 
c
181 860 672 134 1,692 859 

(1,493)3,875 
DD&A45 61 106 97 17 114 248 16 1 7 17 509 
Selling, general and administrative expenses
1 — 1 2 — 2 30 — — 6 84 123 
Exploration and research expenses5 9 14 3 2 5 4 — — — 17 40 
Environmental obligations and shutdown costs
— — — — — — — — — — 28 28 
Operating income (loss)111 153 264 476 54 530 1,314 (12)11 28 (86)2,049 
Interest expense, net— 1 1 5 — 5 6 — — 8 68 88 
Other income, net— 1 1 5 — 5 30 — — 2 31 69 
Provision for income taxes— — — 191 23 214 490 — — 1 49 754 
Equity in affiliated companies’ net earnings — — — — — — 3 — — — 1 4 
Net income attributable to noncontrolling interests— — — 142 22 164 463 — — — 37 664 
Net income attributable to common stockholders$616 
Total assets at June 30, 20243,182 6,508 9,690 8,368 1,988 10,356 26,501 1,915 273 1,410 4,490 54,635 
Capital expenditures47 196 243 67 23 90 648 36 11 37 51 1,116 
Includes revenues from the molybdenum sales company, which includes sales of molybdenum produced by FCX’s primary molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.
b.Represents a volume adjustment on concentrate shipped to Atlantic Copper in a prior period.
c.Includes nonrecurring labor-related charges totaling $65 million at Cerro Verde associated with a new collective labor agreement.
d.Includes charges totaling $73 million associated with maintenance turnaround costs at the Miami smelter.
e.Includes oil and gas charges totaling $105 million primarily associated with assumed abandonment obligations (and related adjustments) resulting from bankruptcies of other companies.
f.Includes a net benefit to income taxes totaling $182 million associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters. FCX's economic and ownership interest in PTFI is 48.76% except for net income associated with the settlement of these historical tax matters, which was attributed based on the economics prior to January 1, 2023 (i.e., approximately 81% to FCX and 19% to MIND ID). Refer to Note 2 of FCX’s 2024 Form 10-K for further discussion.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 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
v3.25.2
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:
Three Months EndedSix Months Ended
June 30,June 30,
 2025202420252024
Net income$1,547 $1,280 $2,340 $2,442 
Net income attributable to noncontrolling interests(775)(664)(1,216)(1,353)
Undistributed dividends and earnings allocated to participating securities(6)(6)(6)(6)
Net income attributable to common stockholders$766 $610 $1,118 $1,083 
Basic weighted-average shares of common stock outstanding
1,437 1,438 1,438 1,437 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units6 7 6 8 
Diluted weighted-average shares of common stock outstanding
1,443 1,445 1,444 1,445 
Net income per share attributable to common stockholders:
Basic$0.53 $0.42 $0.78 $0.75 
Diluted$0.53 $0.42 $0.77 $0.75 
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Geographic sources of FCX’s benefit (provision) for income taxes follow:
Six Months Ended
June 30,
 20252024
U.S.$2 

$(4)
International(1,352)(1,262)
Total$(1,350)$(1,266)
v3.25.2
Debt and Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The components of debt follow:
 June 30,
2025		December 31, 2024
PTFI revolving credit facility$250 $250 
Senior notes and debentures:
Issued by FCX5,284 5,281 
Issued by PTFI2,984 2,983 
Issued by Freeport Minerals Corporation352 353 
Atlantic Coppera
358 57 
Other23 24 
Total debt9,251 8,948 
Less current portion of debt(338)(41)
Long-term debt$8,913 $8,907 
a.Includes short-term lines of credit used for working capital requirements, with interest rates primarily based on the Secured Overnight Financing Rate plus a spread.
v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) A summary of realized and unrealized (losses) gains recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:
 Three Months EndedSix Months Ended
June 30,June 30,
 2025202420252024
Copper futures and swap contracts:  
Unrealized (losses) gains:  
Derivative financial instruments$(14)$1 $67 $10 
Hedged item – firm sales commitments14 (1)(67)(10)
Realized gains:  
Matured derivative financial instruments10 28 30 29 
Schedule of Derivative Instruments
A summary of FCX’s embedded derivatives at June 30, 2025, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)440 $4.34 $4.49 December 2025
Gold (thousands of ounces)81 3,334 3,297 August 2025
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)107 4.36 4.49 October 2025
Schedule of Derivative Instruments Included in Trading Activities 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, follows:
 Three Months EndedSix Months Ended
June 30,June 30,
 2025202420252024
Embedded derivatives in provisional sales contracts:a
Copper$34 $181 $150 $247 
Gold and other metals22 45 60 89 
Copper forward contractsb
(2)(17)(40)(26)
a.Amounts recorded in revenues. 
b.Amounts recorded in cost of sales as production and delivery costs.
Schedule of Cash Flow, Supplemental Disclosures The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
June 30,
2025		December 31, 2024
Balance sheet components:
Cash and cash equivalents$4,490 $3,923 
Restricted cash and cash equivalents, current230 
a
888 
b
Restricted cash and cash equivalents, long-term - included in other assets104 100 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$4,824 $4,911 
a.Reflects cash designated for talc-related litigation in accordance with a legal settlement. Refer to Note 7 for further discussion.
b.Included $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.
v3.25.2
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Inputs Disclosure A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:
At June 30, 2025
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$28 $28 $28 $— $— $— 
Equity securities21 21 — 21 — — 
Total49 49 28 21 — — 
Legally restricted funds:a
    
U.S. core fixed income fund69 69 69 — — — 
Government mortgage-backed securities57 57 — — 57 — 
Corporate bonds35 35 — — 35 — 
Government bonds and notes25 25 — — 25 — 
Money market funds22 22 — 22 — — 
Asset-backed securities16 16 — — 16 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total225 225 69 22 134 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position66 66 — — 66 — 
Copper futures and swap contracts41 41 — 27 14 — 
       Total107 107 — 27 80 — 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position19 19 — — 19 — 
Copper futures and swap contracts2 2 — — 2 — 
Copper forward contracts1 1 — 1 — — 
Total22 22 — 1 21 — 
Debtd
9,251 9,249 — — 9,249 — 
At December 31, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities9 9 — 9 — — 
Total36 36 27 9 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 66 66 66 — — — 
Government mortgage-backed securities54 54 — — 54 — 
Government bonds and notes34 34 — — 34 — 
Corporate bonds31 31 — — 31 — 
Money market funds19 19 — 19 — — 
Asset-backed securities12 12 — — 12 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total217 217 66 19 132 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position10 10 — — 10 — 
Copper forward contracts10 10 — 4 6 — 
Total20 20 — 4 16 — 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position60 60 — — 60 — 
Copper futures and swap contracts28 28 — 17 11 — 
Copper forward contracts1 1 — 1 — — 
Total89 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 restricted cash and cash equivalents (which approximated fair value), primarily associated with talc-related litigation at June 30, 2025, and PTFI’s export proceeds at December 31, 2024. Refer to Note 5.
c.Refer to Note 5 for further discussion and balance sheet classifications.
d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.
v3.25.2
Business Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Revenue from External Customers by Products and Services
Product Revenues. FCX’s revenues attributable to the products it sold for the second quarters and for the first six months of 2025 and 2024 follow:
Three Months EndedSix Months Ended
June 30,June 30,
 2025202420252024
Copper:
Cathode$2,173 $2,273 $4,198 $4,232 
Concentrate2,023 1,596 3,409 3,416 
Rod and other refined copper products969 974 1,929 1,927 
Purchased coppera
173 262 471 408 
Gold1,833 935 2,308 2,103 
Molybdenum479 472 921 889 
Silver and other173 144 312 297 
Adjustments to revenues:
PTFI export dutiesb
(146)(75)(202)(231)
Royalty expensec
(135)(93)(203)(213)
Treatment charges(16)(90)(43)(219)
Revenues from contracts with customers7,526 6,398 13,100 12,609 
Embedded derivativesd
56 226 210 336 
Total consolidated revenues$7,582 $6,624 $13,310 $12,945 
a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations.
b.Reflects an export duty of 7.5% on copper concentrate exports.
c.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.
d.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Schedule of Segment Reporting Information, by Segment
Financial Information by Business Segment
AtlanticCorporate,
U.S. Copper MinesSouth America OperationsU.S.CopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended June 30, 2025           
Revenues:            
Unaffiliated customers$63 $64 $127 $836 $183 $1,019 $3,419 $— $1,692 $815 $510 
a
$7,582 
Intersegment559 1,028 1,587 193 49 242 (2)
b
180 9 3 (2,019)— 
Production and delivery435 779 1,214 590 178 768 1,124 

128 1,693 791 (1,436)4,282 
Depreciation, depletion and amortization (DD&A)46 72 118 94 19 113 389 26 1 7 14 668 
Selling, general and administrative expenses
1 — 1 1 1 2 35 — — 7 82 127 
Exploration and research expenses8 5 13 4 — 4 1 1 — — 27 46 
Environmental obligations and shutdown costs
— — — — — — — — — — 27 27 
Operating income (loss)132 236 368 340 34 374 1,868 25 7 13 (223)2,432 
Interest expense, net— 1 1 4 — 4 16 — — 7 54 82 
Other (expense) income, net(1)1 — 20 2 22 15 (1)(1)(14)20 41 
Provision for income taxes— — — 139 12 151 677 — — 2 20 850 
Equity in affiliated companies’ net earnings — — — — — — 6 — — — — 6 
Net income attributable to noncontrolling interests— — — 105 4 109 648 — — — 18 775 
Net income attributable to common stockholders$772 
Total assets at June 30, 20253,337 7,253 10,590 8,385 2,091 10,476 27,781 2,027 432 1,508 3,678 56,492 
Capital expenditures70 203 273 78 14 92 740 27 26 45 58 1,261 
Three Months Ended June 30, 2024            
Revenues:            
Unaffiliated customers$13 $10 $23 $1,075 $254 $1,329 $2,185 

$— $1,693 $898 $496 
a
$6,624 
Intersegment587 926 1,513 

182 — 182 83 138 11 2 (1,929)— 
Production and delivery438 713 1,151 679 
c
181 860 672 134 1,692 859 

(1,493)3,875 
DD&A45 61 106 97 17 114 248 16 1 7 17 509 
Selling, general and administrative expenses
1 — 1 2 — 2 30 — — 6 84 123 
Exploration and research expenses5 9 14 3 2 5 4 — — — 17 40 
Environmental obligations and shutdown costs
— — — — — — — — — — 28 28 
Operating income (loss)111 153 264 476 54 530 1,314 (12)11 28 (86)2,049 
Interest expense, net— 1 1 5 — 5 6 — — 8 68 88 
Other income, net— 1 1 5 — 5 30 — — 2 31 69 
Provision for income taxes— — — 191 23 214 490 — — 1 49 754 
Equity in affiliated companies’ net earnings — — — — — — 3 — — — 1 4 
Net income attributable to noncontrolling interests— — — 142 22 164 463 — — — 37 664 
Net income attributable to common stockholders$616 
Total assets at June 30, 20243,182 6,508 9,690 8,368 1,988 10,356 26,501 1,915 273 1,410 4,490 54,635 
Capital expenditures47 196 243 67 23 90 648 36 11 37 51 1,116 
v3.25.2
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net income (loss) from continuing operations $ 1,547 $ 1,280 $ 2,340 $ 2,442
Net income attributable to noncontrolling interests (775) (664) (1,216) (1,353)
Undistributed dividends and earnings allocated to participating securities (6) (6) (6) (6)
Net income attributable to common stockholders $ 766 $ 610 $ 1,118 $ 1,083
Basic weighted-average shares of common stock outstanding 1,437 1,438 1,438 1,437
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 6 7 6 8
Diluted weighted-average shares of common stock outstanding 1,443 1,445 1,444 1,445
Earnings per share, basic (in dollars per share) $ 0.53 $ 0.42 $ 0.78 $ 0.75
Earnings per share, diluted (in dollars per share) $ 0.53 $ 0.42 $ 0.77 $ 0.75
Dilutive Securities Excluded from Computation of EPS Amount 0   0  
v3.25.2
Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
U.S.     $ 2 $ (4)
International     (1,352) (1,262)
Total $ (850) $ (754) $ (1,350) $ (1,266)
v3.25.2
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]    
Consolidated effective income tax rate (percent) 37.00% 34.00%
Tax benefit related to closure of tax audit   $ 182
v3.25.2
Debt and Equity - Components of Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt   $ 8,948
Less current portion of debt $ (338) (41)
Long-term debt, less current portion 8,913 8,907
Line of Credit    
Debt Instrument [Line Items]    
Long-term debt 358 57
Line of Credit | PT-FI | Unsecured Credit Facility    
Debt Instrument [Line Items]    
Line of credit 250 250
Senior Notes | PT-FI    
Debt Instrument [Line Items]    
Long-term debt 2,984 2,983
Senior Notes | FCX    
Debt Instrument [Line Items]    
Long-term debt 5,284 5,281
Debentures | Freeport McMoRan Corporation    
Debt Instrument [Line Items]    
Long-term debt 352 353
Other    
Debt Instrument [Line Items]    
Long-term debt $ 23 $ 24
v3.25.2
Debt and Equity - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions
 3 Months Ended 6 Months Ended 44 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jul. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]            
Interest costs $ 181,000,000 $ 181,000,000 $ 355,000,000 $ 356,000,000    
Interest costs capitalized $ 99,000,000 $ 93,000,000 $ 203,000,000 $ 179,000,000    
Treasury stock purchases (in shares)     2.9      
Shares repurchased     $ 107,000,000      
Cost per share repurchased (in dollars per share)     $ 36.41      
Dividends declared per share of common stock (in dollars per share) $ 0.15 $ 0.15 $ 0.30 $ 0.30    
Base cash dividend (in dollars per share) 0.075          
Variable cash dividend (in dollars per share) $ 0.075          
Subsequent event            
Debt Instrument [Line Items]            
Stock repurchase program, authorized amount         $ 3,000,000,000  
Subsequent event | Share Repurchase Program            
Debt Instrument [Line Items]            
Treasury stock purchases (in shares)         52.0  
Cost per share repurchased (in dollars per share)         $ 38.51  
Line of Credit | Revolving Credit Facility | October 2022 Unsecured Revolving Credit Facility            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity $ 3,000,000,000   $ 3,000,000,000      
Line of credit 0   0      
Line of Credit | Revolving Credit Facility | PT-FI | October 2022 Unsecured Revolving Credit Facility            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity 500,000,000   500,000,000      
Line of Credit | Letter of Credit            
Debt Instrument [Line Items]            
Revolving credit facility, availability 1,500,000,000   1,500,000,000      
Line of credit 5,000,000   5,000,000      
Line of Credit | Unsecured Credit Facility | PT-FI            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity 1,750,000,000   1,750,000,000      
Line of credit 250,000,000   250,000,000     $ 250,000,000
Line of Credit | Unsecured Credit Facility | Cerro Verde            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity 350,000,000   350,000,000      
Line of credit $ 0   $ 0      
v3.25.2
Financial Instruments - Unrealized gains losses (Details)
oz in Thousands, lb in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
oz
lb
Jun. 30, 2025
USD ($)
$ / lb
$ / lb
$ / oz
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
lb
$ / lb
$ / lb
$ / oz
Jun. 30, 2024
USD ($)
Commodity Contract          
Unrealized gains (losses):          
Derivative financial instruments   $ (14) $ 1 $ 67 $ 10
Hedged item – firm sales commitments   14 (1) (67) (10)
Realized gains (losses):          
Matured derivative financial instruments   10 28 30 29
Matured derivative financial instruments   $ 10 28 $ 30 29
Commodity Contract | Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb       109  
Derivative, Average Forward Price | $ / lb   4.75   4.75  
Forward Contracts | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb       53  
Derivative, Average Forward Price | $ / lb   4.47   4.47  
Realized gains (losses):          
Matured derivative financial instruments   $ (2) (17) $ (40) (26)
Matured derivative financial instruments   (2) (17) (40) (26)
Copper | Not Designated as Hedging Instrument          
Realized gains (losses):          
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ 34 181 $ 150 247
Copper | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb 440        
Derivative, Average Forward Price | $ / lb   4.34   4.34  
Realized gains (losses):          
Derivative Average Market Price | $ / lb   4.49   4.49  
Copper | Long [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | lb 107        
Derivative, Average Forward Price | $ / lb   4.36   4.36  
Realized gains (losses):          
Derivative Average Market Price | $ / lb   4.49   4.49  
Gold | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, Nonmonetary Notional Amount, Mass | oz 81        
Derivative, Average Forward Price | $ / oz   3,334   3,334  
Realized gains (losses):          
Derivative Average Market Price | $ / oz   3,297   3,297  
gold and other | Not Designated as Hedging Instrument          
Realized gains (losses):          
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   $ 22 $ 45 $ 60 $ 89
v3.25.2
Financial Instruments - Derivative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]        
Credit Derivative, Maximum Exposure, Undiscounted $ 107      
Cash and cash equivalents 4,490 $ 3,923    
Restricted cash and cash equivalents 230 888    
Restricted Cash and Cash Equivalents, Noncurrent 104 100    
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 4,824 4,911 $ 6,402 $ 6,063
Designated For Export Proceeds        
Cash and Cash Equivalents [Line Items]        
Restricted cash and cash equivalents   $ 700    
v3.25.2
Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure $ 28 $ 27
Trust Assets Fair Value Disclosure 69 66
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability 0 0
Long-term debt, including current portion 0 0
Level 1    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 21 9
Trust Assets Fair Value Disclosure 22 19
Derivatives:    
Derivative Asset 27 4
Derivatives: [Abstract]    
Derivative Liability 1 18
Long-term debt, including current portion 0 0
Level 2    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 0 0
Trust Assets Fair Value Disclosure 134 132
Derivatives:    
Derivative Asset 80 16
Derivatives: [Abstract]    
Derivative Liability 21 71
Long-term debt, including current portion 9,249 8,807
Level 3    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 0 0
Trust Assets Fair Value Disclosure 0 0
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability 0 0
Long-term debt, including current portion 0 0
Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 49 36
Trust Assets Fair Value Disclosure 225 217
Derivatives:    
Derivative Asset 107 20
Derivatives: [Abstract]    
Derivative Liability 22 89
Long-term debt, including current portion 9,251 8,948
Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Investments, Fair Value Disclosure 49 36
Trust Assets Fair Value Disclosure 225 217
Derivatives:    
Derivative Asset 107 20
Derivatives: [Abstract]    
Derivative Liability 22 89
Long-term debt, including current portion 9,249 8,807
Embedded Derivative Financial Instruments | Fair Value Measured at Net Asset Value Per Share    
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability 0 0
Embedded Derivative Financial Instruments | Level 1    
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability 0 0
Embedded Derivative Financial Instruments | Level 2    
Derivatives:    
Derivative Asset 66 10
Derivatives: [Abstract]    
Derivative Liability 19 60
Embedded Derivative Financial Instruments | Level 3    
Derivatives:    
Derivative Asset 0 0
Derivatives: [Abstract]    
Derivative Liability 0 0
Embedded Derivative Financial Instruments | Carrying Amount, Fair Value Disclosure    
Derivatives:    
Derivative Asset 66 10
Derivatives: [Abstract]    
Derivative Liability 19 60
Embedded Derivative Financial Instruments | Estimate of Fair Value Measurement    
Derivatives:    
Derivative Asset 66 10
Derivatives: [Abstract]    
Derivative Liability 19 60
Commodity Contract | Fair Value Measured at Net Asset Value Per Share    
Derivatives:    
Derivative Asset 0  
Derivatives: [Abstract]    
Derivative Liability 0 0
Commodity Contract | Level 1    
Derivatives:    
Derivative Asset 27  
Derivatives: [Abstract]    
Derivative Liability 0 17
Commodity Contract | Level 2    
Derivatives:    
Derivative Asset 14  
Derivatives: [Abstract]    
Derivative Liability 2 11
Commodity Contract | Level 3    
Derivatives:    
Derivative Asset 0  
Derivatives: [Abstract]    
Derivative Liability 0 0
Commodity Contract | Carrying Amount, Fair Value Disclosure    
Derivatives:    
Derivative Asset 41  
Derivatives: [Abstract]    
Derivative Liability 2 28
Commodity Contract | Estimate of Fair Value Measurement    
Derivatives:    
Derivative Asset 41  
Derivatives: [Abstract]    
Derivative Liability 2 28
Forward Contracts | Fair Value Measured at Net Asset Value Per Share    
Derivatives:    
Derivative Asset   0
Derivatives: [Abstract]    
Derivative Liability 0 0
Forward Contracts | Level 1    
Derivatives:    
Derivative Asset   4
Derivatives: [Abstract]    
Derivative Liability 1 1
Forward Contracts | Level 2    
Derivatives:    
Derivative Asset   6
Derivatives: [Abstract]    
Derivative Liability 0 0
Forward Contracts | Level 3    
Derivatives:    
Derivative Asset   0
Derivatives: [Abstract]    
Derivative Liability 0 0
Forward Contracts | Carrying Amount, Fair Value Disclosure    
Derivatives:    
Derivative Asset   10
Derivatives: [Abstract]    
Derivative Liability 1 1
Forward Contracts | Estimate of Fair Value Measurement    
Derivatives:    
Derivative Asset   10
Derivatives: [Abstract]    
Derivative Liability 1 1
U.S. core fixed income fund | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Marketable Securities 28 27
Trust Assets Fair Value Disclosure 69 66
U.S. core fixed income fund | Level 1    
Investment securities (current and long-term):    
Marketable Securities 0 0
Trust Assets Fair Value Disclosure 0 0
U.S. core fixed income fund | Level 2    
Investment securities (current and long-term):    
Marketable Securities 0 0
Trust Assets Fair Value Disclosure 0 0
U.S. core fixed income fund | Level 3    
Investment securities (current and long-term):    
Marketable Securities 0 0
Trust Assets Fair Value Disclosure 0 0
U.S. core fixed income fund | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Marketable Securities 28 27
Trust Assets Fair Value Disclosure 69 66
U.S. core fixed income fund | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Marketable Securities 28 27
Trust Assets Fair Value Disclosure 69 66
Equity securities | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Marketable Securities 0 0
Equity securities | Level 1    
Investment securities (current and long-term):    
Marketable Securities 21 9
Equity securities | Level 2    
Investment securities (current and long-term):    
Marketable Securities 0 0
Equity securities | Level 3    
Investment securities (current and long-term):    
Marketable Securities 0 0
Equity securities | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Marketable Securities 21 9
Equity securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Marketable Securities 21 9
Government mortgage-backed securities | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government mortgage-backed securities | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government mortgage-backed securities | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 57 54
Government mortgage-backed securities | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government mortgage-backed securities | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 57 54
Government mortgage-backed securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 57 54
Corporate bonds | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Corporate bonds | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Corporate bonds | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 35 31
Corporate bonds | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Corporate bonds | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 35 31
Corporate bonds | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 35 31
Government bonds | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government bonds | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government bonds | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 25 34
Government bonds | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Government bonds | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 25 34
Government bonds | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 25 34
Money market funds | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Money market funds | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 22 19
Money market funds | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Money market funds | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Money market funds | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 22 19
Money market funds | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 22 19
Asset-backed securities | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Asset-backed securities | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Asset-backed securities | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 16 12
Asset-backed securities | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Asset-backed securities | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 16 12
Asset-backed securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 16 12
Collateralized Mortgage Backed Securities | Fair Value Measured at Net Asset Value Per Share    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Collateralized Mortgage Backed Securities | Level 1    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Collateralized Mortgage Backed Securities | Level 2    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 1 1
Collateralized Mortgage Backed Securities | Level 3    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 0 0
Collateralized Mortgage Backed Securities | Carrying Amount, Fair Value Disclosure    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure 1 1
Collateralized Mortgage Backed Securities | Estimate of Fair Value Measurement    
Investment securities (current and long-term):    
Trust Assets Fair Value Disclosure $ 1 $ 1
v3.25.2
Contingencies and Commitments - Litigation (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12084 Months Ended
Feb. 28, 2025
Jun. 30, 2025
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 3033
Asbestos And Talc Claims | Forecast          
Loss Contingencies [Line Items]          
Litigation Settlement, Term         7 years
Asbestos And Talc Claims | Johnson And Johnson          
Loss Contingencies [Line Items]          
Litigation Settlement, Amount Awarded to Other Party $ 505.0        
Asbestos And Talc Claims | Cyprus Mines          
Loss Contingencies [Line Items]          
Proceeds from Legal Settlements       $ 229.0  
Asbestos And Talc Claims | Cyprus Mines | Forecast          
Loss Contingencies [Line Items]          
Proceeds from Legal Settlements     $ 24.0    
Asbestos And Talc Claims | Cyprus Amax Minerals Company          
Loss Contingencies [Line Items]          
Loss Contingency Accrual   $ 199.0   199.0  
Loss Contingency Accrual, Provision   4.0      
Pending Litigation | Asbestos And Talc Claims          
Loss Contingencies [Line Items]          
Loss Contingency Accrual   452.0   452.0  
Pending Litigation | Future Talc-Related Claims          
Loss Contingencies [Line Items]          
Loss Contingency Accrual   $ 253.0   $ 253.0  
v3.25.2
Contingencies and Commitments - Indonesia Regulatory Matters (Details)
metricTon in Millions, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2025
USD ($)
Jun. 30, 2025
Jun. 30, 2025
Mar. 17, 2025
metricTon
May 30, 2024
Commitments and Contingencies Disclosure [Abstract]          
Export License, Volume | metricTon       1.4  
Export duty to be paid, percent     7.50%    
Export Proceeds, Percent   100.00%      
Loss contingency, charge | $ $ 59        
Domestic ownership percentage         51.00%
Additional ownership percentage         10.00%
v3.25.2
Business Segments (Product Revenue) (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Revenue from External Customer [Line Items]        
Number of Operating Segments | segment     4  
PT-FI export duties $ (146) $ (75) $ (202) $ (231)
Royalty expense (135) (93) (203) (213)
Treatment charges (16) (90) (43) (219)
Revenues from contracts with customers 7,526 6,398 13,100 12,609
Revenues 7,582 6,624 $ 13,310 12,945
Export duty to be paid, percent     7.50%  
Sales | Not Designated as Hedging Instrument        
Revenue from External Customer [Line Items]        
Matured derivative financial instruments 56 226 $ 210 336
Copper Cathode        
Revenue from External Customer [Line Items]        
Revenue 2,173 2,273 4,198 4,232
Copper In Concentrates        
Revenue from External Customer [Line Items]        
Revenue 2,023 1,596 3,409 3,416
Refined Copper Products        
Revenue from External Customer [Line Items]        
Revenue 969 974 1,929 1,927
Purchased Copper        
Revenue from External Customer [Line Items]        
Revenue 173 262 471 408
Gold        
Revenue from External Customer [Line Items]        
Revenue 1,833 935 2,308 2,103
Molybdenum        
Revenue from External Customer [Line Items]        
Revenue 479 472 921 889
Silver And Other        
Revenue from External Customer [Line Items]        
Revenue $ 173 $ 144 $ 312 $ 297
v3.25.2
Business Segments (Segment Reporting) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Jan. 01, 2023
Segment Reporting Information [Line Items]            
Revenues $ 7,582 $ 6,624 $ 13,310 $ 12,945    
Production and delivery 4,282 3,875 8,038 7,719    
Depreciation, depletion and amortization (DD&A) 668 509 1,134 1,104    
Selling, general and administrative expenses 127 123 281 267    
Exploration and research expenses 46 40 85 77    
Environmental obligations and shutdown costs 27 28 37 95    
Operating income 2,432 2,049 3,735 3,683    
Interest expense, net 82 88 152 177    
Other Nonoperating Income (Expense) 41 69 99 198    
Provision for (benefit from) income taxes 850 754 1,350 1,266    
Equity in affiliated companies’ net earnings 6 4 8 4    
Net income (loss) attributable to noncontrolling interests 775 664 1,216 1,353    
Net loss attributable to common stockholders 772 616 1,124 1,089    
Total assets 56,492 54,635 56,492 54,635 $ 54,848  
Capital expenditures 1,261 1,116 2,433 2,370    
PT Freeport Indonesia            
Segment Reporting Information [Line Items]            
Provision for (benefit from) income taxes       182    
PT Freeport Indonesia | FCX            
Segment Reporting Information [Line Items]            
Noncontrolling interest, ownership percentage by parent         81.00% 48.76%
PT Freeport Indonesia | PT Indonesia Asahan Aluminium (Persero) (Inalum) [Member]            
Segment Reporting Information [Line Items]            
Noncontrolling interest, ownership percentage by parent         19.00%  
Operating Segments | North America            
Segment Reporting Information [Line Items]            
Revenues 127 23 318 100    
Production and delivery 1,214 1,151 2,426 2,375    
Depreciation, depletion and amortization (DD&A) 118 106 242 218    
Selling, general and administrative expenses 1 1 2 2    
Exploration and research expenses 13 14 25 26    
Environmental obligations and shutdown costs 0 0 (7) 0    
Operating income 368 264 656 417    
Interest expense, net 1 1 1 1    
Other Nonoperating Income (Expense) 0 1 2 (1)    
Provision for (benefit from) income taxes 0 0 0 0    
Equity in affiliated companies’ net earnings 0 0 0 0    
Net income (loss) attributable to noncontrolling interests 0 0 0 0    
Total assets 10,590 9,690 10,590 9,690    
Capital expenditures 273 243 528 480    
Operating Segments | South America            
Segment Reporting Information [Line Items]            
Revenues 1,019 1,329 2,148 2,363    
Production and delivery 768 860 1,556 1,633    
Depreciation, depletion and amortization (DD&A) 113 114 224 222    
Selling, general and administrative expenses 2 2 4 4    
Exploration and research expenses 4 5 8 9    
Environmental obligations and shutdown costs 0 0 0 0    
Operating income 374 530 845 779    
Interest expense, net 4 5 8 10    
Other Nonoperating Income (Expense) 22 5 53 29    
Provision for (benefit from) income taxes 151 214 344 317    
Equity in affiliated companies’ net earnings 0 0 0 0    
Net income (loss) attributable to noncontrolling interests 109 164 252 254    
Total assets 10,476 10,356 10,476 10,356    
Capital expenditures 92 90 177 172    
Corporate And Eliminations            
Segment Reporting Information [Line Items]            
Revenues 510 496 978 896    
Production and delivery (1,436) (1,493) (2,736) (2,763)    
Depreciation, depletion and amortization (DD&A) 14 17 25 33    
Selling, general and administrative expenses 82 84 197 185    
Exploration and research expenses 27 17 48 36    
Environmental obligations and shutdown costs 27 28 44 95    
Operating income (223) (86) (499) (478)    
Interest expense, net 54 68 100 141    
Other Nonoperating Income (Expense) 20 31 34 94    
Provision for (benefit from) income taxes 20 49 29 62    
Equity in affiliated companies’ net earnings 0 1 (1) 3    
Net income (loss) attributable to noncontrolling interests 18 37 41 36    
Total assets 3,678 4,490 3,678 4,490    
Capital expenditures 58 51 107 89    
Oil And Gas Charges       105    
Corporate And Eliminations | Miami Smelter            
Segment Reporting Information [Line Items]            
Production and delivery     73      
Intersegment            
Segment Reporting Information [Line Items]            
Revenues 0 0 0 0    
Intersegment | North America            
Segment Reporting Information [Line Items]            
Revenues 1,587 1,513 3,026 2,938    
Intersegment | South America            
Segment Reporting Information [Line Items]            
Revenues 242 182 489 284    
Morenci | Operating Segments | North America            
Segment Reporting Information [Line Items]            
Revenues 63 13 146 50    
Production and delivery 435 438 854 897    
Depreciation, depletion and amortization (DD&A) 46 45 96 93    
Selling, general and administrative expenses 1 1 1 1    
Exploration and research expenses 8 5 14 9    
Environmental obligations and shutdown costs 0 0 (7) 0    
Operating income 132 111 241 177    
Interest expense, net 0 0 0 0    
Other Nonoperating Income (Expense) (1) 0 (2) 0    
Provision for (benefit from) income taxes 0 0 0 0    
Equity in affiliated companies’ net earnings 0 0 0 0    
Net income (loss) attributable to noncontrolling interests 0 0 0 0    
Total assets 3,337 3,182 3,337 3,182    
Capital expenditures 70 47 129 91    
Morenci | Intersegment | North America            
Segment Reporting Information [Line Items]            
Revenues 559 587 1,053 1,127    
Other Individually Immaterial Operating Segments | Operating Segments | North America            
Segment Reporting Information [Line Items]            
Revenues 64 10 172 50    
Production and delivery 779 713 1,572 1,478    
Depreciation, depletion and amortization (DD&A) 72 61 146 125    
Selling, general and administrative expenses 0 0 1 1    
Exploration and research expenses 5 9 11 17    
Environmental obligations and shutdown costs 0 0 0 0    
Operating income 236 153 415 240    
Interest expense, net 1 1 1 1    
Other Nonoperating Income (Expense) 1 1 4 (1)    
Provision for (benefit from) income taxes 0 0 0 0    
Equity in affiliated companies’ net earnings 0 0 0 0    
Net income (loss) attributable to noncontrolling interests 0 0 0 0    
Total assets 7,253 6,508 7,253 6,508    
Capital expenditures 203 196 399 389    
Other Individually Immaterial Operating Segments | Operating Segments | South America            
Segment Reporting Information [Line Items]            
Revenues 183 254 395 462    
Production and delivery 178 181 379 351    
Depreciation, depletion and amortization (DD&A) 19 17 39 33    
Selling, general and administrative expenses 1 0 1 0    
Exploration and research expenses 0 2 2 3    
Environmental obligations and shutdown costs 0 0 0 0    
Operating income 34 54 96 75    
Interest expense, net 0 0 0 0    
Other Nonoperating Income (Expense) 2 0 1 13    
Provision for (benefit from) income taxes 12 23 34 35    
Equity in affiliated companies’ net earnings 0 0 0 0    
Net income (loss) attributable to noncontrolling interests 4 22 21 36    
Total assets 2,091 1,988 2,091 1,988    
Capital expenditures 14 23 25 45    
Other Individually Immaterial Operating Segments | Intersegment | North America            
Segment Reporting Information [Line Items]            
Revenues 1,028 926 1,973 1,811    
Other Individually Immaterial Operating Segments | Intersegment | South America            
Segment Reporting Information [Line Items]            
Revenues 49 0 122 0    
Cerro Verde | Operating Segments | South America            
Segment Reporting Information [Line Items]            
Revenues 836 1,075 1,753 1,901    
Production and delivery 590 679 1,177 1,282    
Depreciation, depletion and amortization (DD&A) 94 97 185 189    
Selling, general and administrative expenses 1 2 3 4    
Exploration and research expenses 4 3 6 6    
Environmental obligations and shutdown costs 0 0 0 0    
Operating income 340 476 749 704    
Interest expense, net 4 5 8 10    
Other Nonoperating Income (Expense) 20 5 52 16    
Provision for (benefit from) income taxes 139 191 310 282    
Equity in affiliated companies’ net earnings 0 0 0 0    
Net income (loss) attributable to noncontrolling interests 105 142 231 218    
Total assets 8,385 8,368 8,385 8,368    
Capital expenditures 78 67 152 127    
Labor and Related Expense       65    
Cerro Verde | Intersegment | South America            
Segment Reporting Information [Line Items]            
Revenues 193 182 367 284    
Grasberg Segment | Operating Segments | Indonesia            
Segment Reporting Information [Line Items]            
Revenues 3,419 2,185 4,983 4,833    
Production and delivery 1,124 672 1,702 1,533    
Depreciation, depletion and amortization (DD&A) 389 248 575 583    
Selling, general and administrative expenses 35 30 62 61    
Exploration and research expenses 1 4 3 6    
Environmental obligations and shutdown costs 0 0 0 0    
Operating income 1,868 1,314 2,645 2,910    
Interest expense, net 16 6 25 7    
Other Nonoperating Income (Expense) 15 30 31 68    
Provision for (benefit from) income taxes 677 490 965 899    
Equity in affiliated companies’ net earnings 6 3 9 1    
Net income (loss) attributable to noncontrolling interests 648 463 923 1,063    
Total assets 27,781 26,501 27,781 26,501    
Capital expenditures 740 648 1,444 1,490    
Grasberg Segment | Intersegment | Indonesia            
Segment Reporting Information [Line Items]            
Revenues (2) 83 4 260    
Molybdenum            
Segment Reporting Information [Line Items]            
Capital expenditures     46 63    
Molybdenum | Operating Segments            
Segment Reporting Information [Line Items]            
Revenues 0 0 0 0    
Production and delivery 128 134 250 253    
Depreciation, depletion and amortization (DD&A) 26 16 52 32    
Selling, general and administrative expenses 0 0 0 0    
Exploration and research expenses 1 0 1 0    
Environmental obligations and shutdown costs 0 0 0 0    
Operating income 25 (12) 54 (2)    
Interest expense, net 0 0 0 0    
Other Nonoperating Income (Expense) (1) 0 (1) 0    
Provision for (benefit from) income taxes 0 0 0 0    
Equity in affiliated companies’ net earnings 0 0 0 0    
Net income (loss) attributable to noncontrolling interests 0 0 0 0    
Total assets 2,027 1,915 2,027 1,915    
Capital expenditures 27 36 46 63    
Molybdenum | Intersegment            
Segment Reporting Information [Line Items]            
Revenues 180 138 357 283    
Rod and Refining Segment | Operating Segments            
Segment Reporting Information [Line Items]            
Revenues 1,692 1,693 3,316 3,182    
Production and delivery 1,693 1,692 3,315 3,179    
Depreciation, depletion and amortization (DD&A) 1 1 2 2    
Selling, general and administrative expenses 0 0 0 0    
Exploration and research expenses 0 0 0 0    
Environmental obligations and shutdown costs 0 0 0 0    
Operating income 7 11 16 22    
Interest expense, net 0 0 0 0    
Other Nonoperating Income (Expense) (1) 0 (1) 0    
Provision for (benefit from) income taxes 0 0 0 0    
Equity in affiliated companies’ net earnings 0 0 0 0    
Net income (loss) attributable to noncontrolling interests 0 0 0 0    
Total assets 432 273 432 273    
Capital expenditures 26 11 43 16    
Rod and Refining Segment | Intersegment            
Segment Reporting Information [Line Items]            
Revenues 9 11 17 21    
Atlantic Copper Smelting and Refining Segment | Operating Segments            
Segment Reporting Information [Line Items]            
Revenues 815 898 1,567 1,571    
Production and delivery 791 859 1,525 1,509    
Depreciation, depletion and amortization (DD&A) 7 7 14 14    
Selling, general and administrative expenses 7 6 16 15    
Exploration and research expenses 0 0 0 0    
Environmental obligations and shutdown costs 0 0 0 0    
Operating income 13 28 18 35    
Interest expense, net 7 8 18 18    
Other Nonoperating Income (Expense) (14) 2 (19) 8    
Provision for (benefit from) income taxes 2 1 12 (12)    
Equity in affiliated companies’ net earnings 0 0 0 0    
Net income (loss) attributable to noncontrolling interests 0 0 0 0    
Total assets 1,508 1,410 1,508 1,410    
Capital expenditures 45 37 88 60    
Atlantic Copper Smelting and Refining Segment | Intersegment            
Segment Reporting Information [Line Items]            
Revenues 3 2 6 2    
Corporate And Eliminations | Intersegment            
Segment Reporting Information [Line Items]            
Revenues $ (2,019) $ (1,929) $ (3,899) $ (3,788)