Freeport-Mcmoran Inc

Company facts

Industry

Metal Mining

Headquarters

Phoenix, Arizona

Most recent report

10-Q, filed Nov 6, 2026

Incorporated

Delaware

Filings on record

1,001+ filings

On EDGAR

CIK 831259

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 3 of 12 sections worth reading, with 4 positive, 55 notable, and 2 negative flags.

• Financial Statements (Item 1)

  Financial statements and notes with material balance-sheet swings, debt maturity, tax disputes, and segment shifts.
  Notable

  • FCX purchased additional 2M shares of Cerro Verde for $107M in May 2026, raising stake to 55.66%.
  • PTFI received tax benefits for smelter development; effective tax rate fell to 29% from 36%.
  • PTFI extended its $1.75B revolver to Sep 2031; FCX and PTFI entered a new $3.0B facility maturing May 2031.
  • FCX bought 4.9M shares for $305M in first nine months of 2026; $2.7B remains under $5B program.
  • PTFI entered MOU for life-of-resource extension beyond 2041; application submitted June 2026.
  • PTFI paid $220M in disputed Indonesia tax assessments in Q2 2026; recorded as long-term tax receivable.
  • A third-party contractor may seek recovery from PTFI for Indonesia VAT assessments on smelter imports; exposure uncertain.
  Negative

  • Indonesia tax authorities assessed ~$740M for 2023 audits in October 2026; PTFI plans to object.

• Management's Discussion (Item 2)

  Dense with segment results, guidance, and a major capex approval.
  Positive

  • U.S. copper mines operating income more than doubled, and South America operating income rose over 90% in 9M 2026 vs 9M 2025.
  • Board approved a $4.5B expansion at Bagdad, expected to more than double mining and milling rates and add ~225M lbs copper/year.
  • Net income attributable to common stock rose to $3.0B for 9M 2026 from $1.8B for 9M 2025, driven by higher copper and molybdenum prices.
  • Consolidated operating cash flows expected to approximate $8.5B for 2026, net of $0.6B working capital uses.
  Notable

  • FCX returned $955M to shareholders in 9M 2026: $650M in dividends and $305M in share repurchases.
  • Consolidated copper sales volumes for 2026 projected at 3.0B lbs; Q4 2026 sales expected to approximate 875M lbs.
  • PTFI's gold export duty conflict: current regulations specify 10% duty, but PTFI's IUPK does not require duties on refined gold exports.
  • PTFI's copper and gold production for 2026 expected to exceed sales by ~100M lbs copper and ~70k oz gold, due to smelter inventory.
  • Consolidated unit net cash costs for copper mines expected to average $1.90/lb for 2026, including $1.68/lb in Q4 2026.
  • LME copper averaged $6.40/lb in Q3 2026, reaching an all-time high of $6.74/lb; closed at $6.57/lb on Sep 30, 2026.
  • Provisionally priced copper sales at Sep 30, 2026: 239M lbs at avg $6.55/lb; each $0.05 change impacts revenues by ~$12M.
  • Idle facility and restoration costs from the Sep 2025 mud rush incident totaled $934M for 9M 2026, excluded from unit net cash costs.
  • Consolidated DD&A estimated at ~$2.3B for 2026, including $0.3B recognized as idle facility costs from the mud rush incident.
  • PTFI recognized a $0.7B pre-tax insurance settlement gain in Q1 2026 for the Sep 2025 mud rush incident; proceeds collected in April 2026.
  • Consolidated effective tax rate estimated at ~30% for 2026, including 40% for Peru, 36% for Indonesia, and 10% for the U.S. (CAMT).
  • Net income attributable to noncontrolling interests estimated at ~$2.3B for 2026, representing ~24% of consolidated pre-tax income.
  • Atlantic Copper purchased 81% of its concentrate from third parties in 9M 2026, exposing it to market treatment charges.
  • Leaching technology initiatives produced 156M lbs incremental copper in 9M 2026; targeting 300M lbs annual run rate by 2027.
  • A 50% Section 232 tariff on semi-finished copper imports effective Aug 2025; refined copper exempted but a 15% tariff under review for Jan 2027.
  • FCX provides ~70% of total U.S. refined copper production; 75% of U.S. mine copper sold as rod in 9M 2026.
  • Safford/Lone Star district pre-feasibility studies for a potential large expansion expected to be completed in 2027.
  • U.S. copper mines faced extreme weather in Q3 2026, affecting operating rates and productivity.
  • U.S. copper mines' unit net cash costs (by-product) were $3.16/lb in Q3 2026 vs $3.11/lb in Q3 2025, reflecting higher energy costs.
  • U.S. copper mines' unit net cash costs for 2026 expected to approximate $3.08/lb, assuming $32/lb molybdenum in Q4 2026.
  • El Abra expansion in Chile could add over 700M lbs copper/year; environmental impact study submitted March 2026; capital ~$7.5B.
  • South America operations' unit net cash costs (by-product) were $2.39/lb in Q3 2026 vs $2.30/lb in Q3 2025, due to lower volumes and higher costs.
  • South America operations' unit net cash costs for 2026 expected to approximate $2.59/lb, assuming $32/lb molybdenum in Q4 2026.
  • PTFI's Kucing Liar development has incurred ~$1.6B through Sep 2026; additional ~$4B expected through 2033.
  • PTFI entered an MOU with Indonesia government for life-of-resource extension beyond 2041; application submitted June 2026.
  • PTFI's Grasberg Block Cave mill throughput averaged 141k metric tons/day (67% of capacity) in Q3 2026; full capacity expected by end of 2027.
  • PTFI's Grasberg Block Cave is expected to reach 80% capacity by mid-2027 and full capacity by year-end 2027.
  • PTFI's downstream processing facilities: smelter produced first cathode in July 2025; PMR started gold production in Dec 2024.
  • PTFI's smelter re-commenced operations in late August 2026 after the Sep 2025 mud rush; ramp-up continues.
  • PTFI's natural gas transition deferred; new gas-fired power facility now expected in second half of 2029.
  • PTFI reached a new two-year collective labor agreement in March 2026 with no significant nonrecurring costs.
  • PTFI's copper sales fell to 153M lbs in Q3 2026 from 360M lbs in Q3 2025, reflecting lower operating rates during the ramp-up.
  • Indonesia experienced abnormally dry weather, favorable for mining but presenting milling challenges; water availability being managed.
  • PTFI's unit net cash credits for 2026 expected to average $1.25/lb copper, assuming $4,000/oz gold in Q4 2026.
  • Molybdenum mines' unit net cash costs rose to $20.04/lb in Q3 2026 from $19.41/lb in Q3 2025, driven by higher supplies, labor, and energy costs.
  • Molybdenum mines' unit net cash costs for 2026 expected to average $18.66/lb.
  • Deferred intercompany profits on Atlantic Copper inventories totaled $77M at Sep 30, 2026, to be recognized in future periods.
  • FCX's financial policy targets net debt of $3.0B-$4.0B (excluding PTFI downstream debt); up to 50% of available cash flow to shareholder returns.
  • Cash dividends of $0.15/share declared on Sep 23, 2026, including $0.075 base and $0.075 variable, paid Nov 2, 2026.
  • Consolidated debt at Sep 30, 2026 was $9.4B with a weighted-average interest rate of 5.2% and ~8-year average maturity.
  • PTFI has $0.7B in senior notes maturing April 2027; FCX has $0.6B maturing in second half of 2027.
  • Atlantic Copper had $0.5B in short-term borrowings at Sep 30, 2026 for working capital.
  • PTFI had $250M borrowings outstanding under its revolving credit facility at Sep 30, 2026; FCX and Cerro Verde had none.
  • Capital expenditures for 9M 2026 were $3.2B, down from $3.5B in 9M 2025, with $2.0B for major projects.
  • Cash dividends and distributions to noncontrolling interests totaled $0.6B in 9M 2026 (Cerro Verde) vs $1.3B in 9M 2025 (including $1.0B from PTFI).
  • FCX acquired 4.9M shares for $305M in 9M 2026 ($62.69 avg), up from 2.9M shares for $107M ($36.41 avg) in 9M 2025.
  • No material changes in contractual obligations, environmental obligations, lease commitments, or litigation contingencies since Dec 31, 2025.

• Risk Factors (Item 1A)

  New FCPA investigation update with SEC closure and ongoing risks.
  Notable

  • SEC closed its FCPA inquiry into PT Smelting on March 17, 2026, but internal probe continues.
  Negative

  • Freeport cannot predict the outcome of its ongoing FCPA investigation into PT Smelting.

What changed: Sep 2026 vs. Jun 2026

About 10% of FCX's Sep 2026 10-Q is new information. 49 paragraphs were added, 234 changed, and 72 removed. Below are the most important lines SECSift identified.

• Item 2 175
• Item 1 56
• Item 4 4
• Item 3 1
• Item 5 1