At a glance
Freeport-McMoran Copper & Gold Inc is worth $90.43B. Revenue grew 1.8% to $25.91B in fiscal 2025, with 8.5% kept as profit; over 5 years it has grown 12.8% a year. It pays a 0.84% dividend yield, and returned $5.79B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +52.2% over the past year with dividends reinvested and +11.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 56.1% in the 2020 crash (S&P 500: 33.7%) and 51.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 21 months after the lows.
The business in plain English
Freeport-McMoRan, based in Phoenix, Arizona, is a mining company that calls itself one of the world's largest publicly traded copper producers. It also mines gold and molybdenum, a metal added to steel and used in industrial chemicals. In 2025, copper made up 75% of its $25.9 billion in revenue, gold 15% and molybdenum 8%.
It sells its metal at market prices. Copper prices are set on exchanges such as the London Metal Exchange and COMEX, so profits rise and fall with copper. In 2025, it sold 43% of its mined copper as concentrate (processed ore that is roughly 20% to 30% copper), 33% as cathode (plates of about 99.99% pure copper) and 24% as rod. No single buyer dominates. From 2023 through 2025, only one customer passed 10% of revenue: Mitsubishi Materials, its partner in an Indonesian smelter, in 2024.
Three mines produced 70% of its copper in 2025: the Grasberg minerals district in Indonesia, Morenci in Arizona and Cerro Verde in Peru. Indonesia also produced 98% of its gold. By segment, Grasberg brought in about 33% of 2025 revenue, the rod and refining business 27%, Cerro Verde 18%, the Atlantic Copper smelter in Spain 12% and Morenci 10%. By geography, the United States accounted for 35% of revenue, Switzerland 21% and Japan 11%.
Price history
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FCX +52.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Cathode | $8.15B | 31.4% |
| Concentrate | $6.31B | 24.3% |
| Rod and other refined copper products | $4.42B | 17.1% |
| Gold | $3.90B | 15% |
| Molybdenum | $1.97B | 7.6% |
| Other | $749.0M | 2.9% |
| Purchased Copper | $449.0M | 1.7% |
By business segment
| Grasberg Segment | $8.62B | 33.3% |
| Rod & Refining | $6.89B | 26.6% |
| Cerro Verde | $4.71B | 18.2% |
| Atlantic Copper Smelting & Refining | $3.17B | 12.2% |
| Morenci | $2.65B | 10.2% |
By geography
| United States | $9.03B | 34.9% |
| Switzerland | $5.33B | 20.6% |
| Japan | $2.85B | 11% |
| Indonesia | $2.18B | 8.4% |
| Singapore | $1.25B | 4.8% |
| United Kingdom | $1.14B | 4.4% |
| Other | $1.04B | 4% |
| Spain | $723.0M | 2.8% |
| China | $636.0M | 2.5% |
| Chile | $471.0M | 1.8% |
| Germany | $332.0M | 1.3% |
| France | $315.0M | 1.2% |
| Egypt | $261.0M | 1% |
| South Korea | $193.0M | 0.7% |
| India | $163.0M | 0.6% |
| Philippines | $3.0M | 0% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $7.03B, down 7.3% from a year earlier, and net income was $984.0M (+27.5%).
- For fiscal 2025, revenue was $25.91B (+1.8% year over year; +12.8% a year from FY2020 to FY2025) with a 8.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.8% good |
|---|---|
| Operating margin | 25.2% good |
| Free cash flow margin | 4.3% watch |
| Return on equity (FY2025) | 11.7% watch |
| Return on assets (FY2025) | 3.8% watch |
| Net cash (cash minus debt) | $-5.31B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $14.20B | $599.0M | $1.06B |
| FY2021 | $22.84B | $4.31B | $5.60B |
| FY2022 | $22.78B | $3.47B | $1.67B |
| FY2023 | $22.86B | $1.85B | $455.0M |
| FY2024 | $25.45B | $1.89B | $2.35B |
| FY2025 | $25.91B | $2.20B | $1.12B |
Valuation snapshot
| Market value | $90.43B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0.84% |
Rank among 1514 US companies
Market value at each year end
Freeport-McMoran Copper & Gold’s market value went from $17.96B at the end of 2016 to $90.43B on Nov 2, 2026, about 5.0 times as much; since the end of 2025 it is up 24%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $90.43B | +24.0% |
| 2025 | $72.93B | +33.3% |
| 2024 | $54.72B | -10.4% |
| 2023 | $61.04B | +12.4% |
| 2022 | $54.31B | -11.4% |
| 2021 | $61.28B | +62.1% |
| 2020 | $37.80B | +98.6% |
| 2019 | $19.04B | +27.4% |
| 2018 | $14.94B | -45.6% |
| 2017 | $27.45B | +52.8% |
| 2016 | $17.96B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FCX price data to Nov 2, 2026 | +25.0% | +52.2% | +23.1% | +11.7% | +20.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +25.0% |
| 2025 | +35.4% |
| 2024 | -9.4% |
| 2023 | +13.7% |
| 2022 | -7.9% |
| 2021 | +61.5% |
| 2020 | +99.1% |
| 2019 | +29.5% |
| 2018 | -45.1% |
| 2017 | +43.8% |
| 2016 | +94.8% |
| 2015 | -70.1% |
| 2014 | -35.8% |
| 2013 | +18.5% |
| 2012 | -4.0% |
| 2011 | -36.8% |
| 2010 | +52.6% |
| 2009 | +228.5% |
| 2008 | -75.5% |
| 2007 | +85.9% |
| 2006 | +7.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 70.6% over that stretch · deepest drop along the way 86.4%, back to its old high 25.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.5% over that stretch · deepest drop along the way 56.1%, back to its old high 3.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30% over that stretch · deepest drop along the way 51.5%, back to its old high 20.9 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 8 sales ($13.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 25, 2026 | Douglas N. II Currault EVP & General Counsel | sell | $6.3M |
| Feb 13, 2026 | Maree E. Robertson EVP & CFO | sell | $3.0M |
| Feb 20, 2026 | Stephen T. Higgins EVP & CAO | sell | $1.9M |
| Aug 5, 2026 | Stephen T. Higgins EVP & CAO | sell | $992K |
| Feb 18, 2026 | Ellie L. Mikes Chief Accounting Officer | sell | $682K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| BlackRock, Inc. | 6.2% | Mar 31, 2025 |
| Capital Research Global Investors | 4.1% | Mar 31, 2025 |
ETFs with the most weight in FCX
| COPP Sprott Copper Miners ETF | 24.17% |
| COPA Themes Copper Miners ETF | 9.37% |
| FTRI First Trust Indxx Global Natural Resources Income ETF | 9.3% |
| EMET VanEck Copper and Electrification Metals ETF | 8.03% |
| ICOP iShares Copper and Metals Mining ETF | 7.62% |
| IYM iShares U.S. Basic Materials ETF | 5.96% |
| PICK iShares MSCI Global Metals & Mining Producers ETF | 5.14% |
| SETM Sprott Critical Materials ETF | 5.02% |
What could go wrong
- Grasberg restart could slip. A September 2025 mud rush, a sudden inflow of wet material, stopped the Grasberg Block Cave mine. The 10-K expected a phased restart from the second quarter of 2026. Delays or extra costs could hurt results.
- Indonesian license ends before reserves run out. Grasberg runs under a special mining license (IUPK) whose initial term expires in 2031, before all reserves are mined. Extending it to 2041 depends on meeting its terms and following Indonesian law.
- Heavy reliance on Indonesia. Indonesia produced 30% of its copper and 98% of its gold in 2025. Political, regulatory and social uncertainty there, along with violence or civil strife, could disrupt operations or raise costs.
- Copper prices drive profits and the stock. Copper made up 75% of 2025 revenue, and its price swings widely. LME copper ranged from $3.87 to $5.68 per pound in 2025. A long slump could strain finances and operating plans.
- Underground mining and tailings hazards. Underground mines carry higher risks than surface mines. Storing waste rock and tailings (the ground-up rock left after processing) brings environmental, safety and engineering challenges. An accident can halt production and bring large costs.
- Debt and a holding company structure. As of June 30, 2026, total debt was $9.4 billion against $4.1 billion in cash and investments. Debt limits flexibility, and FCX depends on its subsidiaries' cash to pay dividends and debt.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Freeport-McMoRan pays a small dividend and has no streak of yearly increases. It held at $0.60 per share from 2022 through 2025, after $0.375 in 2021. The yield was 0.8% as of October 28, 2026, so the stock adds little to an income-focused portfolio. In 2025, dividends used 39% of earnings and 78% of free cash flow (cash left after capital spending). The company's filings mention both base and variable dividends, so the payout is not fixed. Buybacks totaled about $2.0 billion from 2021 through 2025, and the share count fell 2.2% from October 2021 to July 2026.
The stock has fallen hard in downturns. It lost 86% in the 2008 financial crisis and needed about 25 months from its low to recover. It lost 56% in the 2020 COVID crash and recovered in under four months. In the 2022 bear market it lost 52% and took about 21 months to recover. A single stock, especially a commodity producer, carries more risk than a diversified fund.
Questions investors ask
How does Freeport-McMoRan make money?
Freeport-McMoRan makes money by mining and selling metals, mainly copper. In 2025, copper made up 75% of revenue, gold 15% and molybdenum (a metal used to strengthen steel) 8%. Total revenue was $25.9 billion. Three operations produced 70% of its copper that year: the Grasberg district in Indonesia, Morenci in Arizona and Cerro Verde in Peru. It sells copper as concentrate (upgraded ore), cathode (refined copper plates) and rod. Its prices are tied to the LME and COMEX metals exchanges.
Does Freeport-McMoRan pay a dividend?
Yes. Freeport-McMoRan paid $0.60 per share in each fiscal year from 2022 through 2025. It paid nothing in 2020 and $0.375 in 2021. The yield was 0.85% as of October 30, 2026. The dividend has not grown since 2022, so it has no streak of increases. In 2025 the payout equaled 39.2% of earnings and 77.5% of free cash flow, which is the cash left after capital spending. Its annual report refers to both base and variable dividends, so the payout is not fixed.
What happened at Freeport's Grasberg mine in Indonesia?
In September 2025, a mud rush hit the Grasberg Block Cave underground mine in Indonesia. A mud rush is a sudden flow of wet material into mine workings. In late October 2025, Freeport restarted two mines the incident did not affect, Deep Mill Level Zone and Big Gossan. Its annual report, filed February 13, 2026, said a phased restart of Grasberg Block Cave was expected to begin in the second quarter of 2026. The company warned that the restart may not go as planned. Indonesia supplied 30% of the company's copper and 98% of its gold in 2025.
Why is FCX stock so volatile?
FCX swings hard because its profits rise and fall with metal prices, and the company names this as its top risk. Its one-year beta was 2.18 as of October 30, 2026. That means the stock tended to move about twice as much as the broad market. The shares fell 86.4% in the 2008 financial crisis and took about 25 months to recover. Yearly price returns have ranged from a 75.5% loss in 2008 to a 228.5% gain in 2009.
How much debt does Freeport-McMoRan have?
As of June 30, 2026, Freeport-McMoRan had $9.4 billion of total debt and $4.1 billion of cash and investments. That leaves net debt of about $5.3 billion. By comparison, shareholder equity was $20.1 billion and total assets were $59.7 billion. The company lists its debt as a risk factor because it may limit financial flexibility. It also warns that its holding-company structure, which means the operating businesses sit in subsidiaries, may affect its ability to pay debt and dividends.