Financial Analysis

DEBT FCXs debt is net of reductions of $49 million at December 31, 2025, and $58 million at December 31, 2024, for unamortized net discounts and unamortized debt issuance costs. The components of debt follow: December 31, 2025 2024 Revolving credit facilities: PTFI $ 250 $ 250 FCX Cerro Verde Senior notes and debentures: Issued by FCX: 5.00% Senior Notes due 2027 450 449 4.125% Senior Notes due 2028 484 484 4.375% Senior Notes due 2028 431 431 5.25% Senior Notes due 2029 471 469 4.25% Senior Notes due 2030 447 447 4.625% Senior Notes due 2030 590 589 5.40% Senior Notes due 2034 724 724 5.450% Senior Notes due 2043 1,690 1,688 Issued by PTFI: 4.763% Senior Notes due 2027 748 747 5.315% Senior Notes due 2032 1,492 1,491 6.200% Senior Notes due 2052 745 745 Issued by FMC: 7 1/8% Debentures due 2027 115 115 9 1/2% Senior Notes due 2031 118 119 6 1/8% Senior Notes due 2034 119 119 Atlantic Copper a 482 57 Other 23 24 Total debt 9,379 8,948 Less current portion of debt b (466) (41) Long-term debt $ 8,913 $ 8,907 a. Includes short-term lines of credit used for working capital requirements, primarily based on the Secured Overnight Financing Rate (SOFR) plus a spread. b. At December 31, 2025, the weighted average interest rate of FCXs current portion of debt was 3.9%. Revolving Credit Facilities. FCX . FCX and PTFI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue lett …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

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. FCXs 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 FCXs financial instruments (including those measured at NAV as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 12), follows: At December 31, 2025 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b Equity securities $ 36 $ 36 $ $ 36 $ $ U.S. core fixed income fund 29 29 29 Total 65 65 29 36 Legally restricted funds: a U.S. core fixed income fund 71 71 71 Government mortgage-backed securities 56 56 56 Government bonds and notes 37 37 37 Corporate bonds 34 34 34 Money market funds 22 22 22 Asset-backed securities 11 11 11 Collateralized mortgage-backed securities 1 1 1 Total 232 232 71 22 139 Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 217 217 217 Copp …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES Geographic sources of income (loss) before income taxes and equity in affiliated companies net earnings for the years ended December 31 follow: 2025 2024 2023 U.S. $ 405 $ (547) $ 68 Foreign 5,967 7,454 5,938 Total $ 6,372 $ 6,907 $ 6,006 Income taxes are provided on the earnings of FCXs material foreign subsidiaries under the assumption that these earnings will be distributed. FCX has not provided deferred income taxes for other differences between the book and tax carrying amounts of its investments in material foreign subsidiaries as FCX considers its ownership positions to be permanent in duration, and quantification of the related deferred tax liability is not practicable. FCXs provision for income taxes for the years ended December 31 follows: 2025 2024 2023 Current income taxes: U.S. federal $ $ 36 $ 5 U.S. state (6) (1) (6) Foreign (1,967) (2,635) (2,087) Total current (1,973) (2,600) (2,088) Deferred income taxes: U.S. federal 1 (50) U.S. state (3) (1) (3) Foreign (250) 74 (320) Total deferred (253) 74 (373) Adjustments 1 6 Operating loss carryforwards 4 3 185 Provision for income taxes $ (2,221) $ (2,523) $ (2,270) A reconciliation of the U.S. federal statutory tax rate to FCXs effective income tax rate for the years ended December 31 follows: 2025 2024 2023 Amount % Amount % Amount % U.S. federal statutory tax rate $ (1,338) (21) % $ (1,450) (21) % $ (1,261) (21) % U.S. state and local income taxes, net of federal income tax effect a 9 (3) Foreign tax …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

New Accounting Standards. FCX did not adopt any new accounting standards in 2025 that had a material impact on its consolidated financial statements. Income Taxes. In December 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) requiring enhancements to disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. FCX adopted this standard retrospectively in the consolidated financial statements for the year ended December 31, 2025. Refer to Note 9 for the revised disclosures. Disaggregation of Expenses. In November 2024, the FASB issued an ASU requiring entities to provide disaggregated disclosures of specified categories of expenses that are included in relevant line items on the face of the income statement, including: purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion. This ASU is effective for FCXs consolidated financial statements for the year ended December 31, 2027, and subsequent interim consolidated financial statements. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

OTHER LIABILITIES, INCLUDING EMPLOYEE BENEFITS The components of other liabilities follow: December 31, 2025 2024 Pension, postretirement, postemployment and other employment benefits a $ 770 $ 689 Litigation accruals 163 163 Provision for tax positions 131 136 Social investment programs 146 111 Other 86 96 Total other liabilities $ 1,296 $ 1,195 a. Refer to Note 5 for current portion. Pension Plans. FCX uses a measurement date of December 31 for its plans. SERP Plan. FCX has an unfunded Supplemental Executive Retirement Plan (SERP) for its Chairman of the Board. The SERP provides for retirement benefits payable in the form of a joint and survivor annuity, life annuity or an equivalent lump sum. The participant has elected to receive an equivalent lump sum payment. The payment will equal a percentage of the participants highest average compensation for any consecutive three-year period during the five years immediately preceding the completion of 25 years of credited service. The SERP benefit will be reduced by the value of all benefits from current and former retirement plans (qualified and nonqualified) sponsored by FCX, by FM Services Company, FCXs wholly owned subsidiary, or by any predecessor employer (including FCXs former parent company), except for benefits produced by accounts funded exclusively by deductions from the participants pay. FMC Plans. FMC has U.S. trusteed, non-contributory pension plans covering some U.S. employees and some employees of its international …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

BUSINESS SEGMENT INFORMATION Product Revenues. FCXs revenues attributable to the products it sold for the years ended December 31 follow: 2025 2024 2023 Copper: Cathode $ 8,147 $ 8,317 $ 6,588 Concentrate 6,310 6,734 7,132 Rod and other refined copper products 4,419 3,851 3,659 Purchased copper a 449 684 452 Gold 3,900 4,446 3,472 Molybdenum 1,966 1,786 1,991 Silver and other 749 646 600 Adjustments to revenues: Royalty expense b (354) (442) (346) PTFI export duties c (337) (457) (307) Treatment charges d (63) (396) (538) Revenues from contracts with customers 25,186 25,169 22,703 Embedded derivatives e 729 286 152 Total consolidated revenues $ 25,915 $ 25,455 $ 22,855 a. FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations. b. Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices. c. Prior to the expiration of its export license on September 16, 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5%. Refer to Note 11 for further discussion. d. Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with the sales volumes and the price of copper. Lower charges in 2025 primarily reflect lower treatment charge rates as a result of favorable market conditions. e. Refer to Note 12 for discussion of embedded derivatives related to FCXs provisionally priced concentrate and cathode sales contracts. Geographic Area. …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The consolidated financial statements of Freeport-McMoRan Inc. (FCX) include the accounts of those subsidiaries where it directly or indirectly has more than 50% of the voting rights and/or has control over the subsidiary. As of December 31, 2025, the most significant entities that FCX consolidates include its 48.76%-owned subsidiary, PT Freeport Indonesia (PTFI), and its wholly owned subsidiary, Freeport Minerals Corporation (FMC). Refer to Note 2 for further discussion, including FCXs conclusion to consolidate PTFI. FMCs unincorporated joint venture at Morenci is reflected using the proportionate consolidation method (refer to Note 2). Investments in unconsolidated companies over which FCX has the ability to exercise significant influence, but does not control, are accounted for under the equity method and include PTFIs investment in PT Smelting (refer to Note 2). Investments in unconsolidated companies owned less than 20%, and for which FCX does not exercise significant influence, are recorded at (i) fair value for those that have a readily determinable fair value or (ii) cost, less any impairment, for those that do not have a readily determinable fair value. All significant intercompany transactions have been eliminated. Dollar amounts in tables are stated in millions, except per share amounts. Certain prior year amounts have been reclassified to conform with current year presentation. Reportable Segments. …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

DEBT AND EQUITY The components of debt follow: September 30, 2025 December 31, 2024 PTFI revolving credit facility $ 250 $ 250 Senior notes and debentures: Issued by FCX 5,285 5,281 Issued by PTFI 2,985 2,983 Issued by Freeport Minerals Corporation 352 353 Atlantic Copper a 403 57 Other 23 24 Total debt 9,298 8,948 Less current portion of debt (383) (41) Long-term debt $ 8,915 $ 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 PTFIs borrowing capacity. At September 30, 2025, there were no borrowings and $5 million in letters of credit issued under FCXs revolving credit facility. At September 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 September 30, 2025, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facilitys covenants. I …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

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. FCXs 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 FCXs 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 September 30, 2025 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 29 $ 29 $ 29 $ $ $ Equity securities 27 27 27 Total 56 56 29 27 Legally restricted funds: a U.S. core fixed income fund 70 70 70 Government mortgage-backed securities 59 59 59 Corporate bonds 35 35 35 Government bonds and notes 31 31 31 Money market funds 20 20 20 Asset-backed securities 14 14 14 Collateralized mortgage-backed securities 1 1 1 Total 230 230 70 20 140 Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset positio …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES Geographic sources of FCXs (provision) benefit for income taxes follow: Nine Months Ended September 30, 2025 2024 U.S. $ (4) $ 30 International (2,015) (2,033) Total $ (2,019) $ (2,003) FCXs consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 36% for the first nine months of 2025 and 35% for the first nine months of 2024. The provision for income taxes for the first nine months of 2024 included net benefits of $182 million related to closure of PT Freeport Indonesias (PTFI) 2021 corporate income tax audit and resolution of the framework for disputed tax matters. During the first nine months of 2025 and 2024, FCXs U.S. operations projected full-year 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 H.R.1 (also referred to as the One Big Beautiful Bill Act), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain provisions of the Tax Cuts & Jobs Act of 2017. FCX does not expect H.R.1 to have a material impact on its consolidated financial results. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

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 PTFIs 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 FCXs 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 FCXs 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 u …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing