Freeport-McMoRan - 10-Q quarterly report FY

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United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-11307-01

Freeport-McMoRan Inc.

(Exact name of registrant as specified in its charter)


Delaware						74-2480931
(State or other jurisdiction of						(I.R.S. Employer Identification No.)
incorporation or organization)

4340 E. Cotton Center Blvd., Suite 110

Phoenix

85040-8852

(Address of principal executive offices)

(Zip Code)

(602) 366-8100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.10 per share	FCX	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

On April 30, 2026, there were issued and outstanding 1,437,559,865 shares of the registrant’s common stock, par value $0.10 per share.

Freeport-McMoRan Inc.

TABLE OF CONTENTS



			Page

Part I. Financial Information			3

Item 1. Financial Statements:			3

Consolidated Balance Sheets (Unaudited)			3

Consolidated Statements of Income (Unaudited)			4

Consolidated Statements of Comprehensive Income (Unaudited)			5

Consolidated Statements of Cash Flows (Unaudited)			6

Consolidated Statements of Equity (Unaudited)			7

Notes to Consolidated Financial Statements (Unaudited)			8



Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			20

Item 3. Quantitative and Qualitative Disclosures About Market Risk			56

Item 4. Controls and Procedures			56

Part II. Other Information			56

Item 1. Legal Proceedings			56

Item 1A. Risk Factors			57

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			57

Item 4. Mine Safety Disclosures			57

Item 5. Other Information			58

Item 6. Exhibits			58

Signature			S-1

Table of Contents

Part I.FINANCIAL INFORMATION

Item 1.Financial Statements.

Freeport-McMoRan Inc.

CONSOLIDATED BALANCE SHEETS (Unaudited)


	March 31, 2026		December 31, 2025
	(In Millions)
ASSETS
Current assets:
Cash and cash equivalents	$	3,737	$	3,824
Restricted cash and cash equivalents	280		230
Trade accounts receivable	681		977
Value added and other tax receivables	666		686
Inventories:
Product	3,042		3,332
Materials and supplies, net	2,865		2,738
Mill and leach stockpiles	1,513		1,423
PT Freeport Indonesia (PTFI) mud rush incident insurance settlement receivable	699		—
Other current assets	609		580

Total current assets	14,092		13,790
Property, plant, equipment and mine development costs, net	41,101		40,736


Long-term mill and leach stockpiles	1,100		1,173
Long-term tax receivables	832		810
Other assets	1,715		1,658

Total assets	$	58,840	$	58,167

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	4,142	$	4,565
Accrued income taxes	725		456
Current portion of debt	500		466
Current portion of environmental and asset retirement obligations	323		313
Dividends payable - common stock	217		219


Total current liabilities	5,907		6,019
Long-term debt, less current portion	8,914		8,913
Environmental and asset retirement obligations, less current portion	5,592		5,541
Deferred income taxes	4,641		4,622
Long-term leases, less current portion	987		1,010
Other liabilities	1,288		1,296

Total liabilities	27,329		27,401



Equity:
Stockholders’ equity:
Common stock	163		163
Capital in excess of par value	23,713		23,680
Retained earnings	2,050		1,385
Accumulated other comprehensive loss	(304)		(305)
Common stock held in treasury	(6,117)		(6,024)
Total stockholders’ equity	19,505		18,899
Noncontrolling interests	12,006		11,867
Total equity	31,511		30,766
Total liabilities and equity	$	58,840	$	58,167

The accompanying notes are an integral part of these consolidated financial statements.

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Freeport-McMoRan Inc.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)


	Three Months Ended
	March 31,
			2026		2025
		(In Millions, Except Per Share Amounts)
Revenues			$	6,234	$	5,728
Cost of sales:
Production and delivery			4,065		3,756
Depreciation, depletion and amortization			514		466


Total cost of sales			4,579		4,222
Selling, general and administrative expenses			162		154
Exploration and research expenses			38		39
Environmental obligations and shutdown costs			17		10
PTFI mud rush incident insurance settlement			(699)		—

Total costs and expenses			4,097		4,425
Operating income			2,137		1,303
Interest expense, net			(114)		(70)


Other income, net			11		58
Income before income taxes and equity in affiliated companies’ net earnings			2,034		1,291
Provision for income taxes			(653)		(500)
Equity in affiliated companies’ net earnings			6		2


Net income			1,387		793

Net income attributable to noncontrolling interests			(506)		(441)


Net income attributable to common stockholders			$	881	$	352


Net income per share attributable to common stockholders:
Basic			$	0.61	$	0.24
Diluted			$	0.61	$	0.24




Weighted-average shares of common stock outstanding:
Basic			1,439		1,438
Diluted			1,444		1,444

Dividends declared per share of common stock			$	0.15	$	0.15

The accompanying notes are an integral part of these consolidated financial statements.

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Freeport-McMoRan Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)


	Three Months Ended
	March 31,
		2026		2025
		(In Millions)
Net income		$	1,387	$	793

Other comprehensive income, net of taxes:

Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs		1		1





Other comprehensive income		1		1

Total comprehensive income		1,388		794
Total comprehensive income attributable to noncontrolling interests		(506)		(441)

Total comprehensive income attributable to common stockholders		$	882	$	353

The accompanying notes are an integral part of these consolidated financial statements.

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Freeport-McMoRan Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	Three Months Ended
	March 31,
	2026		2025
	(In Millions)
Cash flow from operating activities:
Net income	$	1,387	$	793
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	514		466


PTFI mud rush incident insurance settlement	(699)		—

Net charges for environmental and asset retirement obligations, including accretion	71		49
Payments for environmental and asset retirement obligations	(38)		(50)
Stock-based compensation	68		54
Net charges for defined pension and postretirement plans	12		14
Pension plan contributions	(5)		(3)

Deferred income taxes	19		26









Charges for PTFI social investment programs	11		15
Payments for PTFI social investment programs	(12)		(13)

Other, net	28		4
Changes in working capital and other:
Accounts receivable	325		(215)
Inventories	201		(143)
Other current assets	—		24
Accounts payable and accrued liabilities	(671)		2
Accrued income taxes and timing of other tax payments	284		35
Net cash provided by operating activities	1,495		1,058

Cash flow from investing activities:
Capital expenditures:
U.S. copper mines	(244)		(255)
South America operations	(114)		(85)
Indonesia operations	(456)		(704)
Molybdenum mines	(29)		(19)

Other	(130)		(109)







Other, net	(12)		(4)
Net cash used in investing activities	(985)		(1,176)

Cash flow from financing activities:
Proceeds from debt	1,137		1,088
Repayments of debt	(1,102)		(636)
Finance lease payments	(9)		(3)


Cash dividends and distributions paid:
Common stock	(218)		(218)
Noncontrolling interests	(225)		—
Treasury stock purchases	(93)		(55)

Proceeds from exercised stock options	19		1
Payments for withholding of employee taxes related to stock-based awards	(43)		(22)

Net cash (used in) provided by financing activities	(534)		155

Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	(24)		37

Cash and cash equivalents and restricted cash and cash equivalents at beginning of year	4,173		4,911
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	4,149	$	4,948

The accompanying notes are an integral part of these consolidated financial statements.

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Freeport-McMoRan Inc.

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

THREE MONTHS ENDED MARCH 31



	Stockholders’ Equity
	Common Stock					Retained Earnings		Accumu- lated Other Compre- hensive Loss		Common Stock Held in Treasury			Total Stock-holders’ Equity
	Number of Shares	At Par Value		Capital in Excess of Par Value						Number of Shares	At Cost				Non- controlling Interests		Total Equity

	(In Millions)
Balance at December 31, 2025	1,627	$	163	$	23,680	$	1,385	$	(305)	191	$	(6,024)	$	18,899	$	11,867	$	30,766



Exercised and issued stock-based awards	3	—		19		—		—		—	—		19		—		19
Stock-based compensation, including the tender of shares	—	—		15		—		—		—	—		15		(9)		6
Treasury stock purchases	—	—		—		—		—		2	(93)		(93)		—		(93)

Dividends	—	—		—		(216)		—		—	—		(216)		(359)		(575)

Contributions from noncontrolling interests	—	—		(1)		—		—		—	—		(1)		1		—
Net income attributable to common stockholders	—	—		—		881		—		—	—		881		—		881
Net income attributable to noncontrolling interests	—	—		—		—		—		—	—		—		506		506
Other comprehensive income	—	—		—		—		1		—	—		1		—		1
Balance at March 31, 2026	1,630	$	163	$	23,713	$	2,050	$	(304)	193	$	(6,117)	$	19,505	$	12,006	$	31,511



	Stockholders’ Equity
	Common Stock					(Accum-ulated Deficit) Retained Earnings		Accumu- lated Other Compre- hensive Loss		Common Stock Held in Treasury			Total Stock-holders’ Equity
	Number of Shares	At Par Value		Capital in Excess of Par Value						Number of Shares	At Cost				Non- controlling Interests		Total Equity

	(In Millions)
Balance at December 31, 2024	1,624	$	162	$	23,797	$	(170)	$	(314)	187	$	(5,894)	$	17,581	$	11,197	$	28,778





Exercised and issued stock-based awards	2	1		1		—		—		—	—		2		—		2
Stock-based compensation, including the tender of shares	—	—		45		—		—		1	(22)		23		—		23
Treasury stock purchases	—	—		—		—		—		1	(55)		(55)		—		(55)



Dividends	—	—		(216)		—		—		—	—		(216)		(112)		(328)





Net income attributable to common stockholders	—	—		—		352		—		—	—		352		—		352
Net income attributable to noncontrolling interests	—	—		—		—		—		—	—		—		441		441
Other comprehensive income	—	—		—		—		1		—	—		1		—		1
Balance at March 31, 2025	1,626	$	163	$	23,627	$	182	$	(313)	189	$	(5,971)	$	17,688	$	11,526	$	29,214

The accompanying notes are an integral part of these consolidated financial statements.

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Freeport-McMoRan Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 1. 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, 2025 (2025 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 three-month period ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Dollar amounts in tables are stated in millions, except per share amounts.

Subsequent Events. FCX evaluated events after March 31, 2026, 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.

NOTE 2. 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 Ended
	March 31,
		2026			2025
Net income		$	1,387		$	793
Net income attributable to noncontrolling interests		(506)			(441)

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







Net income attributable to common stockholders		$	874		$	346


Basic weighted-average shares of common stock outstanding		1,439			1,438
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)		5		a	6
Diluted weighted-average shares of common stock outstanding		1,444			1,444

Net income per share attributable to common stockholders:


Basic		$	0.61		$	0.24



Diluted		$	0.61		$	0.24

a.Excludes approximately 1 million shares of common stock associated with RSUs that were anti-dilutive.

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 such shares excluded in either of the periods shown above.

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NOTE 3. INCOME TAXES

Geographic sources of FCX’s (provision) benefit for income taxes follow:


	Three Months Ended
	March 31,
	2026		2025
U.S.	$	(5)	$	2
Foreign	(648)		(502)
Total	$	(653)	$	(500)

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 32% for first-quarter 2026 and 39% for first-quarter 2025.

NOTE 4. DEBT AND EQUITY

The components of debt follow:


	March 31, 2026		December 31, 2025





PT Freeport Indonesia (PTFI) revolving credit facility	$	250	$	250

Senior notes and debentures:
Issued by FCX	5,289		5,287
Issued by PTFI	2,987		2,985
Issued by Freeport Minerals Corporation	351		352



Atlantic Copper	515		482
Other	22		23
Total debt	9,414		9,379
Less current portion of debt	(500)		(466)
Long-term debt	$	8,914	$	8,913

Revolving Credit Facilities. FCX and PTFI have a $3.0 billion, senior 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 March 31, 2026, there were no borrowings and $5 million in letters of credit issued under FCX’s revolving credit facility.

At March 31, 2026, PTFI had $250 million in borrowings outstanding under its $1.75 billion, senior unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $350 million, senior unsecured revolving credit facility that matures in May 2027.

At March 31, 2026, 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 $174 million in both first-quarter 2026 and 2025. Lower capitalized interest of $60 million in first-quarter 2026, compared to $104 million in first-quarter 2025, primarily reflects the impact of placing PTFI’s smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities) into service in 2025.

Share Repurchase Program and Dividends. During first-quarter 2026, FCX acquired 1.7 million shares of its common stock for a total cost of $93 million ($54.25 average cost per share). At April 30, 2026, FCX has acquired a total of 53.7 million shares ($39.01 average cost per share) and has $2.9 billion available under its $5.0 billion share repurchase program.

On March 25, 2026, 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 May 1, 2026, to common stockholders of record on April 15, 2026.

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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.

NOTE 5. 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,

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 first-quarter 2026 and 2025. At March 31, 2026, FCX held copper futures and swap contracts that qualified for hedge accounting for 126 million pounds at an average contract price of $5.51 per pound, with maturities through December 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 Ended
	March 31,
		2026		2025
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments		$	(49)	$	81
Hedged item – firm sales commitments		49		(81)

Realized gains:
Matured derivative financial instruments		35		20

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) PM gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement.

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FCX records revenues and invoices customers at the time of shipment based on the then-current LME copper settlement price and the London PM gold price as specified in the contracts, which results in an embedded derivative (i.e., a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate, cathode or anode slimes at the then-current LME copper settlement or London PM gold prices. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate, cathode and anode slime sales agreements because these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME copper forward price and the adjusted London PM gold price, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at March 31, 2026, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	239	$	5.60	$	5.57	August 2026
Gold (thousands of ounces)	2	4,834		4,607		May 2026
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	100	5.63		5.59		August 2026

Copper Forward Contracts. Atlantic Copper enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At March 31, 2026, Atlantic Copper held net copper forward sales contracts for 93 million pounds at an average contract price of $5.69 per pound, with maturities through May 2026.

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


	Three Months Ended
	March 31,
		2026		2025
Embedded derivatives in provisional sales contracts:a
Copper		$	(21)	$	116
Gold and other metals		1		38
Copper forward contractsb		11		(38)

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. At March 31, 2026, the maximum amount of credit exposure associated with derivative transactions was $81 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, PTFI mud rush incident insurance settlement 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).

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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:


	March 31, 2026		December 31, 2025
Balance sheet components:
Cash and cash equivalents	$	3,737	$	3,824

Restricted cash and cash equivalents, currenta	280		230
Restricted cash and cash equivalents, long-term - included in other assets	132		119
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	4,149	$	4,173

a.Reflects cash designated for talc-related litigation in accordance with a legal settlement (refer to Note 10 of FCX’s 2025 Form 10-K for further discussion).

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NOTE 6. 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, PTFI mud rush incident insurance settlement receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:


	At March 31, 2026
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
Equity securities	$	37	$	37	$	—	$	37	$	—	$	—
U.S. core fixed income fund	29		29		29		—		—		—

Total	66		66		29		37		—		—

Legally restricted funds:a
U.S. core fixed income fund	71		71		71		—		—		—
Government mortgage-backed securities	48		48		—		—		48		—
Government bonds and notes	40		40		—		—		40		—
Corporate bonds	38		38		—		—		38		—
Money market funds	24		24		—		24		—		—
Asset-backed securities	10		10		—		—		10		—
Collateralized mortgage-backed securities	1		1		—		—		1		—

Total	232		232		71		24		137		—

Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position	44		44		—		—		44		—
Copper futures and swap contracts	25		25		—		16		9		—
Copper forward contracts	12		12		—		4		8		—




Total	81		81		—		20		61		—





Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	46		46		—		—		46		—


Copper futures and swap contracts	2		2		—		1		1		—
Copper forward contracts	2		2		—		—		2		—


Total	50		50		—		1		49		—




Debtd	9,414		9,369		—		—		9,369		—

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

Total	65		65		29		36		—		—

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

Total	232		232		71		22		139		—

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




Total	289		289		—		50		239		—





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


Copper forward contracts	23		23		—		11		12		—


Total	107		107		—		11		96		—




Debtd	9,379		9,493		—		—		9,493		—

a.Current portion included in other current assets and long-term portion included in other assets.

b.Excludes amounts included in restricted cash and cash equivalents that approximate fair value and are associated with talc-related litigation at March 31, 2026, and December 31, 2025. Refer to Note 10 of FCX’s 2025 Form 10-K for further discussion.

c.Refer to Note 5 for further discussion.

d.Recorded at cost except for debt assumed in the 2007 acquisition of Freeport Minerals Corporation, which was recorded at fair value at the acquisition date.

Valuation Techniques. Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy.

The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice).

Fixed income securities (government securities, corporate bonds, asset-backed securities and collateralized mortgage-backed securities) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy.

Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME copper forward prices and the adjusted London PM gold prices at each reporting

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date based on the month of maturity (refer to Note 5); 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). 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 net realizable value 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 March 31, 2026, as compared with those techniques used at December 31, 2025.

NOTE 7. CONTINGENCIES AND COMMITMENTS

Indonesia Matters

Refer to Note 10 of FCX’s 2025 Form 10-K for further discussion of Indonesia matters.

Long-Term Mining Rights. In February 2026, FCX and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration date in 2041.

Under the terms of the MOU, FCX would maintain its current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042. The existing governance and operating structure, and terms of the existing shareholder agreement, special mining business license (IUPK) and other agreements in effect will continue over the life of the resource. PTFI and FCX are working with the Indonesia government to complete the license renewal process. The extension of operating rights and other agreed terms are subject to, among other things, the Indonesia government’s issuance of an amended IUPK and entry into definitive agreements.

Grasberg Block Cave Ramp-Up. Following the September 8, 2025, external mud rush incident (Mud Rush Incident), PTFI has progressed a series of activities to address the incident and advance preparation for a safe and sustainable restoration of operations.

During first-quarter 2026, PTFI completed remediation and restoration activities required for the restart of Production Blocks 2 and 3 and commenced initial ramp-up activities at the end of March 2026. PTFI also continued to advance activities for a planned future start-up of Production Block 1S and advance risk mitigation strategies associated with drainage and cave management technologies.

During initial ramp-up activities in Production Blocks 2 and 3, PTFI encountered changes in operating conditions at the Grasberg Block Cave underground mine following the period of inactivity between September 2025 and April 2026, and modifications to the chute system used to load ore into the automated trains will be required to operate at full capacity. As a result, near-term production from Production Blocks 2 and 3 is expected to be limited to approximately 60% of capacity until required modifications to ore loading systems are made. Installation of specialized equipment has commenced and PTFI expects the current bottlenecks can be substantially addressed by mid-2027.

Following the Mud Rush Incident and until PTFI’s operations return to normal capacity, a portion of PTFI’s cost of sales are being recognized as idle facility costs, which are non-inventoriable. In first-quarter 2026, PTFI recorded charges for idle facility and restoration costs associated with the Mud Rush Incident totaling $499 million (consisting of $406 million in production and delivery costs and $93 million in depreciation, depletion and amortization (DD&A) expense).

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In first-quarter 2026, PTFI recognized a gain of $0.7 billion for an insurance settlement associated with the Mud Rush Incident under its property and business interruption policies. PTFI collected this settlement in April 2026.

Indonesia Tax Matters

On April 10, 2026, PTFI received assessments from the Indonesia tax authorities related to various 2022 audit exceptions for income and other taxes. PTFI believes it has properly determined and paid its taxes and intends to pursue discussions with the Indonesia tax authorities through the objection process.

Litigation

There were no significant updates to previously reported legal proceedings included in Note 10 of FCX’s 2025 Form 10-K.

NOTE 8. BUSINESS SEGMENT INFORMATION

Product Revenues. FCX’s revenues attributable to the products it sold for the first quarters of 2026 and 2025 follow:


	Three Months Ended
	March 31,
		2026		2025
Copper:
Cathode		$	2,050	$	2,025
Rod and other refined copper products		1,504		960
Concentrate		1,083		1,386
Purchased coppera		89		298
Gold		692		475
Molybdenum		613		442
Silver and other		278		139
Adjustments to revenues:
Royalty expenseb		(53)		(68)
Treatment chargesc		(2)		(28)
PTFI export dutiesd		—		(55)


Revenues from contracts with customers		6,254		5,574
Embedded derivativese		(20)		154
Total consolidated revenues		$	6,234	$	5,728

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.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 first-quarter 2026 primarily reflect lower treatment charge rates as a result of favorable market conditions and the lack of copper concentrate sales volumes in Indonesia now that PTFI is a fully integrated producer of refined copper and gold.

d.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 of FCX’s 2025 Form 10-K for further discussion.

e.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.

Reportable Segments. FCX has organized its mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines.

In the U.S., FCX operates seven copper operations – Morenci (72%-owned), Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines – Henderson and Climax in Colorado. A majority of the copper produced at the U.S. copper mines is cast into copper rod by the U.S. Rod & Refining operations.

In South America, FCX operates two copper operations – Cerro Verde in Peru and El Abra in Chile.

In Indonesia, PTFI operates in the Grasberg minerals district. With the completion of its downstream processing facilities during 2025, PTFI is a fully integrated producer of refined copper and gold.

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Operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations and U.S. Rod & Refining operations. Though not quantitatively material, FCX has also voluntarily disclosed the Morenci copper mine and Atlantic Copper as reportable segments in the following tables.

•Morenci. The Morenci open-pit copper mine, located in southeastern Arizona, produces copper cathode and copper concentrate. In addition to copper, the Morenci mine also produces molybdenum concentrate.

•Cerro Verde. The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathode and copper concentrate. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver.

•Indonesia Operations. Indonesia operations include PTFI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver, and PTFI’s downstream processing facilities. PTFI’s smelter will exclusively receive concentrate from the Grasberg minerals district and the PMR will receive anode slimes from the smelter and from PT Smelting.

•U.S. Rod & Refining. The U.S. Rod & Refining segment consists of copper conversion facilities located in the U.S., and includes a refinery and two rod mills. These operations process copper primarily produced at FCX’s U.S. copper mines and purchased copper into copper cathode and rod. At times, these operations refine copper and produce copper rod for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products.

•Atlantic Copper. Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes.

Intersegment sales between FCX’s operating segments are based on terms similar to arm’s-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.

FCX allocates certain operating costs, expenses and capital expenditures to its operating segments. However, not all costs and expenses applicable to an operation are allocated. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each reportable segment would be if it was an independent entity.

FCX's Chief Executive Officer is identified as its chief operating decision maker (CODM) under segment reporting guidance. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions.

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Financial Information by Reportable Segment as of and for the three months ended March 31, 2026



	Reportable Segments

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

Segment revenues:
Unaffiliated customers	$	12	$	1,218	$	1,072		$	2,052	$	966	$	5,320
Intersegment	764		163		—			10		3		940
	776		1,381		1,072			2,062		969		6,260

Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa												914
Other segments’ revenue - intersegmenta												1,672
Elimination of intersegment revenue												(2,612)
Total consolidated revenues, net												$	6,234

Segment measure of profit:
Production and delivery	437		651		710		b	2,046		929
DD&A	69		86		194		c	1		7
Selling, general and administrative expenses	—		2		25			—		11
Exploration and research expenses	8		4		—			—		—

PTFI mud rush incident insurance settlement	—		—		(699)			—		—

Segment operating income	$	262	$	638	$	842		$	15	$	22	$	1,779

Reconciliation of operating income
Other segments’ operating incomea												477		d
Corporate expenses and elimination of intersegment operating income												(119)		e
Consolidated interest expense, net												(114)

Consolidated other income, net												11
Total consolidated income before income taxes and equity in affiliated companies’ net earnings												$	2,034

Segment assets	$	3,434	$	8,772	$	27,959		$	374	$	1,904	$	42,443

Reconciliation of segment assets
Total assets for other segmentsa												36,517
Corporate assets and elimination of investments in consolidated subsidiaries												(20,120)
Total consolidated assets												$	58,840

Segment capital expenditures	$	44	$	74	$	456		$	14	$	56	$	644

Reconciliation of capital expenditures
Total capital expenditures for other segmentsa												324
Corporate capital expenditures												5
Total consolidated capital expenditures												$	973

a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration. Also includes legacy oil and gas properties.

b.Includes charges totaling $406 million for idle facility and restoration costs associated with the Mud Rush Incident.

c.Includes charges totaling $93 million for idle facility costs associated with the Mud Rush Incident.

d.Includes DD&A of $157 million related to other operating segments.

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

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Financial Information by Reportable Segment as of and for the three months ended March 31, 2025



	Reportable Segments

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

Segment revenues:
Unaffiliated customers	$	83	$	917	$	1,564	$	1,624	$	752	$	4,940
Intersegment	494		174		6		8		3		685
	577		1,091		1,570		1,632		755		5,625

Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa											788
Other segments’ revenue - intersegmenta											1,229
Elimination of intersegment revenue											(1,914)
Total consolidated revenues, net											$	5,728

Segment measure of profit:
Production and delivery	419		587		578		1,622		734
DD&A	50		91		186		1		7
Selling, general and administrative expenses	—		2		27		—		9
Exploration and research expenses	6		2		2		—		—
Environmental obligations and shutdown costs	(7)		—		—		—		—


Segment operating income	$	109	$	409	$	777	$	9	$	5	$	1,309

Reconciliation of operating income
Other segments’ operating incomea											77		b
Corporate expenses and elimination of intersegment operating income											(83)		c
Consolidated interest expense, net											(70)

Consolidated other income, net											58
Total consolidated income before income taxes and equity in affiliated companies’ net earnings											$	1,291

Segment assets	$	3,239	$	8,166	$	28,006	$	364	$	1,448	$	41,223

Reconciliation of segment assets
Total assets for other segmentsa											35,467
Corporate assets and elimination of investments in consolidated subsidiaries											(20,668)
Total consolidated assets											$	56,022

Segment capital expenditures	$	59	$	74	$	704	$	17	$	43	$	897

Reconciliation of capital expenditures
Total capital expenditures for other segmentsa											274
Corporate capital expenditures											1
Total consolidated capital expenditures											$	1,172

b.Includes DD&A of $131 million related to other operating segments.

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

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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A), “we,” “us” and “our” refer to Freeport-McMoRan Inc. (FCX) and its consolidated subsidiaries. You should read this discussion in conjunction with our consolidated financial statements, the related MD&A and the discussion of our Business and Properties in our annual report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K), filed with the United States (U.S.) Securities and Exchange Commission (SEC). The results of operations reported and summarized below include forward-looking statements that are not guarantees of future performance and are not necessarily indicative of future operating results (refer to “Cautionary Statement” for further discussion). References to “Notes” are Notes included in our Notes to Consolidated Financial Statements (Unaudited). Throughout MD&A, all references to income or losses per share are on a diluted basis. Any references to our website are for information only and the contents of our website or information connected thereto are not incorporated in, or otherwise to be regarded as part of, this Form 10-Q.

OVERVIEW

We are a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, we operate large, long-lived, geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. We are one of the world’s largest publicly traded copper producers. Our portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in the U.S. and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

We are focused on restoring operations in the Grasberg Block Cave underground mine safely and sustainably, driving new technologies and efficiency programs to increase the profitability of our U.S. and South America operations and pursuing our highly attractive portfolio of organic growth options to generate value for common stockholders.

We believe fundamentals for copper are favorable with growing demand supported by copper’s critical role in electrification initiatives, continued urbanization in developing countries, data centers and artificial intelligence (AI) growth and growing connectivity globally.

We continue to progress organic copper growth projects in the U.S. and South America. Across our U.S. and South America operations, we are incorporating new applications, technologies and data analytics into our leaching processes. We are targeting annual production of approximately 300 million pounds of copper from these initiatives in 2026 and believe there is potential for further significant increases in recoverable metal in future years. Additionally, in March 2026, an environmental impact study was submitted to Chile regulatory authorities for a potential major expansion at our El Abra mine in Chile. Refer to “Operations – United States” and “Operations – South America” for further discussion.

Our first-quarter 2026 operations and results were impacted by the September 2025 mud rush incident (Mud Rush Incident) at the Grasberg minerals district in Central Papua, Indonesia. During first-quarter 2026, PT Freeport Indonesia (PTFI) progressed a series of activities to address the Mud Rush Incident and advance preparation for a safe and sustainable restoration of operations in the Grasberg Block Cave underground mine. In March 2026, PTFI commenced a phased ramp-up of the Grasberg Block Cave underground mine, and the projected ramp-up schedule has been adjusted to incorporate modifications to material handling systems. Refer to “Operations – Indonesia” for further discussion.

Net income attributable to common stockholders totaled $881 million in first-quarter 2026, compared with $352 million in first-quarter 2025, primarily reflecting higher average realized copper and gold prices and the recognition of a gain for the insurance settlement related to the Mud Rush Incident, partly offset by lower copper sales volumes from PTFI. Refer to “Consolidated Results” for further discussion.

At March 31, 2026, we had consolidated debt of $9.4 billion and consolidated cash and cash equivalents of $3.7 billion. Net debt totaled $2.4 billion, excluding $3.2 billion of debt for PTFI’s smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities). Refer to “Net Debt” for a reconciliation of consolidated debt and consolidated cash and cash equivalents to net debt.

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At March 31, 2026, we had $3.0 billion of availability under our revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.

During first-quarter 2026, we acquired 1.7 million shares of our common stock for a total cost of $93 million ($54.25 average cost per share). At April 30, 2026, we have acquired a total of 53.7 million shares ($39.01 average cost per share) and have $2.9 billion available under our $5.0 billion share repurchase program.

Refer to Note 4 and “Capital Resources and Liquidity” for further discussion.

OUTLOOK

Our financial results vary as a result of fluctuations in metals market prices primarily for copper, gold and, to a lesser extent, molybdenum, as well as other factors. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. Refer to “Markets” below, and “Risk Factors” in Part I, Item 1A. of our 2025 Form 10-K and Part II, Item 1A. herein for further discussion. Because we cannot control the prices of our products, the key measures that management focuses on in operating our business are sales volumes, unit net cash costs, operating cash flows and capital expenditures. References to previous estimates refer to guidance provided in our 2025 Form 10-K.

The forward-looking statements below and elsewhere in this Form 10-Q are based on current market conditions, are as of the filing date of this Form 10-Q, are based on several assumptions and are subject to significant risks and uncertainties. Refer to “Cautionary Statement” below.

Consolidated Sales Volumes

Following are our projected consolidated sales volumes for the year 2026:


Copper (millions of recoverable pounds):
U.S. copper mines	1,367
South America operations	1,048
Indonesia operations	663
Total	3,078

Gold (thousands of recoverable ounces)	650

Molybdenum (millions of recoverable pounds)	90	a

a.Includes 60 million pounds produced by our U.S. copper mines and Cerro Verde mine, and 30 million pounds produced by our primary molybdenum mines.

Projected consolidated sales volumes for second-quarter 2026 are expected to approximate 690 million pounds of copper, 140 thousand ounces of gold and 22 million pounds of molybdenum. Projected sales volumes for the year 2026 are lower than previous estimates of 3.4 billion pounds of copper and 0.8 million ounces of gold, primarily reflecting a projected delay in achieving full ramp-up of the Grasberg Block Cave underground mine pending modifications to ore loading systems. Refer to “Operations – Indonesia” for further discussion.

Consolidated copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.

Projected sales volumes are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine at PTFI; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.

Consolidated Unit Net Cash Costs

Based on achievement of current sales volume and cost estimates and assuming average prices of $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs associated with the Mud Rush Incident at PTFI) for our copper mines are expected to average $1.95 per pound of copper for the year 2026 (including $2.24 per pound of copper in second-quarter 2026). The impact of price changes on consolidated unit net cash costs for the remainder of 2026 would approximate $0.02 per pound of copper for each $100 per ounce change in the

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average price of gold and $0.03 per pound of copper for each $2 per pound change in the average price of molybdenum.

Following the onset of military conflict in the Middle East in late February 2026, costs for certain petroleum-based energy products, sulfur and sulfuric acid, and other consumables have risen significantly. Prices for diesel fuel and sulfuric acid have been highly volatile with significant regional dislocation. Current unit net cash cost estimates for the year 2026 are higher than previous estimates, reflecting revised sales volumes at PTFI and higher costs for energy and other consumables, partly offset by higher by-product credits related to higher metal price assumptions.

Following the Mud Rush Incident and until PTFI’s operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs are expected to total $1.3 billion for the year 2026 (including $0.3 billion in second-quarter 2026). Refer to “Operations – Indonesia” for further discussion.

Projected unit net cash costs for the year 2026 are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine at PTFI; impacts related to the conflict in the Middle East, including changes in energy costs and other consumables; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.

Consolidated Operating Cash Flows

Our consolidated operating cash flows vary with sales volumes; prices realized from copper, gold and molybdenum sales; production costs; income taxes; other working capital changes; and other factors, such as the ramp-up of the Grasberg Block Cave underground mine at PTFI and impacts related to the conflict in the Middle East, including changes in energy costs and other consumables.

Consolidated operating cash flows are expected to approximate $8.7 billion for the year 2026, including $0.2 billion of working capital and other sources, based on current sales volume and cost estimates, and assuming average prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026. Estimated consolidated operating cash flows for the year 2026 also reflect a projected income tax provision of $2.6 billion (refer to “Consolidated Results – Income Taxes” for further discussion of our projected income tax rate for the year 2026). The impact of price changes on consolidated operating cash flows for the remainder of 2026 would approximate $220 million for each $0.10 per pound change in the average price of copper, $50 million for each $100 per ounce change in the average price of gold and $90 million for each $2 per pound change in the average price of molybdenum.

Consolidated Capital Expenditures

Following is a summary of expected capital expenditures for the year 2026 (in billions):


Major projects	$	3.0	a
Sustaining capital and other	1.3
Total	$	4.3

a.Includes $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district, and $1.6 billion for discretionary growth projects, primarily in the Grasberg minerals district for the continued development of Kucing Liar and at the Bagdad mine for tailings infrastructure.

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MARKETS

Prices for copper, gold and molybdenum are affected by numerous factors beyond our control and can fluctuate significantly (for further discussion refer to “Risk Factors” contained in Part I, Item 1A. of our 2025 Form 10-K and Part II, Item 1A. herein).

This graph presents London Metal Exchange (LME) and Commodity Exchange Inc. (COMEX) copper settlement prices and the combined reported stocks of copper at the LME, COMEX and the Shanghai Futures Exchange from January 2016 through March 2026. LME and COMEX copper prices are market-driven and subject to change based on current and future tariff rates, additional changes in trade policies, domestic inventory levels, supply and demand, and other factors.

In January 2026, both LME and COMEX settlement copper prices closed at all-time highs of $6.28 per pound and $6.18 per pound, respectively. Higher copper prices were influenced by increased speculative buying in several metals, supported by macro factors such as U.S. dollar weakness and expectations for above-trend demand growth. In March 2026, LME and COMEX settlement copper prices declined from these highs in response to conflict in the Middle East, which impacted trade flows and energy infrastructure, resulting in significantly higher oil prices, a stronger U.S. dollar, renewed inflation concerns and revised economic forecasts.

Copper sales from our South America and Indonesia operations are generally based on quoted LME monthly average copper settlement prices. During first-quarter 2026, LME copper settlement prices averaged $5.83 per pound (ranging from a low of $5.36 per pound to a high of $6.28 per pound) and closed at $5.52 per pound on March 31, 2026. The LME copper settlement price was $5.90 per pound on April 30, 2026.

Copper sales from our U.S. copper mines are generally based on prevailing COMEX monthly average copper settlement prices. During first-quarter 2026, COMEX copper settlement prices averaged $5.79 per pound (ranging from a low of $5.34 per pound to a high of $6.18 per pound) and closed at $5.59 per pound on March 31, 2026. The COMEX copper settlement price was $5.93 per pound on April 30, 2026.

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This graph presents London Bullion Market Association (London) PM gold prices from January 2016 through March 2026. The prospect of additional U.S. interest rate reductions, geopolitical tensions, trade uncertainty and strong demand from central banks around the world continued to influence gold prices in first-quarter 2026. In January 2026, the London PM gold price closed at an all-time high of $5,405 per ounce before declining as macro conditions tightened, driven by a stronger U.S. dollar, higher treasury yields and rising energy costs stemming from the conflict in the Middle East.

During first-quarter 2026, London PM gold prices averaged $4,873 per ounce (ranging from a low of $4,353 per ounce to a high of $5,405 per ounce) and closed at $4,608 per ounce on March 31, 2026. The London PM gold price closed at $4,611 per ounce on April 30, 2026.

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This graph presents the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices from January 2016 through March 2026. Overall global demand for molybdenum is driven by energy, power generation, aerospace and construction sectors. We believe fundamentals for molybdenum are positive with favorable demand drivers and limited supply.

During first-quarter 2026, the weekly average prices for molybdenum averaged $25.50 per pound (ranging from a low of $22.42 per pound to a high of $28.11 per pound) and closed at $26.60 per pound on March 31, 2026. The Platts Metals Daily Molybdenum Dealer Oxide weekly average price closed at $27.85 per pound on April 30, 2026.

CONSOLIDATED RESULTS


	Three Months Ended March 31,
		2026			2025
SUMMARY FINANCIAL DATA		(in millions, except per share amounts)
Revenuesa,b		$	6,234		$	5,728
Operating incomea,c		$	2,137		$	1,303

Net income attributable to common stockb,c		$	881	d	$	352
Diluted net income per share of common stockb,c		$	0.61	d	$	0.24




Diluted weighted-average shares of common stock outstanding		1,444			1,444
Operating cash flowse		$	1,495		$	1,058
Capital expenditures		$	973		$	1,172
At March 31:
Cash and cash equivalents		$	3,737		$	4,385

Total debt, including current portion		$	9,414		$	9,404

a.Refer to “Business Divisions and Segments” for a summary of revenues and operating income by operating division.

b.Includes favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $34 million ($12 million to net income attributable to common stock or $0.01 per share) in first-quarter 2026 and $70 million ($24 million to net income attributable to common stock or $0.02 per share) in first-quarter 2025. Refer to Note 5 for further discussion.

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c.We defer recognizing profits on intercompany sales until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $70 million ($23 million to net income attributable to common stock or $0.02 per share) in first-quarter 2026 and $114 million ($34 million to net income attributable to common stock or $0.02 per share) in first-quarter 2025.

d.Net income attributable to common stock includes after-tax net credits totaling $51 million ($0.04 per share), primarily associated with the Mud Rush Incident reflecting a gain from the insurance settlement, partly offset by idle facility and restoration costs (refer to “Operations – Indonesia” for discussion). See below for further discussion of these net credits.

e.Cash provided by (used for) working capital totaled $0.1 billion in first-quarter 2026 and $(0.3) billion in first-quarter 2025.


	Three Months Ended March 31,
		2026			2025
SUMMARY OPERATING DATA
Copper (millions of recoverable pounds)
Production		662			868
Sales, excluding purchases		657			872
Average realized price per pound		$	5.78		$	4.44
Site production and delivery costs per pounda		$	3.29	b	$	2.59
Unit net cash costs per pounda		$	1.91	b	$	2.07
Gold (thousands of recoverable ounces)
Production		97			287
Sales, excluding purchases		121			128
Average realized price per ounce		$	4,889		$	3,072
Molybdenum (millions of recoverable pounds)
Production		22			23
Sales, excluding purchases		24			20
Average realized price per pound		$	25.21		$	21.67

a.Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit net cash costs (credits) by operating division to production and delivery costs applicable to sales reported in our consolidated financial statements, refer to “Product Revenues and Production Costs.”

b.Excludes $0.62 per pound of idle facility and restoration costs associated with the Mud Rush Incident at PTFI. Refer to “Operations – Indonesia” for further discussion.

Revenues

Consolidated revenues totaled $6.2 billion in first-quarter 2026 and $5.7 billion in first-quarter 2025. Our revenues primarily include the sale of copper cathode, copper rod and copper concentrate, as well as gold and molybdenum in various forms. Refer to Note 8 for a summary of product revenues.

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Following is a summary of changes in our consolidated revenues between periods (in millions):


	Three Months Ended March 31

Consolidated revenues – 2025 period	$	5,728
(Lower) higher sales volumes:
Copper	(957)
Gold	(22)
Molybdenum	85

Higher average realized prices:
Copper	880
Gold	220
Molybdenum	84
Adjustments for prior period provisionally priced copper sales	(36)
Higher Atlantic Copper revenues	214
Lower revenues from purchased copper	(209)

Lower treatment charges	26
Lower royalties and export duties	70
Other, including intercompany eliminations	151
Consolidated revenues – 2026 period	$	6,234

Sales Volumes. Consolidated copper and gold sales volumes decreased in first-quarter 2026, compared to first-quarter 2025, primarily reflecting lower operating rates at PTFI following the Mud Rush Incident. As a fully integrated producer of refined copper and gold in Indonesia, there may be variability in the timing between production and sales of refined copper and gold. Refer to “Operations” for further discussion of sales volumes at our mining operations.

Realized Prices. Our consolidated revenues can vary significantly as a result of fluctuations in the market prices of copper, gold and molybdenum. Our average realized prices in first-quarter 2026, compared with first-quarter 2025, were 30% higher for copper, 59% higher for gold and 16% higher for molybdenum.

Average realized copper prices include net (unfavorable) favorable adjustments to current period provisionally priced copper sales totaling $(55) million in first-quarter 2026 and $46 million in first-quarter 2025. As discussed in Note 5, certain sales contracts for copper and gold provide final pricing in a specified future month (generally one to four months from the shipment date). We record revenues and invoice customers at the time of shipment based on then-current LME prices for copper or London PM prices for gold, which results in an embedded derivative on provisionally priced sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement. To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing. Accordingly, in times of rising copper and gold prices, our revenues benefit from adjustments to the final pricing of provisionally priced sales pursuant to contracts entered into in prior periods; in times of falling copper and gold prices, the opposite occurs.

Prior Period Provisionally Priced Copper Sales. Net favorable adjustments to prior periods’ provisionally priced copper sales (i.e., provisionally priced sales at December 31, 2025 and 2024) recorded in consolidated revenues totaled $34 million in first-quarter 2026 and $70 million in first-quarter 2025. Refer to Notes 5 and 8 for a summary of total adjustments to prior period and current period provisionally priced copper sales.

At March 31, 2026, we had provisionally priced copper sales totaling 136 million pounds (net of intercompany sales and noncontrolling interests) recorded at an average price of $5.58 per pound, subject to final LME copper settlement prices over the next several months. We estimate that each $0.05 change in the price realized from the March 31, 2026, recorded provisional price would have an approximate $12 million effect on 2026 revenues ($4 million to 2026 net income attributable to common stock). The LME copper settlement price closed at $5.90 per pound on April 30, 2026.

Atlantic Copper Revenues. Atlantic Copper revenues totaled $969 million in first-quarter 2026, compared to $755 million in first-quarter 2025, primarily reflecting higher copper prices, partly offset by lower copper sales volumes.

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Sales of Purchased Copper. We purchase copper cathode primarily for processing by our U.S. Rod & Refining operations. The volumes of copper purchases vary depending on cathode production from our operations and totaled 10 million pounds in first-quarter 2026 and 66 million pounds in first-quarter 2025. Revenues associated with the sale of purchased copper vary with the volume of copper purchases and changes in copper prices. During first-quarter 2026, we were able to meet customer demand for copper rod primarily using copper cathode produced by our U.S. and South America mining operations, resulting in a decrease in purchased copper volumes.

Treatment Charges. Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with market conditions, sales volumes and the price of copper. Treatment charges totaled $2 million in first-quarter 2026, compared to $28 million in first-quarter 2025, primarily reflecting lower treatment charge rates as a result of favorable market conditions and the lack of copper concentrate sales volumes in Indonesia now that PTFI is a fully integrated producer of refined copper and gold.

Export Duties and Royalties. Prior to the expiration of its export license in September 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5%. PTFI incurred export duties totaling $55 million in first-quarter 2025. Refer to Note 11 of the 2025 Form 10-K for further discussion.

PTFI pays royalties on all copper and gold sales, the amount of which varies with sales volumes and metal prices. Royalties totaled $53 million in first-quarter 2026 and $68 million in first-quarter 2025.

Production and Delivery Costs

Consolidated production and delivery costs totaled $4.1 billion in first-quarter 2026 and $3.8 billion in first-quarter 2025.

Following the Mud Rush Incident and until PTFI’s operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. First-quarter 2026 included $406 million of idle facility and restoration costs associated with the Mud Rush Incident, and first-quarter 2025 included charges totaling $73 million associated with a planned maintenance turnaround at the Miami smelter.

Mining Unit Site Production and Delivery Costs Per Pound. Site production and delivery costs for our copper mining operations primarily include labor, energy and other commodity-based inputs, such as sulfuric acid, steel, reagents, liners, tires and explosives. Consolidated unit site production and delivery costs (before net noncash and other costs) for our copper mines averaged $3.29 per pound of copper in first-quarter 2026 and $2.59 per pound of copper in first-quarter 2025. First-quarter 2026 consolidated unit site production and delivery costs exclude $0.62 per pound of copper for idle facility and restoration costs associated with the Mud Rush Incident. Refer to “Operations” for further discussion of unit net cash costs associated with our operating divisions, and to “Product Revenues and Production Costs” for reconciliations of per pound costs by operating division to production and delivery costs applicable to sales reported in our consolidated statements of income.

Depreciation, Depletion and Amortization

Depreciation will vary under the unit-of-production (UOP) method as a result of changes in sales volumes and the related UOP rates at our mining operations. Consolidated depreciation, depletion and amortization (DD&A) totaled $514 million in first-quarter 2026 (which included $93 million of non-inventoriable idle facility costs associated with the Mud Rush Incident) and $466 million in first-quarter 2025. The increase in first-quarter 2026 DD&A, compared to first-quarter 2025, primarily reflects higher depreciation associated with placing assets into service at our U.S. copper mines and at PTFI in 2025, partly offset by lower UOP depreciation as a result of lower operating rates at PTFI.

Based on current sales volume estimates, consolidated DD&A is estimated to approximate $2.3 billion for the year 2026, including $0.3 billion for idle facility costs associated with the Mud Rush Incident.

Environmental Obligations and Shutdown Costs

Environmental obligation costs reflect net revisions to our long-term environmental obligations, which vary from period to period because of changes to environmental laws and regulations, the settlement of environmental matters and/or circumstances affecting our operations that could result in significant changes in our estimates. Shutdown costs include care-and-maintenance costs and any litigation, remediation or related expenditures associated with closed facilities or operations.

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Net charges for environmental obligations and shutdown costs totaled $17 million in first-quarter 2026 and $10 million in first-quarter 2025.

PTFI Mud Rush Incident Insurance Settlement

Interest Expense, Net

Consolidated interest costs (before capitalization) totaled $174 million in both first-quarter 2026 and 2025.

Lower capitalized interest of $60 million in first-quarter 2026, compared to $104 million in first-quarter 2025, primarily reflects the impact of placing PTFI’s downstream processing facilities into service in 2025. Refer to “Capital Resources and Liquidity – Investing Activities” for discussion of capital expenditures associated with our major development projects.

Other Income, Net

Other income, net, which totaled $11 million in first-quarter 2026 and $58 million in first-quarter 2025, primarily includes amounts associated with interest income, currency exchange gains and losses, and mark-to-market impacts of trust assets used to satisfy financial assurance obligations for our New Mexico mining operations. Lower other income, net, in first-quarter 2026, compared to first-quarter 2025, primarily reflects currency exchange losses, partly offset by a gain of $22 million recognized in first-quarter 2026 for interest to be collected by Cerro Verde associated with the closure of its 2020 income tax audit.

Income Taxes

Following is a summary of the approximate amounts used in the calculation of our consolidated income tax provision (in millions, except percentages):


	Three Months Ended March 31,
	2026					2025
	Incomea		Effective Tax Rate	Income Tax Provision		Income (Loss)a		Effective Tax Rate	Income Tax (Provision) Benefit
U.S.b	$	434	—%	$	(5)	$	(75)	—%	$	2
South America	721		39%	(281)		495		39%	(193)
Indonesia	838		36%	(302)		795		36%	(288)




Eliminations and other	41		N/A	(12)		76		N/A	(42)
Rate adjustmentc	—		N/A	(53)		—		N/A	21


Consolidated FCX	$	2,034	32%	$	(653)	$	1,291	39%	$	(500)

a.Represents income (loss) before income taxes, equity in affiliated companies' net earnings and noncontrolling interests.

b.In addition to our U.S. copper and molybdenum mines, which had operating income of $778 million in first-quarter 2026 and $317 million in first-quarter 2025 (refer to “Business Divisions and Segments”), the U.S. jurisdiction reflects non-operating sites and corporate-level expenses, which include interest expense associated with our senior notes and general and administrative expenses. The U.S. jurisdiction also includes net revisions to environmental obligation estimates and charges associated with legacy oil and gas properties.

c.In accordance with applicable accounting rules, we adjust our interim provision for income taxes equal to our consolidated tax rate.

Assuming achievement of current sales volume and cost estimates and average prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, we estimate our consolidated effective tax rate for the year 2026 would approximate 30% (including approximately $100 million of U.S. Corporate Alternative Minimum Taxes (CAMT)). Changes in projected sales volumes and average prices during 2026 would incur tax impacts at estimated effective rates of 40% for Peru and 36% for Indonesia.

Given our U.S. tax position (including potential CAMT), at higher copper prices, we would expect our consolidated effective tax rate to decline because of a higher share of earnings from our U.S. operations.

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Noncontrolling Interests

Net income attributable to noncontrolling interests, which is primarily associated with PTFI, Cerro Verde and El Abra, totaled $0.5 billion in first-quarter 2026 and $0.4 billion in first-quarter 2025. Refer to "Business Divisions and Segments” below for net income attributable to noncontrolling interests for each of our business segments.

Based on achievement of current sales volume and cost estimates and assuming average prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, we estimate that net income attributable to noncontrolling interests will approximate $2.0 billion for the year 2026. The actual amount will depend on many factors, including relative performance of each business segment, commodity prices, costs and other factors.

BUSINESS DIVISIONS AND SEGMENTS

We have organized our mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines. Refer to “Operations” below for discussion of our mining operations.

U.S. Rod & Refining consists of copper conversion facilities, including a refinery and two rod mills. These operations process copper produced at our U.S. copper mines and purchased copper into copper cathode and rod. At times, these operations refine copper and produce copper rod for customers on a toll basis.

Corporate, Other & Eliminations consist of our other mining operations, exploration activities, legacy oil and gas properties, corporate and elimination items. Other mining operations include the Miami smelter, molybdenum conversion facilities in the U.S. and in Europe, five non-operating mines in the U.S. and other mining support entities.

Intersegment sales are based on terms similar to arm’s-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.

We allocate certain operating costs, expenses and capital expenditures to our business divisions and 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 in the below tables), 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 business divisions and segments. Accordingly, the following information reflects management determinations that may not be indicative of what the actual financial performance of each business division and segment would be if it was an independent entity.

Refer to Note 8 for a summary of our reportable segments as determined under generally accepted accounting principles (GAAP) in the U.S.

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Financial Information by Business Division and Segment





																				Atlantic			Corporate,
	U.S. Copper Mines				South America Operations											U.S.		Copper				Other
							Cerro						Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde		Other		Total		Operations			Mines		Refining		& Refining			nations			Total
Three Months Ended March 31, 2026
Revenues:
Unaffiliated customers	$	12	$	8	$	20	$	1,218	$	253	$	1,471	$	1,072		$	—	$	2,052	$	966		$	653	a	$	6,234
Intersegment	764		1,415		2,179		163		—		163		—			212		10		3			(2,567)			—
Production and delivery	437		854		1,291		651		158		809		710		b	136		2,046		929			(1,856)			4,065
DD&A	69		96		165		86		17		103		194		c	24		1		7			20			514


Selling, general and administrative expenses	—		1		1		2		—		2		25			—		—		11			123			162
Exploration and research expenses	8		8		16		4		1		5		—			—		—		—			17			38
Environmental obligations and shutdown costs	—		—		—		—		—		—		—			—		—		—			17			17
PTFI mud rush incident insurance settlement	—		—		—		—		—		—		(699)			—		—		—			—			(699)

Operating income (loss)	262		464		726		638		77		715		842			52		15		22			(235)			2,137

Interest expense, net	(1)		—		(1)		(4)		—		(4)		(15)			—		—		(9)			(85)			(114)

Other (expense) income, net	(1)		(1)		(2)		(4)		4		—		(2)			—		—		1			14			11
Provision for income taxes	—		—		—		(246)		(35)		(281)		(302)			—		—		(3)			(67)			(653)
Equity in affiliated companies’ net earnings	—		—		—		—		—		—		5			—		—		—			1			6
Net income attributable to noncontrolling interests	—		—		—		(182)		(19)		(201)		(292)			—		—		—			(13)			(506)
Net income attributable to common stockholders																										881

Total assets at March 31, 2026	3,434		7,512		10,946		8,772		2,301		11,073		27,959			2,006		374		1,904			4,578			58,840
Capital expenditures	44		200		244		74		40		114		456			29		14		56			60			973

Three Months Ended March 31, 2025
Revenues:
Unaffiliated customers	$	83	$	108	$	191	$	917	$	212	$	1,129	$	1,564		$	—	$	1,624	$	752		$	468	a	$	5,728
Intersegment	494		945		1,439		174		73		247		6			177		8		3			(1,880)			—
Production and delivery	419		793		1,212		587		201		788		578			122		1,622		734			(1,300)		d	3,756
DD&A	50		74		124		91		20		111		186			26		1		7			11			466


Selling, general and administrative expenses	—		1		1		2		—		2		27			—		—		9			115			154
Exploration and research expenses	6		6		12		2		2		4		2			—		—		—			21			39
Environmental obligations and shutdown costs	(7)		—		(7)		—		—		—		—			—		—		—			17			10

Operating income (loss)	109		179		288		409		62		471		777			29		9		5			(276)			1,303

Interest expense, net	—		—		—		(4)		—		(4)		(9)			—		—		(11)			(46)			(70)

Other (expense) income, net	(1)		3		2		32		(1)		31		16			—		—		(5)			14			58
Provision for income taxes	—		—		—		(171)		(22)		(193)		(288)			—		—		(10)			(9)			(500)
Equity in affiliated companies’ net earnings (losses)	—		—		—		—		—		—		3			—		—		—			(1)			2
Net income attributable to noncontrolling interests	—		—		—		(126)		(17)		(143)		(275)			—		—		—			(23)			(441)
Net income attributable to common stockholders																										352

Total assets at March 31, 2025	3,239		6,950		10,189		8,166		2,073		10,239		28,006			2,021		364		1,448			3,755			56,022
Capital expenditures	59		196		255		74		11		85		704			19		17		43			49			1,172

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Financial Information by Business Division and Segment (continued)

a.Includes revenues from our molybdenum sales company, which includes sales of molybdenum produced by the primary molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.

b.Includes $406 million of idle facility and restoration costs associated with the Mud Rush Incident.

c.Includes $93 million of idle facility costs associated with the Mud Rush Incident.

d.Includes charges totaling $73 million associated with a planned maintenance turnaround at the Miami smelter.

OPERATIONS

Leaching and Technology Innovation Initiatives

We are incorporating new applications, technologies and data analytics into our leaching processes across our U.S. and South America operations. Incremental copper production from these initiatives totaled 54 million pounds in first-quarter 2026 and 214 million pounds for the year 2025.

We continue to apply operational enhancements on a larger scale and are advancing testing of innovative technology to increase production from these initiatives. We are targeting annual production of approximately 300 million pounds of copper from these initiatives in 2026, with potential for further significant increases in recoverable metal in future years. We are deploying large-scale testing of an internally developed additive product at our Morenci operations with encouraging early results. In addition, we have identified other possible additives with strong potential and plan to apply heat to our stockpiles together with the new additives to further enhance recoveries. Continued success with these initiatives would be expected to contribute to additions in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.

In addition to our innovative leaching initiatives, we are pursuing opportunities to leverage new technologies and analytic tools in automation and operating practices with a goal of improving operating efficiencies and reducing costs and capital intensity of our current operations and future development projects. We believe these leaching and technology initiatives are particularly important to our U.S. operations, which have lower ore grades.

Responsible Production

2025 Annual Report on Sustainability. In April 2026, we published our 2025 Annual Report on Sustainability, marking our 25th year of reporting on our progress. We are committed to building upon our achievements in sustainability and our position as a leading responsible copper producer.

The Copper Mark. We demonstrate our responsible production performance through the Copper Mark, a comprehensive assurance framework developed specifically for the copper industry, and extended to other metals, including molybdenum. To achieve the Copper Mark and Molybdenum Mark, as applicable, each site is required to complete an independent external assurance process to assess conformance with various environmental, social and governance criteria. Awarded sites must be revalidated every three years. We have achieved, and are committed to maintaining, the Copper Mark and Molybdenum Mark, as applicable, at all of our operating sites globally. With the completion of PTFI’s downstream processing facilities, we are currently working toward their initial Copper Mark validation.

Feasibility and Optimization Studies

We are engaged in various studies associated with potential future expansion projects primarily at our mining operations. We are also undertaking optimization projects at our current mining operations to enhance efficiencies and reduce costs. The costs for these studies are charged to production and delivery costs as incurred and totaled $31 million in first-quarter 2026 and $36 million in first-quarter 2025. We estimate the costs of these studies will approximate $220 million for the year 2026, subject to market conditions and other factors.

U.S. Tariffs

Our costs have not been significantly impacted by U.S. tariffs, but we are continuing to monitor the impacts on our business, cost structure and supply chains associated with tariffs on U.S. imports. Efforts continue to identify alternative sourcing options to mitigate potential future impacts of tariffs.

Government action related to tariffs and other controls on imports and exports or trade agreements or policies of the U.S. and other countries are difficult to predict and have and may in the future cause significant volatility in our

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financial performance and in the trading prices of our common stock. Refer to “Risk Factors” in Part I, Item 1A. of our 2025 Form 10-K and Part II, Item 1A. herein for further discussion.

Section 232 Tariffs. Effective in August 2025, a 50% tariff was imposed under Section 232 of the Trade Expansion Act, targeting U.S. imports of semi-finished copper products and copper-intensive derivative products. The U.S. government has indicated it will reassess by mid-2026 the potential for a refined copper tariff of 15% beginning in January 2027 and rising to 30% in 2028.

Additionally, the U.S. Secretary of Commerce was directed to impose requirements that 25% of copper cathode and concentrate produced in the U.S. be sold domestically in 2027, potentially increasing to 30% in 2028 and 40% in 2029. Because of our integrated operations, these requirements are not expected to negatively impact our business.

We are the leading copper supplier in the U.S., providing approximately 70% of total U.S. refined copper production through our integrated domestic mining and processing facilities, and most of which is sold domestically. For the three months ended March 31, 2026, copper from our U.S. mining operations was sold 76% as rod and 24% as cathode. We are well positioned in the U.S. with sizeable resources and opportunities to leverage existing infrastructure through brownfield expansions.

United States

We manage seven copper operations in the U.S. – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. We also operate a copper smelter and rod mill in Miami, Arizona, and a copper refinery and rod mill in El Paso, Texas. All of our U.S. operations are wholly owned, except for Morenci. We record our 72% undivided joint venture interest in Morenci using the proportionate consolidation method.

Our U.S. copper operations include open-pit mining, sulfide-ore concentrating, leaching and solution extraction/electrowinning (SX/EW) facilities. A majority of the copper produced at our U.S. copper operations is cast into copper rod by our U.S. Rod & Refining segment. The remainder of our U.S. copper production is sold as copper cathode or copper concentrate, a portion of which is shipped to Atlantic Copper (our wholly owned smelter and refinery in Spain). Molybdenum concentrate, gold and silver are also produced by certain of our U.S. copper operations.

Development Activities. We have substantial reserves, resources and future opportunities for organic growth in the U.S. associated with existing operations. Several initiatives are under way to target significant future growth in our U.S. copper operations, including the leaching and technology innovation initiatives discussed above.

We have defined an opportunity to more than double the concentrator capacity of the Bagdad operation in northwest Arizona. Bagdad’s reserve life currently exceeds 80 years and supports an expanded operation. We completed technical and economic studies in late 2023 and are updating these studies in advance of a potential investment decision during the second half of 2026. These studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year. Estimated incremental project capital costs, which continue to be reviewed, approximate $3.5 billion. Expanded operations would provide improved efficiency and reduce unit net cash costs through economies of scale. Preliminary economics indicate that the expansion would require an incentive copper price of approximately $4.00 per pound and three to four years to complete. The decision to proceed with and timing of the potential expansion will take into account overall copper market conditions and other factors.

Conversion of Bagdad’s haul truck fleet to autonomous haulage was completed in 2025, making Bagdad the first major mine in the U.S. to operate a fully autonomous haulage fleet. We continue to optimize the performance of the new autonomous fleet at Bagdad and are advancing projects to expand tailings storage facilities and local infrastructure to enhance optionality in the future expansion opportunity.

We continue to advance pre-feasibility studies in the Safford/Lone Star district to define a potential significant expansion opportunity. Positive drilling conducted in recent years indicates a large, mineralized district with opportunities to pursue a significant expansion project. We expect to complete these studies during 2026. The decision to proceed with and timing of the potential expansion will take into account results of technical and economic studies, overall copper market conditions and other factors.

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Operating Data. Following is summary consolidated operating data for our U.S. copper mines:


	Three Months Ended March 31,

		2026		2025
Operating Data, Net of Joint Venture Interests
Copper (millions of recoverable pounds)
Production		309		301
Sales, excluding purchases		327		307
Average realized price per pound		$	5.85	$	4.60

Molybdenum (millions of recoverable pounds)
Productiona		7		8

100% Operating Data
Leach operations
Leach ore placed in stockpiles (metric tons per day)		695,400		583,700
Average copper ore grade (%)		0.21		0.20
Copper production (millions of recoverable pounds)		200		191

Mill operations
Ore milled (metric tons per day)		337,900		321,900
Average ore grade (%):
Copper		0.30		0.29
Molybdenum		0.02		0.02
Copper recovery rate (%)		81.8		84.1
Copper production (millions of recoverable pounds)		154		154

a.Refer to “Consolidated Results” for our consolidated molybdenum sales volumes, which include sales of molybdenum produced at our U.S. copper mines.

Our consolidated copper sales volumes from U.S. copper mines of 327 million pounds in first-quarter 2026 were higher than first-quarter 2025 copper sales volumes of 307 million pounds, primarily reflecting timing of shipments.

Consolidated copper sales from our U.S. mines are expected to approximate 1.4 billion pounds for the year 2026. Refer to “Outlook” for projected molybdenum sales volumes.

Unit Net Cash Costs. We believe unit net cash costs per pound of copper is a measure that provides investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other metals mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.

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Gross Profit per Pound of Copper and Molybdenum

The following table summarizes unit net cash costs and gross profit per pound at our U.S. copper mines for the three months ended March 31, 2026 and 2025. Refer to “Product Revenues and Production Costs” for an explanation of the “by-product” and “co-product” methods and a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.



	Three Months Ended March 31,
	2026							2025
	By- Product Method			Co-Product Method				By- Product Method			Co-Product Method
				Copper		Molyb- denuma					Copper		Molyb- denuma
Revenues, excluding adjustments	$	5.85		$	5.85	$	25.56	$	4.60		$	4.60	$	20.16

Site production and delivery, before net noncash and other costs shown below	3.50			3.08		17.63		3.48			3.10		17.05
By-product credits	(0.70)			—		—		(0.49)			—		—
Treatment charges	0.13			0.12		—		0.12			0.11		—
Unit net cash costs	2.93			3.20		17.63		3.11			3.21		17.05
DD&A	0.50			0.41		1.83		0.40			0.36		1.28

Noncash and other costs, net	0.15		b	0.14		0.44		0.13		b	0.12		0.29
Total unit costs	3.58			3.75		19.90		3.64			3.69		18.62
Other revenue adjustments, primarily for pricing on prior period open sales	—			—		—		0.01			0.01		—
Gross profit per pound	$	2.27		$	2.10	$	5.66	$	0.97		$	0.92	$	1.54

Copper sales (millions of recoverable pounds)	328			328				307			307
Molybdenum sales (millions of recoverable pounds)a						7							8

a.Reflects sales of molybdenum produced by certain of our U.S. copper mines to our molybdenum sales company at market-based pricing.

b.Includes charges totaling $0.05 per pound of copper in both first-quarter 2026 and 2025 for feasibility and optimization studies.

Our U.S. copper mines have varying cost structures because of differences in ore grades and characteristics, processing costs, by-product credits and other factors. Average unit net cash costs (net of by-product credits) for our U.S. copper mines of $2.93 per pound of copper in first-quarter 2026 were lower than first-quarter 2025 average unit net cash costs of $3.11 per pound of copper, primarily reflecting higher by-product credits, partly offset by higher costs for sulfuric acid, diesel fuel and other consumables.

Because certain assets are depreciated on a straight-line basis, the U.S.’s average unit depreciation rate may vary with asset additions and the level of copper production and sales.

Revenue adjustments primarily result from changes in prices on provisionally priced copper sales recognized in prior periods. Refer to “Consolidated Results – Revenues” for further discussion of adjustments to prior period provisionally priced copper sales.

Based on achievement of current sales volume and cost estimates, and assuming an average price of $25.00 per pound of molybdenum for the remainder of 2026, average unit net cash costs (net of by-product credits) for our U.S. copper mines are expected to approximate $3.02 per pound of copper for the year 2026. Current cost estimates for 2026 reflect recent pricing impacts for energy and other consumables. Our U.S. copper mines’ average unit net cash costs for the year 2026 would change by approximately $0.04 per pound for each $2 per pound change in the average price of molybdenum for the remainder of 2026.

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South America

We manage two copper operations in South America – Cerro Verde in Peru (55.08%-owned) and El Abra in Chile (51%-owned). These operations are consolidated in our financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.

Development Activities. At the El Abra operations in Chile, we have a significant opportunity to expand the operation to include a major mill facility similar to the large-scale concentrator at Cerro Verde. The project could result in the addition of over 700 million pounds of copper production per year. In March 2026, El Abra submitted an environmental impact study to Chile regulatory authorities. Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound. The decision to proceed with and timing of the potential project will take into account required permitting, market conditions and other factors.

Operating Data. Following is summary consolidated operating data for South America operations:


	Three Months Ended March 31,

		2026		2025
Copper (millions of recoverable pounds)
Production		258		271
Sales		248		275
Average realized price per pound		$	5.66	$	4.36






Molybdenum (millions of recoverable pounds)
Productiona		6		6

Leach operations
Leach ore placed in stockpiles (metric tons per day)		113,200		168,400
Average copper ore grade (%)		0.43		0.39
Copper production (millions of recoverable pounds)		62		77

Mill operations
Ore milled (metric tons per day)		420,500		411,300
Average ore grade (%):
Copper		0.29		0.30
Molybdenum		0.01		0.01

Copper recovery rate (%)		83.5		83.7
Copper production (millions of recoverable pounds)		196		194

a.Refer to “Consolidated Results” for our consolidated molybdenum sales volumes, which include sales of molybdenum produced at the Cerro Verde mine.

Our consolidated copper sales volumes from South America operations of 248 million pounds in first-quarter 2026 were lower than first-quarter 2025 copper sales volumes of 275 million pounds, primarily reflecting lower leach placements. Copper sales from South America operations are expected to approximate 1.05 billion pounds for the year 2026. Refer to “Outlook” for projected molybdenum sales volumes.

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Gross Profit per Pound of Copper

The following table summarizes unit net cash costs and gross profit per pound of copper at our South America operations for the three months ended March 31, 2026 and 2025. Unit net cash costs per pound of copper are reflected under the by-product and co-product methods as the South America operations also had sales of molybdenum and silver. Refer to “Product Revenues and Production Costs” for an explanation of the “by-product” and “co-product” methods and a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.



	Three Months Ended March 31,
	2026					2025
	By-Product Method			Co-Product Method		By-Product Method			Co-Product Method
Revenues, excluding adjustments	$	5.66		$	5.66	$	4.36		$	4.36

Site production and delivery, before net noncash and other costs shown below	3.15			2.78		2.76			2.50
By-product credits	(0.79)			—		(0.44)			—
Treatment charges	0.01			0.01		0.07			0.07
Royalty on metals	0.01			0.01		0.01			0.01
Unit net cash costs	2.38			2.80		2.40			2.58
DD&A	0.41			0.36		0.40			0.36

Noncash and other costs, net	0.07		a	0.07		0.05		a	0.05
Total unit costs	2.86			3.23		2.85			2.99
Other revenue adjustments, primarily for pricing on prior period open sales	0.11			0.11		0.22			0.22
Gross profit per pound	$	2.91		$	2.54	$	1.73		$	1.59

Copper sales (millions of recoverable pounds)	248			248		275			275

a.Includes charges totaling $0.05 per pound of copper in both first-quarter 2026 and 2025 for feasibility and optimization studies.

Average unit net cash costs (net of by-product credits) for South America operations of $2.38 per pound of copper in first-quarter 2026 were lower than first-quarter 2025 average unit net cash costs of $2.40 per pound of copper, primarily reflecting higher by-product credits and lower treatment charges, mostly offset by lower copper volumes and the impact of currency exchange rates on labor costs.

Revenues from Cerro Verde’s copper concentrate sales are recorded net of treatment charges, which will vary with market conditions, sales volumes and the price of copper.

Because certain assets are depreciated on a straight-line basis, South America’s unit depreciation rate may vary with asset additions and the level of copper production and sales.

Based on achievement of current sales volume and cost estimates and assuming an average price of $25.00 per pound of molybdenum for the remainder of 2026, average unit net cash costs (net of by-product credits) for our South America operations are expected to approximate $2.60 per pound of copper for the year 2026. Current cost estimates for 2026 reflect recent pricing impacts for energy and other consumables. Our South America operations’ average unit net cash costs for the year 2026 would change by approximately $0.04 per pound for each $2 per pound change in the average price of molybdenum for the remainder of 2026.

Indonesia

PTFI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. In addition to copper, the Grasberg minerals district also produces gold and silver. With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper and gold. We have a 48.76% ownership interest in PTFI and manage its operations. PTFI's results are consolidated in our financial statements.

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Operating, Development and Exploration Activities. Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone (DMLZ) and Big Gossan) and completed related expansion of the milling facilities. At normal operating rates, PTFI’s underground operations produce approximately 1.7 billion pounds of copper and 1.3 million ounces of gold per year and are among the lowest cost operations in the world. First-quarter 2026 production of 95 million pounds of copper and 92 thousand ounces of gold primarily reflects the impact of the temporary suspension of operations at the Grasberg Block Cave underground mine following the Mud Rush Incident. A phased restart and ramp-up of the Grasberg Block Cave underground mine is in progress.

PTFI is also conducting exploration in the Grasberg minerals district targeting the potential extension of significant mineralization below the DMLZ underground mine.

Long-Term Mining Rights. In February 2026, we and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration in 2041. An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.

Under the terms of the MOU, we would maintain our current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042. The existing governance and operating structure, and terms of the existing shareholder agreement, special mining business license (IUPK) and other agreements in effect will continue over the life of the resource. We and PTFI are working with the Indonesia government to complete the license renewal process. The extension of operating rights and other agreed terms are subject to, among other things, the Indonesia government’s issuance of an amended IUPK and entry into definitive agreements.

Grasberg Block Cave Ramp-Up. Following the Mud Rush Incident, PTFI has progressed a series of activities to address the incident and advance preparation for a safe and sustainable restoration of operations.

During initial ramp-up activities in Production Blocks 2 and 3, PTFI encountered changes in operating conditions at the Grasberg Block Cave underground mine following the period of inactivity between September 2025 and April 2026, resulting in a significant increase in the ratio of wet drawpoints compared to the number of drawpoints containing dry material. While PTFI’s existing automated systems to extract ore at the drawpoints are sufficient to support a ramp-up to previously planned levels, modifications to the chute system used to load ore into the automated trains will be required to operate at full capacity. As a result, near-term production from Production Blocks 2 and 3 is expected to be limited to approximately 60% of capacity until required modifications to ore loading systems are made.

Installation of specialized equipment to accommodate the higher percentage of wet ore has commenced and will be sequenced initially to prioritize areas that would benefit the most from the enhancements. PTFI expects the current bottlenecks can be substantially addressed by mid-2027.

PTFI’s overall production rates, which were previously forecast to approximate 85% of capacity in the second half of 2026 and reach 100% of capacity by the end of 2027 are now expected to approximate 65% in the second half of 2026, 80% by mid-2027 and approach full capacity by the end of 2027.

Given the early stage of the initial ramp‑up, production forecasts are inherently more variable than they were prior to the incident. As the ramp‑up progresses over the coming months, additional clarity is expected on a number of factors that could have a positive or negative impact on PTFI’s near‑term forecast. As such, the revisions to PTFI’s production rates result in the deferral of production to future periods and do not reflect a change in the expected recovery of the Grasberg Block Cave resource. PTFI is confident in the resource, its ability to conduct large‑scale mining safely and efficiently, and its long‑term plans to operate one of the world’s most successful and valuable copper and gold deposits.

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Kucing Liar. Since 2022, PTFI has conducted long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district. During 2025, PTFI completed studies to evaluate the potential to expand the footprint of the deposit which was previously designed to operate at a long-term rate of 90,000 metric tons of ore per day. The studies identified a low-cost expansion opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and increase Kucing Liar’s reserves by approximately 20%. As a result, PTFI’s preliminary estimates of Kucing Liar reserves currently approximate 8 billion pounds of copper and 8 million ounces of gold to be recovered through 2041, and an extension of PTFI’s operating rights beyond 2041 would extend the life of the project. Average annual Kucing Liar production at full rates would approximate 750 million pounds of copper and 735 thousand ounces of gold. The economic studies took into account an approximate 10% increase in Kucing Liar capital ($0.5 billion), impact to operating rates at the Grasberg Block Cave underground mine and reduction of capital expenditures associated with PTFI’s mine operations in connection with the processing of higher pyrite ore.

At March 31, 2026, PTFI had incurred approximately $1.3 billion for Kucing Liar development, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year). Initial production is expected to commence ramping up in the 2030 timeframe.

Downstream Processing Facilities. PTFI’s smelter and PT Smelting, PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia, smelt and refine copper concentrate from PTFI, and the PMR processes anode slimes from the smelter and PT Smelting.

During 2024, construction of PTFI’s smelter in Eastern Java, Indonesia, was completed. In October 2024, during start-up activities, a fire occurred that required temporary suspension of smelting operations to complete repairs. Operations commenced in May 2025, following completion of repairs, and in July 2025, PTFI’s smelter produced its first copper cathode. As part of start-up activities, PTFI commenced gold production from the PMR in December 2024 and operated on a limited basis during 2025, primarily processing anode slimes from PT Smelting.

Following the Mud Rush Incident, smelting operations in Indonesia at both PTFI’s smelter and PT Smelting were adjusted as a result of limited copper concentrate availability. In late December 2025, PT Smelting resumed operations and operated at reduced rates during first-quarter 2026. Shipments to PTFI’s smelter are expected to recommence in the second half of 2026 at a reduced rate dependent on available copper concentrate from mining operations at the Grasberg Block Cave underground mine.

The PMR has operated on a limited basis since the Mud Rush Incident, primarily processing anode slimes from PT Smelting.

We expect higher variability between PTFI’s production and sales until its downstream processing facilities achieve normalized operating rates.

Natural Gas Facilities. PTFI plans to transition its existing energy source from coal to natural gas, which would meaningfully reduce PTFI’s greenhouse gas emissions at the Grasberg minerals district. Following the Mud Rush Incident, PTFI’s planned investments for a new gas-fired combined cycle facility have been deferred with start-up and commissioning of the new facility scheduled in the second half of 2029. Once complete, PTFI’s dual-fuel power plant and the new gas-fired combined cycle facility will be fueled by natural gas supplied by a floating liquefied natural gas storage and regasification unit.

Labor Matters. In March 2026, PTFI reached a new two-year collective labor agreement (CLA) with its three employee unions at its Grasberg minerals district operations. PTFI did not recognize any significant nonrecurring costs associated with the new CLA.

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Operating Data. Following is summary consolidated operating data for Indonesia operations:


	Three Months Ended March 31,

		2026		2025
Copper (millions of recoverable pounds)
Production		95		296
Sales		82		290
Average realized price per pound		$	5.89	$	4.34

Gold (thousands of recoverable ounces)
Production		92		284
Sales		116		125
Average realized price per ounce		$	4,893	$	3,072

Ore extracted and milled (metric tons per day):
DMLZ		66,800		60,400
Big Gossan		7,300		6,600
Grasberg Block Cave		4,400		93,600
Adjustments		5,500		1,000


Total		84,000		161,600
Average ore grades:
Copper (%)		0.65		1.11
Gold (grams per metric ton)		0.48		0.83
Recovery rates (%):
Copper		90.4		87.8
Gold		79.6		76.3

PTFI’s consolidated sales volumes of 82 million pounds of copper and 116 thousand ounces of gold in first-quarter 2026 were lower than first-quarter 2025 sales volumes of 290 million pounds of copper and 125 thousand ounces of gold, reflecting lower operating rates following the Mud Rush Incident. As a fully integrated producer of refined copper and gold, there may be variability in the timing between production and sales of refined copper and gold.

Historically, PTFI recognized concentrate sales upon loading of shipments; however, PTFI’s future concentrate production will be processed by PT Smelting and its smelter, and refined sales will be recognized after processing and sale of the metal. Accordingly, PTFI may experience higher variability between production volumes and sales volumes.

Consolidated sales volumes from PTFI are expected to approximate 0.7 billion pounds of copper and 650 thousand ounces of gold for the year 2026. Copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.

Unit Net Cash (Credits) Costs. We believe unit net cash (credits) costs per pound of copper is a measure that provides investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other metals mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.

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Gross Profit per Pound of Copper and per Ounce of Gold

The following table summarizes the unit net cash (credits) costs and gross profit per pound of copper and per ounce of gold at our Indonesia mining operations for the three months ended March 31, 2026 and 2025. Refer to “Product Revenues and Production Costs” for an explanation of “by-product” and “co-product” methods and a reconciliation of unit net cash (credits) costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.



	Three Months Ended March 31,
	2026							2025
	By-Product Method			Co-Product Method				By-Product Method			Co-Product Method
				Copper		Gold					Copper		Gold
Revenues, excluding adjustments	$	5.89		$	5.89	$	4,893	$	4.34		$	4.34	$	3,072

Site production and delivery, before net noncash and other costs shown below	2.91			1.27		1,052		1.49			1.12		797
By-product credits	(7.65)			—		—		(1.46)			—		—
Treatment charges	0.61		a	0.26		220		0.19			0.15		102
Export duties	—			—		—		0.19			0.14		102
Royalty on metals	0.60			0.29		210		0.23			0.17		144
Unit net cash (credits) costs	(3.53)			1.82		1,482		0.64			1.58		1,145
DD&A	2.35		b	1.03		851		0.64			0.49		343
Noncash and other costs, net	5.13		c	2.23		1,855		0.34		d	0.25		179
Total unit costs	3.95			5.08		4,188		1.62			2.32		1,667
Other revenue adjustments, primarily for pricing on prior period open sales	0.10			0.10		11		0.06			0.07		116

Gross profit per pound/ounce	$	2.04		$	0.91	$	716	$	2.78		$	2.09	$	1,521

Copper sales (millions of recoverable pounds)	82			82				290			290
Gold sales (thousands of recoverable ounces)						116							125

a.Reflects downstream tolling fees and operating costs and does not represent market treatment and refining rates. Favorable offsets associated with incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities are included in revenues and by-product credits.

b.Includes $1.13 per pound of copper of idle facility costs associated with the Mud Rush Incident.

c.Includes $4.93 per pound of copper of idle facility and restoration costs associated with the Mud Rush Incident.

d.Includes charges totaling $0.15 per pound of copper for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, $0.08 per pound of copper related to the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities and $0.08 per pound of copper for remediation costs related to the October 2024 fire incident at PTFI’s smelter.

A significant portion of PTFI’s costs are fixed and unit costs vary depending on volumes and other factors. PTFI’s unit net cash credits (including by-product credits) of $3.53 per pound of copper in first-quarter 2026 were favorable compared to unit net cash costs (net of by-product credits) of $0.64 per pound of copper in first-quarter 2025, primarily reflecting higher by-product credits, partly offset by the impact of lower volumes.

Following the Mud Rush Incident and until PTFI’s operations return to normal capacity, a portion of PTFI’s production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs, which were excluded from PTFI's unit net cash credits, totaled $406 million ($4.93 per pound of copper) in first-quarter 2026.

Treatment charges reflect downstream tolling fees and operating costs and vary with the volume of metals sold and the price of copper, and royalties vary with the volume of metals sold and the prices of copper and gold. The increase in treatment charges and royalties per pound of copper in first-quarter 2026 compared to first-quarter 2025, primarily reflects lower copper volumes resulting from lower operating rates following the Mud Rush Incident and higher copper and gold prices. In addition, as a fully integrated producer of refined copper and gold, there may be variability in the rate of royalties per pound of copper as a result of the ratio of copper sales to gold and silver sales.

Prior to the expiration of PTFI’s export license on September 16, 2025, export duties were assessed on its copper concentrate sales at a rate of 7.5%. Refer to Note 11 of FCX’s 2025 Form 10-K for further discussion.

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Because certain assets are depreciated on a straight-line basis, PTFI’s unit depreciation rate may vary with asset additions and the level of copper volumes and changes in copper and gold inventory. PTFI’s DD&A per pound of copper in first-quarter 2026 included $1.13 per pound of copper for non-inventoriable idle facility costs associated with the Mud Rush Incident, and also reflects the impact of lower copper sales volumes and higher depreciation associated with placing its downstream processing facilities into service in 2025.

Based on achievement of current sales volume and cost estimates and assuming an average price of $4,500 per ounce of gold for the remainder of 2026, average unit net cash credits (including by-product credits and excluding idle facility and restoration costs associated with the Mud Rush Incident) for PTFI are expected to approximate $1.30 per pound of copper for the year 2026. Current cost estimates for 2026 also reflect recent pricing impacts for energy and other consumables. PTFI’s average unit net cash credits for the year 2026 would change by approximately $0.08 per pound of copper for each $100 per ounce change in the average price of gold for the remainder of 2026.

Molybdenum Mines

We operate two wholly owned primary molybdenum operations in Colorado – the Climax open-pit mine and the Henderson underground mine. The Climax and Henderson mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. The majority of the molybdenum concentrate produced at the Climax and Henderson mines and at our U.S. copper mines and Cerro Verde mine is processed at our conversion facilities.

Operating and Development Activities. Production from the Molybdenum mines totaled 9 million pounds of molybdenum in both first-quarter 2026 and 2025. Refer to “Consolidated Results” for our consolidated molybdenum operating data, which includes sales of molybdenum produced at our primary molybdenum operations and from our U.S. copper mines and Cerro Verde mine. Refer to “Outlook” for projected consolidated molybdenum sales volumes and to “Markets” for a discussion of molybdenum prices.

Unit Net Cash Costs per Pound of Molybdenum. We believe unit net cash costs per pound of molybdenum is a measure that provides investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other metals mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.

Average unit net cash costs for our Molybdenum mines of $15.69 per pound of molybdenum in first-quarter 2026 were higher than average unit net cash costs of $13.72 per pound in first-quarter 2025, primarily reflecting higher costs for labor, supplies and energy.

Average unit net cash costs for the Molybdenum mines are expected to approximate $17.80 per pound of molybdenum for the year 2026, based on achievement of current sales volume and cost estimates. Refer to “Product Revenues and Production Costs” for a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.

Downstream Processing Facilities

Through our downstream integration, we are able to place a significant portion of our copper concentrate production. PTFI’s downstream processing facilities in Eastern Java, Indonesia, are wholly owned and operated, and PTFI has a 66% ownership interest in PT Smelting, which is operated by Mitsubishi Materials Corporation. We wholly own and operate the Miami smelter and rod mill in Arizona, the El Paso refinery and rod mill in Texas, and the Atlantic Copper smelter and refinery in Huelva, Spain.

We manufacture continuous cast copper rod at our U.S. rod facilities primarily using copper produced at our U.S. copper mines and processing facilities. Rod production from these facilities approximated one billion pounds of copper for each of the last three years and is expected to approximate one billion pounds for the year 2026.

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Sulfuric acid production from our smelters in the U.S., Spain, and Indonesia, together with our sulfur burner plant at the Safford mine, generally exceeds the requirements of our SX/EW leaching operations. Accordingly, the recent volatility in the price of sulfuric acid is not expected to have a material impact on our consolidated results. Certain of our SX/EW leaching operations in the U.S. and South America purchase sulfuric acid from third parties, and while sulfuric acid price fluctuations may impact costs for these mining operations, favorable offsets associated with sulfuric acid sales by our smelters are reflected in revenues.

PTFI is a fully integrated producer of refined copper and gold. PTFI’s smelter and PT Smelting smelt and refine copper concentrate from PTFI’s mines in the Grasberg minerals district, and the PMR processes anode slimes from the smelter and PT Smelting. PTFI’s treatment charges, which are recorded in production and delivery costs, reflect downstream tolling fees and operating costs and do not represent market treatment and refining rates. Favorable offsets associated with incremental metals and sulfuric acid produced and sold by PT Smelting and PTFI’s downstream processing facilities are included in revenues.

Our Miami smelter in Arizona has been operating for over 100 years and has been upgraded numerous times during that period to implement new technologies, improve production and comply with air quality requirements. In first-quarter 2025, the Miami smelter performed a major maintenance turnaround and incurred maintenance charges and idle facility costs totaling $73 million.

Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes. In first-quarter 2026, Atlantic Copper purchased 75% of its concentrate from third parties and 25% from our South America operations. Atlantic Copper’s treatment charges, which consist of a base rate per pound of copper and per ounce of gold, are generally fixed and represent a cost to our mining operations and income to Atlantic Copper (i.e., higher treatment charges benefit our Atlantic Copper operations). Our U.S. copper mines are less significantly affected by changes in treatment charges because these operations are largely integrated with our Miami smelter and El Paso refinery.

We defer recognizing profits on sales from our mining operations to Atlantic Copper until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $70 million ($23 million to net income attributable to common stock) in first-quarter 2026 and $114 million ($34 million to net income attributable to common stock) in first-quarter 2025. Our net deferred profits on our inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $68 million ($22 million to net income attributable to common stock) at March 31, 2026. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices will result in variability in our net deferred profits and quarterly earnings.

CAPITAL RESOURCES AND LIQUIDITY

Our consolidated operating cash flows vary with sales volumes; prices realized from copper, gold and molybdenum sales; production costs; income taxes; other working capital changes; and other factors. Refer to “Consolidated Results,” and Item 1A. “Risk Factors” contained in Part I of 2025 Form 10-K and Part II, Item 1A. herein for further discussion on our energy requirements and related costs.

We remain focused on managing operating and capital costs efficiently and continue to advance several important value-enhancing initiatives. We believe the actions we have taken in recent years to build a solid balance sheet, successfully expand low-cost operations and maintain flexible organic growth options while maintaining sufficient liquidity, will allow us to continue to execute our business plans in a prudent manner during periods of economic uncertainty while preserving substantial future asset values. We closely monitor market and business conditions and adjust our operating plans to protect liquidity and preserve our asset values, when necessary. We expect to maintain a strong balance sheet and liquidity position as we focus on building long-term value in our business, executing our operating plans safely, responsibly and efficiently, and prudently managing operating costs and capital expenditures.

Based on current sales volume, cost and metal price estimates and planned capital expenditures discussed in “Outlook,” our available cash and cash equivalents plus our projected consolidated operating cash flows of $8.7 billion for the year 2026 exceed our expected consolidated capital expenditures of $4.3 billion.

We expect to have cash on hand and the financial flexibility to fund capital expenditures and our other cash requirements for the next 12 months, including noncontrolling interest distributions, income tax payments, current

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common stock dividends (base and variable) and any share or debt repurchases. Planned capital expenditures for major projects over the next few years are primarily associated with underground mine development in the Grasberg minerals district and expansion projects in the U.S.

At March 31, 2026, we had $3.7 billion in consolidated cash and cash equivalents, and FCX, PTFI and Cerro Verde had $3.0 billion, $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.

Financial Policy. Our financial policy is aligned with our strategic objectives of maintaining a solid balance sheet, providing cash returns to common stockholders and advancing opportunities for future growth. The policy includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to stockholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to us maintaining our net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding debt for PTFI’s downstream processing facilities). Our Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.

At March 31, 2026, our net debt totaled $2.4 billion, which excludes $3.2 billion of debt for PTFI’s downstream processing facilities. Refer to "Net Debt" for further discussion.

Refer to Note 4 and “Financing Activities” below for further discussion of shares acquired in first-quarter 2026 under our current share repurchase program.

On March 25, 2026, our Board declared cash dividends totaling $0.15 per share on our 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 May 1, 2026, to common stockholders of record on April 15, 2026.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of our Board and management, respectively, and are subject to a number of factors, including not exceeding our net debt target, capital availability, financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by our Board or management, as applicable. Our share repurchase program may be modified, increased, suspended or terminated at any time at our Board’s discretion.

Cash

Following is a summary of the U.S. and international components of consolidated cash and cash equivalents available to the parent company, net of noncontrolling interests’ share and withholding taxes, at March 31, 2026 (in billions):


Cash at domestic companies	$	1.9
Cash at international operations	1.8
Total consolidated cash and cash equivalents	3.7

Noncontrolling interests’ share	(0.8)
Cash, net of noncontrolling interests’ share	2.9
Withholding taxes	(0.1)
Net cash available	$	2.8

Cash held at our international operations is generally used to support our foreign operations’ capital expenditures, operating expenses, debt repayments, working capital or other cash needs. Management believes that sufficient liquidity is available in the U.S. from cash balances and availability from our revolving credit facility. We elected to not permanently reinvest earnings from our foreign subsidiaries, and we recorded deferred tax liabilities for foreign earnings that are available to be repatriated to the U.S. From time to time, our foreign subsidiaries distribute earnings to the U.S. through dividends that are subject to applicable withholding taxes and noncontrolling interests’ share.

Debt

At March 31, 2026, consolidated debt totaled $9.4 billion, with a weighted-average interest rate of 5.2%. Substantially all of our outstanding debt is fixed rate and our total debt has an average remaining duration of approximately eight years. There are no senior note maturities scheduled in 2026 and $1.3 billion scheduled in 2027.

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At March 31, 2026, we had no borrowings and $5 million in letters of credit issued under our $3.0 billion revolving credit facility, PTFI had $250 million in borrowings outstanding under its $1.75 billion revolving credit facility and Cerro Verde had no borrowings under its $350 million revolving credit facility. At March 31, 2026, Atlantic Copper had borrowings of $0.5 billion outstanding under short-term lines of credit used for working capital requirements.

Refer to Note 4 for further discussion of debt.

Operating Activities

We generated operating cash flows of $1.5 billion (including $0.1 billion from working capital and other sources) in first-quarter 2026 and $1.1 billion (net of $0.3 billion for working capital and other uses) in first-quarter 2025. Operating cash flows in first-quarter 2026, compared with first-quarter 2025, reflect the impact of higher metal prices, offset by lower copper and gold sales volumes from PTFI as a result of the Mud Rush Incident.

Investing Activities

Capital Expenditures. Capital expenditures, including capitalized interest, totaled $1.0 billion in first-quarter 2026 and $1.2 billion in first-quarter 2025, and include amounts for major projects ($0.6 billion in both first-quarter 2026 and 2025), primarily associated with underground development activities and supporting mill and power capital costs in the Grasberg minerals district.

Financing Activities

Debt Transactions. Net proceeds from debt totaled $35 million in first-quarter 2026 and $452 million in first-quarter 2025, primarily related to borrowings by Atlantic Copper under short-term lines of credit used for working capital requirements.

Cash Dividends on Common Stock. We paid cash dividends on our common stock totaling $0.2 billion in both first-quarter 2026 and 2025. Refer to Note 4, Item 1A. “Risk Factors” contained in Part I of our 2025 Form 10-K and Part II, Item 1A. herein, “Cautionary Statement” below and the discussion of our financial policy above.

Cash Dividends and Distributions Paid to Noncontrolling Interests. Cash dividends and distributions paid to noncontrolling interests at our international operations totaled $0.2 billion in first-quarter 2026. There were no cash dividends paid to noncontrolling interests at our international operations in first-quarter 2025. Cash dividends and distributions to noncontrolling interests vary based on the operating results and cash requirements of our consolidated subsidiaries.

Treasury Stock Purchases. We acquired 1.7 million shares of our common stock for a total cost of $93 million ($54.25 average cost per share) under our share repurchase program in first-quarter 2026, and 1.4 million shares of our common stock for a total cost of $55 million ($39.10 average cost per share) in first-quarter 2025. Refer to Note 4 for further discussion.

CONTRACTUAL OBLIGATIONS

There have been no material changes in our contractual obligations since December 31, 2025. Refer to Note 11 and Part II, Items 7. and 7A. in our 2025 Form 10-K for information regarding our contractual obligations.

CONTINGENCIES

Environmental Obligations and Asset Retirement Obligations (AROs)

Our current and historical operating activities are subject to various environmental laws and regulations. We perform a comprehensive annual review of our environmental obligations and AROs and also review changes in facts and circumstances associated with these obligations at least quarterly.

There have been no significant updates to our environmental obligations and AROs since December 31, 2025. Refer to Note 10 of our 2025 Form 10-K for further discussion regarding environmental contingencies and AROs.

Leases

There have been no significant updates to our lease commitments since December 31, 2025. Refer to Note 11 of our 2025 Form 10-K for further discussion regarding lease commitments.

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Litigation and Other Contingencies

There have been no significant updates to our contingencies associated with legal proceedings and other matters since December 31, 2025. Refer to Note 10 and “Legal Proceedings” contained in Part I, Item 3. of our 2025 Form 10-K for further discussion regarding litigation and other contingencies.

NEW ACCOUNTING STANDARDS

There were no significant updates to previously reported accounting standards included in Note 1 of our 2025 Form 10-K.

CRITICAL ACCOUNTING ESTIMATES

Refer to our 2025 Form 10-K for a description of our critical accounting estimates that require us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. There have been no changes from these previously disclosed policies.

NET DEBT

We believe that net debt provides investors with information related to the performance-based payout framework in our financial policy, which requires us to maintain our net debt at a level not to exceed the net debt target of $3 billion to $4 billion (excluding project debt for PTFI’s downstream processing facilities). We define net debt as consolidated debt less consolidated cash and cash equivalents. This information differs from consolidated debt determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for consolidated debt determined in accordance with U.S. GAAP. Our net debt, which may not be comparable to similarly titled measures reported by other companies, follows (in millions):


	At March 31, 2026
Current portion of debt	$	500
Long-term debt, less current portion	8,914
Consolidated debt	9,414
Less: consolidated cash and cash equivalents	3,737

FCX net debt	5,677
Less: debt for PTFI’s downstream processing facilities	3,236		a
FCX net debt, excluding debt for PTFI’s downstream processing facilities	$	2,441

a.Represents PTFI’s senior notes and $250 million of borrowings under PTFI’s revolving credit facility.

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PRODUCT REVENUES AND PRODUCTION COSTS

Mining Product Revenues and Unit Net Cash Costs (Credits)

We believe unit net cash costs (credits) per pound of copper and molybdenum are measures intended to provide investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for the respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. These measures are presented by other metals mining companies, although our measures may not be comparable to similarly titled measures reported by other companies.

We present gross profit per pound of copper in the following tables using both a “by-product” method and a “co-product” method. We use the by-product method in our presentation of gross profit per pound of copper because (i) the majority of our revenues are copper revenues, (ii) we mine ore, which contains copper, gold, molybdenum and other metals, (iii) it is not possible to specifically assign all of our costs to revenues from the copper, gold, molybdenum and other metals we produce and (iv) it is the method used by our management and Board to monitor our mining operations and to compare mining operations in certain industry publications. In the co-product method presentations, shared costs are allocated to the different products based on their relative revenue values, which will vary to the extent our metals sales volumes and realized prices change.

We show revenue adjustments for prior period open sales as a separate line item. Because these adjustments result from prior period sales, these amounts have been reflected separately from revenues on current period sales. Noncash and other costs, net, which are removed from site production and delivery costs in the calculation of unit net cash costs, consist of items such as ARO accretion and other adjustments, inventory write-offs and adjustments, stock-based compensation costs, long-lived asset impairments, idle facility costs, feasibility and optimization study costs, operational readiness and start-up costs, restructuring and/or unusual charges. As discussed above, gold, molybdenum and other metal revenues at copper mines are reflected as credits against site production and delivery costs in the by-product method. The following schedules are presentations under both the by-product and co-product methods together with reconciliations to amounts reported in our consolidated financial statements.

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U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs



Three Months Ended March 31, 2026
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	1,920		$	1,920	$	195	$	82	$	2,197
Site production and delivery, before net noncash and other costs shown below	1,149			1,011		135		52		1,198
By-product credits	(229)			—		—		—		—
Treatment charges	42			39		—		3		42
Net cash costs	962			1,050		135		55		1,240
DD&A	165			136		14		15		165

Noncash and other costs, net	48		c	44		3		1		48
Total costs	1,175			1,230		152		71		1,453
Other revenue adjustments, primarily for pricing on prior period open sales	—			—		—		1		1
Gross profit	$	745		$	690	$	43	$	12	$	745

Copper sales (millions of recoverable pounds)	328			328
Molybdenum sales (millions of recoverable pounds)a						7

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	5.85		$	5.85	$	25.56
Site production and delivery, before net noncash and other costs shown below	3.50			3.08		17.63
By-product credits	(0.70)			—		—
Treatment charges	0.13			0.12		—
Unit net cash costs	2.93			3.20		17.63
DD&A	0.50			0.41		1.83

Noncash and other costs, net	0.15		c	0.14		0.44
Total unit costs	3.58			3.75		19.90
Other revenue adjustments, primarily for pricing on prior period open sales	—			—		—
Gross profit per pound	$	2.27		$	2.10	$	5.66

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	2,197		$	1,198	$	165
Treatment charges	—			42		—
Noncash and other costs, net	—			48		—
Other revenue adjustments, primarily for pricing on prior period open sales	1			—		—
Eliminations and other	1			3		—
U.S. copper mines	2,199			1,291		165
Other miningd	5,949			4,630		329


Corporate, other & eliminationse	(1,914)			(1,856)		20
As reported in our consolidated financial statements	$	6,234		$	4,065	$	514

a.Reflects sales of molybdenum produced by certain of the U.S. copper mines to our molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $17 million ($0.05 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

e.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

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U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs



Three Months Ended March 31, 2025
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	1,414		$	1,414	$	155	$	41	$	1,610
Site production and delivery, before net noncash and other costs shown below	1,070			952		131		34		1,117
By-product credits	(150)			—		—		—		—
Treatment charges	37			35		—		2		37
Net cash costs	957			987		131		36		1,154
DD&A	124			112		10		2		124

Noncash and other costs, net	39		c	37		2		—		39
Total costs	1,120			1,136		143		38		1,317
Other revenue adjustments, primarily for pricing on prior period open sales	4			4		—		1		5
Gross profit	$	298		$	282	$	12	$	4	$	298

Copper sales (millions of recoverable pounds)	307			307
Molybdenum sales (millions of recoverable pounds)a						8

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	4.60		$	4.60	$	20.16
Site production and delivery, before net noncash and other costs shown below	3.48			3.10		17.05
By-product credits	(0.49)			—		—
Treatment charges	0.12			0.11		—
Unit net cash costs	3.11			3.21		17.05
DD&A	0.40			0.36		1.28

Noncash and other costs, net	0.13		c	0.12		0.29
Total unit costs	3.64			3.69		18.62
Other revenue adjustments, primarily for pricing on prior period open sales	0.01			0.01		—
Gross profit per pound	$	0.97		$	0.92	$	1.54

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	1,610		$	1,117	$	124
Treatment charges	(4)			33		—
Noncash and other costs, net	—			39		—
Other revenue adjustments, primarily for pricing on prior period open sales	5			—		—
Eliminations and other	19			23		—
U.S. copper mines	1,630			1,212		124
Other miningd	5,510			3,844		331


Corporate, other & eliminationse	(1,412)			(1,300)		11
As reported in our consolidated financial statements	$	5,728		$	3,756	$	466

a.Reflects sales of molybdenum produced by certain of the U.S. copper mines to our molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $14 million ($0.05 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

e.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

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South America Operations Product Revenues, Production Costs and Unit Net Cash Costs



Three Months Ended March 31, 2026
(In millions)	By-Product			Co-Product Method
	Method			Copper		Othera		Total
Revenues, excluding adjustments	$	1,401		$	1,401	$	202	$	1,603
Site production and delivery, before net noncash and other costs shown below	779			689		103		792
By-product credits	(196)			—		—		—
Treatment charges	2			2		—		2
Royalty on metals	3			3		—		3
Net cash costs	588			694		103		797
DD&A	103			90		13		103

Noncash and other costs, net	17		b	16		1		17
Total costs	708			800		117		917
Other revenue adjustments, primarily for pricing on prior period open sales	28			28		7		35
Gross profit	$	721		$	629	$	92	$	721

Copper sales (millions of recoverable pounds)	248			248

Gross profit per pound of copper:

Revenues, excluding adjustments	$	5.66		$	5.66
Site production and delivery, before net noncash and other costs shown below	3.15			2.78
By-product credits	(0.79)			—
Treatment charges	0.01			0.01
Royalty on metals	0.01			0.01
Unit net cash costs	2.38			2.80
DD&A	0.41			0.36

Noncash and other costs, net	0.07		b	0.07
Total unit costs	2.86			3.23
Other revenue adjustments, primarily for pricing on prior period open sales	0.11			0.11
Gross profit per pound	$	2.91		$	2.54

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	1,603		$	792	$	103
Treatment charges	(2)			—		—
Royalty on metals	(3)			—		—
Noncash and other costs, net	—			17		—
Other revenue adjustments, primarily for pricing on prior period open sales	35			—		—
Eliminations and other	1			—		—
South America operations	1,634			809		103
Other miningc	6,514			5,112		391


Corporate, other & eliminationsd	(1,914)			(1,856)		20
As reported in our consolidated financial statements	$	6,234		$	4,065	$	514

a.Includes silver sales of 0.8 million ounces ($75.66 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.

b.Includes charges totaling $11 million ($0.05 per pound of copper) for feasibility and optimization studies.

c.Represents the combined total for U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

d.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

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South America Operations Product Revenues, Production Costs and Unit Net Cash Costs



Three Months Ended March 31, 2025
(In millions)	By-Product			Co-Product Method
	Method			Copper		Othera		Total
Revenues, excluding adjustments	$	1,199		$	1,199	$	135	$	1,334
Site production and delivery, before net noncash and other costs shown below	759			688		87		775
By-product credits	(121)			—		—		—
Treatment charges	19			19		—		19
Royalty on metals	2			2		—		2
Net cash costs	659			709		87		796
DD&A	111			99		12		111

Noncash and other costs, net	14		b	14		—		14
Total costs	784			822		99		921
Other revenue adjustments, primarily for pricing on prior period open sales	60			60		2		62
Gross profit	$	475		$	437	$	38	$	475

Copper sales (millions of recoverable pounds)	275			275

Gross profit per pound of copper:

Revenues, excluding adjustments	$	4.36		$	4.36
Site production and delivery, before net noncash and other costs shown below	2.76			2.50
By-product credits	(0.44)			—
Treatment charges	0.07			0.07
Royalty on metals	0.01			0.01
Unit net cash costs	2.40			2.58
DD&A	0.40			0.36

Noncash and other costs, net	0.05		b	0.05
Total unit costs	2.85			2.99
Other revenue adjustments, primarily for pricing on prior period open sales	0.22			0.22
Gross profit per pound	$	1.73		$	1.59

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	1,334		$	775	$	111
Treatment charges	(19)			—		—
Royalty on metals	(2)			—		—
Noncash and other costs, net	—			14		—
Other revenue adjustments, primarily for pricing on prior period open sales	62			—		—
Eliminations and other	1			(1)		—
South America operations	1,376			788		111
Other miningc	5,764			4,268		344


Corporate, other & eliminationsd	(1,412)			(1,300)		11
As reported in our consolidated financial statements	$	5,728		$	3,756	$	466

a.Includes silver sales of 0.8 million ounces ($33.79 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.

b.Includes charges totaling $15 million ($0.05 per pound of copper) for feasibility studies and optimization studies.

c.Represents the combined total for U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

d.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

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Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs



Three Months Ended March 31, 2026
(In millions)				Co-Product Method
	By-Product Method			Copper			Gold		Silver & Othera		Total
Revenues, excluding adjustments	$	485		$	485		$	565	$	64	$	1,114
Site production and delivery, before net noncash and other costs shown below	240			104			122		14		240
By-product credits	(630)			—			—		—		—
Treatment charges	50			22			25		3		50

Royalty on metals	50			24			24		2		50
Net cash (credits) costs	(290)			150			171		19		340
DD&A	194		b	85			98		11		194

Noncash and other costs, net	422		c	184			214		24		422
Total costs	326			419			483		54		956
Other revenue adjustments, primarily for pricing on prior period open sales	9			9			1		—		10

Gross profit	$	168		$	75		$	83	$	10	$	168

Copper sales (millions of recoverable pounds)	82			82
Gold sales (thousands of recoverable ounces)							116

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	5.89		$	5.89		$	4,893
Site production and delivery, before net noncash and other costs shown below	2.91			1.27			1,052
By-product credits	(7.65)			—			—
Treatment charges	0.61			0.26			220

Royalty on metals	0.60			0.29			210
Unit net cash (credits) costs	(3.53)			1.82			1,482
DD&A	2.35		b	1.03			851

Noncash and other costs, net	5.13		c	2.23			1,855
Total unit costs	3.95			5.08			4,188
Other revenue adjustments, primarily for pricing on prior period open sales	0.10			0.10			11

Gross profit per pound/ounce	$	2.04		$	0.91		$	716

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery			DD&A
Totals presented above	$	1,114		$	240		$	194
Treatment charges	(2)			48		d	—

Royalty on metals	(50)			—			—
Noncash and other costs, net	—			422			—
Other revenue adjustments, primarily for pricing on prior period open sales	10			—			—


Indonesia operations	1,072			710			194
Other mininge	7,076			5,211			300


Corporate, other & eliminationsf	(1,914)			(1,856)			20
As reported in our consolidated financial statements	$	6,234		$	4,065		$	514

a.Includes silver sales of 0.5 million ounces ($84.38 per ounce average realized price).

b.Includes $93 million ($1.13 per pound of copper) of idle facility costs associated with the Mud Rush Incident.

c.Includes $406 million ($4.93 per pound of copper) of idle facility and restoration costs associated with the Mud Rush Incident.

d.Primarily represents tolling costs paid to PT Smelting, and excludes idle facility related tolling fees that are included in noncash and other costs, net (refer to note c above).

e.Represents the combined total for U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

f.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

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Indonesia Operations Product Revenues, Production Costs and Unit Net Cash Costs



Three Months Ended March 31, 2025

(In millions)				Co-Product Method
	By-Product Method			Copper			Gold		Silver & Othera		Total
Revenues, excluding adjustments	$	1,258		$	1,258		$	385	$	21	$	1,664
Site production and delivery, before net noncash and other costs shown below	432			326			100		6		432
By-product credits	(422)			—			—		—		—
Treatment charges	56			42			13		1		56
Export duties	55			42			12		1		55
Royalty on metals	66			48			18		—		66
Net cash costs	187			458			143		8		609
DD&A	186			141			43		2		186

Noncash and other costs, net	97		b	73			23		1		97
Total costs	470			672			209		11		892
Other revenue adjustments, primarily for pricing on prior period open sales	19			19			15		1		35

Gross profit	$	807		$	605		$	191	$	11	$	807

Copper sales (millions of recoverable pounds)	290			290
Gold sales (thousands of recoverable ounces)							125

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	4.34		$	4.34		$	3,072
Site production and delivery, before net noncash and other costs shown below	1.49			1.12			797
By-product credits	(1.46)			—			—
Treatment charges	0.19			0.15			102
Export duties	0.19			0.14			102
Royalty on metals	0.23			0.17			144
Unit net cash costs	0.64			1.58			1,145
DD&A	0.64			0.49			343

Noncash and other costs, net	0.34		b	0.25			179
Total unit costs	1.62			2.32			1,667
Other revenue adjustments, primarily for pricing on prior period open sales	0.06			0.07			116

Gross profit per pound/ounce	$	2.78		$	2.09		$	1,521

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery			DD&A
Totals presented above	$	1,664		$	432		$	186
Treatment charges	(8)			48		c	—
Export duties	(55)			—			—
Royalty on metals	(66)			—			—
Noncash and other costs, net	—			97			—
Other revenue adjustments, primarily for pricing on prior period open sales	35			—			—

Eliminations and other	—			1			—
Indonesia operations	1,570			578			186
Other miningd	5,570			4,478			269


Corporate, other & eliminationse	(1,412)			(1,300)			11
As reported in our consolidated financial statements	$	5,728		$	3,756		$	466

a.Includes silver sales of 0.4 million ounces ($34.05 per ounce average realized price).

b.Includes charges totaling $44 million ($0.15 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, $24 million ($0.08 per pound of copper) related to the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities and $23 million ($0.08 per pound of copper) for remediation costs related to the October 2024 incident at PTFI’s smelter.

c.Represents tolling costs paid to PT Smelting.

d.Represents the combined total for U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

e.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

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Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs



	Three Months Ended March 31,
(In millions)	2026		2025

Revenues, excluding adjustmentsa	$	221	$	186
Site production and delivery, before net noncash and other costs shown below	129		116
Treatment charges and other	9		9
Net cash costs	138		125
DD&A	24		26

Noncash and other costs, net	7		6
Total costs	169		157
Gross profit	$	52	$	29

Molybdenum sales (millions of recoverable pounds)a	9		9

Gross profit per pound of molybdenum:

Revenues, excluding adjustmentsa	$	25.21	$	20.32
Site production and delivery, before net noncash and other costs shown below	14.73		12.70
Treatment charges and other	0.96		1.02
Unit net cash costs	15.69		13.72
DD&A	2.80		2.83

Noncash and other costs, net	0.75		0.62
Total unit costs	19.24		17.17
Gross profit per pound	$	5.97	$	3.15

Reconciliation to Amounts Reported

			Production
Three Months Ended March 31, 2026	Revenues		and Delivery		DD&A
Totals presented above	$	221	$	129	$	24
Treatment charges and other	(9)		—		—
Noncash and other costs, net	—		7		—
Molybdenum mines	212		136		24
Other miningb	7,936		5,785		470


Corporate, other & eliminationsc	(1,914)		(1,856)		20
As reported in our consolidated financial statements	$	6,234	$	4,065	$	514

Three Months Ended March 31, 2025
Totals presented above	$	186	$	116	$	26
Treatment charges and other	(9)		—		—
Noncash and other costs, net	—		6		—


Molybdenum mines	177		122		26
Other miningb	6,963		4,934		429


Corporate, other & eliminationsc	(1,412)		(1,300)		11
As reported in our consolidated financial statements	$	5,728	$	3,756	$	466

a.Reflects sales of the Molybdenum mines’ production to our molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third parties; as a result, our consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.

b.Represents the combined total for U.S. copper mines, South America and Indonesia operations, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

c.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments,” which also includes amounts associated with our molybdenum sales company, including sales of molybdenum produced by the Molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.

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CAUTIONARY STATEMENT

Our discussion and analysis contain forward-looking statements in which we discuss our potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; restoration and remediation efforts, and phased restart and ramp-up of production and downstream processing following the Mud Rush Incident at PTFI’s Grasberg Block Cave underground mine and the anticipated impact on FCX’s business, production, sales, results of operations and operating plans; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; the life of resource extension of operating rights in the Grasberg minerals district, including the extension of PTFI’s IUPK beyond 2041; timing of shipments of inventoried production; our sustainability-related commitments and targets; our overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of our operating sites under specific frameworks; achievement of our 2030 climate targets and our 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of our financial policy and future returns to common stockholders, including dividend payments (base or variable) and share repurchases. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “future,” “commitments,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration and payment of dividends (base or variable), and timing and amount of any share repurchases are at the discretion of our Board and management, respectively, and are subject to a number of factors, including not exceeding our net debt target, capital availability, our financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by our Board or management, as applicable. Our share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

We caution readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause our actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities we produce, primarily copper and gold; changes in export duties and tariff rates; production rates; timing of shipments and sales; PTFI’s ability to repair mud rush incident-related damage, implement enhanced operating procedures, safely restart with a phased ramp-up and achieve full operating rates of production and downstream processing on the expected timeline and optimize production plans; resolve force majeure declarations and maintain relationships with commercial counterparties; price and availability of consumables and components we purchase as well as constraints on supply and logistics, and transportation services; changes in cash requirements, financial position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or industry conditions, including market volatility regarding trade policies and tariff uncertainty; reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations, including the ability to smelt and refine or inventory; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PTFI’s IUPK to extend mining rights from 2031 through 2041; delays in Indonesia government approvals or failure to obtain Indonesia government approval, including on the agreed upon terms of the MOU and relating to the amendment to the IUPK to extend PTFI’s operating rights beyond 2041; delays in consummating the terms of the MOU, including entering into any definitive agreements; cybersecurity risks; any major public health crisis; labor relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; impacts, expenses or results from litigation or investigations; tailings management; our ability to comply with our responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading “Risk Factors” contained in Part I, Item 1A. of our 2025 Form 10-K and Part II, Item 1A. herein.

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Investors are cautioned that many of the assumptions upon which our forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which we cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which we may not be able to control. Further, we may make changes to our business plans that could affect our results. We undertake no obligation to update any forward-looking statements, which are as of the date made, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes.

This report on Form 10-Q also contains measures such as net debt and unit net cash costs (credits) per pound of copper and molybdenum, which are not recognized under U.S. GAAP. Refer to “Operations – Unit Net Cash Costs” and “Operations – Unit Net Cash (Credits) Costs” for further discussion of unit net cash costs (credits) associated with our operating divisions, and to “Product Revenues and Production Costs” for reconciliations of per pound costs (credits) by operating division to production and delivery costs applicable to sales reported in our consolidated financial statements. Refer to “Net Debt” for reconciliations of consolidated debt, and consolidated cash and cash equivalents to net debt. For forward-looking unit net cash costs (credits) per pound of copper and molybdenum measures, we are unable to provide a reconciliation to the most comparable U.S. GAAP measure without unreasonable effort because estimating such U.S. GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods, and the information needed to reconcile these measures is dependent upon future events, many of which are outside of our control as described above. Forward-looking non-U.S. GAAP measures are estimated consistent with the relevant definitions and assumptions.

Item 3.Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes in our market risks during the three-month period ended March 31, 2026. For further discussion on market risks, refer to “Disclosures About Market Risks” included in Part II, Items 7. and 7A. of our 2025 Form 10-K. For projected sensitivities of our operating cash flow to changes in commodity prices, refer to “Outlook” in Part I, Item 2. of this quarterly report on Form 10-Q; for projected sensitivities of our provisionally priced copper sales to changes in commodity prices refer to “Consolidated Results – Revenues” in Part I, Item 2. of this quarterly report on Form 10-Q.

Item 4.Controls and Procedures.

(a)Evaluation of disclosure controls and procedures. Our chief executive officer and chief financial officer, with the participation of management, have evaluated the effectiveness of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this quarterly report on Form 10-Q. Based on their evaluation, they have concluded that our disclosure controls and procedures were effective at March 31, 2026.

(b)Changes in internal control over financial reporting. There has been no change in our internal control over financial reporting that occurred during the quarter ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Part II.OTHER INFORMATION

Item 1.Legal Proceedings.

We are involved in numerous legal proceedings that arise in the ordinary course of our business or are associated with environmental issues. We are also involved periodically in reviews, inquiries, investigations and other proceedings initiated by or involving government agencies, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief.

Management does not believe, based on currently available information, that the outcome of any legal proceeding reported in Part I, Item 3. “Legal Proceedings” and Note 10 of our 2025 Form 10-K, will have a material adverse effect on our financial condition; although individual or cumulative outcomes could be material to our operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period.

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There have been no material changes to legal proceedings previously disclosed in Part I, Item 3. “Legal Proceedings” and Note 10 of our 2025 Form 10-K.

Item 1A. Risk Factors.

There have been no material changes to our risk factors previously disclosed in Part I, Item 1A. “Risk Factors” of our 2025 Form 10-K, except for the following update to the risk factor captioned “Our operations are subject to evolving geopolitical, economic, regulatory and social risks,” which supplements the corresponding risk factor in our 2025 Form 10-K and should be read in conjunction with the full text of that risk factor and the other risk factors set forth in our 2025 Form 10-K.

Our operations are subject to evolving geopolitical, economic, regulatory and social risks.

We are required to comply with a wide range of laws and regulations in the countries where we operate or do business. For example, our international operations must comply with the U.S. Foreign Corrupt Practices Act (FCPA) and similar anti-corruption and anti-bribery laws of the other jurisdictions in which we operate. We are investigating whether activities of PT Smelting may have violated aspects of the FCPA or other laws, including laws of non-U.S. jurisdictions. PT Smelting is an Indonesian joint venture between PTFI and Mitsubishi Materials Corporation (MMC), and an affiliate of MMC serves as operator of PT Smelting. As previously reported, we voluntarily notified the SEC and U.S. Department of Justice that we had engaged outside counsel to conduct the investigation of PT Smelting’s activities. On March 17, 2026, the SEC notified us that it does not intend to pursue an enforcement action. Any determination that operations or activities are not in compliance with existing laws, including the FCPA, could result in the imposition of fines, penalties and equitable remedies. We cannot currently predict the outcome of our investigation.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.

There were no unregistered sales of equity securities during the quarter ended March 31, 2026.

The following table sets forth information with respect to shares of FCX common stock purchased by us during the quarter ended March 31, 2026, and the approximate dollar value of shares that may yet be purchased pursuant to our share repurchase program:


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid Per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programsa	(d) Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programsa
January 1-31, 2026	—	$	—	—	$	2,998,744,414
February 1-28, 2026	—	$	—	—	$	2,998,744,414
March 1-31, 2026	1,710,064	$	54.25	1,710,064	$	2,905,970,595
Total	1,710,064	$	54.25	1,710,064

a.On November 1, 2021, our Board approved a share repurchase program authorizing repurchases of up to $3.0 billion of our common stock, and on July 19, 2022, our Board authorized an increase in the share repurchase program up to $5.0 billion. The share repurchase program does not obligate us to acquire any specific amount of shares and does not have an expiration date.

Item 4.Mine Safety Disclosures.

Our highest priority is the health, safety and well-being of our workforce. We also work to promote safety with our suppliers and in the communities where we operate. We believe health and safety considerations are integral to, and fundamental for, all other functions in our organization, and we understand the health and safety of our workforce is critical to our operational efficiency and long-term success. Our global health and safety strategy, “Safe Production Matters,” is focused on fatality prevention, eliminating systemic root causes of incidents and continuous improvement through robust management systems, which are supported by leaders empowering our teams to work safely. Our global safety strategy across all levels of the organization is captured in our Fatal Risk Management (FRM) program. The goal of our FRM program is to achieve zero workplace fatalities by strengthening preventive measures and raising awareness of fatal risks and the measures necessary to mitigate them. The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall

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Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95.1 to this quarterly report on Form 10-Q.

Item 5. Other Information.

During the quarter ended March 31, 2026, no director or officer of FCX adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as such terms are defined in Item 408(a) of Regulation S-K.

Item 6.Exhibits.

Filed

Exhibit

with this

Incorporated by Reference

Number

Exhibit Title

Form 10-Q

Form

File No.

Date Filed

2.1

PTFI Divestment Agreement dated as of September 27, 2018 among FCX, International Support LLC, PT Freeport Indonesia, PT Indocopper Investama and PT Indonesia Asahan Aluminium (Persero).

10-Q

001-11307-01

11/9/2018

2.2

Supplemental and Amendment Agreement to the PTFI Divestment Agreement, dated December 21, 2018, among FCX, PT Freeport Indonesia, PT Indonesia Papua Metal Dan Mineral (f/k/a PT Indocopper Investama), PT Indonesia Asahan Aluminium (Persero) and International Support LLC.

10-K

001-11307-01

2/15/2019

3.1

Composite Certificate of Incorporation of FCX.

10-Q

001-11307-01

8/7/2024

3.2

Amended and Restated By-Laws of FCX, effective as of June 11, 2024.

8-K

001-11307-01

6/12/2024

10.1*

Form of Performance Share Unit Agreement (effective February 2026).

10-K

001-11307-01

2/13/2026

10.2*

Form of Restricted Stock Unit Agreement (effective February 2026).

10-K

001-11307-01

2/13/2026

31.1

Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a).

31.2

Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a).

32.1

Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350.

32.2

Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350.

95.1

Mine Safety and Health Administration Safety Data.

99.1

Memorandum of Understanding by and between the Government of the Republic of Indonesia, PT Freeport Indonesia and Freeport‑McMoRan Inc. dated February 18, 2026.

8-K/A

001-11307-01

2/27/2026

101.INS

XBRL Instance Document - the XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase.

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase.

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase.

104

The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL and contained in Exhibit 101.

* Indicates management contract or compensatory plan or arrangement.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			Freeport-McMoRan Inc.

			By:			/s/ Ellie L. Mikes
						Ellie L. Mikes
						Vice President and Chief Accounting Officer
						(authorized signatory
						and Principal Accounting Officer)

Date: May 8, 2026

S-1

Freeport-McMoRan - 10-Q quarterly report FY

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