# FREEPORT-MCMORAN INC (FCX) Informational only - not investment advice. CIK: 0000831259 SIC: 1000 Metal Mining SIC breadcrumb: [Mining](/division/B/) > [Metal Mining](/major-group/10/) > [SIC 1000 Metal Mining](/industry/1000/) Latest 10-K filed: 2026-02-13 SEC page: https://www.sec.gov/edgar/browse/?CIK=831259 Filing source: https://www.sec.gov/Archives/edgar/data/831259/000083125926000012/fcx-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 25186000000 | USD | 2025 | 2026-02-13 | | Assets | 58167000000 | USD | 2025 | 2026-02-13 | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high Items 7. and 7A.  Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk. In Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk (MD&A), “we,” “us” and “our” refer to Freeport-McMoRan Inc. and its consolidated subsidiaries. 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” below for further discussion). References to “Notes” are Notes included in our Notes to Consolidated Financial Statements. Throughout MD&A, all references to income or losses per share are on a diluted basis. This section of our Form 10-K discusses the results of operations for the years 2025 and 2024 and comparisons between these years. Discussion of the results of operations for the year 2023 and comparisons between the years 2024 and 2023 are not included in this Form 10-K and can be found in Items 7. and 7A. “Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk” contained in Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. 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 United States (U.S.) and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. 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, increased defense spending and growing connectivity globally. We believe that we are well positioned for the future as a leading producer of copper with significant copper reserves and resources and a high-quality portfolio of growth projects to provide additional supplies of copper to a growing market. Our experienced team is committed to value creation through solid execution of our plans, operational excellence and advancing opportunities for long-term organic growth. We continue to evaluate and advance potential expansion opportunities at certain of our copper mines 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. In late 2025, we achieved an annual run rate of approximately 240 million pounds of copper. We are targeting annual production of 300 million pounds of copper in 2026 from these initiatives and believe there is potential for further significant increases in recoverable metal beyond the current annual target. Refer to “Operations – United States” and “Operations – South America” for further discussion. Our 2025 operations and results were impacted by the September 2025 mud rush incident at the Grasberg minerals district in Central Papua, Indonesia. In late October 2025, PT Freeport Indonesia (PTFI) restarted operations at the unaffected Deep Mill Level Zone (DMLZ) and Big Gossan underground mines. During fourth-quarter 2025, investigations and remedial plans were completed and a phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026. Refer to “Operations – Indonesia” for further discussion. Higher net income attributable to common stock of $2.2 billion in 2025, compared to $1.9 billion in 2024, primarily reflects higher operating income from our U.S. and South America copper mining operations resulting from higher average realized copper prices, partly offset by lower financial results from Indonesia operations as a result of the September 2025 mud rush incident. Refer to “Consolidated Results” for discussion of items impacting our consolidated results for the years ended December 31, 2025 and 2024. At December 31, 2025, we had consolidated debt of $9.4 billion and consolidated cash and cash equivalents of $3.8 billion. Net debt totaled $2.3 billion, excluding $3.2 billion of debt for PTFI’s smelter and precious metals refinery 82 Table of Contents (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. At December 31, 2025, 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. Refer to Note 6 and “Capital Resources and Liquidity” for further discussion of our debt. We have significant mineral reserves, mineral resources and future development opportunities within our portfolio of mining assets. At December 31, 2025, our estimated consolidated recoverable proven and probable mineral reserves totaled 112.3 billion pounds of copper, 20.6 million ounces of gold and 3.5 billion pounds of molybdenum. Refer to Note 15 for further discussion. During 2025, production from our mines totaled 3.4 billion pounds of copper, 1.0 million ounces of gold and 92 million pounds of molybdenum. Following is the allocation of our consolidated copper, gold and molybdenum production in 2025 by geographic location: Copper Gold Molybdenum U.S. 39  % 2  % 77  % a South America 31  —  23  Indonesia 30  98  —  100  % 100  % 100  % a.Our U.S. copper mines produced 37% of consolidated molybdenum production, and our Henderson and Climax molybdenum mines produced 40%. Copper production from three of our mines (the Morenci mine in the U.S., the Cerro Verde mine in Peru and the Grasberg minerals district in Indonesia) together totaled 70% of our consolidated copper production in 2025. 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,” and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, 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. The forward-looking statements in the below section and elsewhere in this annual report on Form 10-K are based on current market conditions, speak only as of the filing date of this annual report on Form 10-K, 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 1,400  South America operations 1,080  Indonesia operations 900  Total 3,380  Gold (thousands of recoverable ounces) 800  Molybdenum (millions of recoverable pounds) 90  a a.Includes 56 million pounds produced by our U.S. copper mines and Cerro Verde mine and 34 million pounds produced by our primary molybdenum mines. Based on current estimates, approximately 60% of consolidated copper sales and 75% of consolidated gold sales in 2026 are expected to occur in the second half of the year. For the year 2026, copper and gold production volumes are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 100 thousand ounces of gold associated with inventory held at PTFI’s smelting operations. 83 Table of Contents Projected sales volumes are dependent on operational performance; the timing of restarting and ramping up the Grasberg Block Cave underground mine at PTFI, which is currently expected to begin in second-quarter 2026; weather-related conditions; timing of shipments and other factors. For further discussion of other important factors that could cause results to differ materially from projections, refer to Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025. Consolidated Unit Net Cash Costs Consolidated unit net cash costs (net of by-product credits and excluding idle facility costs and restoration expenses associated with the September 2025 mud rush incident at PTFI) for our copper mines are expected to average $1.75 per pound of copper for the year 2026, based on achievement of current sales volume estimates and cost estimates and assuming average prices of $4,000 per ounce of gold and $20.00 per pound of molybdenum for the year 2026. The impact of price changes on consolidated unit net cash costs for the year 2026 would approximate $0.03 per pound of copper for each $100 per ounce change in the average price of gold and $0.03 per pound of copper for each $2 per pound change in the average price of molybdenum. Quarterly unit net cash costs vary with fluctuations in sales volumes by region and realized prices, primarily for gold and molybdenum, and are expected to improve throughout 2026 as PTFI’s operations and smelting activities are restarted. Following the September 2025 mud rush incident and until PTFI operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility, which are non-inventoriable costs. Idle facility costs and restoration expenses are expected to total $0.9 billion for the year 2026 (including $0.4 billion in first-quarter 2026). Refer to “Operations” for further discussion. 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, including the timing of restarting and ramping up the Grasberg Block Cave underground mine at PTFI, which is currently expected to begin in second-quarter 2026. Consolidated operating cash flows are estimated to approximate $8 billion for the year 2026, including $1 billion of working capital and other sources, based on current sales volume and cost estimates, and assuming average prices of $5.00 per pound of copper, $4,000 per ounce of gold and $20.00 per pound of molybdenum for the year 2026. Estimated consolidated operating cash flows in 2026 also reflect a projected income tax provision of $2.7 billion (refer to “Consolidated Results – Income Taxes” for further discussion of our projected income tax rate). The impact of price changes on operating cash flows for the year 2026 would approximate $330 million for each $0.10 per pound change in the average price of copper, $75 million for each $100 per ounce change in the average price of gold and $160 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, supporting mill and power capital costs and a portion of spending on a new gas-fired combined cycle facility in the Grasberg minerals district, and potential U.S. expansion projects, and $1.6 billion for discretionary growth projects, primarily in the Grasberg minerals district for the development of Kucing Liar and at the Bagdad mine for tailings infrastructure. We are carefully managing operating costs and near-term capital expenditures in connection with revised operating plans at the Grasberg minerals district to manage cash flow and liquidity during the phased ramp-up period. 84 Table of Contents 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 annual report on Form 10-K for the year ended December 31, 2025). The following graphs present the London Metal Exchange (LME) and Commodity Exchange Inc. (COMEX) copper settlement prices, the London Bullion Market Association (London) PM gold prices, and the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices since January 2016. This graph presents LME and COMEX copper settlement prices and the combined reported stocks of copper at the LME, COMEX and the Shanghai Futures Exchange from January 2016 through December 2025. 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. Copper priced on the LME and COMEX exchanges have historically traded in a narrow range without significant differential. Following U.S. trade policy announcements in 2025, including proposed tariff announcements (refer to “Operations – U.S. Tariffs”), the two benchmark prices traded at wider differentials than historical averages. For the year 2025, the average COMEX copper settlement price was 7% higher than the average LME copper settlement price. To date in 2026 (through February 12, 2026), the two benchmark prices have been similar. Recent price strength has been 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. As a result, both LME and COMEX settlement copper prices closed at all-time highs in January 2026 of $6.28 per pound and $6.18 per pound, respectively. Copper sales from our South America and Indonesia operations are generally based on quoted LME monthly average copper settlement prices. For the year 2025, the LME copper settlement prices averaged $4.51 per pound (ranging from a low of $3.87 per pound to a high of $5.68 per pound) and closed at $5.67 per pound on December 31, 2025. The LME copper settlement price averaged $5.94 per pound in January 2026, and closed at $5.97 per pound on February 12, 2026. Copper sales from our U.S. copper mines are generally based on the prevailing COMEX monthly average copper settlement prices. For the year 2025, the COMEX monthly copper settlement prices averaged $4.82 per pound (ranging from a low of $3.99 per pound to a high of $5.80 per pound) and closed at $5.63 per pound on 85 Table of Contents December 31, 2025. The COMEX copper settlement price averaged $5.88 per pound in January 2026, and closed at $5.79 per pound on February 12, 2026. 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 AI growth, increased defense spending and growing connectivity globally. This graph presents London PM gold prices from January 2016 through December 2025. For the year 2025, London PM gold prices averaged $3,432 per ounce (ranging from a low of $2,633 per ounce to a high of $4,449 per ounce) and closed at $4,368 per ounce on December 31, 2025. The prospect of additional U.S. interest rate reductions, geopolitical tensions, trade uncertainty and strong demand from central banks around the world continue to influence gold prices. In January 2026, the London PM gold price closed at an all-time high of $5,405 per ounce and averaged $4,744 per ounce. On February 12, 2026, the London PM gold price closed at $5,043 per ounce. 86 Table of Contents This graph presents the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices from January 2016 through December 2025. For the year 2025, the weekly average prices for molybdenum averaged $22.12 per pound (ranging from a low of $19.71 per pound to a high of $25.93 per pound) and closed at $21.62 per pound on December 31, 2025. Overall global demand for molybdenum is driven by energy, power generation, aerospace, defense and construction sectors. We believe fundamentals for molybdenum are positive with favorable demand drivers and limited supply. The Platts Metals Daily Molybdenum Dealer Oxide weekly average price for January 2026 was $23.27 per pound and was $30.48 per pound on February 12, 2026. CRITICAL ACCOUNTING ESTIMATES MD&A is based on our consolidated financial statements, which have been prepared in conformity with generally accepted accounting principles (GAAP) in the U.S. The preparation of these consolidated financial statements requires that we make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. We base these estimates on historical experience and on assumptions that we consider reasonable under the circumstances; however, reported results could differ from those based on the current estimates under different assumptions or conditions. The areas requiring the use of management’s estimates are also discussed in Note 1 under the subheading “Use of Estimates.” Management has reviewed the following discussion of its development and selection of critical accounting estimates with the Audit Committee of our Board of Directors (Board). Income Taxes Refer to Note 9, and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of our consolidated income taxes. In preparing our consolidated financial statements, we estimate the actual amount of income taxes currently payable or receivable as well as deferred income tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income in the period in which such changes are enacted. Income taxes involve estimation as our operations are in multiple tax jurisdictions where uncertainties arise in the application of complex tax regulations and our income tax returns are subject to examination by tax authorities in 87 Table of Contents those jurisdictions who may challenge any tax position on these returns. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. We and our subsidiaries are subject to reviews of our income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of our contracts or laws. Uncertainty in a tax position may arise because tax laws are subject to interpretation. We use judgment to (i) determine whether, based on the technical merits, a tax position is more likely than not to be sustained upon examination by taxing authorities and (ii) measure the amount of tax benefit that qualifies for recognition. A valuation allowance is provided for those deferred income tax assets for which available information, including positive and negative evidence, suggests that the related benefits will not be realized. In determining the amount of the valuation allowance, we consider carryback opportunities, future reversals of existing taxable temporary differences, prudent and feasible tax planning strategies in each jurisdiction, as well as future taxable income exclusive of reversing temporary differences. If we determine that we will not realize all or a portion of our deferred income tax assets, we will increase our valuation allowance. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. We have uncertain tax positions related to income tax assessments in Peru and Indonesia, including penalties and interest, which have not been recorded at December 31, 2025. Such tax positions, based solely on their technical merits, are more likely than not to be sustained upon examination by taxing authorities or have otherwise been effectively settled in accordance with applicable accounting guidance. Final taxes paid may be dependent upon many factors, including negotiations with taxing authorities. In certain jurisdictions, we pay a portion of the disputed amount before formally appealing an assessment. Such payment is recorded as a receivable if we believe the amount is collectible. Refer to Note 10 for further discussion. Environmental Obligations Refer to Notes 1 and 10, and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of environmental obligations, including a summary of changes in our estimated environmental obligations for the three years ended December 31, 2025. Our current and historical operating activities are subject to various national, state and local environmental laws and regulations that govern emissions of air pollutants; discharges of water pollutants; generation, handling, storage, treatment, transportation and disposal of hazardous substances, hazardous wastes and other toxic materials; and remediation, restoration and reclamation of environmental contamination, and compliance with these laws and regulations requires significant expenditures. Environmental expenditures are charged to expense or capitalized, depending upon their future economic benefits. The guidance provided by U.S. GAAP requires that liabilities for contingencies be recorded when it is probable that obligations have been incurred, and the cost can be reasonably estimated. At December 31, 2025, environmental obligations recorded in our consolidated balance sheet totaled $2.0 billion. Accounting for environmental obligations represents a critical accounting estimate because (i) changes to environmental laws and regulations and/or circumstances affecting our operations could result in changes to our estimates, which could have a significant impact on our results of operations, (ii) we will not incur most of these costs for a number of years, requiring us to make estimates over a long period, (iii) calculating the discounted cash flows for environmental obligations assumed in the 2007 acquisition of Freeport Minerals Corporation requires management to estimate the amounts and timing of projected cash flows and make long-term assumptions about inflation rates and (iv) changes in estimates used in determining our environmental obligations could have a significant impact on our results of operations. We perform a comprehensive annual review of our environmental obligations and also review changes in facts and circumstances associated with these obligations at least quarterly. Judgments and estimates are based upon currently available facts, existing technology, presently enacted laws and regulations, remediation experience, whether we are a potentially responsible party (PRP), the ability of other PRPs to pay their allocated portions and take into consideration reasonably possible outcomes. Our cost estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, updated cost assumptions (including increases and decreases to cost estimates), changes in the anticipated scope and timing of remediation activities, the settlement of environmental matters, required remediation methods and actions by or against governmental agencies or private parties. 88 Table of Contents Asset Retirement Obligations Refer to Notes 1 and 10, and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of reclamation and closure costs, including a summary of changes in our asset retirement obligations (AROs) for the three years ended December 31, 2025. We record the fair value of our estimated AROs associated with tangible long-lived assets in the period incurred. Fair value is measured as the present value of cash flow estimates after considering inflation and a market risk premium. Our cost estimates are reflected on a third-party cost basis and comply with our legal obligation to retire tangible long-lived assets in the period incurred. These cost estimates may differ from financial assurance cost estimates for reclamation activities because of a variety of factors, including obtaining updated cost estimates for reclamation activities, the timing of reclamation activities, changes in scope and the exclusion of certain costs not considered reclamation and closure costs. At December 31, 2025, AROs recorded in our consolidated balance sheet totaled $3.8 billion. Generally, ARO activities are specified by regulations or in permits issued by the relevant governing authority, and management’s judgment is required to estimate the extent and timing of expenditures. Accounting for AROs represents a critical accounting estimate because (i) we will not incur most of these costs for a number of years, requiring us to make estimates over a long period, (ii) reclamation and closure laws and regulations could change in the future, we may commit to taking additional closure actions and/or circumstances affecting our operations could change, (iii) the methods used or required to plug and abandon non-producing oil and gas wellbores, remove platforms, tanks, production equipment and flow lines, and restore the wellsite could change, (iv) calculating the fair value of our AROs requires management to estimate projected cash flows, make long-term assumptions about inflation rates, determine our credit-adjusted, risk-free interest rates and determine market risk premiums that are appropriate for our operations and (v) given the magnitude of our estimated reclamation, mine closure and wellsite abandonment and restoration costs, changes in any or all of these estimates could have a significant impact on our results of operations. Recoverable Copper in Stockpiles Refer to Note 1 for further discussion of our accounting policy for recoverable copper in mill and leach stockpiles, and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for risks associated with implementation of new technologies associated with the recovery of copper in leach stockpiles. We record, as inventory, applicable costs for copper contained in mill and leach stockpiles that are expected to be processed in the future based on proven processing technologies. Mill and leach stockpiles are evaluated periodically to ensure that they are stated at the lower of weighted-average cost or net realizable value. Accounting for recoverable copper from mill and leach stockpiles represents a critical accounting estimate because (i) it is impracticable to determine copper contained in mill and leach stockpiles by physical count, thus requiring management to employ reasonable estimation methods and (ii) recoveries from leach stockpiles can vary significantly. Based on our annual review of mill and leach stockpiles, we increased our estimated consolidated recoverable copper in certain leach stockpiles, net of joint venture interests, by 207 million pounds in 2025, primarily associated with Morenci leach stockpiles. At December 31, 2025, estimated consolidated recoverable copper was 1.4 billion pounds in leach stockpiles (with a carrying value of $2.2 billion) and 0.2 billion pounds in mill stockpiles (with a carrying value of $0.4 billion). Impairment of Long-Lived Mining Assets Refer to Note 1, and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion regarding, and risks associated with, impairment of long-lived mining assets. We assess the carrying values of our long-lived mining assets when events or changes in circumstances indicate that the related carrying amounts of such assets may not be recoverable. In evaluating our long-lived mining assets for recoverability, we use estimates of pre-tax undiscounted future cash flows of our mines. Estimates of future cash flows are derived from current business plans, which are developed using near-term metal price forecasts reflective of the current price environment and management’s projections for long-term average 89 Table of Contents metal prices. In addition to near- and long-term metal price assumptions, other key assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the mineral reserves; value beyond proven and probable mineral reserve estimates; and the use of appropriate discount rates in the measurement of fair value. We believe our estimates and models used to determine fair value are similar to what a market participant would use. As quoted market prices are unavailable for our individual mining operations, fair value is determined through the use of after-tax discounted estimated future cash flows. During the two-year period ended December 31, 2025, no material impairments of our long-lived mining assets were recorded. Refer to Notes 3 and 10. In addition to decreases in future metal price assumptions, other events that could result in future impairment of our long-lived mining assets include, but are not limited to, decreases in estimated recoverable proven and probable mineral reserves and any event that might otherwise have a material adverse effect on mine site production levels or costs. CONSOLIDATED RESULTS Years Ended December 31, 2025 2024 SUMMARY FINANCIAL DATA  (in millions, except per share amounts) Revenuesa,b $ 25,915  $ 25,455  Operating incomea,c $ 6,518  $ 6,864  Net income attributable to common stockb,c $ 2,204  d $ 1,889  e Diluted net income per share attributable to common stockb,c $ 1.52  d $ 1.30  e Diluted weighted-average common shares outstanding 1,443  1,445  Operating cash flowsf $ 5,610  $ 7,160  Capital expenditures $ 4,494  $ 4,808  At December 31: Cash and cash equivalents $ 3,824  $ 3,923  Total debt, including current portion $ 9,379  $ 8,948  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 $63 million ($21 million to net income attributable to common stock or $0.01 per share) in 2025 and $28 million ($9 million to net income attributable to common stock or $0.01 per share) in 2024 (refer to Note 12). 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 (reductions) to operating income totaling $118 million ($44 million to net income attributable to common stock or $0.03 per share) in 2025 and $21 million ($(3) million to net income attributable to common stock or less than $0.01 per share) in 2024. d.Net income attributable to common stock includes net charges totaling $354 million ($0.25 per share), primarily associated with idle facility costs, direct recovery expenses and fixed asset impairments associated with the September 2025 mud rush incident at PTFI (refer to “Operations – Indonesia” for discussion of this incident), and charges at legacy oil and gas properties associated with adjustments to abandonment obligations and asset impairments. See below for further discussion of these net charges. e.Net income attributable to common stock includes net charges totaling $257 million ($0.18 per share), primarily associated with charges at legacy oil and gas properties associated with adjustments to abandonment obligations and asset impairments, metals inventory adjustments, adjustments to environmental obligations and related litigation reserves, adjustments to PTFI’s ARO, and nonrecurring labor-related charges at Cerro Verde, partly offset by net credits associated with historical tax matters at PTFI and a reduction in accruals for uncertain U.S. tax positions. See below for further discussion of these net charges. f.Working capital and other uses totaled $1.3 billion in 2025 and $29 million in 2024. 90 Table of Contents Years Ended December 31, 2025 2024 SUMMARY OPERATING DATA Copper (millions of recoverable pounds) Production 3,383  4,214  Sales, excluding purchases 3,574  4,066  Average realized price per pound $ 4.75  $ 4.21  Site production and delivery costs per pounda $ 2.75  b $ 2.49  Unit net cash costs per pounda $ 1.65  b $ 1.56  Gold (thousands of recoverable ounces) Production 956  1,880  Sales, excluding purchases 1,066  1,837  Average realized price per ounce $ 3,423  $ 2,418  Molybdenum (millions of recoverable pounds) Production 92  80  Sales, excluding purchases 83  78  Average realized price per pound $ 22.63  $ 21.77  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 the 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 $0.17 per pound of idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident at PTFI. Refer to “Operations – Indonesia” for further discussion. Revenues Consolidated revenues totaled $25.9 billion in 2025 and $25.5 billion in 2024. Our revenues primarily include the sale of copper concentrate, copper cathode and copper rod, as well as gold and molybdenum in various forms. Following is a summary of changes in our consolidated revenues from 2024 to 2025 (in millions): Consolidated revenues – 2024 $ 25,455  Mining operations: (Lower) higher sales volumes: Copper (2,073) Gold (1,954) Molybdenum 110  Higher averaged realized prices: Copper 1,930  Gold 1,070  Molybdenum 72  Adjustments for prior year provisionally priced copper sales 35  Higher Atlantic Copper revenues 152  Lower revenues from sales of purchased copper (235) Lower treatment charges 333  Lower export duties and royalties 208  Other, including intercompany eliminations 812  Consolidated revenues – 2025 $ 25,915  Sales Volumes. Consolidated copper and gold sales volumes in 2025 were lower than 2024, primarily reflecting the September 2025 mud rush incident at PTFI and lower leach placements and mill ore grades in South America. 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. In 2025, our average realized prices, compared with 2024, were 13% higher for copper, 42% higher for gold and 4% higher for molybdenum. 91 Table of Contents Average realized copper prices benefited from net favorable adjustments to current period provisionally priced copper sales totaling $471 million for 2025 and $89 million for 2024. As discussed in Note 12, 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 Year Provisionally Priced Copper Sales. Net favorable adjustments to prior years’ provisionally priced copper sales (i.e., provisionally priced copper sales at December 31, 2024 and 2023) recorded in consolidated revenues totaled $63 million in 2025 and $28 million in 2024. Refer to “Disclosures About Market Risks – Commodity Price Risk” for further discussion of our provisionally priced copper sales, and to Notes 12 and 14 for a summary of total adjustments to prior period and current period provisionally priced copper sales. Atlantic Copper Revenues. Atlantic Copper revenues totaled $3.2 billion in 2025, compared with $3.0 billion in 2024, primarily reflecting higher copper prices. 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 127 million pounds in 2025 and 158 million pounds in 2024. Revenues associated with the sale of purchased copper vary with the volume of copper purchases and changes in copper prices. During 2025, 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 in 2025, compared with 2024. Treatment Charges. Revenues from our concentrate sales are recorded net of treatment charges, which will vary with market conditions, sales volumes and the price of copper. The decrease in treatment charges in 2025, compared to 2024, primarily reflects lower treatment charge rates as a result of favorable market conditions and lower copper concentrate sales volumes in Indonesia and South America. Export Duties and Royalties. 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%. PTFI incurred export duties totaling $337 million in 2025 and $457 million in 2024. PTFI pays royalties on all copper and gold sales, the amount of which varies with sales volumes and metal prices. Refer to Note 11. Production and Delivery Costs Consolidated production and delivery costs totaled $16.4 billion in 2025, compared with $15.6 billion in 2024. Production and delivery costs for 2025 included charges totaling (i) $625 million for idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident at PTFI, (ii) $118 million for impairments of legacy oil and gas properties and adjustments to abandonment obligations (including assumed obligations from bankruptcies of other companies), (iii) $81 million for PTFI asset impairments and write-offs mostly associated with the September 2025 mud rush incident and (iv) $65 million for remediation costs related to the October 2024 fire incident at PTFI’s smelter. Production and delivery costs for 2025 also included charges totaling $73 million associated with planned maintenance turnaround costs at the Miami smelter and $39 million for tolling fees that were recognized as idle facility costs associated with PT Smelting’s planned maintenance turnaround (PT Smelting is PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia). Production and delivery costs for 2024 included charges totaling (i) $222 million for oil and gas matters, including impairments of legacy properties and assumed abandonment obligations (and related adjustments) resulting from bankruptcies of other companies, (ii) $144 million for adjustments to PTFI’s ARO and (iii) $97 million for non-recurring labor-related charges at Cerro Verde associated with new collective labor agreements (CLAs). During fourth-quarter 2025, PTFI completed investigations and remedial plans associated with the mud rush incident and a phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in 92 Table of Contents second-quarter 2026. Following the September 2025 mud rush incident and until PTFI operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility, which are non-inventoriable costs. 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 $2.75 per pound of copper in 2025 and $2.49 per pound in 2024. Consolidated unit production and delivery costs for 2025 excluded $625 million or $0.17 per pound of copper for idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident. Refer to “Operations – Unit Net Cash Costs” 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 financial statements. Our copper mining operations require significant amounts of energy, principally diesel, electricity, coal and natural gas, most of which is obtained from third parties under long-term contracts. Our take-or-pay contractual obligations for electricity totaled approximately $0.2 billion at December 31, 2025. We do not have take-or-pay contractual obligations for other energy commodities. Energy represented 15% of our copper mine site operating costs in 2025, including purchases of approximately 275 million gallons of diesel fuel; approximately 8,600 gigawatt hours of electricity at our U.S. and South America copper mining operations (we generate our own power at our Indonesia mining operation); approximately 550 thousand metric tons of coal for our coal power plant in Indonesia; and approximately 3 million MMBtu (million British thermal units) of natural gas at certain of our U.S. copper mines. Based on current cost estimates, energy is estimated to approximate 17% of our copper mine site operating costs for the year 2026. 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 $2.2 billion in both 2025 and 2024. DD&A for 2025 includes $118 million for idle facility costs associated with the September 2025 mud rush incident at PTFI. Based on current sales volume estimates, consolidated DD&A is estimated to approximate $2.5 billion for the year 2026, including $0.2 billion for idle facility costs associated with the September 2025 mud rush incident at PTFI. Environmental Obligations and Shutdown Costs Refer to Note 10, and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of environmental obligations. 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. Net charges for environmental obligations and shutdown costs totaled $58 million in 2025 and $127 million in 2024, which included net adjustments to environmental obligations totaling $(19) million and $82 million, respectively. Interest Expense, Net Consolidated interest costs (before capitalization) totaled $711 million in 2025 and $710 million in 2024. Capitalized interest, which primarily related to our mining operations’ capital projects, including construction and development of PTFI’s downstream processing facilities, totaled $342 million in 2025 and $391 million in 2024. Refer to “Operations” and “Capital Resources and Liquidity – Investing Activities” for further discussion of current development projects. 93 Table of Contents Other Income, Net Other income, net, which totaled $223 million in 2025 and $362 million in 2024, 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 2025, compared to 2024, primarily reflects lower interest income. The year 2024 also includes a credit of $26 million associated with the reduction in the accrual to indemnify PT Mineral Industri Indonesia (MIND ID) from potential losses arising from historical tax disputes. Income Taxes Refer to Note 9, and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of income taxes. Following is a summary of the approximate amounts used in the calculation of our consolidated income tax provision for the years ended December 31 (in millions, except percentages): 2025 2024 Income (Loss)a Effective Tax Rate Income Tax (Provision) Benefit Income (Loss)a Effective Tax Rate Income Tax (Provision) Benefit U.S.b $ 409  1% $ (4) $ (533) 7% $ 36  South America 2,133  39% (842) 1,519  40% (604) Indonesia 3,865  37% (1,415) 5,754  36% (2,089) Cerro Verde historical tax mattersc (27) N/A 54  —  N/A —  PTFI historical tax mattersd 5  N/A 2  16  N/A 182  Eliminations and other (13) N/A (16) 151  N/A (48) Consolidated FCX $ 6,372  35% $ (2,221) $ 6,907  37% $ (2,523) a.Represents income 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 $1.7 billion in 2025 and $0.7 billion in 2024 (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.The year 2025 reflects amounts associated with closure of Cerro Verde’s 2020 income tax audit. d.The year 2025 reflects net credits associated with closure of PTFI’s 2020 corporate income tax audit, and the year 2024 reflects net credits associated with closure of PTFI’s 2021 corporate income tax audit and resolution of a framework for Indonesia disputed tax matters. Assuming achievement of current sales volume and cost estimates and average prices of $5.00 per pound for copper, $4,000 per ounce for gold and $20.00 per pound for molybdenum, we estimate our consolidated effective tax rate for the year 2026 would approximate 33%. Changes in projected sales volumes and average prices during 2026 would incur tax impacts at estimated effective rates of 40% for Peru, 36% for Indonesia and 0% for the U.S. At higher copper prices, our U.S. jurisdiction may be subject to the Corporate Alternative Minimum Tax provisions of the U.S. Inflation Reduction Act of 2022. However, given our U.S. tax position, we would expect our consolidated effective tax rate to decline because of a higher share of earnings from the U.S. operations. Net Income Attributable to Noncontrolling Interests Refer to Note 2 for ownership in our subsidiaries. Net income attributable to noncontrolling interests, which is primarily associated with PTFI, Cerro Verde and El Abra, totaled $1.9 billion in 2025 and $2.5 billion in 2024. 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 $5.00 per pound of copper, $4,000 per ounce of gold and $20.00 per pound of molybdenum for the year 2026, we estimate that net income attributable to noncontrolling interests will approximate $2.4 billion for the year 2026. The impact of price changes on net income attributable to noncontrolling interests for the year 2026 would approximate $0.2 billion for each $0.25 per pound change in the average price of copper for the year 2026. The actual amount will depend 94 Table of Contents 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 located in the U.S., 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. Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes. During 2025, Atlantic Copper purchased 77% of its concentrate from third parties, 21% from our South America operations and 2% from our U.S. copper mines. 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 arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums. We allocate certain operating costs, expenses and capital expenditures to our business 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 divisions or individual business segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each division or individual business segment would be if it was an independent entity. Refer to Note 14 for a summary of our reportable segments as determined under U.S. GAAP guidance. 95 (in millions) Corporate, U.S. Copper Mines South America Operations U.S. Other Cerro Indonesia Molybdenum Rod & Atlantic & Elimi- FCX Morenci Other Total Verde Other Total Operations Mines Refining Copper nations Total Year Ended December 31, 2025 Revenues: Unaffiliated customers $ 303  $ 309  $ 612  $ 3,776  $ 839  $ 4,615  $ 8,618  $ —  $ 6,850  $ 3,155  $ 2,065  a $ 25,915  Intersegment 2,345  4,428  6,773  930  127  1,057  4  754  40  14  (8,642) —  Production and delivery 1,804  3,373  5,177  2,492  704  3,196  3,551  b 563  6,854  3,099  (6,066) d,e 16,374  DD&A 209  310  519  373  72  445  1,094  c 102  5  27  52  2,244  Selling, general and administrative expenses 1  3  4  7  —  7  132  —  —  32  370  545  Exploration and research expenses 34  20  54  16  4  20  5  1  —  —  112  192  Environmental obligations and shutdown costs (7) —  (7) —  —  —  —  —  —  —  65  58  Gain on sales of assets —  —  —  —  —  —  —  —  —  —  (16) (16) Operating income (loss) 607  1,031  1,638  1,818  186  2,004  3,840  88  31  11  (1,094) 6,518  Interest expense, net (1) (1) (2) (15) —  (15) (69) —  —  (34) (249) (369) Other (expense) income, net (4) 7  3  111  4  115  52  (1) (2) (20) 76  223  Provision for income taxes —  —  —  (720) f (68) (788) (1,413) —  —  —  (20) (2,221) Equity in affiliated companies’ net earnings (losses) —  —  —  —  —  —  6  —  —  —  (5) 1  Net income attributable to noncontrolling interests —  —  —  (575) (37) (612) (1,325) —  —  —  (11) (1,948) Net income attributable to common stockholders 2,204  Capital expenditures 232  870  1,102  353  66  419  2,358  108  80  202  225  4,494  Year Ended December 31, 2024 Revenues: Unaffiliated customers $ 101  $ 79  $ 180  $ 3,618  $ 915  $ 4,533  $ 9,774  $ —  $ 6,196  $ 3,009  $ 1,763  a $ 25,455  Intersegment 2,246  3,814  6,060  638  —  638  544  592  43  8  (7,885) —  Production and delivery 1,826  3,170  4,996  2,529  g 701  3,230  3,368  h 530  6,206  2,912  (5,688) d 15,554  DD&A 187  252  439  380  66  446  1,193  73  4  28  58  2,241  Selling, general and administrative expenses 2  2  4  8  —  8  127  —  —  28  346  513  Exploration and research expenses 17  27  44  12  4  16  8  —  —  —  88  156  Environmental obligations and shutdown costs —  —  —  —  —  —  —  —  —  —  127  127  Operating income (loss) 315  442  757  1,327  144  1,471  5,622  (11) 29  49  (1,053) 6,864  Interest expense, net —  (1) (1) (21) —  (21) (28) —  —  (36) (233) (319) Other (expense) income, net (1) 2  1  42  24  66  136  —  (1) 13  147  362  (Provision for) benefit from income taxes —  —  —  (542) (62) (604) (1,907) i —  —  11  (23) (2,523) Equity in affiliated companies’ net earnings —  —  —  —  —  —  7  —  —  —  8  15  Net income attributable to noncontrolling interests —  —  —  (412) j (67) (479) (2,022) i —  —  —  (9) (2,510) Net income attributable to common stockholders 1,889  Capital expenditures 184  849  1,033  293  82  375  2,908  117  35  142  198  4,808  96 a.Includes revenues from the molybdenum sales company, which includes sales of molybdenum produced by our primary molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine. b.Includes charges totaling $625 million for idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident, $81 million for asset impairment and other write-offs, $65 million for remediation related to the October 2024 smelter fire incident and $39 million for tolling fees that were recognized as idle facility costs associated with PT Smelting’s planned major maintenance turnaround. c.Includes charges totaling $118 million for idle facility costs associated with the September 2025 mud rush incident. d.Includes charges totaling $118 million in 2025 and $222 million in 2024, primarily for impairments of legacy oil and gas properties and adjustments to abandonment obligations, including assumed obligations resulting from bankruptcies of other companies. e.Includes charges totaling $73 million associated with planned maintenance turnaround costs at the Miami smelter. f.Includes a net benefit to income taxes totaling $54 million associated with the closure of Cerro Verde’s 2020 tax audit. g.Includes nonrecurring labor-related charges totaling $97 million associated with Cerro Verde’s new CLAs with its two unions. h.Includes charges totaling $144 million for PTFI ARO adjustments. i.Includes a net benefit to income taxes totaling $182 million associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters. FCX's economic and ownership interest in PTFI is 48.76% except for net income associated with the settlement of these historical tax matters, which was attributed based on the economics prior to January 1, 2023 (i.e., approximately 81% to FCX and 19% to MIND ID). j.Prior to September 2024, FCX’s interest in Cerro Verde was 53.56%. 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 214 million pounds in both 2025 and 2024. We continue to apply operational enhancements on a larger scale and are advancing testing of innovative technology to increase production from these initiatives. In late 2025, we achieved an annual run rate of approximately 240 million pounds of copper and are targeting annual production of 300 million pounds of copper in 2026 from these initiatives. We believe there is potential for further significant increases in recoverable metal beyond the current annual target. 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 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 Refer to Items 1. and 2. “Business and Properties” and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for discussion of our involvement with the International Council on Mining & Metals and environmental and social-related risks. 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. 97 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 $172 million in 2025 and $155 million in 2024. We estimate the costs of these studies will approximate $215 million for the year 2026, subject to market conditions and other factors. U.S. Tariffs In 2025, our costs were not significantly impacted by U.S. tariffs, and 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. Effective August 1, 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. However, refined copper, including cathodes, concentrates and scrap, was exempted from the tariff, and 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. Refer to “Markets” in MD&A for further discussion of LME and COMEX copper prices. 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 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 year 2025, copper from our U.S. mining operations was sold 66% as rod, 25% as cathode and 9% in concentrate. We are well positioned in the U.S. with sizeable resources and opportunities to leverage existing infrastructure through brownfield expansions. Government action related to tariffs and other controls on imports and exports or trade agreements or policies are difficult to predict and may continue to cause significant volatility in our financial performance and in the trading prices of our common stock. Refer to Item 1A. “Risk Factors” for further discussion. 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. Refer to Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of risks associated with development projects. 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 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 98 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. Operating Data. Following is summary operating data for the U.S. copper mines for the years ended December 31: 2025 2024 Operating Data, Net of Joint Venture Interests Copper (millions of recoverable pounds) Production 1,304  1,246  Sales, excluding purchases 1,296  1,257  Average realized price per pound $ 4.91  $ 4.29  Molybdenum (millions of recoverable pounds) Productiona 34  30  100% Operating Data Leach operations Leach ore placed in stockpiles (metric tons per day) 617,500  609,400  Average copper ore grade (%) 0.21  0.20  Copper production (millions of recoverable pounds) 832  842  Mill operations Ore milled (metric tons per day) 326,300  311,700  Average ore grade (%): Copper 0.31  0.30  Molybdenum 0.02  0.02  Copper recovery rate (%) 83.6  83.2  Copper production (millions of recoverable pounds) 665  601  a.Refer to “Consolidated Results” for our consolidated molybdenum sales volumes, which include sales of molybdenum produced at the U.S. copper mines. Our consolidated copper production and sales volumes from the U.S. copper mines in 2025 were higher than 2024 volumes, primarily reflecting higher operating rates. U.S. copper sales are estimated to approximate 1.4 billion pounds in 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. 99 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 two years ended December 31, 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. 2025 2024 By- Co-Product Method By- Co-Product Method Product Method Copper Molyb- denuma Product Method Copper Molyb- denuma Revenues $ 4.91  $ 4.91  $ 21.39  $ 4.29  $ 4.29  $ 20.13  Site production and delivery, before net noncash and other costs shown below 3.51  3.10  16.41  3.46  3.10  16.20  By-product credits (0.59) —  —  (0.48) —  —  Treatment charges 0.13  0.12  —  0.13  0.12  —  Unit net cash costs 3.05  3.22  16.41  3.11  3.22  16.20  DD&A 0.40  0.35  1.28  0.34  0.31  1.19  Noncash and other costs, net 0.16  b 0.15  0.38  0.19  b 0.18  0.36  Total unit costs 3.61  3.72  18.07  3.64  3.71  17.75  Gross profit per pound $ 1.30  $ 1.19  $ 3.32  $ 0.65  $ 0.58  $ 2.38  Copper sales (millions of recoverable pounds) 1,301  1,301  1,263  1,263  Molybdenum sales (millions of recoverable pounds)a 34  30  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 charges totaling $0.07 per pound of copper in 2025 and $0.05 per pound of copper in 2024 for feasibility and optimization studies. Also, includes charges totaling $0.05 per pound of copper in 2024 for metals inventory adjustments. 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 the U.S. copper mines of $3.05 per pound of copper in 2025 were lower than average unit net cash costs of $3.11 per pound of copper in 2024, primarily reflecting higher by-product credits and copper volumes, partly offset by higher costs for labor and supplies. 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. Average unit net cash costs (net of by-product credits) for our U.S. copper mines are expected to approximate $2.96 per pound of copper for the year 2026, based on achievement of current sales volume and cost estimates and assuming an average price of $20.00 per pound of molybdenum. Our U.S. copper mines’ average unit net cash costs for the year 2026 would change by approximately $0.05 per pound for each $2 per pound change in the average price of molybdenum. South America We manage two copper operations in South America – Cerro Verde in Peru (55.08%-owned) and El Abra in Chile (51%-owned), which are consolidated in our financial statements. South America operations include open-pit mining, sulfide-ore concentrating, leaching and SX/EW facilities. Production from our South America operations is sold as copper concentrate or cathode under long-term contracts. Our South America operations also sell a portion of their copper concentrate production to Atlantic Copper. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver. Development Activities. Refer to Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of risks associated with development projects. At the El Abra operations in Chile, we have completed substantial drilling and evaluations and have identified a large sulfide reserve in support of a potential major mill project 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. At 100 December 31, 2025, our preliminary estimated consolidated recoverable proven and probable mineral reserves included 17.5 billion pounds of copper associated with this potential mill project at El Abra. We have advanced preparation of our permitting application and plan to submit an environmental impact statement to Chile regulatory authorities in the first half of 2026. 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 overall copper market conditions, required permitting and other factors. In December 2025, Cerro Verde entered into an agreement with SEDAPAR, the municipal water and sanitation services provider in the Arequipa region, to expand the existing wastewater treatment plant and complete additional infrastructure projects, for the benefit of Arequipa’s population. The agreement provides Cerro Verde with preferential rights to a portion of the treated water and secures long-term access to water to support its operations. Refer to Note 11 for further discussion. Operating Data. Following is summary consolidated operating data for our South America operations for the years ended December 31: 2025 2024 Copper (millions of recoverable pounds) Production 1,064  1,168  Sales 1,073  1,177  Average realized price per pound $ 4.79  $ 4.16  Molybdenum (millions of recoverable pounds) Productiona 21  20  Leach operations Leach ore placed in stockpiles (metric tons per day) 148,700  164,300  Average copper ore grade (%) 0.41  0.42  Copper production (millions of recoverable pounds) 263  295  Mill operations Ore milled (metric tons per day) 407,900  415,500  Average ore grade (%): Copper 0.30  0.33  Molybdenum 0.01  0.01  Copper recovery rate (%) 84.3  83.6  Copper production (millions of recoverable pounds) 801  873  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 production and sales volumes from our South America operations in 2025 were lower than 2024 volumes, primarily reflecting lower ore grades and operating rates. South America copper sales volumes are expected to approximate 1.1 billion in 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. 101 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 two years ended December 31, 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. 2025 2024 By-Product Method Co-Product Method By-Product Method Co-Product Method Revenues, excluding adjustments $ 4.79  $ 4.79  $ 4.16  $ 4.16  Site production and delivery, before net noncash and other costs shown below 2.82  2.56  2.63  a 2.43  By-product credits (0.47) —  (0.34) —  Treatment charges 0.07  0.07  0.16  0.16  Royalty on metals 0.01  0.01  0.01  0.01  Unit net cash costs 2.43  2.64  2.46  2.60  DD&A 0.41  0.37  0.38  0.35  Noncash and other costs, net 0.11  b 0.10  0.08  b 0.07  Total unit costs 2.95  3.11  2.92  3.02  Revenue adjustments, primarily for pricing on prior period open sales 0.05  0.05  0.03  0.03  Gross profit per pound $ 1.89  $ 1.73  $ 1.27  $ 1.17  Copper sales (millions of recoverable pounds) 1,073  1,073  1,177  1,177  a.Includes $0.08 per pound of copper for nonrecurring labor-related charges at Cerro Verde associated with new CLAs. b.Includes $0.06 per pound of copper in 2025 and $0.05 per pound of copper in 2024 for feasibility and optimization studies. Our South America operations 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 South America operations of $2.43 per pound of copper in 2025 were slightly lower than average unit net cash costs of $2.46 per pound in 2024, primarily reflecting higher by-product credits and lower treatment charges, partly offset by the impact of lower copper volumes and higher labor costs, including employee profit-sharing. 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. The year 2025 reflects lower treatment charge rates as a result of favorable market conditions. 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. 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. Average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.58 per pound of copper for the year 2026, based on achievement of current sales volume and cost estimates and assuming an average price of $20.00 per pound of molybdenum. Indonesia PTFI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. PTFI produces copper concentrate that contains significant quantities of gold and silver. We have a 48.76% ownership interest in PTFI and manage its operations. PTFI's results are consolidated in our financial statements. With the completion of PTFI’s downstream processing facilities, PTFI is a fully integrated producer of refined copper and gold. 102 Operating, Development and Exploration Activities. Refer to Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of risks associated with development projects, exploration activities and development of underground mining. Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, DMLZ and Big Gossan) and 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. Production of 1.0 billion pounds of copper and 0.9 million ounces of gold during 2025 primarily reflects the impact of the temporary suspension of operations at the Grasberg Block Cave underground mine since September 2025, which is expected to begin a phased restart and ramp-up in second-quarter 2026. Production from PTFI’s underground mines is expected to continue through 2041 and an extension of PTFI’s operating rights beyond 2041 would extend the lives of these mines. Refer to “Long-term Mining Rights” below for further discussion. PTFI is also conducting exploration in the Grasberg minerals district targeting the potential extension of significant mineralization below the DMLZ underground mine. Grasberg Minerals District Mud Rush Incident. On September 8, 2025, PTFI experienced an external mud rush incident that resulted in seven fatalities. Mining operations were temporarily suspended to prioritize the recovery of the seven team members fatally injured and to conduct investigations. Following the mud rush incident, PTFI has been engaged in activities to address the incident and advance preparation for a safe and sustainable restart of operations. In late October 2025, PTFI restarted operations at the unaffected DMLZ and Big Gossan underground mines. Investigations and remedial plans were completed in fourth-quarter 2025 and a phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026. The plan includes a restart of Production Blocks 2 and 3 in second-quarter 2026 and the potential restart of operations in Production Block 1 during 2027. Based on current estimates, PTFI expects approximately 85% of its total production at normal operating rates to be restored in the second half of 2026. Key milestones required for initiating production in Production Blocks 2 and 3, including mud removal in mine workings, repairs of supporting infrastructure and installation of protective barriers, are progressing on schedule. PTFI is seeking recovery of damages under its property and business interruption insurance policies, which cover up to $1.0 billion in losses (subject to a limit of $0.7 billion on underground incidents), after a $0.5 billion deductible. Refer to Note 10 for further discussion. 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%. At December 31, 2025, PTFI’s preliminary estimates of Kucing Liar reserves approximate 8 billion pounds of copper and 8 million ounces of gold to be recovered through 2041, an increase from previous estimates of 7 billion pounds of copper and 6 million ounces of gold. Under the new design, average annual Kucing Liar production at full rates would approximate 750 million pounds of copper and 735 thousand ounces of gold (an increase of more than 35% from prior estimates). 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 December 31, 2025, PTFI had incurred approximately $1.1 billion for Kucing Liar, 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 smelt and refine copper concentrate from PTFI, and the PMR processes anode slimes from the smelter and PT Smelting. 103 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 September 2025 mud rush incident, smelting operations in Indonesia at both PTFI’s smelter and PT Smelting were temporarily suspended during fourth-quarter 2025 as a result of limited copper concentrate availability. PT Smelting restarted operations in late December 2025 and is expected to operate at reduced rates pending the anticipated second-quarter 2026 restart of mining at the Grasberg Block Cave underground mine. Shipments to PTFI’s smelter are expected to recommence in the second half of 2026, pending the successful ramp up of mining operations. 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 September 2025 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 regassification unit. Long-term Mining Rights. With the completion of PTFI’s downstream processing facilities during 2025, FCX and PTFI have advanced discussions with the Indonesia government for a long-term extension of PTFI’s operating rights 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. PTFI is preparing its application for a long-term extension expected to cover the life of the resource, which is expected to be submitted during 2026. In connection with the extension, PTFI would pursue additional exploration, conduct studies for future additional development and expand its social programs. We expect to maintain our ownership interest in PTFI of approximately 49% through 2041 and hold approximately 37% beginning in 2042, following the transfer of an additional interest in PTFI to an Indonesia state-owned enterprise. We expect the existing governance agreements would continue over the life of the resource. Refer to Notes 10 and 11 for further discussion of Indonesia regulatory matters, including its special mining business license (IUPK). 104 Operating Data. Following is summary consolidated operating data for Indonesia operations for the years ended December 31: 2025 2024 Copper (millions of recoverable pounds) Production 1,015  1,800  Sales 1,205  1,632  Average realized price per pound $ 4.53  $ 4.19  Gold (thousands of recoverable ounces) Production 937  1,861  Sales 1,050  1,817  Average realized price per ounce $ 3,418  $ 2,418  Ore extracted and milled (metric tons per day): Grasberg Block Cave underground mine 78,400  133,800  DMLZ underground mine 54,300  64,900  Big Gossan underground mine 6,000  8,000  Other adjustments (600) 1,700  Total 138,100  208,400  Average ore grade: Copper (%) 1.10  1.27  Gold (grams per metric ton) 0.77  1.00  Recovery rates (%): Copper 87.9  88.4  Gold 75.7  76.9  PTFI’s consolidated copper and gold production and sales volumes in 2025 were significantly lower than 2024 volumes, reflecting the impact of the September 2025 mud rush incident. 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. For the year 2026, copper and gold production volumes are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 100 thousand ounces of gold associated with inventory held at PTFI’s smelting operations. Consolidated sales volumes from PTFI are expected to approximate 0.9 billion pounds of copper and 0.8 million ounces of gold for the year 2026. Based on current estimates, approximately 78% of PTFI’s copper sales and 75% of PTFI’s gold sales in 2026 are expected to occur in the second half of the year, reflecting a phased restart and ramp-up of the Grasberg Block Cave underground mine beginning in second-quarter 2026. Projected sales volumes are dependent on operational performance; the timing of restarting and ramping up the Grasberg Block Cave underground mine at PTFI, which is currently expected to begin in second-quarter 2026; weather-related conditions; and other factors detailed in the “Cautionary Statement” below. 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. 105 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 two years ended December 31, 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. 2025 2024 By- Product Co-Product Method By- Product Co-Product Method Method Copper Gold Method Copper Gold Revenues, excluding adjustments $ 4.53  $ 4.53  $ 3,418  $ 4.19  $ 4.19  $ 2,418  Site production and delivery, before net noncash and other costs shown below 1.86  1.10  828  1.64  0.98  566  Gold, silver and other by-product credits (3.17) —  —  (2.82) —  —  Treatment charges 0.19  0.11  83  0.35  0.21  120  Export duties 0.28  0.16  127  0.28  0.17  96  Royalty on metals 0.29  0.17  129  0.27  0.16  92  Unit net cash (credits) costs (0.55) 1.54  1,167  (0.28) 1.52  874  DD&A 0.91  a 0.53  402  0.73  0.44  252  Noncash and other costs, net 0.89  b 0.53  397  0.22  c 0.13  77  Total unit costs 1.25  2.60  1,966  0.67  2.09  1,203  Revenue adjustments, primarily for pricing on prior period open sales 0.02  0.02  13  0.01  0.01  (2) Gross profit per pound/ounce $ 3.30  $ 1.95  $ 1,465  $ 3.53  $ 2.11  $ 1,213  Copper sales (millions of recoverable pounds) 1,205  1,205  1,632  1,632  Gold sales (thousands of recoverable ounces) 1,050  1,817  a.Includes idle facility costs resulting from the September 2025 mud rush incident totaling $0.10 per pound of copper. b.Includes (i) $0.52 per pound of copper for idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident, (ii) $0.18 per pound of copper for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, (iii) $0.07 per pound of copper for asset impairments and write-offs, (iv) $0.05 per pound of copper for remediation costs related to the October 2024 fire incident at the smelter and (v) $0.03 per pound of copper for idle facility related tolling fees as a result of PT Smelting’s planned major maintenance turnaround. c.Includes $0.09 per pound of copper for ARO adjustments and $0.08 per pound of copper for operational readiness and startup costs associated with PTFI’s downstream processing facilities. 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 gold, silver and other by-product credits and excluding idle facility costs and direct recovery expenses totaling $625 million associated with the September 2025 mud rush incident) of $0.55 per pound of copper in 2025 were favorable compared to the unit net cash credits (net of gold, silver and other by-product credits) of $0.28 per pound of copper in 2024, primarily reflecting higher by-product credits and lower treatment charges, partly offset by lower copper volumes. Treatment charges vary with market conditions, 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 decrease in treatment charges in 2025 compared to 2024, primarily reflects lower treatment charge rates as a result of favorable market conditions. 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 for further discussion. 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. 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. 106 PTFI’s average unit net cash credits (including by-product credits and excluding idle facility costs and restoration expenses associated with the September 2025 mud rush incident) are expected to approximate $1.13 per pound of copper for the year 2026, based on achievement of current sales volumes and cost estimates and assuming an average price of $4,000 per ounce of gold. PTFI’s average unit net cash credits are expected to improve throughout 2026 as PTFI’s operations and smelting activities are restarted. PTFI’s average unit net cash credits for the year 2026 would change by approximately $0.09 per pound of copper for each $100 per ounce change in the average price of gold. During the phased restart and ramp-up of operations in 2026, a portion of PTFI’s cost of sales are expected to be recognized as idle facility, which are non-inventoriable costs. Idle facility costs and restoration expenses are expected to total $0.9 billion for the year 2026. PTFI’s projected sales volumes and unit net cash costs for the year 2026 are dependent on operational performance; the timing of restarting and ramping up the Grasberg Block Cave underground mine at PTFI, which is currently expected to begin in second-quarter 2026; weather-related conditions; and other factors. Refer to “Cautionary Statement” below, and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of factors that could cause results to differ materially from projections. 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 37 million pounds of molybdenum in 2025 and 30 million pounds of molybdenum in 2024, primarily reflecting higher milling rates. 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 $15.78 per pound of molybdenum in 2025 were lower than $17.89 per pound of molybdenum in 2024, primarily reflecting higher volumes and lower contract labor costs. Average unit net cash costs for the Molybdenum mines are expected to approximate $16.60 per pound of molybdenum for the year 2026, based on achievement of current sales volumes 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 (39.5% prior to June 30, 2024), which is operated by Mitsubishi Materials Corporation (refer to Note 2 for further discussion of PT Smelting). 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. 107 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. Major maintenance turnarounds are anticipated to occur approximately every three to four years for the Miami smelter. In 2025, the Miami smelter performed a major maintenance turnaround and incurred maintenance charges and idle facility costs of approximately $73 million. Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes. During the year 2025, Atlantic Copper’s copper concentrate purchases included 77% from third parties and 23% from our copper mining 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 (reductions) to operating income totaling $118 million ($44 million to net income attributable to common stock) in 2025 and $21 million ($(3) million to net income attributable to common stock) in 2024. Our net deferred profits on our inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $122 million ($40 million to net income attributable to common stock) at December 31, 2025. 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 our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of 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 (which assumes a phased restart and ramp-up of the Grasberg Block Cave underground mine at PTFI beginning in second-quarter 2026), 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 approximately $8 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 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 December 31, 2025, we had $3.8 billion of consolidated cash and cash equivalents, and FCX, PTFI and Cerro Verde have $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 shareholders 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 interest would be allocated to shareholder returns and 108 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 reviews the structure of the performance-based payout framework at least annually. At December 31, 2025, our net debt totaled $2.3 billion, which excludes $3.2 billion of debt for PTFI’s downstream processing facilities. Refer to “Net Debt” for further discussion. On December 17, 2025, 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 February 2, 2026, to shareholders of record as of January 15, 2026. The base and variable dividends on our common stock totaled $0.60 per share for 2025, comprised of a $0.30 per share base dividend and $0.30 per share variable dividend. As of December 31, 2025 we have acquired a total of 52 million shares ($38.51 average cost per share) and have $3.0 billion available under our current share repurchase program. We had 1.4 billion shares of common stock outstanding at December 31, 2025. Refer to Note 8 for further discussion. 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. Refer to Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, and “Cautionary Statement” below for further discussion. 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 December 31, 2025 (in billions): Cash at domestic companies $ 1.8  Cash at international operations 2.0  Total consolidated cash and cash equivalents 3.8  Noncontrolling interests’ share (0.9) 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. Refer to Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of our holding company structure and the potential impact of changes in tax laws. Debt At December 31, 2025, 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. At December 31, 2025, 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 109 facility and Cerro Verde had no borrowings under its $350 million revolving credit facility. At December 31, 2025, Atlantic Copper had borrowings of $482 million outstanding under short-term lines of credit used for working capital requirements. Refer to Note 6 for further discussion of debt. Operating Activities We generated consolidated operating cash flows of $5.6 billion in 2025 (net of $1.3 billion for working capital and other uses) and $7.2 billion in 2024 (net of $29 million for working capital and other uses). Lower operating cash flows in 2025, compared with 2024, primarily reflect lower copper and gold sales volumes, primarily resulting from the September 2025 mud rush incident at PTFI, partly offset by higher copper and gold prices. Operating cash flows for 2025 were also impacted by higher working capital and other uses primarily related to an increase in accounts receivable associated with higher prices and the timing of sales and associated collections, as well as higher tax payments in Indonesia, partly offset by increased accruals from the timing of purchases, and reserves associated with asbestos and talc claims. Investing Activities Capital Expenditures. Capital expenditures, including capitalized interest, totaled $4.5 billion in 2025 and $4.8 billion in 2024, and include amounts for (i) major mining projects ($2.3 billion in 2025 and $2.1 billion in 2024), primarily associated with the underground development activities and supporting mill and power capital costs in the Grasberg minerals district and (ii) PTFI’s downstream processing facilities ($0.6 billion in 2025 and $1.2 billion in 2024). Acquisition of Additional Ownership Interest in Cerro Verde. In September 2024, we purchased 5.3 million shares of Cerro Verde common stock for a total cost of $210 million, increasing our ownership interest in Cerro Verde to 55.08% from 53.56%. Financing Activities Debt Transactions. Net proceeds from debt totaled $0.4 billion in 2025, primarily related to borrowings by Atlantic Copper under short-term lines of credit used for working capital requirements. Net repayments of debt totaled $0.5 billion in 2024, including the repayment of our 4.55% Senior Notes that matured in November 2024 totaling $730 million, partly offset by $250 million in borrowings under the PTFI revolving credit facility that were used to fund capital expenditures for PTFI’s downstream processing facilities. Cash Dividends on Common Stock. We paid cash dividends on our common stock totaling $0.9 billion in 2025 and in 2024. Refer to Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, and “Cautionary Statement” below. Cash Dividends and Distributions Paid to Noncontrolling Interests. Cash dividends and distributions paid to noncontrolling interests at our international operations totaled $1.3 billion (including $1.0 billion from PTFI) in 2025 and $1.8 billion (including $1.4 billion from PTFI) in 2024. 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 2.9 million shares of our common stock for a total cost of $107 million ($36.41 average cost per share) under the share repurchase program in 2025, and 1.2 million shares of our common stock for a total cost of $59 million ($50.48 average cost per share) in 2024. Refer to Note 8 for further discussion. CONTINGENCIES Environmental Obligations and AROs Refer to Note 10 and “Critical Accounting Estimates,” and Items 1. and 2. “Business and Properties” and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion about contingencies associated with environmental matters and AROs. For 2026, we expect to incur approximately $0.7 billion of aggregate environmental capital expenditures and other environmental costs and $0.2 billion in aggregate ARO expenditures. 110 Leases Refer to Note 11, and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for information about lease commitments. Litigation and Other Contingencies Refer to Note 10, and Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of contingencies associated with legal proceedings and other matters, including tax and Indonesia regulatory matters. DISCLOSURES ABOUT MARKET RISKS Commodity Price Risk Our 2025 consolidated revenues from our copper mining operations include the sale of copper concentrate, copper cathode, copper rod, gold, silver, molybdenum and other metals; the sale of molybdenum in various forms by our molybdenum operations; and the sale of copper and gold in various forms by Atlantic Copper and PTFI’s downstream processing facilities. Our financial results will vary with fluctuations in the market prices of the commodities we produce, primarily copper and gold, and to a lesser extent molybdenum. Refer to “Outlook” for projected sensitivities of our operating cash flow to changes in commodity prices. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. Refer to Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further discussion of financial risks associated with fluctuations in the market prices of the commodities we sell. During 2025, our mined copper was sold 43% in concentrate, 33% as cathode and 24% as rod. All of our copper concentrate and some cathode sales contracts provide final copper pricing in a specified future month (generally one to four months from the shipment date) based primarily on quoted LME monthly average copper settlement prices. We receive market prices based on prices in the specified future period, which results in price fluctuations recorded through revenues until the date of settlement. We record revenues and invoice customers at the time of shipment based on then-current LME prices, which results in an embedded derivative on our provisionally priced concentrate and cathode 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 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 prices, the opposite occurs. Following are the favorable impacts of net adjustments to the prior years’ provisionally priced copper sales for the years ended December 31 (in millions, except per share amounts): 2025 2024 Revenues $ 63  $ 28  Net income attributable to common stock $ 21  $ 9  Net income per share attributable to common stock $ 0.01  $ 0.01  At December 31, 2025, we had provisionally priced copper sales at our copper mining operations totaling 152 million pounds of copper (net of intercompany sales and noncontrolling interests) recorded at an average price of $5.64 per pound, subject to final pricing over the next several months. We estimate that each $0.05 change in the price realized from the December 31, 2025, provisional price recorded would have an approximate $13 million effect on 2026 revenues ($5 million to net income attributable to common stock). The LME copper settlement price closed at $5.97 per pound on February 12, 2026. Foreign Currency Exchange Risk The functional currency for most of our operations is the U.S. dollar. Substantially all of our revenues and a significant portion of our costs are denominated in U.S. dollars; however, some costs and certain asset and liability accounts are denominated in local currencies, including the Indonesia rupiah, Peruvian sol, Chilean peso and euro. We recognized foreign currency translation gains on balances denominated in foreign currencies totaling $34 million in 2025 and $17 million in 2024. Generally, our operating results are positively affected when the U.S. dollar strengthens in relation to those foreign currencies and are adversely affected when the U.S. dollar weakens in relation to those foreign currencies. 111 Following is a summary of estimated annual payments and the impact of changes in foreign currency rates on our annual operating costs: Exchange Rate per $1 at December 31, Estimated Annual Payments 10% Change in Exchange Rate (in millions of U.S. dollars)a 2025 2024 (in local currency) (in millions of U.S. dollars)b Increase Decrease Indonesia Rupiah 16,698  16,081  18.4 trillion $ 1,102  $ (100) $ 122  Australian dollar 1.49  1.61  352 million $ 236  $ (21) $ 26  South America Peruvian sol 3.37  3.77  2.2 billion $ 653  $ (59) $ 73  Chilean peso 907  996  270 billion $ 298  $ (27) $ 33  Spain Euro 0.85  0.96  173 million $ 203  $ (18) $ 23  a.Reflects the estimated impact on annual operating costs assuming a 10% increase or decrease in the exchange rate reported at December 31, 2025. b.Based on exchange rates at December 31, 2025. Interest Rate Risk At December 31, 2025, we had total future debt maturities based on principal amounts of $9.4 billion, of which 93% was fixed-rate debt. The table below presents average interest rates for our scheduled maturities of principal for our outstanding debt and the related fair values at December 31, 2025 (in millions, except percentages): 2026 2027 2028 2029 2030 Thereafter Fair Value Fixed-rate debt $ 24  $ 1,321  $ 925  $ 477  $ 1,048  $ 4,940  $ 8,801  Average interest rate 0.3  % 5.0  % 4.2  % 5.2  % 4.4  % 5.6  % 5.2  % Variable-rate debt $ 442  $ —  $ 250  $ —  $ —  $ —  $ 692  Average interest rate 4.1  % —  % 5.4  % —  % —  % —  % 4.6  % NEW ACCOUNTING STANDARDS Refer to Note 1 for discussion of recently issued accounting standards and their projected impact on our future consolidated financial statements and disclosures. 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): As of December 31, 2025 Current portion of debt $ 466  Long-term debt, less current portion 8,913  Consolidated debt 9,379  Less: consolidated cash and cash equivalents 3,824  FCX net debt 5,555  Less: debt for PTFI’s downstream processing facilities 3,235  a FCX net debt, excluding debt for PTFI’s downstream processing facilities $ 2,320  a.Represents PTFI’s senior notes and $250 million of borrowings under PTFI’s revolving credit facility. 112 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 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 do not result from current 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 startup 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. 113 U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs Year Ended December 31, 2025 (In millions) By-Product Co-Product Method Method Copper Molybdenuma Otherb Total Revenues, excluding adjustments $ 6,392  $ 6,392  $ 719  $ 245  $ 7,356  Site production and delivery, before net noncash     and other costs shown below 4,566  4,034  551  180  4,765  By-product credits (765) —  —  —  —  Treatment charges 164  154  —  10  164  Net cash costs 3,965  4,188  551  190  4,929  DD&A 519  463  43  13  519  Noncash and other costs, net 212  c 195  13  4  212  Total costs 4,696  4,846  607  207  5,660  Other revenue adjustments, primarily for pricing     on prior period open sales 5  5  —  —  5  Gross profit $ 1,701  $ 1,551  $ 112  $ 38  $ 1,701  Copper sales (millions of recoverable pounds) 1,301  1,301  Molybdenum sales (millions of recoverable pounds)a 34  Gross profit per pound of copper/molybdenum: Revenues, excluding adjustments $ 4.91  $ 4.91  $ 21.39  Site production and delivery, before net noncash     and other costs shown below 3.51  3.10  16.41  By-product credits (0.59) —  —  Treatment charges 0.13  0.12  —  Unit net cash costs 3.05  3.22  16.41  DD&A 0.40  0.35  1.28  Noncash and other costs, net 0.16  c 0.15  0.38  Total unit costs 3.61  3.72  18.07  Other revenue adjustments, primarily for pricing     on prior period open sales —  —  —  Gross profit per pound $ 1.30  $ 1.19  $ 3.32  Reconciliation to Amounts Reported Production Revenues and Delivery DD&A Totals presented above $ 7,356  $ 4,765  $ 519  Treatment charges (10) 154  —  Noncash and other costs, net —  212  —  Other revenue adjustments, primarily for pricing     on prior period open sales 5  —  —  Eliminations and other 34  46  —  U.S. copper mines 7,385  5,177  519  Other miningd 25,107  17,263  1,673  Corporate, other & eliminationse (6,577) (6,066) 52  As reported in our consolidated financial statements $ 25,915  $ 16,374  $ 2,244  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 $86 million ($0.07 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.” 114 U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs Year Ended December 31, 2024 (In millions) By-Product Co-Product Method Method Copper Molybdenuma Otherb Total Revenues $ 5,417  $ 5,417  $ 608  $ 186  $ 6,211  Site production and delivery, before net noncash     and other costs shown below 4,362  3,911  489  152  4,552  By-product credits (604) —  —  —  —  Treatment charges 169  161  —  8  169  Net cash costs 3,927  4,072  489  160  4,721  DD&A 439  394  36  9  439  Noncash and other costs, net 235  c 222  11  2  235  Total costs 4,601  4,688  536  171  5,395  Gross profit $ 816  $ 729  $ 72  $ 15  $ 816  Copper sales (millions of recoverable pounds) 1,263  1,263  Molybdenum sales (millions of recoverable pounds)a 30  Gross profit per pound of copper/molybdenum: Revenues $ 4.29  $ 4.29  $ 20.13  Site production and delivery, before net noncash     and other costs shown below 3.46  3.10  16.20  By-product credits (0.48) —  —  Treatment charges 0.13  0.12  —  Unit net cash costs 3.11  3.22  16.20  DD&A 0.34  0.31  1.19  Noncash and other costs, net 0.19  c 0.18  0.36  Total unit costs 3.64  3.71  17.75  Gross profit per pound $ 0.65  $ 0.58  $ 2.38  Reconciliation to Amounts Reported Production Revenues and Delivery DD&A Totals presented above $ 6,211  $ 4,552  $ 439  Treatment charges (4) 165  —  Noncash and other costs, net —  235  —  Eliminations and other 33  44  —  U.S. copper mines 6,240  4,996  439  Other miningd 25,337  16,246  1,744  Corporate, other & eliminationse (6,122) (5,688) 58  As reported in our consolidated financial statements $ 25,455  $ 15,554  $ 2,241  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 $62 million ($0.05 per pound of copper) for feasibility and optimization studies. Also, includes charges totaling $60 million ($0.05 per pound of copper) for metals inventory adjustments. 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.” 115 South America Operations Product Revenues, Production Costs and Unit Net Cash Costs Year Ended December 31, 2025 (In millions) By-Product Co-Product Method Method Copper Othera Total Revenues, excluding adjustments $ 5,139  $ 5,139  $ 559  $ 5,698  Site production and delivery, before net noncash     and other costs shown below 3,024  2,751  333  3,084  By-product credits (500) —  —  —  Treatment charges 73  73  —  73  Royalty on metals 9  8  1  9  Net cash costs 2,606  2,832  334  3,166  DD&A 445  401  44  445  Noncash and other costs, net 114  b 107  7  114  Total costs 3,165  3,340  385  3,725  Other revenue adjustments, primarily for pricing     on prior period open sales 54  54  1  55  Gross profit $ 2,028  $ 1,853  $ 175  $ 2,028  Copper sales (millions of recoverable pounds) 1,073  1,073  Gross profit per pound of copper: Revenues, excluding adjustments $ 4.79  $ 4.79  Site production and delivery, before net noncash     and other costs shown below 2.82  2.56  By-product credits (0.47) —  Treatment charges 0.07  0.07  Royalty on metals 0.01  0.01  Unit net cash costs 2.43  2.64  DD&A 0.41  0.37  Noncash and other costs, net 0.11  b 0.10  Total unit costs 2.95  3.11  Other revenue adjustments, primarily for pricing     on prior period open sales 0.05  0.05  Gross profit per pound $ 1.89  $ 1.73  Reconciliation to Amounts Reported Production Revenues and Delivery DD&A Totals presented above $ 5,698  $ 3,084  $ 445  Treatment charges (73) —  —  Royalty on metals (9) —  —  Noncash and other costs, net —  114  —  Other revenue adjustments, primarily for pricing     on prior period open sales 55  —  —  Eliminations and other 1  (2) —  South America operations 5,672  3,196  445  Other miningc 26,820  19,244  1,747  Corporate, other & eliminationsd (6,577) (6,066) 52  As reported in our consolidated financial statements $ 25,915  $ 16,374  $ 2,244  a.Includes silver sales of 3.3 million ounces ($47.70 per ounce average realized price) and sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing. b.Includes charges totaling $67 million ($0.06 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.” 116 South America Operations Product Revenues, Production Costs and Unit Net Cash Costs Year Ended December 31, 2024 (In millions) By-Product Co-Product Method Method Copper Othera Total Revenues, excluding adjustments $ 4,894  $ 4,894  $ 446  $ 5,340  Site production and delivery, before net noncash     and other costs shown below 3,094  b 2,865  281  3,146  By-product credits (394) —  —  —  Treatment charges 193  193  —  193  Royalty on metals 8  7  1  8  Net cash costs 2,901  3,065  282  3,347  DD&A 446  409  37  446  Noncash and other costs, net 87  c 85  2  87  Total costs 3,434  3,559  321  3,880  Other revenue adjustments, primarily for pricing     on prior period open sales 32  33  (1) 32  Gross profit $ 1,492  $ 1,368  $ 124  $ 1,492  Copper sales (millions of recoverable pounds) 1,177  1,177  Gross profit per pound of copper: Revenues, excluding adjustments $ 4.16  $ 4.16  Site production and delivery, before net noncash     and other costs shown below 2.63  b 2.43  By-product credits (0.34) —  Treatment charges 0.16  0.16  Royalty on metals 0.01  0.01  Unit net cash costs 2.46  2.60  DD&A 0.38  0.35  Noncash and other costs, net 0.08  c 0.07  Total unit costs 2.92  3.02  Other revenue adjustments, primarily for pricing     on prior period open sales 0.03  0.03  Gross profit per pound $ 1.27  $ 1.17  Reconciliation to Amounts Reported Production Revenues and Delivery DD&A Totals presented above $ 5,340  $ 3,146  $ 446  Treatment charges (193) —  —  Royalty on metals (8) —  —  Noncash and other costs, net —  87  —  Other revenue adjustments, primarily for pricing     on prior period open sales 32  —  —  Eliminations and other —  (3) —  South America operations 5,171  3,230  446  Other miningd 26,406  18,012  1,737  Corporate, other & eliminationse (6,122) (5,688) 58  As reported in our consolidated financial statements $ 25,455  $ 15,554  $ 2,241  a.Includes silver sales of 3.6 million ounces ($29.35 per ounce average realized price) and sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing. b.Includes $97 million ($0.08 per pound of copper) of nonrecurring labor-related charges at Cerro Verde associated with new CLAs c.Includes charges totaling $57 million ($0.05 per pound of copper) for feasibility and optimization studies. d.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.” e.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.” 117 Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs Year Ended December 31, 2025 (In millions) Co-Product Method By-Product Method Copper Gold Silver & Othera Total Revenues, excluding adjustments $ 5,463  $ 5,463  $ 3,588  $ 214  $ 9,265  Site production and delivery, before net noncash     and other costs shown below 2,246  1,324  870  52  2,246  By-product credits (3,817) —  —  —  —  Treatment charges 225  133  87  5  225  Export duties 337  197  133  7  337  Royalty on metals 345  205  135  5  345  Net cash (credits) costs (664) 1,859  1,225  69  3,153  DD&A 1,090  b 643  422  25  1,090  Noncash and other costs, net 1,075  c,d 634  416  25  1,075  Total costs 1,501  3,136  2,063  119  5,318  Other revenue adjustments, primarily for pricing     on prior period open sales 19  19  14  1  34  Gross profit $ 3,981  $ 2,346  $ 1,539  $ 96  $ 3,981  Copper sales (millions of recoverable pounds) 1,205  1,205  Gold sales (thousands of recoverable ounces) 1,050  Gross profit per pound of copper/per ounce of gold: Revenues, excluding adjustments $ 4.53  $ 4.53  $ 3,418  Site production and delivery, before net noncash     and other costs shown below 1.86  1.10  828  By-product credits (3.17) —  —  Treatment charges 0.19  0.11  83  Export duties 0.28  0.16  127  Royalty on metals 0.29  0.17  129  Unit net cash (credits) costs (0.55) 1.54  1,167  DD&A 0.91  b 0.53  402  Noncash and other costs, net 0.89  c,d 0.53  397  Total unit costs 1.25  2.60  1,966  Other revenue adjustments, primarily for pricing     on prior period open sales 0.02  0.02  13  Gross profit per pound/ounce $ 3.30  $ 1.95  $ 1,465  Reconciliation to Amounts Reported Production Revenues and Delivery DD&A Totals presented above $ 9,265  $ 2,246  $ 1,090  Treatment charges 5  230  e —  Export duties (337) —  —  Royalty on metals (345) —  —  Noncash and other costs, net —  1,075  —  Other revenue adjustments, primarily for pricing     on prior period open sales 34  —  —  Eliminations and other —  —  4  Indonesia operations 8,622  3,551  1,094  Other miningf 23,870  18,889  1,098  Corporate, other & eliminationsg (6,577) (6,066) 52  As reported in our consolidated financial statements $ 25,915  $ 16,374  $ 2,244  a.Includes silver sales of 4.2 million ounces ($41.36 per ounce average realized price). b.Includes $118 million ($0.10 per pound of copper) of idle facility costs associated with the September 2025 mud rush incident. c.Includes charges totaling (i) $625 million ($0.52 per pound of copper) for idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident, (ii) $81 million ($0.07 per pound of copper) associated with asset impairments and write-offs, (iii) $65 million ($0.05 per pound of copper) for remediation costs related to the October 2024 fire incident at the smelter and (iv) $39 million ($0.03 per pound of copper) associated with idle facility related tolling fees as a result of PT Smelting’s planned major maintenance turnaround. d.Includes charges totaling $222 million ($0.18 per pound of copper) for operational readiness and startup costs associated with PTFI’s downstream processing facilities. e.Primarily represents tolling costs paid to PT Smelting, and excludes idle facility related tolling fees included in noncash and other costs, net (refer to note c above). f.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.” g.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.” 118 Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs Year Ended December 31, 2024 (In millions) Co-Product Method By-Product Method Copper Gold Silver & Othera Total Revenues, excluding adjustments $ 6,842  $ 6,842  $ 4,389  $ 218  $ 11,449  Site production and delivery, before net noncash     and other costs shown below 2,681  1,602  1,028  51  2,681  By-product credits (4,605) —  —  —  —  Treatment charges 571  341  219  11  571  Export duties 457  273  175  9  457  Royalty on metals 433  260  167  6  433  Net cash (credits) costs (463) 2,476  1,589  77  4,142  DD&A 1,193  713  457  23  1,193  Noncash and other costs, net 362  b,c 217  139  6  362  Total costs 1,092  3,406  2,185  106  5,697  Other revenue adjustments, primarily for pricing     on prior period open sales 7  7  (1) (1) 5  Gross profit $ 5,757  $ 3,443  $ 2,203  $ 111  $ 5,757  Copper sales (millions of recoverable pounds) 1,632  1,632  Gold sales (thousands of recoverable ounces) 1,817  Gross profit per pound of copper/per ounce of gold: Revenues, excluding adjustments $ 4.19  $ 4.19  $ 2,418  Site production and delivery, before net noncash     and other costs shown below 1.64  0.98  566  By-product credits (2.82) —  —  Treatment charges 0.35  0.21  120  Export duties 0.28  0.17  96  Royalty on metals 0.27  0.16  92  Unit net cash (credits) costs (0.28) 1.52  874  DD&A 0.73  0.44  252  Noncash and other costs, net 0.22  b,c 0.13  77  Total unit costs 0.67  2.09  1,203  Other revenue adjustments, primarily for pricing     on prior period open sales 0.01  0.01  (2) Gross profit per pound/ounce $ 3.53  $ 2.11  $ 1,213  Reconciliation to Amounts Reported Production Revenues and Delivery DD&A Totals presented above $ 11,449  $ 2,681  $ 1,193  Treatment charges (245) 326  d —  Export duties (457) —  —  Royalty on metals (433) —  —  Noncash and other costs, net —  362  —  Other revenue adjustments, primarily for pricing     on prior period open sales 5  —  —  Eliminations and other (1) (1) —  Indonesia operations 10,318  3,368  1,193  Other mininge 21,259  17,874  990  Corporate, other & eliminationsf (6,122) (5,688) 58  As reported in our consolidated financial statements $ 25,455  $ 15,554  $ 2,241  a.Includes silver sales of 6.9 million ounces ($28.52 per ounce average realized price). b.Includes charges totaling $144 million ($0.09 per pound of copper) associated with ARO adjustments and $34 million ($0.02 per pound of copper) related to amounts capitalized in prior years associated with the construction of PTFI’s downstream processing facilities. c.Includes charges totaling $133 million ($0.08 per pound of copper) for operational readiness and startup costs associated with PTFI’s downstream processing facilities and $28 million ($0.02 per pound of copper) for feasibility and optimization studies. d.Represents tolling costs paid to PT Smelting. 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.” 119 Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs Years Ended December 31, (In millions) 2025 2024 Revenues, excluding adjustmentsa $ 792  $ 619  Site production and delivery, before net noncash     and other costs shown below 539  508  Treatment charges and other 38  27  Net cash costs 577  535  DD&A 102  73  Noncash and other costs, net 24  22  Total costs 703  630  Gross profit (loss) $ 89  $ (11) Molybdenum sales (millions of recoverable pounds)a 37  30  Gross profit (loss) per pound of molybdenum: Revenues, excluding adjustmentsa $ 21.66  $ 20.66  Site production and delivery, before net noncash     and other costs shown below 14.75  16.99  Treatment charges and other 1.03  0.90  Unit net cash costs 15.78  17.89  DD&A 2.77  2.43  Noncash and other costs, net 0.66  0.73  Total unit costs 19.21  21.05  Gross profit (loss) per pound $ 2.45  $ (0.39) Reconciliation to Amounts Reported Production Year Ended December 31, 2025 Revenues and Delivery DD&A Totals presented above $ 792  $ 539  $ 102  Treatment charges and other (38) —  —  Noncash and other costs, net —  24  —  Molybdenum mines 754  563  102  Other miningb 31,738  21,877  2,090  Corporate, other & eliminationsc (6,577) (6,066) 52  As reported in our consolidated financial statements $ 25,915  $ 16,374  $ 2,244  Year Ended December 31, 2024 Totals presented above $ 619  $ 508  $ 73  Treatment charges and other (27) —  —  Noncash and other costs, net —  22  —  Molybdenum mines 592  530  73  Other miningb 30,985  20,712  2,110  Corporate, other & eliminationsc (6,122) (5,688) 58  As reported in our consolidated financial statements $ 25,455  $ 15,554  $ 2,241  a.Reflects sales of the Molybdenum mines’ production to the 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 the molybdenum sales company, including sales of molybdenum produced by the Molybdenum mines and by certain of the U.S. copper mines and Cerro Verde. 120 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; repairs and remediation efforts and phased restart and ramp-up of production and downstream processing following the September 2025 mud rush incident at PTFI’s Grasberg Block Cave underground mine and the anticipated impact on our business, production, sales, results of operations and operating plans, and recoveries under insurance policies; 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; potential 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 shareholders, 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; recover amounts under insurance policies; 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; process relating to the extension of PTFI’s IUPK beyond 2041; 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 in Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025. 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. Estimates of mineral reserves and mineral resources are subject to considerable uncertainty. Such estimates are, to a large extent, based on metal prices for the commodities we produce and interpretations of geologic data, which may not necessarily be indicative of future results or quantities ultimately recovered. Our annual report on Form 10-K for the year ended December 31, 2025, also includes forward-looking statements regarding mineral resources not included in proven and probable mineral reserves. A mineral resource, which includes measured, indicated and inferred mineral resources, is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are 121 reasonable prospects for economic extraction. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material modifying factors. Accordingly, no assurance can be given that the estimated mineral resources will become proven and probable mineral reserves. Our annual report on Form 10-K for the year ended December 31, 2025, 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. 122