Freeport-McMoRan Inc.

All revenue is derived from copper, gold, and molybdenum sold at prevailing spot prices with no backlog, contracted offtake, or recurring component. Revenue ranged from $14.2B in FY2020 to $25.9B in FY2025, swings of more than 80% driven entirely by commodity price cycles with no volume-driven floor.

Copper accounts for the large majority of revenue, with gold and molybdenum serving as by-product credits that significantly affect unit cost calculations rather than representing independent business lines. FY2025 production of 3.6 billion pounds of copper, 1.1 million ounces of gold, and 83 million pounds of molybdenum spans three commodities that are all highly correlated in price cycles.

FCX operates across the United States (Morenci, Bagdad, Safford/Lone Star, Sierrita), Indonesia (Grasberg/PTFI), Peru (Cerro Verde), and Chile (El Abra), with no single country clearly exceeding 50% of copper output. Indonesia carries the highest jurisdictional concentration at roughly 35-45% of copper production capacity when Grasberg Block Cave runs at full rate, a meaningful but not dominant single-country weight.

Copper mining requires proportional capital investment to grow or sustain production volumes, with FY2025 capex of $4.5B and FY2026 guidance of approximately $4.3B. The business has structural fixed-cost leverage at individual mines, but incremental production cannot be achieved without sustained large-scale capital expenditure.

Revenue is transactional and priced against LME copper benchmarks with no subscription, contractual, or mission-critical layer. Copper demand is industrial and durable-goods-linked, providing some underlying resilience, but FCX has no ability to lock in prices or customers.