--- title: "Freeport-McMoRan: Business Model" description: "Freeport-McMoRan revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/freeport-mcmoran/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Freeport-McMoRan: Business Model & Revenue Engine ## Direct Answer Freeport-McMoRan reports revenue across 5 business segments in its fiscal 2025 Form 10-K. Grasberg is the largest, with $8.6 billion of revenue (33% of the total), followed by Rod and Refining at $6.9 billion (27%). ## How Does Freeport-McMoRan Make Money? No single line supplies a majority of revenue: the largest, Grasberg, is 33%, which spreads Freeport-McMoRan's exposure across several demand drivers. Between fiscal 2024 and 2025, Morenci grew fastest (+12.8%) and Grasberg slowest (-16.4%), so the revenue mix tilts toward Morenci while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Grasberg | $8.6 billion | $10.3 billion | 33.3% | -16.4% | | Rod and Refining | $6.9 billion | $6.2 billion | 26.6% | 10.4% | | Cerro Verde | $4.7 billion | $4.3 billion | 18.2% | 10.6% | | Atlantic Copper Smelting and Refining | $3.2 billion | $3.0 billion | 12.2% | 5.0% | | Morenci | $2.6 billion | $2.3 billion | 10.2% | 12.8% | ![Bar chart of Freeport-McMoRan revenue by segment for fiscal 2025: Grasberg 33.3%, Rod and Refining 26.6%, Cerro Verde 18.2%, Atlantic Copper Smelting and Refining 12.2%, Morenci 10.2%.](https://www.getswoopr.com/images/charts/freeport-mcmoran-business-model-segment-mix.webp) *Freeport-McMoRan revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## Which Freeport-McMoRan Segments Earn the Most? | Segment | FY2025 segment operating income | Segment margin | | --- | --- | --- | | Grasberg | $3.8 billion | 44.5% | | Rod and Refining | $31 million | 0.4% | | Cerro Verde | $1.8 billion | 38.6% | | Atlantic Copper Smelting and Refining | $11 million | 0.3% | | Morenci | $607 million | 22.9% | Segment operating income is the profit measure Freeport-McMoRan reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Freeport-McMoRan more safely than against another company. ## What the Segment Figures Do Not Show The rows above add up to 100% of Freeport-McMoRan's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Freeport-McMoRan reported in the segment note and revenue disclosures of its Form 10-K filed February 13, 2026 (accession 0000831259-26-000012), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Freeport-McMoRan's business segments? In its fiscal 2025 Form 10-K, Freeport-McMoRan reports revenue for Grasberg, Rod and Refining, Cerro Verde, Atlantic Copper Smelting and Refining and Morenci. ### Which part of Freeport-McMoRan brings in the most revenue? Grasberg, with $8.6 billion of revenue in fiscal 2025, or 33% of the total. ### Where does Freeport-McMoRan report its segment results? In the segment note to the financial statements in its Form 10-K, most recently filed February 13, 2026, alongside management's discussion of each segment's results. ## References - [SEC EDGAR: FREEPORT-MCMORAN INC Form 10-K filed February 13, 2026](https://www.sec.gov/Archives/edgar/data/831259/000083125926000012/fcx-20251231.htm) - [SEC EDGAR: FREEPORT-MCMORAN INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=831259&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Freeport-McMoRan company dossier](https://www.getswoopr.com/stocks/companies/freeport-mcmoran/) - [Freeport-McMoRan financial metrics](https://www.getswoopr.com/stocks/companies/freeport-mcmoran/metrics/) - [Freeport-McMoRan financial risk indicators](https://www.getswoopr.com/stocks/companies/freeport-mcmoran/risks/) - [Freeport-McMoRan peer comparison](https://www.getswoopr.com/stocks/companies/freeport-mcmoran/competitors/) - [Freeport-McMoRan business model and revenue mix](https://www.getswoopr.com/stocks/companies/freeport-mcmoran/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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