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% |
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.