FCX · 10-Q · 2026Q2 · Full report

Liquidity and Debt Position

FREEPORT-MCMORAN INC · 2026-08-06 · Importance 44 · Surprise 24 · From source text

Freeport-McMoRan generated $3.5 billion of operating cash flow in the first six months of 2026, including $0.7 billion of pre-tax insurance proceeds related to the Grasberg mud rush incident. At June 30, 2026, consolidated cash and cash equivalents were $4.1 billion, while total debt was $9.4 billion at a 5.2% weighted-average interest rate. The company had $3.0 billion of availability under its revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million of availability, respectively. Net debt was $2.1 billion, excluding $3.2 billion of debt for PTFI’s downstream processing facilities, and senior note maturities include $0.7 billion in April 2027 and $0.6 billion in the second half of 2027.

Key facts

• Based on current sales volume, cost and metal price estimates and planned capital expenditures, our available cash and cash equivalents plus our projected consolidated operating cash flows of $8.3 billion for the year 2026 exceed our expected consolidated capital expenditures of $4.3 billion. source
• In May 2026, we and PTFI entered into a new $3.0 billion, five-year senior unsecured revolving credit facility that matures in May 2031, and Cerro Verde entered into a new $350 million, five-year senior unsecured revolving credit facility that matures in May 2031. source
• We have $0.7 billion in scheduled senior note maturities in April 2027 and $0.6 billion in scheduled senior note maturities in the second half of 2027. source
• At June 30, 2026, we had $3.0 billion of availability under our revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities. source
• Our financial policy 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). source
• At June 30, 2026, consolidated debt was $9.4 billion and consolidated cash and cash equivalents were $4.1 billion; net debt totaled $2.1 billion, excluding $3.2 billion of debt for PTFI’s downstream processing facilities. source
• Other income, net totaled $22 million in second-quarter 2026, $41 million in second-quarter 2025, $33 million for the first six months of 2026 and $99 million for the first six months of 2025. source
• At June 30, 2026, consolidated debt totaled $9.4 billion with a weighted-average interest rate of 5.2% and an average remaining duration of approximately eight years. source

Impact estimates