Freeport-McMoRan (FCX) Q4 FY2021 earnings: revenue $6.2 billion, up 37.1% on the year

Freeport-McMoRan Inc. (FCX) reported revenue of $6.2 billion for Q4 FY2021, the quarter ended 31 December 2021, up 37.1% on the same quarter a year earlier. Net income was $1.1 billion, up 56.2% on the year, and diluted earnings per share $0.75. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2022.

Revenue

$6.2 billion

+37.1% on the year · +1.3% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

37.4%

38.0% a year earlier

Q1 FY2020Q4 FY2021

Net income

$1.1 billion

+56.2% on the year · -20.9% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$0.75

+50.0% on the year · -20.2% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	6,164	6,083	4,495	+1.3%	+37.1%
Cost of revenue	3,723	n/a	n/a
Gross profit	2,441	n/a	n/a
Gross margin	39.6%	n/a	n/a
Selling, general and administrative	94.0	n/a	n/a
Operating income	2,305	2,462	1,709	-6.4%	+34.9%
Operating margin	37.4%	40.5%	38.0%
Pre-tax income	1,973	n/a	n/a
Income tax	625	n/a	n/a
Effective tax rate	31.7%	n/a	n/a
Net income	1,106	1,399	708	-20.9%	+56.2%
Net margin	17.9%	n/a	n/a
Diluted EPS	$0.75	$0.94	$0.50	-20.2%	+50.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	2,280	n/a	n/a
Capital expenditure	771	n/a	n/a
Free cash flow	1,509	n/a	n/a
Free cash flow margin	24.5%	n/a	n/a
Cash from investing	-733	n/a	n/a
Cash from financing	-1,152	n/a	n/a
Depreciation and amortisation	568	528	435	+7.6%	+30.6%
Share-based compensation	19.0	n/a	n/a
Buybacks	488	n/a	n/a
Dividends paid	111	n/a	n/a
Diluted shares, weighted	1,482m	1,484m	1,461m	-0.1%	+1.4%
Shares outstanding at period end	1,455m	1,468m	1,458m	-0.9%	-0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	13,980	13,353	10,174	+4.7%	+37.4%
Non-controlling interest	9,039	n/a	n/a
Debt	9,450	9,665	9,711	-2.2%	-2.7%
Operating lease liabilities	281	n/a	n/a
Other liabilities	15,272	n/a	n/a
Total liabilities and equity	48,022	n/a	n/a
Fixed assets	30,345	n/a	n/a
Intangible assets	412	n/a	n/a
Investments	74.0	n/a	n/a
Cash and equivalents	8,068	7,672	3,657	+5.2%	+120.6%
Receivables	1,168	n/a	n/a
Other assets	7,955	n/a	n/a
Total assets	48,022	n/a	n/a

Questions

What was Freeport-McMoRan's revenue in Q4 FY2021?

Freeport-McMoRan (FCX) reported revenue of $6.2 billion for Q4 FY2021, the quarter ended 31 December 2021, up 37.1% on the same quarter a year earlier.

How much did Freeport-McMoRan earn in Q4 FY2021?

Net income for Q4 FY2021 was $1.1 billion, up 56.2% on the year, and diluted earnings per share $0.75.

When did Freeport-McMoRan report Q4 FY2021 results?

Freeport-McMoRan filed its 10-K for the year that ended with the quarter on 15 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	6,164	6,603	5,416	5,003	5,758	5,389	5,737	5,824	5,905	6,321	6,624	6,790	5,720	5,728	7,582	6,972	5,633	6,234	7,029	7,546
Cost of revenue	3,723	3,639	3,528	3,899	4,023	3,564	4,096	4,086	3,949	4,439	4,384	4,677	4,295	4,222	4,950	4,830	4,616	4,579	4,843	4,999
Gross profit	2,441	2,964	1,888	1,104	1,735	1,825	1,641	1,738	1,956	1,882	2,240	2,113	1,425	1,506	2,632	2,142	1,017	1,655	2,186	2,547
Gross margin	40%	45%	35%	22%	30%	34%	29%	30%	33%	30%	34%	31%	25%	26%	35%	31%	18%	27%	31%	34%
SG&A	94.0	115	100	98.0	107	126	115	118	120	144	123	117	129	154	127	131	133	162	135	131
Operating income	2,305	2,809	1,736	962	1,530	1,601	1,410	1,492	1,722	1,634	2,049	1,938	1,243	1,303	2,432	1,972	811	2,137	2,003	2,353
Operating margin	37%	43%	32%	19%	27%	30%	25%	26%	29%	26%	31%	29%	22%	23%	32%	28%	14%	34%	28%	31%
Pre-tax income	1,973	2,713	1,599	867	1,536	1,538	1,268	1,472	1,728	1,674	2,030	1,963	1,240	1,291	2,391	1,924	766	2,034	1,930	2,292
Tax rate	32%	30%	36%	36%	36%	32%	43%	35%	42%	31%	37%	38%	42%	39%	36%	35%	26%	32%	28%	27%
Net income	1,106	1,527	840	404	697	663	343	454	388	473	616	526	274	352	772	674	406	881	984	1,174
Net margin	18%	23%	16%	8%	12%	12%	6%	8%	7%	7%	9%	8%	5%	6%	10%	10%	7%	14%	14%	16%
Diluted EPS	$0.75	$1.04	$0.57	$0.28	$0.48	$0.46	$0.23	$0.31	$0.27	$0.32	$0.42	$0.36	$0.19	$0.24	$0.53	$0.46	$0.28	$0.61	$0.68	$0.81
Operating cash flow	2,280	1,691	1,621	758	1,069	1,050	1,673	1,236	1,320	1,896	1,956	1,872	1,436	1,058	2,195	1,664	693	1,495	2,048	1,981
Capital expenditure	771	723	863	836	1,047	1,121	1,163	1,178	1,362	1,254	1,116	1,199	1,239	1,172	1,261	1,056	1,005	973	n/a	n/a
Free cash flow	1,509	968	758	-78.0	22.0	-71.0	510	58.0	-42.0	642	840	673	197	-114	934	608	-312	522	n/a	n/a
Buybacks	488	541	644	162	0.0	0.0	0.0	0.0	0.0	0.0	0.0	59.0	0.0	55.0	52.0	0.0	0.0	93.0	110	102
Dividends paid	111	220	218	214	214	217	215	215	216	218	215	216	216	218	215	216	216	218	216	216
Shares outstanding	1,455m	1,449m	1,429m	1,429m	1,431m	1,433m	1,434m	1,434m	1,434m	1,436m	1,437m	1,437m	1,437m	1,436m	1,436m	1,436m	1,437m	1,438m	1,436m	1,435m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 15 February 2022: the filing.