Freeport-McMoRan (FCX) FY2022 results: revenue $22.8 billion, down 0.3% on the year

Freeport-McMoRan Inc. (FCX) reported revenue of $22.8 billion for fiscal 2022, the year ended 31 December 2022, down 0.3% on the year before. Net income was $3.5 billion, down 19.5%. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2023.

Revenue

$22.8 billion

-0.3% on the year

FY2015FY2022

Operating margin

30.9%

36.6% a year earlier

FY2015FY2022

Net income

$3.5 billion

-19.5% on the year

FY2015FY2022

Diluted EPS

n/a

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	22,780	22,845	14,198	-0.3%
Cost of revenue	15,089	14,030	11,655	+7.5%
Gross profit	7,691	8,815	2,543	-12.8%
Gross margin	33.8%	38.6%	17.9%
Selling, general and administrative	420	383	370	+9.7%
Operating income	7,037	8,366	2,437	-15.9%
Operating margin	30.9%	36.6%	17.2%
Pre-tax income	6,715	7,659	1,797	-12.3%
Income tax	2,267	2,299	944	-1.4%
Effective tax rate	33.8%	30.0%	52.5%
Net income	3,468	4,306	599	-19.5%
Net margin	15.2%	18.8%	4.2%
Diluted EPS	n/a	$2.90	$0.41

$ million except per share.

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	FY2022	FY2021	FY2020	On the year
Operating cash flow	5,139	7,715	3,017	-33.4%
Capital expenditure	3,469	2,115	1,961	+64.0%
Free cash flow	1,670	5,600	1,056	-70.2%
Free cash flow margin	7.3%	24.5%	7.4%
Cash from investing	-3,440	-1,964	-1,264
Cash from financing	-1,623	-1,340	-128
Depreciation and amortisation	2,019	1,998	1,528	+1.1%
Share-based compensation	95.0	98.0	99.0	-3.1%
Buybacks	1,347	488	0.0	+176.0%
Dividends paid	866	331	73.0	+161.6%
Dividend per share	$0.60	$0.38	$0.00	+60.0%
Diluted shares, weighted	1,451m	1,482m	1,461m	-2.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	15,555	13,980	10,174	+11.3%
Non-controlling interest	9,316	9,039	8,494	+3.1%
Debt	10,620	9,450	9,711	+12.4%
Operating lease liabilities	294	281	190	+4.6%
Other liabilities	15,308	15,272	13,575	+0.2%
Total liabilities and equity	51,093	48,022	42,144	+6.4%
Fixed assets	32,627	30,345	29,818	+7.5%
Intangible assets	416	412	401	+1.0%
Investments	79.0	74.0	70.0	+6.8%
Cash and equivalents	8,146	8,068	3,657	+1.0%
Receivables	1,336	1,168	892	+14.4%
Other assets	8,489	7,955	7,306	+6.7%
Total assets	51,093	48,022	42,144	+6.4%

10-K for the year ended 31 December 2022, filed 15 February 2023: the filing.