Compare · Materials
Freeport-McMoRan vs. Newmont: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Freeport-McMoRan
1 · What it sells
Freeport-McMoRan mines copper, gold and molybdenum in Indonesia, Peru, Chile and the US, and had revenue of $25.9 billion in FY2025.
Sources and detail on the Freeport-McMoRan page2 · Who pays it
Buyers of copper paid 74.5% of FY2025 product sales before deductions, gold 15.0%, molybdenum 7.6% and silver and other by-products 2.9%.
Sources and detail on the Freeport-McMoRan page3 · What it keeps from $100
Of every $100 that came in during FY2025, $8.4 was left as net income for Freeport-McMoRan's shareholders after $7.4 went to partners in its mines; operating income was $25.2 per $100 of revenue.
Sources and detail on the Freeport-McMoRan page4 · Where the operating profit comes from
Indonesia operations made 54.8% of FY2025 segment operating income before corporate costs, Cerro Verde in Peru 26.0% and Morenci in Arizona 8.7%.
Sources and detail on the Freeport-McMoRan page5 · The one thing to watch
The Indonesia mill ran at 67% of capacity in Q3 2026 after the Sep 2025 mud rush; the company said on Oct 27, 2026 it expects 80% by mid-2027.
Sources and detail on the Freeport-McMoRan page
Newmont
1 · What it sells
Newmont mines gold, plus copper, silver, zinc and lead, at 12 mines it runs and through its 38.5% share of Nevada Gold Mines, with FY2025 sales of $22,669 million.
Sources and detail on the Newmont page2 · Who pays it
Newmont sells to bullion banks, traders and smelters; in FY2025 gold made 85.2% of sales, copper 6.3%, silver 4.8%, zinc 2.9% and lead 0.8%.
Sources and detail on the Newmont page3 · What it keeps from $100
Of every $100 that came in during FY2025, Newmont kept $28.6 as net income, including gains on mines it sold and on investments; sales minus operating costs, leaving out that gain and impairments, was $10,737 million, or 47.4% of sales (Cityfort calculation from the FY2025 10-K).
Sources and detail on the Newmont page4 · Where the operating profit comes from
Nevada Gold Mines made 16.1% of the $10,534 million pre-tax income of Newmont's 13 segments in FY2025, Peñasquito in Mexico 14.9% and Cadia in Australia 12.9%, before corporate costs.
Sources and detail on the Newmont page5 · The one thing to watch
Newmont's average realized gold price was $4,900 an ounce in Q1 FY2026 and $4,317 in Q3 FY2026, and its net income was $3,262 million and $2,475 million.
Sources and detail on the Newmont page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Freeport-McMoRan
Where $100 went · FY2025
| Interest | $1.4 |
|---|---|
| Mining, processing and shipping | $62.6 |
| Depreciation, depletion and amortization | $8.6 |
| Overheads, exploration and environmental | $3.0 |
| To other owners of its mining companies | $7.4 |
| Income tax | $8.5 |
| Kept as net income for Freeport-McMoRan's shareholders | $8.4 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025: each line ÷ revenue of $25,915 million plus $240 million of other income, asset-sale gains and venture earnings ($26,155 million). The other owners' share is the noncontrolling interests in PT Freeport Indonesia, Cerro Verde and El Abra. Operating income was $6,518 million, $25.2 per $100 of revenue; that figure counts all of each mine, including the parts other owners hold.
Newmont
Where $100 went · FY2025
| Interest | $0.9 |
|---|---|
| Running the mines | $32.6 |
| Depreciation and amortization | $10.2 |
| Reclamation, exploration, overheads and other | $5.4 |
| Impairments | $3.4 |
| Partners' share | $0.3 |
| Income and mining tax | $18.6 |
| Kept as net income | $28.6 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025: each line ÷ total money in of $24,766 million (sales $22,669 million + $1,066 million gain on mines sold + $604 million gain on investments + $421 million share of profit from partly owned mines + $6 million other income). Net income includes those gains. Newmont has no operating income line: sales minus costs and expenses was $10,961 million, or 48.4% of sales; leaving out the gain on mines sold and $842 million of impairments, it was $10,737 million, or 47.4% of sales.
Line items differ because each company groups its costs its own way in its filings. Only on Freeport-McMoRan's receipt: Mining, processing and shipping; Depreciation, depletion and amortization; Overheads, exploration and environmental; Income tax; To other owners of its mining companies; Kept as net income for Freeport-McMoRan's shareholders. Only on Newmont's receipt: Running the mines; Depreciation and amortization; Reclamation, exploration, overheads and other; Impairments; Partners' share; Income and mining tax; Kept as net income.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Freeport-McMoRan
Newmont
See the numbers
Net income
Freeport-McMoRan
Newmont
See the numbers
Free cash flow
Freeport-McMoRan
Newmont
See the numbers
Who pays each company
Freeport-McMoRan
- Buyers of copper · 74.5% of revenueSmelters, refiners and fabricators buying concentrate, cathode and rod paid $19,325 million in FY2025, before deductions.
- Buyers of gold · 15.0% of revenuePaid $3,900 million in FY2025, before deductions.
- Buyers of molybdenum · 7.6% of revenuePaid $1,966 million in FY2025.
- Buyers of silver and other by-products · 2.9% of revenuePaid $749 million in FY2025.
Newmont
- Buyers of gold · 85.2% of revenueBullion banks and traders paid $19,304 million in FY2025.
- Buyers of copper · 6.3% of revenueSmelters and traders paid $1,438 million for copper concentrate in FY2025.
- Buyers of silver · 4.8% of revenuePaid $1,080 million in FY2025, including $84 million of non-cash streaming revenue from Wheaton.
- Buyers of zinc · 2.9% of revenuePaid $664 million in FY2025.
- Buyers of lead · 0.8% of revenuePaid $183 million in FY2025.
Revenue by segment
Freeport-McMoRan
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Indonesia operations | $8.6B | 33.3% |
| U.S. Rod & Refining | $6.9B | 26.4% |
| Cerro Verde | $3.8B | 14.6% |
| Atlantic Copper | $3.2B | 12.2% |
| Morenci | $303M | 1.2% |
| Other segments | $3.2B | 12.4% |
Newmont
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Nevada Gold Mines (38.5%, US) | $3.6B | 15.7% |
| Peñasquito (Mexico) | $3.4B | 15.1% |
| Cadia (Australia) | $2.3B | 10.1% |
| Ahafo South (Ghana) | $2.3B | 10.0% |
| Boddington (Australia) | $2.2B | 9.9% |
| Lihir (Papua New Guinea) | $2.0B | 8.7% |
| Yanacocha (Peru) | $1.8B | 8.0% |
| Tanami (Australia) | $1.4B | 6.0% |
| Merian (Suriname, 75%) | $846M | 3.7% |
| Brucejack (Canada) | $824M | 3.6% |
| Cerro Negro (Argentina) | $691M | 3.0% |
| Red Chris (Canada, 70%) | $513M | 2.3% |
| Ahafo North (Ghana) | $242M | 1.1% |
| Mines sold during 2025 | $628M | 2.8% |
Debt and cash
Freeport-McMoRan
- Debt
- $9.4B
- Cash and investments
- $4.3B
On Sep 30, 2026.
On Sep 30, 2026, Freeport-McMoRan's debt of $9.4 billion exceeded its cash of $4.3 billion by $5.1 billion, about 0.9 times its FY2025 operating cash flow of $5.6 billion.
Newmont
- Debt
- $5.6B
- Cash and investments
- $8.8B
On Sep 30, 2026.
On Sep 30, 2026, Newmont's cash of $8.8 billion was $3.2 billion more than its $5.6 billion of debt and leases, before a planned $1.95 billion payment to Barrick.
Sources: Freeport-McMoRan S4, S5, S1, S19, S22 · Newmont S8, S1
Who owns each company
Freeport-McMoRan
- One class of shares.
- Officers and directors as a group: 0.7% of shares (as of Apr 13, 2026).
- Vanguard Capital Management: 7.5% (as of Apr 29, 2026).
- BlackRock, Inc.: 6.2% (as of Apr 17, 2025).
Newmont
- One class of shares.
- Officers and directors as a group: 0.1% of shares (as of Mar 16, 2026).
- BlackRock, Inc.: 8.7% (as of Apr 17, 2025).
- Vanguard Capital Management: 7.7% (as of Apr 29, 2026).
Sources: Freeport-McMoRan S14, S4, S15 · Newmont S16, S17, S18
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: commodity costs, execution, regulation. Every risk is on each company's page.
Freeport-McMoRan
- Partners take a large share of profit (other)The other owners of its Indonesian, Peruvian and Chilean mining companies took $1,948 million of FY2025 net income of $4,152 million, or 46.9%, and 57.1% in FY2024. Distributions to them were $1,274 million in FY2025.
- Heavy spending ahead (debt)Capital spending was $4,494 million in FY2025; the company said on Oct 27, 2026 it expects about $4.4 billion in 2026. The $4.5 billion Bagdad expansion adds to it from 2027. Free cash flow was $1,116 million in FY2025, and environmental and mine closure obligations were $5,983 million on Sep 30, 2026.
Newmont
- Mine closure costs (other)Reclamation and remediation liabilities were $7,190 million at Dec 31, 2025, $3,906 million of it for Yanacocha in Peru. Reclamation and remediation costs of $1,533 million in FY2023, including a $1,101 million increase at Yanacocha, helped turn that year into a loss.
- A partner runs Nevada Gold Mines (governance)Barrick runs Nevada Gold Mines, 16.1% of Newmont's FY2025 segment pre-tax income. Newmont alleged mismanagement there in Jan 2026; a settlement in Aug 2026 commits Newmont to pay Barrick $1.95 billion.
- Lawsuits (legal cases)Cadia faces a landholder class action filed in Feb 2026 alleging contamination, and shareholder derivative suits were pending in US federal courts; a related securities class action was dismissed in Sep 2026.
Sources: Freeport-McMoRan S1, S5, S16, S4 · Newmont S1, S8, S19, S5
Key facts
- How does Freeport-McMoRan make money compared with Newmont?
- Freeport-McMoRan's revenue by segment in FY2025: Indonesia operations 33.3%, U.S. Rod & Refining 26.4%, Cerro Verde 14.6%, Atlantic Copper 12.2%, Morenci 1.2%, and 1 more. Newmont's revenue by segment in FY2025: Nevada Gold Mines (38.5%, US) 15.7%, Peñasquito (Mexico) 15.1%, Cadia (Australia) 10.1%, Ahafo South (Ghana) 10.0%, Boddington (Australia) 9.9%, and 9 more.
- Which is bigger by revenue, Freeport-McMoRan or Newmont?
- Freeport-McMoRan reported $25.9B of revenue in FY2025, and Newmont reported $22.7B in FY2025.
- How much net income did Freeport-McMoRan and Newmont report?
- Freeport-McMoRan reported net income of $2.2B in FY2025, and Newmont reported $7.1B in FY2025.
- How much of every $100 did Freeport-McMoRan and Newmont keep as net income?
- Freeport-McMoRan kept $8.4 of every $100 that came in during FY2025, and Newmont kept $28.6 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Freeport-McMoRan and Newmont have?
- Freeport-McMoRan had $9.4B of debt and $4.3B of cash and investments on Sep 30, 2026. Newmont had $5.6B of debt and $8.8B of cash and investments on Sep 30, 2026.
- When do Freeport-McMoRan's and Newmont's fiscal years end?
- Freeport-McMoRan: Fiscal year ends on December 31 (the calendar year). Newmont: Fiscal year ends on December 31 (the calendar year).
Sources: Freeport-McMoRan S2, S3, S1, S4, S5, S19, S22 · Newmont S3, S4, S1, S8
Built from each company's page. Freeport-McMoRan updated Nov 6, 2026; Newmont updated Nov 6, 2026.
Sources
Freeport-McMoRan
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Freeport-McMoRan (SEC EDGAR), Feb 13, 2026
- S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Freeport-McMoRan (SEC EDGAR), Feb 16, 2024
- S3Form 10-K, fiscal year 2022 (ended Dec 31, 2022), Freeport-McMoRan (SEC EDGAR), Feb 15, 2023
- S4Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026), Freeport-McMoRan (SEC EDGAR), Nov 6, 2026
- S5Q3 FY2026 earnings release (8-K Exhibit 99.1), Oct 27, 2026, Freeport-McMoRan (SEC EDGAR), Oct 27, 2026
- S142026 proxy statement (DEF 14A), annual meeting Jun 10, 2026, record date Apr 13, 2026, Freeport-McMoRan (SEC EDGAR), Apr 23, 2026
- S15Schedule 13G, Vanguard Capital Management, 7.49% (event date Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 29, 2026
- S168-K filed Nov 4, 2026 (Item 8.01, Ex. 99.1): Board approves $4.5 billion Bagdad expansion, Freeport-McMoRan (SEC EDGAR), Nov 4, 2026
- S198-K filed May 20, 2026 (Items 1.01, 1.02, 2.03): new $3.0 billion revolving credit facility maturing May 2031, Freeport-McMoRan (SEC EDGAR), May 20, 2026
- S228-K filed Sep 8, 2026 (Item 8.01): PTFI $1.75 billion revolver extended to September 2031, Freeport-McMoRan (SEC EDGAR), Sep 8, 2026
Newmont
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Newmont Corporation (SEC EDGAR), Feb 19, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Newmont Corporation (SEC EDGAR), Feb 29, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022), Newmont Corporation (SEC EDGAR), Feb 23, 2023
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026), Newmont Corporation (SEC EDGAR), Oct 22, 2026
- S8Q3 2026 earnings release (Form 8-K, Exhibit 99.1), Newmont Corporation (SEC EDGAR), Oct 22, 2026
- S162026 proxy statement (DEF 14A), annual meeting May 12, 2026, Newmont Corporation (SEC EDGAR), Mar 26, 2026
- S17Schedule 13G filed by Vanguard Capital Management (event date Mar 31, 2026), SEC EDGAR, Apr 29, 2026
- S18Schedule 13G/A (Amendment No. 14) filed by The Vanguard Group (event date Mar 13, 2026), SEC EDGAR, Mar 26, 2026
- S19Form 8-K, Item 1.01: amended Nevada Gold Mines joint venture agreement with Barrick, Newmont Corporation (SEC EDGAR), Aug 13, 2026
Disclaimer
For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.
Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.
Read the positions policyRead the full disclaimerHide the full disclaimer
Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.