Freeport-McMoRan Inc. stock research
FY2023 Q4
Freeport-McMoRan (FCX) Gross Margin — Quarter Ended Dec 31, 2024
Revenue declined from the prior quarter, but was higher than the same quarter a year earlier. Gross profit and cost of revenue followed similar directional changes, while gross margin weakened sequentially but improved year over year.
Gross margin takeaway
Quarter ended Dec 31, 2024 · FY2023 Q4
Revenue declined from the prior quarter, but was higher than the same quarter a year earlier. Gross profit and cost of revenue followed similar directional changes, while gross margin weakened sequentially but improved year over year.
- Compared with the prior quarter, cost of revenue decreased at a slower rate than revenue, compressing gross profit and lowering margin. Versus a year ago, revenue grew faster than cost of revenue, expanding both gross profit and margin.
- Sequential gross margin weakened as the proportion of revenue absorbed by cost of revenue increased. Year-over-year gross margin improved as that proportion decreased.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
27.0%
Gross profit
$1.6B
Revenue
$5.9B
Cost of revenue
$4.3B
Quarter-over-quarter change
-3.0 pts
Year-over-year change
+1.0 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2024 | $6.2B | $1.8B | $4.4B | 28.5% |
| Jun 30, 2024 | $6.4B | $2.0B | $4.4B | 31.5% |
| Sep 30, 2024 | $6.7B | $2.0B | $4.7B | 30.0% |
| Dec 31, 2024 | $5.9B | $1.6B | $4.3B | 27.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2024
-3.0 pts
Year-over-year change
Dec 31, 2022
+1.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Compared with the prior quarter, cost of revenue decreased at a slower rate than revenue, compressing gross profit and lowering margin. Versus a year ago, revenue grew faster than cost of revenue, expanding both gross profit and margin.
Sequential gross margin weakened as the proportion of revenue absorbed by cost of revenue increased. Year-over-year gross margin improved as that proportion decreased.
Monitor the relative movement of revenue and cost of revenue in the next quarter to assess whether gross margin trends stabilize or continue to shift.