Freeport-McMoRan Inc. stock research
FY2025 Q3
Freeport-McMoRan (FCX) Gross Margin — Quarter Ended Sep 30, 2025
Revenue decreased compared to the prior quarter, while cost of revenue declined at a slower pace, resulting in a lower gross profit and a contracted gross margin. Year-over-year, revenue was slightly higher, but a modest increase in cost of revenue kept gross profit nearly unchanged and gross margin slightly weaker.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue decreased compared to the prior quarter, while cost of revenue declined at a slower pace, resulting in a lower gross profit and a contracted gross margin. Year-over-year, revenue was slightly higher, but a modest increase in cost of revenue kept gross profit nearly unchanged and gross margin slightly weaker.
- The most observable driver is the slower decline in cost of revenue relative to the revenue drop, which compressed gross margin.
- Compared to the prior quarter, gross margin weakened as revenue fell more sharply than cost of revenue. Versus the same quarter last year, gross margin was slightly lower, with revenue and cost both slightly higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
29.2%
Gross profit
$2.0B
Revenue
$6.8B
Cost of revenue
$4.8B
Quarter-over-quarter change
-5.1 pts
Year-over-year change
-0.8 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 |
|---|---|---|---|---|
| Dec 31, 2024 | $5.9B | $1.6B | $4.3B | 27.0% |
| Mar 31, 2025 | $5.6B | $1.4B | $4.2B | 24.3% |
| Jun 30, 2025 | $7.5B | $2.6B | $5.0B | 34.2% |
| Sep 30, 2025 | $6.8B | $2.0B | $4.8B | 29.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-5.1 pts
Year-over-year change
Sep 30, 2024
-0.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver is the slower decline in cost of revenue relative to the revenue drop, which compressed gross margin.
Compared to the prior quarter, gross margin weakened as revenue fell more sharply than cost of revenue. Versus the same quarter last year, gross margin was slightly lower, with revenue and cost both slightly higher.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters for signs of margin stabilization.