Freeport-McMoRan

Investment‑grade balance sheet with $3.8 billion cash and $9.4 billion total debt at year‑end 2025; net debt about $5.6 billion. Revolver availability was $3.0 billion at FCX plus $1.5 billion at PTFI and $350 million at Cerro Verde. TTM operating cash flow was $5.61 billion and capex $4.49 billion, yielding ~$1.12 billion of FCF.

Ratings are Baa2/BBB/BBB‑. Liquidity and staggered maturities provide resilience through copper downcycles and event recovery.