Freeport-McMoRan dividend
Freeport-McMoRan's base dividend is $0.60 per share, matching current 2026 guidance and four consecutive years. Its real free cash flow was $0.66 per share, while distributions to minority owners, dividends, and buybacks exceeded it by $0.81 per share.
How much does Freeport-McMoRan pay per share?
The base dividend stays at $0.60 per share in every window. The bear case cuts it to $0.30 after 2027, while the bull case raises it to $0.80 and then $1.00. The base reflects four consecutive years at $0.60 and current 2026 guidance. The downside reflects distributions that exceeded free cash flow in several recent years; the upside requires stronger cash after capital spending and partner distributions.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Real free cash flow per share | 0.66 | 1.52 | 0.24 | 1.08 | 3.70 |
| − Dividends paid, per share | 0.60 | 0.60 | 0.60 | 0.60 | 0.22 |
| − Share buybacks, per share | 0.07 | 0.04 | 0.00 | 0.93 | 0.33 |
| = FCF not paid out, per share | 2.82 |
What this means. The company’s own free cash flow count is not shown; our real free cash flow is lower because it subtracts shares given to employees as pay.
Does Freeport-McMoRan's cash cover its dividend?
The operating picture is lower production at 2,376 million pounds alongside a higher realized copper price of $4.75 per pound. Net debt reached $5,555 million in 2025. The company’s real free cash flow was $0.66 per share, while distributions to minority owners, dividends, and buybacks exceeded it by $0.81 per share. At $69.87, the stock’s free cash flow yield is 1.1%. Its dividend yield is 0.9%.
In 2025, operations generated $5.610 billion, while capital spending consumed $4.494 billion. The stated remainder was $1.079 billion; after stock-based compensation, Freeport’s analytical “real free cash flow” was $958 million. Its margin was 3.7%, far below the 24.0% achieved in 2021.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,079 | 2,311 | 452 | 1,663 | 5,575 |
| − Paid to minority owners | 1,274 | 1,833 | 625 | 840 | 583 |
| − Dividends paid | 865 | 865 | 863 | 866 | 331 |
| − Share buybacks | 107 | 59 | 0 | 1,347 | 488 |
| = Free cash flow not paid out | 4,173 |
What this means. The company’s payout percentages count only dividends and share buybacks, so they leave out cash paid to outside owners of partly owned businesses.
What could change Freeport-McMoRan's dividend?
Management targets PTFI at 80% of capacity by mid-2027 and near full capacity by year-end 2027. For 2026, it guides to 3,057 million pounds of copper sales and $4.3 billion of capital expenditure.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 11,480 (5,755 / 17,760) | 12,300 (5,380 / 18,730) | 12,300 (4,880 / 17,990) |
| Shares (millions) | 1,432 (1,436 / 1,427) | 1,428 (1,437 / 1,418) | 1,423 (1,437 / 1,410) |
| Dividends per share | 0.60 (0.60 / 0.60) | 0.60 (0.30 / 0.80) | 0.60 (0.30 / 1.00) |
| Enterprise value to ebitda | 10.00 (7.50 / 12.00) | 10.50 (7.00 / 13.00) | 10.50 (6.50 / 13.50) |
| Net debt | 5,692 (9,700 / 2,196) | 5,504 (13,925 / -1,319) | 5,316 (18,500 / -4,042) |
What this means. A negative net debt number means the company would have more cash than borrowed money, after excluding its separately reported lease obligations.