Freeport-McMoRan management check
FCX · Materials · Copper · CEO Kathleen L. Quirk
Filings as of
2 good · 4 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $209, against $331 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.03 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.7% of net income$14.8m of reported pay in fiscal 2025, against $2.2bn of net income.
- Watch
Do they own the stock?
Insiders are selling4 insiders sold $8.4m in the last six months and none bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed +0.0% a year over the last three fiscal years. Stock-based pay was 0.5% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Richard C. Adkerson, Kathleen L. Quirk. 3 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Watch
Are the books clean?
An annual report was amendedNo restatements, auditor changes or late filings since 2021. 1 amended annual report.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Materials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 4 | 40 | |
| Pay for performance | 51 | 77 | |
| CEO cost | 64 | 40 | |
| Skin in the game | — | — | 38 |
| Dilution | 50 | 71 | |
| Stable leadership | 60 | 70 | |
| Clean books | 70 | 100 |
Closest peers
Nearest in rank in Materials, by management score. Freeport-McMoRan is 20th of 24 in its sector.
- 386DOWDow Inc.55
- 409APDAir Products52
- 418LYBLyondellBasell51
- 423FCXFreeport-McMoRan50
- 449ALBAlbemarle Corporation47
- 453AMCRAmcor46
Pay versus performance
From the proxy statement filed April 23, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Kathleen L. Quirk | $14.8m | $24.4m | $7.3m | $209 | $331 | $2.2bn |
| 2024 | Kathleen L. Quirk, Richard C. Adkerson | $23.7m | $16.5m | $3.6m | $154 | $179 | $1.9bn |
| 2023 | Richard C. Adkerson | $24.0m | $25.3m | $5.1m | $170 | $187 | $1.8bn |
| 2022 | Richard C. Adkerson | $20.5m | $7.2m | $5.2m | $150 | $154 | $3.5bn |
| 2021 | Richard C. Adkerson | $19.1m | $75.7m | $4.1m | $161 | $135 | $4.3bn |
The board says pay is tied most to Return on Investment. Its other key measures: Relative TSR, Consolidated Adjusted EBITDA, Copper Sales.
Insiders and the CEO's stake
4 insiders sold $8.4m in the last six months and none bought.
- SoldDouglas N. Ii CurraultEVP & General Counsel$6.3mAug 25, 2026
- SoldStephen T. HigginsEVP & CAO$1.5mAug 5, 2026
- SoldEllie L. MikesChief Accounting Officer$334kAug 5, 2026
- SoldLydia H KennardDirector$300kAug 27, 2026
Leadership and governance on file
- Mar 23, 2026Leadership change8-K 5.02
- Jun 12, 2025Leadership change8-K 5.02
- Feb 9, 2024Leadership change8-K 5.02
- Feb 8, 2023Leadership change8-K 5.02
- Mar 9, 2022Leadership change8-K 5.02
- Feb 18, 2022Annual report amended10-K/A
- Feb 8, 2022Leadership change8-K/A 5.02
- Dec 10, 2021Leadership change8-K 5.02
- Nov 4, 2021Leadership change8-K/A 5.02
Latest shareholder vote results: Jun 10, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $6.5bn returned to owners in buybacks and dividends, 47% of net income, and $532.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $22.4bn | $23.3bn | $22.7bn | $25.2bn | $25.2bn |
| Net income | $4.3bn | $3.5bn | $1.8bn | $1.9bn | $2.2bn |
| Stock-based pay | $98.0m | $95.0m | $109.0m | $109.0m | $121.0m |
| Buybacks | $488.0m | $1.3bn | $0 | $59.0m | $107.0m |
| Dividends | $1.0bn | $866.0m | $863.0m | $865.0m | $865.0m |
| Diluted shares | 1482m | 1451m | 1443m | 1445m | 1443m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.