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Freeport-McMoRan vs Cleveland-Cliffs: FCX and CLF compared
Freeport-McMoRan is the larger company: $7.5B of revenue in its latest quarter (Q3 2026) against $5.6B for Cleveland-Cliffs (Q3 2026). Cleveland-Cliffs is growing faster (+18% against +8% a year earlier). Freeport-McMoRan is more profitable, with an operating margin of 31.2% against 5.5%.
Where the money goes: FCX and CLF
Freeport-McMoRan (FCX) · Q3 2026
Freeport-McMoRan, Q3 2026: revenue $7.5B (+8% year over year), operating margin 31.2%, net earnings $1.2B, operating cash flow $2.0B. The chart follows the revenue to costs, profit and cash.
Cleveland-Cliffs (CLF) · Q3 2026
Cleveland-Cliffs, Q3 2026: revenue $5.6B (+18% year over year), operating margin 5.5%, net earnings $152M, operating cash flow $224M. The chart follows the revenue to costs, profit and cash.
| Freeport-McMoRan (FCX) | Cleveland-Cliffs (CLF) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $7.5B | $5.6B |
| Revenue growth, Y/Y | +8% | +18% |
| Operating margin | 31.2% | 5.5% |
| Net earnings | $1.2B | $152M |
| Net margin | 15.6% | 2.7% |
| Operating cash flow | $2.0B | $224M |
| Free cash flow | — | $72.0M |
| Market value | $83.5B | $6.5B |
| P/E | 16.7× | — |
| Analysts’ mean target | $78.09 | $14.35 |
Where the revenue comes from
Freeport-McMoRan
- Copper Cathode: $2.9B (39%)
- Refined Copper Products: $1.7B (23%)
- Copper in Concentrates: $1.2B (16%)
- Molybdenum: $715M (9%)
Questions
Which is bigger, Freeport-McMoRan or Cleveland-Cliffs?
Freeport-McMoRan is the larger company: $7.5B of revenue in its latest quarter (Q3 2026) against $5.6B for Cleveland-Cliffs (Q3 2026).
Is Freeport-McMoRan or Cleveland-Cliffs growing faster?
Cleveland-Cliffs is growing faster (+18% against +8% a year earlier).
Which is more profitable, Freeport-McMoRan or Cleveland-Cliffs?
Freeport-McMoRan is more profitable, with an operating margin of 31.2% against 5.5%.
More: Freeport-McMoRan earnings · how Freeport-McMoRan makes money · Cleveland-Cliffs earnings · how Cleveland-Cliffs makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Oct 20, 2026). Fiscal quarters can end on different dates. Not investment advice.