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Side-by-side financial comparison of Freeport-McMoRan (FCX) and CarMax (KMX). Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $5.3B, roughly 1.1× Freeport-McMoRan). Freeport-McMoRan runs the higher net margin — 10.7% vs 1.1%, a 9.7% gap on every dollar of revenue. On growth, CarMax posted the faster year-over-year revenue change (-6.9% vs -10.4%). CarMax produced more free cash flow last quarter ($1.1B vs $-312.0M). Over the past eight quarters, CarMax's revenue compounded faster (1.5% CAGR vs -7.9%).
Freeport-McMoRan Inc., often called Freeport, is an American mining company based in the Freeport-McMoRan Center, in Phoenix, Arizona. The company is the world's largest producer of molybdenum, a major copper producer and operates the world's largest gold mine, the Grasberg mine in Papua, Indonesia.
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
FCX vs KMX — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.3B | $5.8B |
| Net Profit | $565.0M | $62.2M |
| Gross Margin | 12.4% | 10.2% |
| Operating Margin | 15.4% | — |
| Net Margin | 10.7% | 1.1% |
| Revenue YoY | -10.4% | -6.9% |
| Net Profit YoY | -21.6% | -50.4% |
| EPS (diluted) | — | $0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $5.3B | $5.8B | ||
| Q3 25 | $6.8B | $6.6B | ||
| Q2 25 | $7.5B | $7.5B | ||
| Q1 25 | $5.6B | $6.0B | ||
| Q4 24 | $5.9B | $6.2B | ||
| Q3 24 | $6.7B | $7.0B | ||
| Q2 24 | $6.4B | $7.1B | ||
| Q1 24 | $6.2B | $5.6B |
| Q4 25 | $565.0M | $62.2M | ||
| Q3 25 | $1.2B | $95.4M | ||
| Q2 25 | $1.5B | $210.4M | ||
| Q1 25 | $793.0M | $89.9M | ||
| Q4 24 | $721.0M | $125.4M | ||
| Q3 24 | $1.2B | $132.8M | ||
| Q2 24 | $1.3B | $152.4M | ||
| Q1 24 | $1.2B | $50.3M |
| Q4 25 | 12.4% | 10.2% | ||
| Q3 25 | 29.2% | 10.9% | ||
| Q2 25 | 34.2% | 11.8% | ||
| Q1 25 | 24.3% | 11.1% | ||
| Q4 24 | 27.0% | 10.9% | ||
| Q3 24 | 30.0% | 10.8% | ||
| Q2 24 | 31.5% | 11.1% | ||
| Q1 24 | 28.5% | 10.4% |
| Q4 25 | 15.4% | — | ||
| Q3 25 | 28.9% | — | ||
| Q2 25 | 32.3% | — | ||
| Q1 25 | 23.4% | 2.0% | ||
| Q4 24 | 21.1% | 2.7% | ||
| Q3 24 | 29.0% | 2.5% | ||
| Q2 24 | 32.0% | 2.9% | ||
| Q1 24 | 26.3% | 1.2% |
| Q4 25 | 10.7% | 1.1% | ||
| Q3 25 | 18.3% | 1.4% | ||
| Q2 25 | 20.6% | 2.8% | ||
| Q1 25 | 14.2% | 1.5% | ||
| Q4 24 | 12.3% | 2.0% | ||
| Q3 24 | 18.5% | 1.9% | ||
| Q2 24 | 20.0% | 2.1% | ||
| Q1 24 | 18.7% | 0.9% |
| Q4 25 | — | $0.43 | ||
| Q3 25 | $0.46 | $0.64 | ||
| Q2 25 | $0.53 | $1.38 | ||
| Q1 25 | $0.24 | $0.58 | ||
| Q4 24 | — | $0.81 | ||
| Q3 24 | $0.36 | $0.85 | ||
| Q2 24 | $0.42 | $0.97 | ||
| Q1 24 | $0.32 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.8B | $204.9M |
| Total DebtLower is stronger | $9.4B | $16.6B |
| Stockholders' EquityBook value | $18.9B | $6.1B |
| Total Assets | $58.2B | $25.6B |
| Debt / EquityLower = less leverage | 0.50× | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8B | $204.9M | ||
| Q3 25 | $4.3B | $540.4M | ||
| Q2 25 | $4.5B | $262.8M | ||
| Q1 25 | $4.4B | $247.0M | ||
| Q4 24 | $3.9B | $271.9M | ||
| Q3 24 | $5.0B | $524.7M | ||
| Q2 24 | $5.3B | $218.9M | ||
| Q1 24 | $5.2B | $574.1M |
| Q4 25 | $9.4B | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | $9.4B | $18.1B | ||
| Q4 24 | $8.9B | $18.1B | ||
| Q3 24 | $9.7B | $18.1B | ||
| Q2 24 | $9.4B | $18.2B | ||
| Q1 24 | $9.4B | $18.0B |
| Q4 25 | $18.9B | $6.1B | ||
| Q3 25 | $18.7B | $6.2B | ||
| Q2 25 | $18.2B | $6.3B | ||
| Q1 25 | $17.7B | $6.2B | ||
| Q4 24 | $17.6B | $6.2B | ||
| Q3 24 | $17.5B | $6.2B | ||
| Q2 24 | $17.4B | $6.2B | ||
| Q1 24 | $17.0B | $6.1B |
| Q4 25 | $58.2B | $25.6B | ||
| Q3 25 | $56.8B | $27.1B | ||
| Q2 25 | $56.5B | $27.4B | ||
| Q1 25 | $56.0B | $27.4B | ||
| Q4 24 | $54.8B | $27.3B | ||
| Q3 24 | $55.4B | $27.3B | ||
| Q2 24 | $54.6B | $27.2B | ||
| Q1 24 | $54.2B | $27.2B |
| Q4 25 | 0.50× | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | 0.53× | 2.91× | ||
| Q4 24 | 0.51× | 2.92× | ||
| Q3 24 | 0.55× | 2.93× | ||
| Q2 24 | 0.54× | 2.95× | ||
| Q1 24 | 0.56× | 2.96× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $693.0M | $1.3B |
| Free Cash FlowOCF − Capex | $-312.0M | $1.1B |
| FCF MarginFCF / Revenue | -5.9% | 19.2% |
| Capex IntensityCapex / Revenue | 19.1% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.23× | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $693.0M | $1.3B | ||
| Q3 25 | $1.7B | $785.5M | ||
| Q2 25 | $2.2B | $299.5M | ||
| Q1 25 | $1.1B | $146.4M | ||
| Q4 24 | $1.4B | $-23.4M | ||
| Q3 24 | $1.9B | $619.1M | ||
| Q2 24 | $2.0B | $-117.7M | ||
| Q1 24 | $1.9B | $309.6M |
| Q4 25 | $-312.0M | $1.1B | ||
| Q3 25 | $608.0M | $654.0M | ||
| Q2 25 | $934.0M | $162.8M | ||
| Q1 25 | $-114.0M | $18.8M | ||
| Q4 24 | $197.0M | $-150.6M | ||
| Q3 24 | $673.0M | $509.9M | ||
| Q2 24 | $840.0M | $-221.6M | ||
| Q1 24 | $642.0M | $199.8M |
| Q4 25 | -5.9% | 19.2% | ||
| Q3 25 | 8.9% | 9.9% | ||
| Q2 25 | 12.4% | 2.2% | ||
| Q1 25 | -2.0% | 0.3% | ||
| Q4 24 | 3.4% | -2.4% | ||
| Q3 24 | 10.1% | 7.3% | ||
| Q2 24 | 13.1% | -3.1% | ||
| Q1 24 | 10.3% | 3.6% |
| Q4 25 | 19.1% | 2.4% | ||
| Q3 25 | 15.5% | 2.0% | ||
| Q2 25 | 16.8% | 1.8% | ||
| Q1 25 | 21.0% | 2.1% | ||
| Q4 24 | 21.1% | 2.0% | ||
| Q3 24 | 17.9% | 1.6% | ||
| Q2 24 | 17.4% | 1.5% | ||
| Q1 24 | 20.2% | 2.0% |
| Q4 25 | 1.23× | 20.14× | ||
| Q3 25 | 1.33× | 8.24× | ||
| Q2 25 | 1.42× | 1.42× | ||
| Q1 25 | 1.33× | 1.63× | ||
| Q4 24 | 1.99× | -0.19× | ||
| Q3 24 | 1.51× | 4.66× | ||
| Q2 24 | 1.53× | -0.77× | ||
| Q1 24 | 1.63× | 6.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
