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Side-by-side financial comparison of Freeport-McMoRan (FCX) and PG&E Corporation (PCG). Click either name above to swap in a different company.
PG&E Corporation is the larger business by last-quarter revenue ($6.9B vs $5.3B, roughly 1.3× Freeport-McMoRan). PG&E Corporation runs the higher net margin — 12.9% vs 10.7%, a 2.1% gap on every dollar of revenue. On growth, PG&E Corporation posted the faster year-over-year revenue change (15.0% vs -10.4%). Over the past eight quarters, PG&E Corporation's revenue compounded faster (7.2% 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.
Pacific Gas and Electric Company (PG&E) is an American investor-owned utility (IOU). The company is headquartered at Kaiser Center, in Oakland, California. PG&E provides natural gas and electricity to 5.2 million households in the northern two-thirds of California, from Bakersfield and northern Santa Barbara County, almost to the Oregon and Nevada state lines.
FCX vs PCG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.3B | $6.9B |
| Net Profit | $565.0M | $885.0M |
| Gross Margin | 12.4% | — |
| Operating Margin | 15.4% | 21.4% |
| Net Margin | 10.7% | 12.9% |
| Revenue YoY | -10.4% | 15.0% |
| Net Profit YoY | -21.6% | 39.6% |
| EPS (diluted) | — | $0.39 |
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.
| Q1 26 | — | $6.9B | ||
| Q4 25 | $5.3B | $6.8B | ||
| Q3 25 | $6.8B | $6.3B | ||
| Q2 25 | $7.5B | $5.9B | ||
| Q1 25 | $5.6B | $6.0B | ||
| Q4 24 | $5.9B | $6.6B | ||
| Q3 24 | $6.7B | $5.9B | ||
| Q2 24 | $6.4B | $6.0B |
| Q1 26 | — | $885.0M | ||
| Q4 25 | $565.0M | $670.0M | ||
| Q3 25 | $1.2B | $850.0M | ||
| Q2 25 | $1.5B | $549.0M | ||
| Q1 25 | $793.0M | $634.0M | ||
| Q4 24 | $721.0M | $674.0M | ||
| Q3 24 | $1.2B | $579.0M | ||
| Q2 24 | $1.3B | $524.0M |
| Q1 26 | — | — | ||
| Q4 25 | 12.4% | — | ||
| Q3 25 | 29.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 24.3% | — | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 30.0% | — | ||
| Q2 24 | 31.5% | — |
| Q1 26 | — | 21.4% | ||
| Q4 25 | 15.4% | 18.0% | ||
| Q3 25 | 28.9% | 19.3% | ||
| Q2 25 | 32.3% | 18.6% | ||
| Q1 25 | 23.4% | 20.4% | ||
| Q4 24 | 21.1% | 15.4% | ||
| Q3 24 | 29.0% | 17.3% | ||
| Q2 24 | 32.0% | 18.9% |
| Q1 26 | — | 12.9% | ||
| Q4 25 | 10.7% | 9.8% | ||
| Q3 25 | 18.3% | 13.6% | ||
| Q2 25 | 20.6% | 9.3% | ||
| Q1 25 | 14.2% | 10.6% | ||
| Q4 24 | 12.3% | 10.2% | ||
| Q3 24 | 18.5% | 9.7% | ||
| Q2 24 | 20.0% | 8.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | — | $0.29 | ||
| Q3 25 | $0.46 | $0.37 | ||
| Q2 25 | $0.53 | $0.24 | ||
| Q1 25 | $0.24 | $0.28 | ||
| Q4 24 | — | $0.30 | ||
| Q3 24 | $0.36 | $0.27 | ||
| Q2 24 | $0.42 | $0.24 |
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 | — |
| Total DebtLower is stronger | $9.4B | — |
| Stockholders' EquityBook value | $18.9B | — |
| Total Assets | $58.2B | — |
| Debt / EquityLower = less leverage | 0.50× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $713.0M | ||
| Q3 25 | $4.3B | $404.0M | ||
| Q2 25 | $4.5B | $494.0M | ||
| Q1 25 | $4.4B | $2.0B | ||
| Q4 24 | $3.9B | $940.0M | ||
| Q3 24 | $5.0B | $895.0M | ||
| Q2 24 | $5.3B | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | $9.4B | $57.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $9.4B | — | ||
| Q4 24 | $8.9B | $53.6B | ||
| Q3 24 | $9.7B | — | ||
| Q2 24 | $9.4B | — |
| Q1 26 | — | — | ||
| Q4 25 | $18.9B | $32.5B | ||
| Q3 25 | $18.7B | $32.0B | ||
| Q2 25 | $18.2B | $31.2B | ||
| Q1 25 | $17.7B | $30.7B | ||
| Q4 24 | $17.6B | $30.1B | ||
| Q3 24 | $17.5B | $26.8B | ||
| Q2 24 | $17.4B | $26.3B |
| Q1 26 | — | — | ||
| Q4 25 | $58.2B | $141.6B | ||
| Q3 25 | $56.8B | $138.2B | ||
| Q2 25 | $56.5B | $136.4B | ||
| Q1 25 | $56.0B | $135.4B | ||
| Q4 24 | $54.8B | $133.7B | ||
| Q3 24 | $55.4B | $132.3B | ||
| Q2 24 | $54.6B | $130.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.50× | 1.76× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.51× | 1.78× | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.54× | — |
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 | — |
| Free Cash FlowOCF − Capex | $-312.0M | — |
| FCF MarginFCF / Revenue | -5.9% | — |
| Capex IntensityCapex / Revenue | 19.1% | — |
| Cash ConversionOCF / Net Profit | 1.23× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $693.0M | $2.0B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $2.2B | $1.1B | ||
| Q1 25 | $1.1B | $2.8B | ||
| Q4 24 | $1.4B | $1.9B | ||
| Q3 24 | $1.9B | $3.1B | ||
| Q2 24 | $2.0B | $711.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-312.0M | $-1.2B | ||
| Q3 25 | $608.0M | $-80.0M | ||
| Q2 25 | $934.0M | $-2.0B | ||
| Q1 25 | $-114.0M | $213.0M | ||
| Q4 24 | $197.0M | $-896.0M | ||
| Q3 24 | $673.0M | $526.0M | ||
| Q2 24 | $840.0M | $-1.6B |
| Q1 26 | — | — | ||
| Q4 25 | -5.9% | -17.6% | ||
| Q3 25 | 8.9% | -1.3% | ||
| Q2 25 | 12.4% | -34.0% | ||
| Q1 25 | -2.0% | 3.6% | ||
| Q4 24 | 3.4% | -13.5% | ||
| Q3 24 | 10.1% | 8.9% | ||
| Q2 24 | 13.1% | -26.5% |
| Q1 26 | — | — | ||
| Q4 25 | 19.1% | 46.4% | ||
| Q3 25 | 15.5% | 46.9% | ||
| Q2 25 | 16.8% | 52.0% | ||
| Q1 25 | 21.0% | 44.0% | ||
| Q4 24 | 21.1% | 42.6% | ||
| Q3 24 | 17.9% | 43.8% | ||
| Q2 24 | 17.4% | 38.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 2.93× | ||
| Q3 25 | 1.33× | 3.35× | ||
| Q2 25 | 1.42× | 1.93× | ||
| Q1 25 | 1.33× | 4.49× | ||
| Q4 24 | 1.99× | 2.87× | ||
| Q3 24 | 1.51× | 5.41× | ||
| Q2 24 | 1.53× | 1.36× |
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% |
PCG
| Electric | $5.0B | 72% |
| Other | $1.9B | 28% |
