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Side-by-side financial comparison of Freeport-McMoRan (FCX) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Union Pacific Corporation is the larger business by last-quarter revenue ($6.2B vs $5.3B, roughly 1.2× Freeport-McMoRan). Union Pacific Corporation runs the higher net margin — 27.4% vs 10.7%, a 16.6% gap on every dollar of revenue. On growth, Union Pacific Corporation posted the faster year-over-year revenue change (3.2% vs -10.4%). Union Pacific Corporation produced more free cash flow last quarter ($631.0M vs $-312.0M). Over the past eight quarters, Union Pacific Corporation's revenue compounded faster (1.7% 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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
FCX vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.3B | $6.2B |
| Net Profit | $565.0M | $1.7B |
| Gross Margin | 12.4% | — |
| Operating Margin | 15.4% | 39.5% |
| Net Margin | 10.7% | 27.4% |
| Revenue YoY | -10.4% | 3.2% |
| Net Profit YoY | -21.6% | 4.6% |
| EPS (diluted) | — | $2.87 |
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 | — | $6.2B | ||
| Q4 25 | $5.3B | $6.1B | ||
| Q3 25 | $6.8B | $6.2B | ||
| Q2 25 | $7.5B | $6.2B | ||
| Q1 25 | $5.6B | $6.0B | ||
| Q4 24 | $5.9B | $6.1B | ||
| Q3 24 | $6.7B | $6.1B | ||
| Q2 24 | $6.4B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $565.0M | $1.8B | ||
| Q3 25 | $1.2B | $1.8B | ||
| Q2 25 | $1.5B | $1.9B | ||
| Q1 25 | $793.0M | $1.6B | ||
| Q4 24 | $721.0M | $1.8B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.3B | $1.7B |
| 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 | — | 39.5% | ||
| Q4 25 | 15.4% | 39.5% | ||
| Q3 25 | 28.9% | 40.8% | ||
| Q2 25 | 32.3% | 41.0% | ||
| Q1 25 | 23.4% | 39.3% | ||
| Q4 24 | 21.1% | 41.3% | ||
| Q3 24 | 29.0% | 39.7% | ||
| Q2 24 | 32.0% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 10.7% | 30.4% | ||
| Q3 25 | 18.3% | 28.6% | ||
| Q2 25 | 20.6% | 30.5% | ||
| Q1 25 | 14.2% | 27.0% | ||
| Q4 24 | 12.3% | 28.8% | ||
| Q3 24 | 18.5% | 27.4% | ||
| Q2 24 | 20.0% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | — | $3.12 | ||
| Q3 25 | $0.46 | $3.01 | ||
| Q2 25 | $0.53 | $3.15 | ||
| Q1 25 | $0.24 | $2.70 | ||
| Q4 24 | — | $2.91 | ||
| Q3 24 | $0.36 | $2.75 | ||
| Q2 24 | $0.42 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | $9.4B | — |
| Stockholders' EquityBook value | $18.9B | — |
| Total Assets | $58.2B | $69.6B |
| Debt / EquityLower = less leverage | 0.50× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $3.8B | $1.3B | ||
| Q3 25 | $4.3B | $808.0M | ||
| Q2 25 | $4.5B | $1.1B | ||
| Q1 25 | $4.4B | $1.4B | ||
| Q4 24 | $3.9B | $1.0B | ||
| Q3 24 | $5.0B | $947.0M | ||
| Q2 24 | $5.3B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $9.4B | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | $9.4B | $30.6B | ||
| Q4 24 | $8.9B | $29.8B | ||
| Q3 24 | $9.7B | $29.8B | ||
| Q2 24 | $9.4B | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $18.9B | $18.5B | ||
| Q3 25 | $18.7B | $17.3B | ||
| Q2 25 | $18.2B | $16.3B | ||
| Q1 25 | $17.7B | $16.0B | ||
| Q4 24 | $17.6B | $16.9B | ||
| Q3 24 | $17.5B | $16.6B | ||
| Q2 24 | $17.4B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $58.2B | $69.7B | ||
| Q3 25 | $56.8B | $68.6B | ||
| Q2 25 | $56.5B | $68.6B | ||
| Q1 25 | $56.0B | $68.5B | ||
| Q4 24 | $54.8B | $67.7B | ||
| Q3 24 | $55.4B | $67.6B | ||
| Q2 24 | $54.6B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.50× | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | 0.53× | 1.91× | ||
| Q4 24 | 0.51× | 1.76× | ||
| Q3 24 | 0.55× | 1.79× | ||
| Q2 24 | 0.54× | 1.89× |
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 | $631.0M |
| FCF MarginFCF / Revenue | -5.9% | 10.1% |
| Capex IntensityCapex / Revenue | 19.1% | — |
| Cash ConversionOCF / Net Profit | 1.23× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $693.0M | $2.2B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $2.2B | $2.3B | ||
| Q1 25 | $1.1B | $2.2B | ||
| Q4 24 | $1.4B | $2.7B | ||
| Q3 24 | $1.9B | $2.7B | ||
| Q2 24 | $2.0B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $-312.0M | $1.2B | ||
| Q3 25 | $608.0M | $1.6B | ||
| Q2 25 | $934.0M | $1.4B | ||
| Q1 25 | $-114.0M | $1.3B | ||
| Q4 24 | $197.0M | $1.7B | ||
| Q3 24 | $673.0M | $1.8B | ||
| Q2 24 | $840.0M | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | -5.9% | 20.1% | ||
| Q3 25 | 8.9% | 25.2% | ||
| Q2 25 | 12.4% | 22.7% | ||
| Q1 25 | -2.0% | 21.6% | ||
| Q4 24 | 3.4% | 28.4% | ||
| Q3 24 | 10.1% | 29.9% | ||
| Q2 24 | 13.1% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 19.1% | 16.4% | ||
| Q3 25 | 15.5% | 15.2% | ||
| Q2 25 | 16.8% | 15.2% | ||
| Q1 25 | 21.0% | 15.0% | ||
| Q4 24 | 21.1% | 15.1% | ||
| Q3 24 | 17.9% | 13.6% | ||
| Q2 24 | 17.4% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.20× | ||
| Q3 25 | 1.33× | 1.41× | ||
| Q2 25 | 1.42× | 1.24× | ||
| Q1 25 | 1.33× | 1.36× | ||
| Q4 24 | 1.99× | 1.51× | ||
| Q3 24 | 1.51× | 1.59× | ||
| Q2 24 | 1.53× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
