CLF · Cleveland-Cliffs Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.92B | - | $4.73B | $4.93B | $4.63B | - | $4.57B | $5.09B | $5.20B | - |
| Cost of Revenue | $5.00B | - | $4.78B | $5.14B | $5.02B | - | $4.67B | $4.93B | $4.91B | - |
| Gross Profit | ($82.00M) | - | ($46.00M) | ($209.00M) | ($391.00M) | - | ($104.00M) | $162.00M | $285.00M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $125.00M | - | $130.00M | $137.00M | $133.00M | - | $112.00M | $103.00M | $132.00M | - |
| Total Operating Expenses | $5.13B | - | $4.94B | $5.43B | $5.17B | - | $4.83B | $5.09B | $5.24B | - |
| D&A | $259.00M | - | $288.00M | $393.00M | $282.00M | - | $235.00M | $228.00M | $230.00M | - |
| Operating Income | ($213.00M) | - | ($204.00M) | ($498.00M) | ($538.00M) | - | ($259.00M) | $6.00M | ($38.00M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | ($81.00M) | - | ($78.00M) | ($148.00M) | ($147.00M) | - | ($76.00M) | ($15.00M) | ($8.00M) | - |
| Net Income | ($498.00M) | - | ($251.00M) | ($483.00M) | ($495.00M) | - | ($242.00M) | $2.00M | ($67.00M) | - |
| EPS - Basic | ($0.42) | - | ($0.51) | - | - | - | ($0.52) | $0.00 | ($0.14) | - |
| EPS - Diluted | ($1.01) | - | ($0.51) | - | - | - | ($0.52) | $0.00 | ($0.14) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $45.00M | $57.00M | $66.00M | $61.00M | $57.00M | $54.00M | $39.00M | $110.00M | $30.00M | $198.00M |
| Accounts Receivable | $1.88B | $1.44B | $1.80B | $1.78B | $1.80B | $1.58B | $1.58B | $1.77B | $1.87B | $1.84B |
| Inventory | $4.59B | $4.77B | $4.68B | $4.70B | $4.89B | $5.09B | $4.24B | $4.20B | $4.45B | $4.46B |
| Accounts Payable | $2.01B | $1.89B | $1.91B | $1.95B | $2.02B | $2.01B | $1.98B | $2.08B | $2.05B | $2.10B |
| Current Assets | $6.71B | $6.43B | $6.69B | $6.69B | $6.96B | $6.91B | $6.03B | $6.19B | $6.47B | $6.64B |
| Total Assets | $20.11B | $20.01B | $20.29B | $20.47B | $20.84B | $20.95B | $16.80B | $16.93B | $17.24B | $17.54B |
| Current Liabilities | $3.32B | $3.30B | $3.28B | $3.28B | $3.27B | $3.32B | $3.25B | $3.32B | $3.40B | $3.51B |
| Long-term Debt | $7.76B | $7.25B | $8.04B | $7.73B | $7.60B | $7.07B | $3.77B | $3.51B | $3.66B | $3.14B |
| Total Liabilities | $14.10B | $13.69B | $14.58B | $14.43B | $14.35B | $14.05B | $9.70B | $9.56B | $9.79B | $9.41B |
| Stockholders' Equity | $5.82B | $6.12B | $5.47B | $5.82B | $6.25B | $6.66B | $6.85B | $7.11B | $7.20B | $7.89B |
| Retained Earnings | ($766.00M) | ($529.00M) | ($286.00M) | $1.00M | $484.00M | $979.00M | $1.43B | $1.67B | $1.67B | $1.73B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($325.00M) | - | - | - | ($351.00M) | - | - | - | $142.00M | - |
| Investing Cash Flow | ($140.00M) | - | - | - | ($145.00M) | - | - | - | ($179.00M) | - |
| Financing Cash Flow | $454.00M | - | - | - | $499.00M | - | - | - | ($131.00M) | - |
| CapEx | $152.00M | - | - | - | $152.00M | - | - | - | $182.00M | - |
| Free Cash Flow | ($477.00M) | - | - | - | ($503.00M) | - | - | - | ($40.00M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | -1.7% | - | -1.0% | -4.2% | -8.4% | - | -2.3% | 3.2% | 5.5% | - |
| Operating margin | -4.3% | - | -4.3% | -10.1% | -11.6% | - | -5.7% | 0.1% | -0.7% | - |
| EBITDA margin | 0.9% | - | 1.8% | -2.1% | -5.5% | - | -0.5% | 4.6% | 3.7% | - |
| Net margin | -10.1% | - | -5.3% | -9.8% | -10.7% | - | -5.3% | 0.0% | -1.3% | - |
| Free cash flow margin | -9.7% | - | - | - | -10.9% | - | - | - | -0.8% | - |
| FCF / Net income | 0.96 | - | - | - | 1.02 | - | - | - | 0.60 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 2.5% | - | 2.7% | 2.8% | 2.9% | - | 2.5% | 2.0% | 2.5% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -2.5% | - | -1.2% | -2.4% | -2.4% | - | -1.4% | 0.0% | -0.4% | - |
| Return on equity | -8.6% | - | -4.6% | -8.3% | -7.9% | - | -3.5% | 0.0% | -0.9% | - |
| Return on invested capital | -1.2% | - | -1.2% | -2.9% | -3.1% | - | -1.9% | 0.0% | -0.3% | - |
| Liquidity | ||||||||||
| Current ratio | 2.02 | 1.95 | 2.04 | 2.04 | 2.13 | 2.08 | 1.85 | 1.87 | 1.90 | 1.89 |
| Quick ratio | 0.64 | 0.50 | 0.61 | 0.61 | 0.64 | 0.55 | 0.55 | 0.60 | 0.59 | 0.62 |
| Cash ratio | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.03 | 0.01 | 0.06 |
| Leverage | ||||||||||
| Debt / Equity | 1.33 | 1.19 | 1.47 | 1.33 | 1.22 | 1.06 | 0.55 | 0.49 | 0.51 | 0.40 |
| Debt / Assets | 0.39 | 0.36 | 0.40 | 0.38 | 0.36 | 0.34 | 0.22 | 0.21 | 0.21 | 0.18 |
| Debt / EBITDA | 168.76 | - | 95.70 | - | - | - | - | 14.99 | 19.08 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 3.45 | 3.27 | 3.71 | 3.52 | 3.33 | 3.14 | 2.45 | 2.38 | 2.39 | 2.22 |
| Liabilities / Assets | 0.70 | 0.68 | 0.72 | 0.70 | 0.69 | 0.67 | 0.58 | 0.56 | 0.57 | 0.54 |
| Efficiency | ||||||||||
| Asset turnover | 0.24 | - | 0.23 | 0.24 | 0.22 | - | 0.27 | 0.30 | 0.30 | - |
| Inventory turnover | 1.09 | - | 1.02 | 1.09 | 1.03 | - | 1.10 | 1.17 | 1.10 | - |
| Days sales outstanding | 140d | - | 139d | 132d | 142d | - | 126d | 127d | 131d | - |
| Days inventory outstanding | 335d | - | 358d | 333d | 355d | - | 331d | 311d | 330d | - |
| Days payable outstanding | 147d | - | 146d | 138d | 147d | - | 155d | 154d | 152d | - |
| Cash conversion cycle | 328d | - | 350d | 327d | 350d | - | 302d | 284d | 309d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 0.8x | - | 1.1x | 0.6x | 0.7x | - | 0.9x | 1.0x | 1.6x | - |
| P / S | 1.0x | - | 1.3x | 0.8x | 0.9x | - | 1.3x | 1.4x | 2.2x | - |
| EV / EBITDA | 272.5x | - | 166.8x | - | - | - | - | 45.7x | 77.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 6.3% | - | 3.6% | -3.1% | -11.0% | - | -18.5% | -14.9% | -1.8% | - |
| Revenue CAGR (3y) | -2.4% | - | -5.7% | -8.0% | -8.1% | - | -8.7% | 0.3% | 8.7% | - |
| Revenue CAGR (5y) | 4.0% | - | 23.5% | 35.2% | 66.7% | - | 52.4% | 46.9% | 101.4% | - |
| Gross profit growth (YoY) | 79.0% | - | 55.8% | - | - | - | - | -74.8% | 187.9% | - |
| Operating income growth (YoY) | 60.4% | - | 21.2% | - | -1315.8% | - | - | -98.8% | -22.6% | - |
| Net income growth (YoY) | -0.6% | - | -3.7% | - | -638.8% | - | - | -99.4% | -17.5% | - |
| EPS growth (YoY) | - | - | 1.9% | - | - | - | - | - | -27.3% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 5.2% | - | - | - | -1157.5% | - | - | - | 82.4% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -6.9% | -8.2% | -20.3% | -18.2% | -13.2% | -15.5% | -14.5% | -8.9% | -4.6% | 1.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$5.47B totalSteelmaking$5.05B · 92.2%
Other Businesses$537.00M · 9.8%
Eliminations($110.00M) · -2.0%
Product / service
$17.95B totalCoated Steel$5.43B · 30.3%
Hot Rolled Steel$4.77B · 26.6%
Cold Rolled Steel$2.40B · 13.4%
Stainless And Electrical Steel$1.75B · 9.7%
Other$1.64B · 9.1%
Plate$1.08B · 6.0%
Other Steel Products$881.00M · 4.9%
Geographic
$18.61B totalUS$15.89B · 85.4%
CA$2.07B · 11.1%
Other Countries$652.00M · 3.5%
Peer comparison
Same SIC group: Metal Mining
Comparing CLEVELAND-CLIFFS INC. against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Apr 2, 2020 | $0.0600 |
| Jan 2, 2020 | $0.0600 |
| Oct 3, 2019 | $0.1000 |
| Jul 3, 2019 | $0.0600 |
| Apr 4, 2019 | $0.0500 |
| Jan 3, 2019 | $0.0500 |
| Nov 12, 2014 | $0.1500 |
| Aug 13, 2014 | $0.1500 |
| May 21, 2014 | $0.1500 |
| Feb 19, 2014 | $0.1500 |
| Nov 20, 2013 | $0.1500 |
| Aug 13, 2013 | $0.1500 |
| May 15, 2013 | $0.1500 |
| Feb 20, 2013 | $0.1500 |
| Nov 20, 2012 | $0.6250 |
| Aug 13, 2012 | $0.6250 |
| Apr 25, 2012 | $0.6250 |
| Feb 13, 2012 | $0.2800 |
| Nov 16, 2011 | $0.2800 |
| Aug 11, 2011 | $0.2800 |
| Apr 27, 2011 | $0.1400 |
| Feb 11, 2011 | $0.1400 |
| Nov 17, 2010 | $0.1400 |
| Aug 11, 2010 | $0.1400 |