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Financials · CLF

Cleveland-Cliffs Inc. (CLF) financials

For the twelve months ended Sep 30, 2026, Cleveland-Cliffs Inc. reported $20.07B of revenue and -$473.00M of net income.

Revenue, TTM
$20.07B
Revenue growth, YoY
+7.8%
Net income, TTM
-$473.00M
Net margin
-2.4%
Free cash flow, TTM
-$485.00M
EPS, diluted, TTM
-$0.82
Cash
$77.00M
Total debt
$7.64B
P/S
0.32
Market cap
$6.43B
Annual revenue$18.61B
FY2016FY2025
Annual net income-$1.48B
FY2016FY2025
Annual free cash flow-$1.02B
FY2016FY2025

CLF revenue and earnings growth

CLF revenueQ3 2026$5.61B

Quarter YoY
+18.5%
QoQ
+7.4%
FY YoY
-3.0%
5Y CAGR
+28.3%
10Y CAGR
+24.9%

CLF revenue was $5.61B in fiscal Q3 2026 (ended Sep 30, 2026), up 18.5% from a year earlier and up 7.4% from the prior quarter. For the full fiscal 2025 it was $18.61B, down 3.0% from fiscal 2024. Compound annual growth was +28.3% over 5 years and +24.9% over 10 years. It rose in 5 of the last 10 fiscal years.

CLF net incomeQ3 2026$152.00M

CLF net income was $152.00M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$251.00M a year earlier. For the full fiscal 2025 it was -$1.48B, compared with -$760.00M in fiscal 2024.

CLF EPSQ3 2026$0.26

CLF diluted EPS was $0.26 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.51 a year earlier. For the full fiscal 2025 it was -$2.91, compared with -$1.58 in fiscal 2024.

CLF free cash flowQ3 2026$72.00M

QoQ
-1.4%

CLF free cash flow was $72.00M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$300.00M a year earlier and down 1.4% from the prior quarter. For the full fiscal 2025 it was -$1.02B, compared with -$590.00M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$18.61B$19.18B$22.00B$22.99B$20.44B$5.35B$1.99B$2.33B$1.87B$1.55B
Cost of revenue$19.47B$19.12B$20.62B$20.47B$15.91B$5.10B$1.41B$1.52B$1.40B$1.27B
Gross profit-$860.00M$63.00M$1.37B$2.52B$4.53B$252.00M$575.70M$809.60M$467.60M$280.10M
Selling, general and admin$543.00M$486.00M$577.00M$465.00M$422.00M$244.00M$113.00M$113.00M$102.90M$115.80M
Operating income-$1.58B-$763.00M$659.00M$1.94B$4.01B-$142.00M$429.00M$673.00M$390.20M$130.70M
Pre-tax income-$2.00B-$950.00M$579.00M$1.80B$3.80B-$193.00M$313.00M$565.00M$108.20M$110.40M
Income tax-$581.00M-$236.00M$144.00M$423.00M$773.00M-$111.00M$18.00M-$475.00M-$252.40M-$12.20M
Net income-$1.48B-$760.00M$385.00M$1.33B$2.99B-$122.00M$293.00M$1.13B$367.00M$174.10M
EPS, basic-$2.91-$1.58$0.75$2.57$5.63-$0.32$1.06$3.80$1.28$0.88
EPS, diluted-$2.91-$1.58$0.75$2.55$5.36-$0.32$1.03$3.71$1.26$0.87
Diluted shares508.0M480.0M511.0M524.0M558.0M379.0M284.0M304.0M293.0M200.1M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$57.00M$60.00M$198.00M$26.00M$48.00M$112.00M$353.00M$823.00M$978.00M$312.80M
Receivables$1.44B$1.58B$1.84B$1.96B$2.15B$1.17B$94.00M$226.70M$106.70M$128.70M
Inventory$4.77B$5.09B$4.46B$5.13B$5.19B$3.83B$317.00M$181.10M$138.40M$178.40M
Current assets$6.43B$6.91B$6.64B$7.42B$7.65B$5.30B$898.00M$1.48B$1.54B$824.60M
Goodwill$1.81B$1.77B$1.00B$1.13B$1.12B$1.41B$2.00M---
Total assets$20.01B$20.95B$17.54B$18.75B$18.98B$16.77B$3.50B$3.53B$2.95B$1.92B
Current liabilities$3.30B$3.36B$3.51B$3.55B$3.56B$2.93B$409.00M$468.20M$452.20M$391.10M
Short-term debt-----$34.00M---$17.50M
Long-term debt$7.25B$7.07B$3.14B$4.25B$5.24B$5.39B$2.11B$2.09B$2.30B$2.18B
Total debt$7.25B$7.07B$3.14B$4.25B$5.24B$5.42B$2.11B$2.09B$2.30B$2.19B
Total liabilities$13.69B$14.08B$9.41B$10.71B$13.20B$13.69B$3.15B$3.11B$3.40B$3.25B
Shareholders' equity$6.12B$6.87B$8.10B$8.03B$5.77B$2.34B$358.00M$424.00M-$445.00M-$1.33B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$462.00M$105.00M$2.27B$2.42B$2.79B-$258.00M$568.00M$479.00M$338.10M$303.00M
Capital expenditures$561.00M$695.00M$646.00M$943.00M$705.00M$525.00M$656.00M$296.00M$134.90M$7.40M
Free cash flow-$1.02B-$590.00M$1.62B$1.48B$2.08B-$783.00M-$88.00M$183.00M$203.20M$295.60M
Investing cash flow-$479.00M-$3.21B-$591.00M-$936.00M-$1.38B-$2.04B-$644.00M-$273.00M-$156.00M-$57.90M
Financing cash flow$942.00M$2.97B-$1.50B-$1.51B-$1.47B$2.06B-$394.00M-$376.00M$498.90M-$206.40M
Dividends paid-----$41.00M$72.00M$0$0$0
Share repurchases$0$733.00M$152.00M$240.00M$0$0$253.00M$48.00M$0-
Depreciation and amortization$1.24B$951.00M$973.00M$1.03B$897.00M$308.00M$85.00M$89.00M$87.70M$115.40M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-3.0%-12.8%-4.3%12.4%281.8%169.0%-14.7%25.0%20.0%-22.8%
Net income growth, YoY---71.2%-55.3%---74.0%207.4%110.8%-
EPS growth, YoY---70.6%-52.4%---72.2%194.4%--
Gross margin-4.6%0.3%6.2%11.0%22.2%4.7%28.9%34.7%25.1%18.0%
Operating margin-8.5%-4.0%3.0%8.4%19.6%-2.7%21.6%28.9%20.9%8.4%
Net margin-7.9%-4.0%1.8%5.8%14.6%-2.3%14.7%48.4%19.7%11.2%
Free cash flow margin-5.5%-3.1%7.4%6.4%10.2%-14.6%-4.4%7.8%10.9%19.0%
Return on equity-24.2%-11.1%4.8%16.6%51.7%-5.2%81.8%266.0%--
Return on assets-7.4%-3.6%2.2%7.1%15.7%-0.7%8.4%32.0%12.4%9.0%
Current ratio1.952.061.892.092.151.812.203.163.422.11
Debt to equity1.191.030.390.530.912.325.914.94--

Source: XBRL data Cleveland-Cliffs Inc. files with the SEC, latest filing dated Oct 20, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

CLF peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
CLF$20.07B+7.8%-$473.00M-2.4%$6.43B
SCCO$17.11B+38.7%$6.36B37.2%$139.64B
RIO$57.64B+6.3%$9.97B17.3%$104.45B
FCX$25.89B+0.3%$2.94B11.4%$83.15B
VALE$38.40B+0.9%$2.35B6.1%$48.89B
HBM$2.21B+9.4%$568.50M25.7%$9.14B
BVN$1.73B+49.2%$782.14M45.2%$7.20B
MP$305.38M+26.1%-$60.62M-19.9%$6.01B
AUGO$921.73M+55.1%-$79.34M-8.6%$5.97B

CLF FAQ

9 questions
  • What is CLF revenue?
    Cleveland-Cliffs Inc. (CLF) reported $20.07B of revenue for the twelve months ended Sep 30, 2026. That is up 7.8% from the year before. Revenue for fiscal 2025 was $18.61B.
  • Is CLF profitable?
    No. Cleveland-Cliffs Inc. reported a net loss of $473.00M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does CLF have?
    Cleveland-Cliffs Inc. reported $77.00M in cash and cash equivalents and $7.64B of debt on its most recent balance sheet in SEC filings.
  • How fast is CLF revenue growing?
    Cleveland-Cliffs Inc.'s revenue changed -3.0% in fiscal 2025, to $18.61B. Its compound annual growth rate was +28.3% over 5 years and +24.9% over 10 years.
  • What is CLF gross margin?
    Cleveland-Cliffs Inc.'s gross profit was $309.00M on $20.07B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 1.5%.
  • What is CLF free cash flow?
    Cleveland-Cliffs Inc. generated -$485.00M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $116.00M less capital expenditures.
  • What is CLF earnings per share?
    Diluted earnings per share were -$0.82 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did CLF last report financial results?
    The latest statements here come from Cleveland-Cliffs Inc.'s 10-Q filed on Oct 20, 2026, covering the period ended Sep 30, 2026.
  • Where does this CLF financial data come from?
    Quantisnow builds these statements from the structured XBRL data Cleveland-Cliffs Inc. files with the SEC. It is provided for information only and is not investment advice.