balance equationreview2023-12-31
Difference 24000000 exceeds tolerance 17537000.000. Presentation or filing-vintage differences need review.
Revenue
$18.61B
Fiscal year ended 2025-12-31Operating income
-$1.58B
Fiscal year ended 2025-12-31Free cash flow
-$1.02B
Fiscal year ended 2025-12-31CLEVELAND-CLIFFS INC. (CLF) reported revenue of $18.61B and net income of -$1.48B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from CLEVELAND-CLIFFS INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Metal Mining.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Operating income | -$1.58B | -$763.00M | $659.00M | $1.94B | $4.01B | -$142.00M | $429.00M | $673.00M | $390.20M | $130.70M |
| Net income | -$1.48B | -$760.00M | $385.00M | $1.34B | $2.99B | -$122.00M | $293.00M | $1.13B | $367.00M | $174.10M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 508.00M | shares 480.00M | shares 511.00M | shares 524.00M | shares 558.00M | shares 379.00M | shares 284.00M | shares 304.00M | shares 292.96M | shares 200.10M |
| Pretax income | -$2.00B | -$950.00M | $579.00M | $1.80B | $3.80B | -$193.00M | $313.00M | $565.00M | $108.20M | $110.40M |
| Income tax expense | -$581.00M | -$236.00M | $144.00M | $423.00M | $773.00M | -$111.00M | $18.00M | -$475.00M | -$252.40M | -$12.20M |
| Diluted EPS | $-2.91 | $-1.58 | $0.75 | $2.55 | $5.36 | $-0.32 | $1.03 | $3.71 | $1.26 | $0.87 |
| Selling, general & administrative | $543.00M | $486.00M | $577.00M | $465.00M | $422.00M | $244.00M | $113.00M | $113.00M | $102.90M | $115.80M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $57.00M | $54.00M | $198.00M | $26.00M | $48.00M | $112.00M | $353.00M | $823.20M | $978.30M | $312.80M |
| Total assets | $20.01B | $20.95B | $17.54B | $18.76B | $18.98B | $16.77B | $3.50B | $3.53B | $2.95B | $1.92B |
| Current assets | $6.44B | $6.91B | $6.64B | $7.42B | $7.65B | $5.30B | $898.00M | $1.48B | $1.54B | $824.60M |
| Total liabilities | $13.69B | $14.08B | $9.42B | $10.71B | $13.20B | $13.69B | $3.15B | $3.11B | $3.40B | $3.25B |
| Current liabilities | $3.30B | $3.36B | $3.51B | $3.55B | $3.56B | $2.93B | $409.00M | $468.20M | $452.20M | $391.10M |
| Total equity incl. NCI | $6.32B | $6.87B | $8.10B | $8.03B | $5.77B | $2.34B | $358.00M | $424.00M | -$445.00M | -$1.33B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | $0 | $738.00M | $0 | Unavailable | Unavailable | Unavailable |
| Inventory | $4.77B | $5.09B | $4.46B | $5.13B | $5.19B | $3.83B | $317.00M | $181.10M | $138.40M | $178.40M |
| Accounts receivable | $1.44B | $1.58B | $1.84B | $1.96B | $2.15B | $1.17B | $94.00M | $226.70M | $106.70M | $128.70M |
| Goodwill | $1.81B | $1.77B | $1.00B | $1.13B | $1.12B | $1.41B | $2.00M | Unavailable | Unavailable | Unavailable |
| Long-term debt | $7.25B | $7.06B | $3.14B | $4.25B | $5.24B | $5.39B | $2.11B | $2.09B | $2.30B | $2.18B |
| Accounts payable | $1.89B | $2.01B | $2.10B | $2.19B | $2.07B | $1.58B | $193.00M | $186.80M | $99.50M | $107.60M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$462.00M | $105.00M | $2.27B | $2.42B | $2.78B | -$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 |
| 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 |
| Net change in cash | Unavailable | Unavailable | $172.00M | -$22.00M | -$64.00M | -$241.00M | -$470.00M | -$172.00M | $665.50M | $73.50M |
| Stock-based compensation | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $41.00M | $72.00M | $0 | $0 | $0 |
| Common share repurchases | $0 | $733.00M | $152.00M | $240.00M | $0 | $0 | $253.00M | $48.00M | $0 | Unavailable |
| Depreciation & amortization | $1.24B | $951.00M | $973.00M | $1.03B | $897.00M | $308.00M | $85.00M | $89.00M | $87.70M | $115.40M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | -$1.02B | -$590.00M | $1.62B | $1.48B | $2.08B | -$783.00M | -$88.00M | $183.00M | $203.20M | $295.60M |
| Gross margin | -4.6% | 0.3% | 6.2% | 11.0% | 22.2% | 4.7% | Unavailable | Unavailable | 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% |
| FCF margin | -5.5% | -3.1% | 7.4% | 6.4% | 10.2% | -14.6% | -4.4% | 7.8% | 10.9% | 19.0% |
| SBC / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current ratio | 1.95x | 2.06x | 1.89x | 2.09x | 2.15x | 1.81x | 2.20x | 3.16x | 3.42x | 2.11x |
| Revenue YoY growth | -3.0% | -12.8% | -4.3% | 12.4% | 281.8% | 169.0% | -14.7% | 25.0% | 20.0% | Unavailable |
| Net margin | -7.9% | -4.0% | 1.8% | 5.8% | 14.6% | -2.3% | 14.7% | 48.4% | 19.7% | 11.2% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 3.0% | 3.6% | 2.9% | 4.1% | 3.4% | 9.8% | 33.0% | 12.7% | 7.2% | 0.5% |
| Long-term debt / equity | 1.15x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | 24.9% | 23.6% | 20.3% | Unavailable | 5.8% | -84.1% | -233.3% | -11.1% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open CLF in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-07-23View SEC filing
10-Q · Filed 2026-04-21View SEC filing
10-K · Filed 2026-02-09View SEC filing
10-Q · Filed 2025-10-22View SEC filing
10-Q · Filed 2025-07-23View SEC filing
10-Q · Filed 2025-05-08View SEC filing
Reconciliation checks needing review
3 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
cash flow reconciliationreview2017-12-31
Operating, investing and financing flows differ from the reported change in cash by 18800000, beyond tolerance 4989000.00.
cash flow reconciliationreview2016-12-31
Operating, investing and financing flows differ from the reported change in cash by 35300000, beyond tolerance 3030000.00.