Cleveland-Cliffs Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-1,676	-754	399	1,335	2,988	-122
Depreciation & Amortization	1,090	951	973	943	897	308
Asset Writedown & Restructuring Costs	131	79	125	120	-	-
Other Operating Activities	-265	46	78	196	1,097	-187
Change in Accounts Receivable	-109	364	120	197	-754	-91
Change in Inventory	204	-5	670	64	-1,370	-146
Change in Accounts Payable	-229	-408	4	-70	457	5
Change in Income Taxes	44	-17	122	-22	-136	50
Change in Other Net Operating Assets	-111	-151	-224	-340	-394	-75
Operating Cash Flow	-921	105	2,267	2,423	2,785	-258
Operating Cash Flow Growth	-	-95.37%	-6.44%	-13.00%	-	-
Capital Expenditures	-626	-695	-646	-943	-705	-525
Cash Acquisitions	-2,512	-2,512	-	-31	-707	-1,527
Other Investing Activities	9	-5	55	38	33	10
Investing Cash Flow	-3,129	-3,212	-591	-936	-1,379	-2,042
Long-Term Debt Issued	-	4,781	750	255	6,962	3,823
Total Debt Issued	5,013	4,781	750	255	6,962	3,823
Long-Term Debt Repaid	-	-845	-1,864	-1,358	-7,261	-1,573
Total Debt Repaid	-713	-845	-1,864	-1,358	-7,261	-1,573
Net Debt Issued (Repaid)	4,300	3,936	-1,114	-1,103	-299	2,250
Issuance of Common Stock	-	-	-	-	322	-
Repurchase of Common Stock	-	-733	-152	-240	-	-
Other Financing Activities	-218	-233	-238	-166	-150	-191
Financing Cash Flow	4,082	2,970	-1,504	-1,509	-1,470	2,059
Foreign Exchange Rate Adjustments	2	-1	-	-	-	-
Net Cash Flow	34	-138	172	-22	-64	-241
Free Cash Flow	-1,547	-590	1,621	1,480	2,080	-783
Free Cash Flow Growth	-	-	9.53%	-28.85%	-	-
Free Cash Flow Margin	-8.31%	-3.08%	7.37%	6.44%	10.17%	-14.63%
Free Cash Flow Per Share	-3.14	-1.23	3.17	2.82	3.73	-2.07
Cash Interest Paid	403	255	256	249	299	170
Cash Income Tax Paid	-	-30	-111	331	150	-115
Levered Free Cash Flow	-1,280	-717.88	1,609	1,399	897.63	-2,503
Unlevered Free Cash Flow	-919.75	-486.63	1,790	1,571	1,108	-2,354
Change in Working Capital	-201	-217	692	-171	-2,197	-257

Source: S&P Global Market Intelligence. Standard template. Financial Sources.