Cleveland-Cliffs Inc. (FRA:CVA)

Cleveland-Cliffs Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-1,478	-760	385	1,335	2,988
Depreciation & Amortization	1,104	951	973	943	897
Asset Writedown & Restructuring Costs	256	208	125	120	-
Other Operating Activities	-556	-84	74	196	1,097
Change in Accounts Receivable	134	364	120	197	-754
Change in Inventory	315	-5	670	64	-1,370
Change in Accounts Payable	-78	-401	22	-70	457
Change in Income Taxes	13	-17	122	-22	-136
Change in Other Net Operating Assets	-172	-151	-224	-340	-394
Operating Cash Flow	-462	105	2,267	2,423	2,785
Operating Cash Flow Growth	-	-95.37%	-6.44%	-13.00%	-
Capital Expenditures	-561	-695	-646	-943	-705
Cash Acquisitions	-	-2,512	-	-31	-707
Divestitures	53	-	35	-	-
Other Investing Activities	29	-5	20	38	33
Investing Cash Flow	-479	-3,212	-591	-936	-1,379
Long-Term Debt Issued	1,983	4,781	750	255	6,962
Total Debt Issued	1,983	4,781	750	255	6,962
Long-Term Debt Repaid	-1,794	-845	-1,864	-1,358	-7,261
Total Debt Repaid	-1,794	-845	-1,864	-1,358	-7,261
Net Debt Issued (Repaid)	189	3,936	-1,114	-1,103	-299
Issuance of Common Stock	951	-	-	-	322
Repurchase of Common Stock	-	-733	-152	-240	-
Other Financing Activities	-198	-233	-238	-166	-150
Financing Cash Flow	942	2,970	-1,504	-1,509	-1,470
Foreign Exchange Rate Adjustments	2	-1	-	-	-
Net Cash Flow	3	-138	172	-22	-64
Free Cash Flow	-1,023	-590	1,621	1,480	2,080
Free Cash Flow Growth	-	-	9.53%	-28.85%	-
Free Cash Flow Margin	-5.50%	-3.08%	7.37%	6.44%	10.17%
Free Cash Flow Per Share	-2.01	-1.23	3.17	2.82	3.73
Cash Interest Paid	459	255	256	249	299
Cash Income Tax Paid	-16	-30	-111	331	150
Levered Free Cash Flow	-125	-683.25	1,637	1,399	897.63
Unlevered Free Cash Flow	246.25	-452	1,818	1,571	1,108
Change in Working Capital	212	-210	710	-171	-2,197

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