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	2015 - 2019
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	2015 - 2019
Net Income	-1,676	-754	399	1,335	2,988	-122	Upgrade
Depreciation & Amortization	1,090	951	973	943	897	308	Upgrade
Asset Writedown & Restructuring Costs	131	79	125	120	-	-	Upgrade
Other Operating Activities	-265	46	78	196	1,097	-187	Upgrade
Change in Accounts Receivable	-109	364	120	197	-754	-91	Upgrade
Change in Inventory	204	-5	670	64	-1,370	-146	Upgrade
Change in Accounts Payable	-229	-408	4	-70	457	5	Upgrade
Change in Income Taxes	44	-17	122	-22	-136	50	Upgrade
Change in Other Net Operating Assets	-111	-151	-224	-340	-394	-75	Upgrade
Operating Cash Flow	-921	105	2,267	2,423	2,785	-258	Upgrade
Operating Cash Flow Growth	-	-95.37%	-6.44%	-13.00%	-	-	Upgrade
Capital Expenditures	-626	-695	-646	-943	-705	-525	Upgrade
Cash Acquisitions	-2,512	-2,512	-	-31	-707	-1,527	Upgrade
Other Investing Activities	9	-5	55	38	33	10	Upgrade
Investing Cash Flow	-3,129	-3,212	-591	-936	-1,379	-2,042	Upgrade
Long-Term Debt Issued	-	4,781	750	255	6,962	3,823	Upgrade
Total Debt Issued	5,013	4,781	750	255	6,962	3,823	Upgrade
Long-Term Debt Repaid	-	-845	-1,864	-1,358	-7,261	-1,573	Upgrade
Total Debt Repaid	-713	-845	-1,864	-1,358	-7,261	-1,573	Upgrade
Net Debt Issued (Repaid)	4,300	3,936	-1,114	-1,103	-299	2,250	Upgrade
Issuance of Common Stock	-	-	-	-	322	-	Upgrade
Repurchase of Common Stock	-	-733	-152	-240	-	-	Upgrade
Other Financing Activities	-218	-233	-238	-166	-150	-191	Upgrade
Financing Cash Flow	4,082	2,970	-1,504	-1,509	-1,470	2,059	Upgrade
Foreign Exchange Rate Adjustments	2	-1	-	-	-	-	Upgrade
Net Cash Flow	34	-138	172	-22	-64	-241	Upgrade
Free Cash Flow	-1,547	-590	1,621	1,480	2,080	-783	Upgrade
Free Cash Flow Growth	-	-	9.53%	-28.85%	-	-	Upgrade
Free Cash Flow Margin	-8.31%	-3.08%	7.37%	6.44%	10.17%	-14.63%	Upgrade
Free Cash Flow Per Share	-3.14	-1.23	3.17	2.82	3.73	-2.07	Upgrade
Cash Interest Paid	403	255	256	249	299	170	Upgrade
Cash Income Tax Paid	-	-30	-111	331	150	-115	Upgrade
Levered Free Cash Flow	-1,280	-717.88	1,609	1,399	897.63	-2,503	Upgrade
Unlevered Free Cash Flow	-919.75	-486.63	1,790	1,571	1,108	-2,354	Upgrade
Change in Working Capital	-201	-217	692	-171	-2,197	-257	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.