Cleveland-Cliffs Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-1,428	-714	436	1,376	3,033
Depreciation & Amortization	1,235	951	973	1,034	897
Other Adjustments	-481	78	148	184	1,052
Change in Receivables	134	364	120	197	-754
Changes in Inventories	315	-5	670	64	-1,370
Changes in Accounts Payable	-78	-401	22	-70	457
Changes in Income Taxes Payable	13	-17	122	-22	-136
Changes in Other Operating Activities	-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
Payments for Business Acquisitions	-	-2,512	-	-31	-707
Proceeds from Business Divestments	53	-	35	-	-
Other Investing Activities	29	-5	20	38	33
Investing Cash Flow	-479	-3,212	-591	-936	-1,379
Short-Term Debt Issued	-1,109	1,560	-1,864	255	5,962
Short-Term Debt Repaid	-	-	-	-	-5,889
Net Short-Term Debt Issued (Repaid)	-1,109	1,560	-1,864	255	73
Long-Term Debt Issued	1,983	3,221	750	-	1,000
Long-Term Debt Repaid	-685	-845	-	-1,358	-1,372
Net Long-Term Debt Issued (Repaid)	1,298	2,376	750	-1,358	-372
Issuance of Common Stock	951	-	-	-	322
Repurchase of Common Stock	-	-733	-152	-240	-
Net Common Stock Issued (Repurchased)	951	-733	-152	-240	322
Repurchase of Preferred Stock	-	-	-	-	-1,343
Net Preferred Stock Issued (Repurchased)	-	-	-	-	-1,343
Other Financing Activities	-198	-233	-238	-166	-150
Financing Cash Flow	942	2,970	-1,504	-1,509	-1,470
Effect of Exchange Rate Changes on Cash and Cash Equivalents	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%	-
FCF 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
Levered Free Cash Flow	-537	2,858	188	-45	1,438
Unlevered Free Cash Flow	-369.22	-891.45	1,412	1,205	1,946

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.