ArcelorMittal 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	3,152	1,339	919	9,302	14,956
Depreciation & Amortization	2,945	2,632	2,675	2,580	2,523
Loss (Gain) From Sale of Assets	194	-	1,469	-	-104
Asset Writedown & Restructuring Costs	10	116	1,038	1,026	-218
Loss (Gain) From Sale of Investments	-48	-	1,405	-	-
Loss (Gain) on Equity Investments	-635	-779	-1,184	-1,317	-2,204
Other Operating Activities	-1,376	1,933	-400	-363	2,156
Change in Accounts Receivable	-	-192	307	1,133	-2,535
Change in Inventory	-	238	1,568	-2,062	-8,654
Change in Accounts Payable	-	56	-271	-294	4,780
Change in Other Net Operating Assets	475	-491	119	198	-795
Operating Cash Flow	4,808	4,852	7,645	10,203	9,905
Operating Cash Flow Growth	-0.91%	-36.53%	-25.07%	3.01%	142.65%
Capital Expenditures	-4,337	-4,405	-4,613	-3,468	-3,008
Sale of Property, Plant & Equipment	-	568	718	95	105
Cash Acquisitions	-	-184	-2,524	-939	-25
Divestitures	-	-	254	-	-4
Investment in Securities	-	-952	487	-32	2,600
Other Investing Activities	-214	-125	-170	-139	-8
Investing Cash Flow	-4,551	-4,987	-5,848	-4,483	-340
Short-Term Debt Issued	-	257	218	434	287
Long-Term Debt Issued	-	2,227	134	3,893	147
Total Debt Issued	-	2,484	352	4,327	434
Short-Term Debt Repaid	-	-1,192	-1,670	-1,044	-1,664
Long-Term Debt Repaid	-962	-264	-609	-160	-3,926
Total Debt Repaid	-962	-1,456	-2,279	-1,204	-5,590
Net Debt Issued (Repaid)	-962	1,028	-1,927	3,123	-5,156
Repurchase of Common Stock	-262	-1,300	-1,208	-2,937	-5,170
Common Dividends Paid	-421	-393	-369	-332	-312
Other Financing Activities	-121	-15	-162	-331	-260
Financing Cash Flow	-1,766	-680	-3,666	-477	-10,898
Foreign Exchange Rate Adjustments	504	-471	255	-158	-55
Miscellaneous Cash Flow Adjustments	-3	-	-	-	3
Net Cash Flow	-1,008	-1,286	-1,614	5,085	-1,385
Free Cash Flow	471	447	3,032	6,735	6,897
Free Cash Flow Growth	5.37%	-85.26%	-54.98%	-2.35%	319.78%
Free Cash Flow Margin	0.77%	0.72%	4.44%	8.43%	9.01%
Free Cash Flow Per Share	0.61	0.56	3.59	7.37	6.22
Cash Interest Paid	-	799	788	440	479
Cash Income Tax Paid	-	763	977	2,940	2,128
Levered Free Cash Flow	-1,169	2,287	1,522	6,650	3,461
Unlevered Free Cash Flow	-984.38	2,606	1,969	6,901	3,684
Change in Working Capital	475	-389	1,723	-1,025	-7,204

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.