Cleveland-Cliffs Inc. (CLF)

Cleveland-Cliffs Income 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
Revenue	18,610	19,185	21,996	22,989	20,444
Revenue Growth (YoY)	-3.00%	-12.78%	-4.32%	12.45%	281.84%
Cost of Revenue	19,470	19,122	20,623	20,471	15,910
Gross Profit	-860	63	1,373	2,518	4,534
Selling, General & Admin	320	239	373	253	212
Other Operating Expenses	50	88	-	81	80
Operating Expenses	370	327	373	334	292
Operating Income	-1,230	-264	1,000	2,184	4,242
Interest Expense	-594	-370	-289	-276	-337
Other Non Operating Income (Expenses)	-44	-37	5	-4	6
EBT Excluding Unusual Items	-1,868	-671	716	1,904	3,911
Merger & Restructuring Charges	-126	-252	-12	-4	-20
Impairment of Goodwill	-	-	-125	-	-
Asset Writedown	-	-	-	-29	-
Other Unusual Items	-10	-27	-	-75	-88
Pretax Income	-2,004	-950	579	1,796	3,803
Income Tax Expense	-581	-236	144	423	773
Earnings From Continuing Operations	-1,423	-714	435	1,373	3,030
Earnings From Discontinued Operations	-5	-	1	3	3
Net Income to Company	-1,428	-714	436	1,376	3,033
Minority Interest in Earnings	-50	-46	-51	-41	-45
Net Income	-1,478	-760	385	1,335	2,988
Preferred Dividends & Other Adjustments	-	-	-	-	187
Net Income to Common	-1,478	-760	385	1,335	2,801
Net Income Growth	-	-	-71.16%	-55.32%	-
Shares Outstanding (Basic)	508	480	510	519	498
Shares Outstanding (Diluted)	508	480	511	524	558
Shares Change (YoY)	5.83%	-6.07%	-2.48%	-6.09%	47.23%
EPS (Basic)	-2.91	-1.58	0.75	2.57	5.62
EPS (Diluted)	-2.91	-1.58	0.75	2.56	5.35
EPS Growth	-	-	-70.58%	-52.27%	-
Free Cash Flow	-1,023	-590	1,621	1,480	2,080
Free Cash Flow Per Share	-2.01	-1.23	3.17	2.82	3.73
Gross Margin	-4.62%	0.33%	6.24%	10.95%	22.18%
Operating Margin	-6.61%	-1.38%	4.55%	9.50%	20.75%
Profit Margin	-7.94%	-3.96%	1.75%	5.81%	13.70%
Free Cash Flow Margin	-5.50%	-3.08%	7.37%	6.44%	10.17%
EBITDA	-126	687	1,973	3,127	5,139
EBITDA Margin	-0.68%	3.58%	8.97%	13.60%	25.14%
D&A For EBITDA	1,104	951	973	943	897
EBIT	-1,230	-264	1,000	2,184	4,242
EBIT Margin	-6.61%	-1.38%	4.55%	9.50%	20.75%
Effective Tax Rate	-	-	24.87%	23.55%	20.33%

Updated Feb 9, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q