Cleveland-Cliffs Inc. (CLF)

Cleveland-Cliffs Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	18,622	19,185	21,996	22,989	20,444	5,354
Revenue Growth (YoY)	-6.76%	-12.78%	-4.32%	12.45%	281.84%	169.04%
Cost of Revenue	19,542	19,115	20,605	20,471	15,910	5,102
Gross Profit	-920	70	1,391	2,518	4,534	252
Selling, General & Admin	318	239	373	253	212	190
Other Operating Expenses	88	88	63	81	80	60
Operating Expenses	406	327	436	334	292	250
Operating Income	-1,326	-257	955	2,184	4,242	2
Interest Expense	-577	-370	-289	-276	-337	-238
Other Non Operating Income (Expenses)	-65	-37	5	-4	6	3
EBT Excluding Unusual Items	-1,968	-664	671	1,904	3,911	-233
Merger & Restructuring Charges	-121	-173	-12	-4	-20	-90
Impairment of Goodwill	-	-	-125	-	-	-
Gain (Loss) on Sale of Assets	-	-	63	-	-	-
Asset Writedown	-39	-79	-	-29	-	-
Other Unusual Items	-	-27	-	-75	-88	130
Pretax Income	-2,128	-943	597	1,796	3,803	-193
Income Tax Expense	-510	-235	148	423	773	-111
Earnings From Continuing Operations	-1,618	-708	449	1,373	3,030	-82
Earnings From Discontinued Operations	-3	-	1	3	3	1
Net Income to Company	-1,621	-708	450	1,376	3,033	-81
Minority Interest in Earnings	-55	-46	-51	-41	-45	-41
Net Income	-1,676	-754	399	1,335	2,988	-122
Preferred Dividends & Other Adjustments	-	-	-	-	187	-
Net Income to Common	-1,676	-754	399	1,335	2,801	-122
Net Income Growth	-	-	-70.11%	-55.32%	-	-
Shares Outstanding (Basic)	493	480	510	519	498	379
Shares Outstanding (Diluted)	493	480	511	524	558	379
Shares Change (YoY)	1.70%	-6.07%	-2.48%	-6.09%	47.23%	33.45%
EPS (Basic)	-3.40	-1.57	0.78	2.57	5.62	-0.32
EPS (Diluted)	-3.40	-1.57	0.78	2.56	5.35	-0.32
EPS Growth	-	-	-69.40%	-52.27%	-	-
Free Cash Flow	-1,547	-590	1,621	1,480	2,080	-783
Free Cash Flow Per Share	-3.14	-1.23	3.17	2.82	3.73	-2.07
Dividend Per Share	-	-	-	-	-	0.060
Dividend Growth	-	-	-	-	-	-73.91%
Gross Margin	-4.94%	0.36%	6.32%	10.95%	22.18%	4.71%
Operating Margin	-7.12%	-1.34%	4.34%	9.50%	20.75%	0.04%
Profit Margin	-9.00%	-3.93%	1.81%	5.81%	13.70%	-2.28%
Free Cash Flow Margin	-8.31%	-3.08%	7.37%	6.44%	10.17%	-14.63%
EBITDA	-236	694	1,928	3,127	5,139	310
EBITDA Margin	-1.27%	3.62%	8.77%	13.60%	25.14%	5.79%
D&A For EBITDA	1,090	951	973	943	897	308
EBIT	-1,326	-257	955	2,184	4,242	2
EBIT Margin	-7.12%	-1.34%	4.34%	9.50%	20.75%	0.04%
Effective Tax Rate	-	-	24.79%	23.55%	20.33%	-

Updated Oct 20, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q