Cleveland-Cliffs Inc. (CLF)
NYSE: CLF · Real-Time Price · USD
13.90
+0.85 (6.51%)
At close: Oct 23, 2026, 4:00 PM EDT
13.93
+0.03 (0.22%)
After-hours: Oct 23, 2026, 7:58 PM EDT
Cleveland-Cliffs Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 152 | -145 | -237 | -243 | -251 | -486 | -498 | -447 | -248 | 2 | -67 | -155 | 264 | 347 | -57 | -214 | 152 | 596 | 801 | 893 |
Depreciation & Amortization | 260 | 265 | 259 | 272 | 277 | 277 | 282 | 258 | 232 | 231 | 230 | 235 | 246 | 250 | 242 | 246 | 146 | 250 | 301 | 233 |
Asset Writedown & Restructuring Costs | 1 | 3 | - | -6 | 15 | 244 | 3 | -2 | 2 | 208 | - | 125 | - | - | - | -29 | 91 | - | 29 | - |
Other Operating Activities | 38 | 8 | -75 | -213 | -47 | -173 | -127 | -52 | -20 | -208 | 196 | -91 | 137 | 22 | 10 | -86 | 61 | 168 | 82 | 263 |
Change in Accounts Receivable | -116 | -166 | -441 | 349 | -16 | 24 | -223 | 106 | 191 | 94 | -27 | 284 | 169 | -76 | -257 | 342 | 271 | 96 | -512 | 444 |
Change in Inventory | -170 | 55 | 174 | -84 | 3 | 214 | 182 | -195 | -37 | 235 | -8 | 132 | 135 | 196 | 207 | 412 | 246 | -222 | -372 | -577 |
Change in Accounts Payable | 135 | 236 | 41 | -47 | -36 | -57 | 62 | -191 | -34 | -6 | -170 | 99 | -17 | 12 | -90 | -136 | -304 | 261 | 109 | 80 |
Change in Income Taxes | -2 | -2 | 4 | -2 | 5 | 3 | 7 | 29 | -34 | -11 | -1 | 106 | -153 | 154 | 15 | 87 | -54 | -235 | 180 | -135 |
Change in Other Net Operating Assets | -74 | -24 | -50 | -39 | -93 | -1 | -39 | 22 | -136 | -26 | -11 | -83 | -14 | -18 | -109 | -133 | -73 | -49 | -85 | -64 |
Operating Cash Flow | 224 | 230 | -325 | -13 | -143 | 45 | -351 | -472 | -84 | 519 | 142 | 652 | 767 | 887 | -39 | 489 | 536 | 865 | 533 | 1,137 |
Operating Cash Flow Growth (YoY) | - | 411.11% | - | - | - | -91.33% | - | - | - | -41.49% | - | 33.33% | 43.10% | 2.54% | - | -56.99% | -64.64% | - | - | - |
Investing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | -152 | -157 | -152 | -140 | -157 | -112 | -152 | -205 | -151 | -157 | -182 | -165 | -162 | -131 | -188 | -227 | -248 | -232 | -236 | -232 |
Cash Acquisitions | - | - | - | - | - | - | - | -2,512 | - | - | - | - | - | - | - | - | -31 | - | - | -761 |
Divestitures | - | - | - | 53 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Other Investing Activities | 31 | 31 | 12 | 2 | 19 | 1 | 7 | -18 | 5 | 5 | 3 | 44 | 2 | 6 | 3 | 18 | 19 | - | 1 | 28 |
Investing Cash Flow | -121 | -126 | -140 | -85 | -138 | -111 | -145 | -2,735 | -146 | -152 | -179 | -121 | -160 | -125 | -185 | -209 | -260 | -232 | -235 | -965 |
Financing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Long-Term Debt Issued | - | - | 507 | - | - | - | 850 | - | - | - | 1,167 | - | - | - | 307 | - | - | - | 1,715 | - |
Total Debt Issued | -61 | -63 | 507 | 283 | 850 | - | 850 | 3,313 | 273 | 28 | 1,167 | - | - | 443 | 307 | 1,099 | 1,390 | 1,545 | 1,715 | 1,609 |
Long-Term Debt Repaid | - | - | - | - | - | - | -305 | - | - | - | -652 | - | - | - | - | - | - | - | -1,969 | - |
Total Debt Repaid | - | - | - | -1,081 | -530 | 122 | -305 | - | - | -193 | -652 | -325 | -508 | -1,031 | - | -1,328 | -1,581 | -1,974 | -1,969 | -1,755 |
Net Debt Issued (Repaid) | -61 | -63 | 507 | -798 | 320 | 122 | 545 | 3,313 | 273 | -165 | 515 | -325 | -508 | -588 | 307 | -229 | -191 | -429 | -254 | -146 |
Issuance of Common Stock | - | - | - | 951 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Repurchase of Common Stock | - | - | - | - | - | - | - | - | - | -125 | -608 | - | -58 | -94 | - | -30 | -34 | -157 | -19 | - |
Other Financing Activities | -41 | -16 | -53 | -64 | -34 | -54 | -46 | -84 | -114 | 3 | -38 | -39 | -44 | -105 | -50 | -51 | -42 | -35 | -38 | -20 |
Financing Cash Flow | -102 | -79 | 454 | 89 | 286 | 68 | 499 | 3,229 | 159 | -287 | -131 | -364 | -610 | -787 | 257 | -310 | -267 | -621 | -311 | -166 |
Net Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Foreign Exchange Rate Adjustments | - | -1 | - | -1 | - | 3 | - | -1 | - | - | - | - | - | - | - | - | - | - | - | - |
Miscellaneous Cash Flow Adjustments | 6 | -6 | - | - | 7 | -7 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Cash Flow | 7 | 18 | -11 | -10 | 12 | -2 | 3 | 21 | -71 | 80 | -168 | 167 | -3 | -25 | 33 | -30 | 9 | 12 | -13 | 6 |
Free Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 72 | 73 | -477 | -153 | -300 | -67 | -503 | -677 | -235 | 362 | -40 | 487 | 605 | 756 | -227 | 262 | 288 | 633 | 297 | 905 |
Free Cash Flow Growth (YoY) | - | - | - | - | - | - | - | - | - | -52.12% | - | 85.88% | 110.07% | 19.43% | - | -71.05% | -78.52% | - | - | - |
Free Cash Flow Margin | 1.28% | 1.40% | -9.69% | -3.55% | -6.34% | -1.36% | -10.87% | -15.65% | -5.14% | 7.11% | -0.77% | 9.53% | 10.79% | 12.63% | -4.29% | 5.19% | 5.10% | 9.99% | 4.99% | 16.93% |
Free Cash Flow Per Share | 0.13 | 0.13 | -0.84 | -0.28 | -0.61 | -0.14 | -1.02 | -1.39 | -0.50 | 0.72 | -0.08 | 0.97 | 1.19 | 1.47 | -0.44 | 0.50 | 0.56 | 1.20 | 0.56 | 1.71 |
Levered Free Cash Flow | 154.5 | 226.75 | -218.25 | 65 | -59.63 | 155.75 | -288.38 | -1,089 | -66.13 | 372.25 | 99.75 | 682 | 386.75 | 608.75 | -68.25 | 754.38 | 50.5 | 573.25 | 20.38 | 526.25 |
Unlevered Free Cash Flow | 247 | 324.25 | -125.75 | 160 | 36 | 248.88 | -200.88 | -1,005 | -2.38 | 415.38 | 139.75 | 721.38 | 430.5 | 658.13 | -20.13 | 798.75 | 90.5 | 613.25 | 68.5 | 575.63 |
Additional Metrics
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | 155 | 118 | 138 | 118 | 131 | 133 | 77 | 62 | 59 | 81 | 53 | 54 | 60 | 63 | 79 | 48 | 68 | 68 | 65 | 68 |
Cash Income Tax Paid | 3 | - | -3 | - | - | - | -4 | - | 2 | 7 | -1 | - | 50 | - | -25 | 28 | 5 | 298 | - | 127 |
Change in Working Capital | -227 | 99 | -272 | 177 | -137 | 183 | -11 | -229 | -50 | 286 | -217 | 538 | 120 | 268 | -234 | 572 | 86 | -149 | -680 | -252 |