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 Income Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
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 |
| 5,612 | 5,226 | 4,922 | 4,313 | 4,734 | 4,934 | 4,629 | 4,325 | 4,569 | 5,092 | 5,199 | 5,112 | 5,605 | 5,984 | 5,295 | 5,044 | 5,653 | 6,337 | 5,955 | 5,346 | |
Revenue Growth (YoY) | 18.55% | 5.92% | 6.33% | -0.28% | 3.61% | -3.10% | -10.96% | -15.39% | -18.48% | -14.91% | -1.81% | 1.35% | -0.85% | -5.57% | -11.08% | -5.65% | -5.85% | - | 47.07% | - |
Cost of Revenue | 5,147 | 5,094 | 5,004 | 4,519 | 4,780 | 5,146 | 5,025 | 4,598 | 4,675 | 4,935 | 4,914 | 4,944 | 5,125 | 5,340 | 5,196 | 5,104 | 5,305 | 5,356 | 4,706 | 4,072 |
Gross Profit | 465 | 132 | -82 | -206 | -46 | -212 | -396 | -273 | -106 | 157 | 285 | 168 | 480 | 644 | 99 | -60 | 348 | 981 | 1,249 | 1,274 |
Selling, General & Admin | 89 | 90 | 61 | 78 | 73 | 94 | 76 | 76 | 50 | 41 | 72 | 108 | 89 | 99 | 77 | 48 | 75 | 57 | 73 | 22 |
Other Operating Expenses | - | 24 | -1 | -4 | 25 | 27 | 11 | 25 | 27 | 13 | 23 | 37 | 11 | 12 | 3 | 6 | 37 | 34 | 4 | 11 |
Operating Expenses | 89 | 114 | 60 | 74 | 98 | 121 | 87 | 101 | 77 | 54 | 95 | 145 | 100 | 111 | 80 | 54 | 112 | 91 | 77 | 33 |
Operating Income | 376 | 18 | -142 | -280 | -144 | -333 | -483 | -374 | -183 | 103 | 190 | 23 | 380 | 533 | 19 | -114 | 236 | 890 | 1,172 | 1,241 |
Interest Expense | -148 | -156 | -148 | -152 | -153 | -149 | -140 | -135 | -102 | -69 | -64 | -63 | -70 | -79 | -77 | -71 | -64 | -64 | -77 | -79 |
Currency Exchange Gain (Loss) | - | - | -14 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Other Non Operating Income (Expenses) | -14 | -11 | -10 | -12 | -9 | -14 | -9 | -33 | -7 | 1 | 2 | 1 | -2 | 4 | 2 | 2 | -1 | -3 | -2 | 1 |
EBT Excluding Unusual Items | 214 | -149 | -314 | -444 | -306 | -496 | -632 | -542 | -292 | 35 | 128 | -39 | 308 | 458 | -56 | -183 | 171 | 823 | 1,093 | 1,163 |
Merger & Restructuring Charges | -1 | -3 | - | 6 | -3 | -86 | -3 | -28 | -16 | -104 | -104 | -7 | -5 | - | - | -4 | - | - | - | -20 |
Impairment of Goodwill | - | - | - | - | - | - | - | - | - | - | - | -125 | - | - | - | - | - | - | - | - |
Gain (Loss) on Sale of Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -31 |
Gain (Loss) on Sale of Assets | - | - | 7 | 9 | - | - | - | - | - | - | - | 63 | - | - | - | - | - | - | - | - |
Asset Writedown | - | - | - | - | - | -39 | - | - | - | 64 | -64 | - | - | - | - | - | - | - | -29 | - |
Other Unusual Items | - | - | - | -10 | - | - | - | - | - | -6 | -21 | - | - | - | - | 1 | 4 | -66 | -14 | - |
Pretax Income | 213 | -152 | -307 | -439 | -309 | -621 | -635 | -570 | -308 | -11 | -61 | -108 | 303 | 458 | -56 | -186 | 175 | 757 | 1,050 | 1,112 |
Income Tax Expense | 46 | -20 | -81 | -206 | -78 | -148 | -149 | -136 | -76 | -16 | -8 | 30 | 29 | 102 | -13 | 19 | 10 | 157 | 237 | 214 |
Earnings From Continuing Operations | 167 | -132 | -226 | -233 | -231 | -473 | -486 | -434 | -232 | 5 | -53 | -138 | 274 | 356 | -43 | -205 | 165 | 600 | 813 | 898 |
Earnings From Discontinued Operations | -2 | -2 | -3 | -2 | -3 | - | - | - | - | - | - | -1 | 1 | - | 1 | 1 | - | 1 | 1 | 1 |
Net Income to Company | 165 | -134 | -229 | -235 | -234 | -473 | -486 | -434 | -232 | 5 | -53 | -139 | 275 | 356 | -42 | -204 | 165 | 601 | 814 | 899 |
Minority Interest in Earnings | -13 | -11 | -8 | -8 | -17 | -13 | -12 | -13 | -12 | -7 | -14 | -16 | -11 | -9 | -15 | -10 | -13 | -5 | -13 | -6 |
Net Income | 152 | -145 | -237 | -243 | -251 | -486 | -498 | -447 | -244 | -2 | -67 | -155 | 264 | 347 | -57 | -214 | 152 | 596 | 801 | 893 |
Preferred Dividends & Other Adjustments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 15 |
Net Income to Common | 152 | -145 | -237 | -243 | -251 | -486 | -498 | -447 | -244 | -2 | -67 | -155 | 264 | 347 | -57 | -214 | 152 | 596 | 801 | 878 |
Net Income Growth (YoY) | - | - | - | - | - | - | - | - | - | - | - | - | 73.68% | -41.78% | - | - | -87.66% | - | 2064.86% | - |
Shares Outstanding (Basic) | 572 | 571 | 570 | 552 | 495 | 495 | 495 | 486 | 468 | 500 | 492 | 500 | 508 | 513 | 515 | 522 | 516 | 523 | 521 | 502 |
Shares Outstanding (Diluted) | 574 | 571 | 570 | 552 | 495 | 495 | 495 | 486 | 468 | 500 | 492 | 500 | 509 | 514 | 515 | 522 | 519 | 526 | 532 | 528 |
Shares Change (YoY) | 15.96% | 15.35% | 15.15% | 13.67% | 5.77% | -1.00% | 0.61% | -2.83% | -8.05% | -2.72% | -4.47% | -4.21% | -1.93% | -2.28% | -3.19% | -1.22% | -5.12% | - | -6.83% | - |
EPS (Basic) | 0.27 | -0.25 | -0.42 | -0.44 | -0.51 | -0.98 | -1.01 | -0.92 | -0.52 | -0.00 | -0.14 | -0.31 | 0.52 | 0.68 | -0.11 | -0.41 | 0.29 | 1.14 | 1.54 | 1.75 |
EPS (Diluted) | 0.26 | -0.25 | -0.42 | -0.44 | -0.52 | -0.98 | -1.01 | -0.92 | -0.52 | -0.01 | -0.14 | -0.31 | 0.52 | 0.67 | -0.11 | -0.41 | 0.29 | 1.13 | 1.50 | 1.69 |
EPS Growth (YoY) | - | - | - | - | - | - | - | - | - | - | - | - | 79.20% | -40.81% | - | - | -87.55% | - | 2045.54% | - |
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 |
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 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 |
Gross Margin | 8.29% | 2.53% | -1.67% | -4.78% | -0.97% | -4.30% | -8.55% | -6.31% | -2.32% | 3.08% | 5.48% | 3.29% | 8.56% | 10.76% | 1.87% | -1.19% | 6.16% | 15.48% | 20.97% | 23.83% |
Operating Margin | 6.70% | 0.34% | -2.89% | -6.49% | -3.04% | -6.75% | -10.43% | -8.65% | -4.00% | 2.02% | 3.65% | 0.45% | 6.78% | 8.91% | 0.36% | -2.26% | 4.17% | 14.04% | 19.68% | 23.21% |
Profit Margin | 2.71% | -2.77% | -4.81% | -5.63% | -5.30% | -9.85% | -10.76% | -10.33% | -5.34% | -0.04% | -1.29% | -3.03% | 4.71% | 5.80% | -1.08% | -4.24% | 2.69% | 9.40% | 13.45% | 16.42% |
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% |
EBITDA | 636 | 283 | 117 | -8 | 133 | -56 | -201 | -116 | 49 | 334 | 420 | 258 | 626 | 783 | 261 | 132 | 382 | 1,140 | 1,473 | 1,474 |
EBITDA Margin | 11.33% | 5.42% | 2.38% | -0.18% | 2.81% | -1.14% | -4.34% | -2.68% | 1.07% | 6.56% | 8.08% | 5.05% | 11.17% | 13.08% | 4.93% | 2.62% | 6.76% | 17.99% | 24.74% | 27.57% |
D&A For EBITDA | 260 | 265 | 259 | 272 | 277 | 277 | 282 | 258 | 232 | 231 | 230 | 235 | 246 | 250 | 242 | 246 | 146 | 250 | 301 | 233 |
EBIT | 376 | 18 | -142 | -280 | -144 | -333 | -483 | -374 | -183 | 103 | 190 | 23 | 380 | 533 | 19 | -114 | 236 | 890 | 1,172 | 1,241 |
EBIT Margin | 6.70% | 0.34% | -2.89% | -6.49% | -3.04% | -6.75% | -10.43% | -8.65% | -4.00% | 2.02% | 3.65% | 0.45% | 6.78% | 8.91% | 0.36% | -2.26% | 4.17% | 14.04% | 19.68% | 23.21% |
Effective Tax Rate | 21.60% | - | - | - | - | - | - | - | - | - | - | - | 9.57% | 22.27% | - | - | 5.71% | 20.74% | 22.57% | 19.25% |