Cleveland-Cliffs financials
$11.01−1.87%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.61B | $19.18B | $22.00B | $22.99B | $20.44B | $5.35B | $1.99B | $2.33B | $1.87B | $1.55B |
| Gross profit | -$860.0M | $63.0M | $1.37B | $2.52B | $4.53B | $252.0M | $576.0M | $809.0M | $467.6M | $280.1M |
| Gross margin | −4.6% | 0.3% | 6.2% | 11.0% | 22.2% | 4.7% | 28.9% | 34.7% | 25.1% | 18.0% |
| Operating income | -$1.58B | -$763.0M | $659.0M | $1.94B | $4.01B | -$88.0M | $429.0M | $673.0M | $390.2M | $130.7M |
| Net income | -$1.48B | -$760.0M | $385.0M | $1.33B | $2.99B | -$122.0M | $293.0M | $1.13B | $367.0M | $174.1M |
| Net margin | −7.9% | −4.0% | 1.8% | 5.8% | 14.6% | −2.3% | 14.7% | 48.4% | 19.7% | 11.2% |
| Diluted EPS | $-2.91 | $-1.58 | $0.75 | $2.55 | $5.36 | $-0.32 | $1.03 | $3.71 | $1.26 | $0.87 |
| EBITDA | -$218.0M | $440.0M | $1.77B | $3.01B | $5.09B | $406.0M | $521.0M | $762.0M | $477.9M | $246.1M |
| Operating cash flow | -$462.0M | $105.0M | $2.27B | $2.42B | $2.79B | -$258.0M | $568.0M | $479.0M | $338.1M | -$2.4M |
| Free cash flow | -$1.02B | -$590.0M | $1.62B | $1.48B | $2.08B | -$783.0M | -$88.0M | $183.0M | $186.4M | -$9.8M |
| Diluted shares | 508.0M | 480.0M | 511.0M | 524.0M | 558.0M | 379.0M | 284.0M | 304.0M | 293.0M | 200.1M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $57.0M | $54.0M | $198.0M | $26.0M | $48.0M | $112.0M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $7.25B | $7.07B | $3.14B | $4.25B | $5.24B | $5.39B |
| Total assets | $20.01B | $20.95B | $17.54B | $18.75B | $18.98B | $16.77B |
| Total liabilities | $13.69B | $14.08B | $9.41B | $10.71B | $13.20B | $13.69B |
| Shareholders' equity | $6.32B | $6.87B | $8.12B | $8.04B | $5.77B | $2.34B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology