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Cleveland-Cliffs (CLF) is a Materials company in the Russell 1000. Latest news and coverage below.
Cleveland-Cliffs revenue & net income history (FY2016–FY2025)
| FY2016Dec 2016 | FY2017Dec 2017 | FY2018Dec 2018 | FY2019Dec 2019 | FY2020Dec 2020 | FY2021Dec 2021 | FY2022Dec 2022 | FY2023Dec 2023 | FY2024Dec 2024 | FY2025Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.91B | $2.09B | $2.33B | $1.99B | $5.35B | $20.4B | $23.0B | $22.0B | $19.2B | $18.6B |
| Growth (year over year) | −5.0% | +9.2% | +11.6% | −14.7% | +169.0% | +281.8% | +12.4% | −4.3% | −12.8% | −3.0% |
| Gross profit | $280.1M | $467.6M | $809.6M | $575.7M | $252.0M | $4.53B | $2.52B | $1.37B | $63.0M | −$860.0M |
| Gross margin | 14.6% | 22.4% | 34.7% | 28.9% | 4.7% | 22.2% | 11.0% | 6.2% | 0.3% | −4.6% |
| Operating income | $130.7M | $390.2M | $673.0M | $429.0M | −$142.0M | $4.01B | $1.94B | $659.0M | −$763.0M | −$1.58B |
| Operating margin | 6.8% | 18.7% | 28.9% | 21.6% | −2.7% | 19.6% | 8.4% | 3.0% | −4.0% | −8.5% |
| Net income | $174.1M | $367.0M | $1.13B | $293.0M | −$122.0M | $2.99B | $1.33B | $385.0M | −$760.0M | −$1.48B |
| Net margin | 9.1% | 17.6% | 48.4% | 14.7% | −2.3% | 14.6% | 5.8% | 1.8% | −4.0% | −7.9% |
| EPS (diluted) | $0.87 | $1.26 | $3.71 | $1.03 | −$0.32 | $5.36 | $2.55 | $0.75 | −$1.58 | −$2.91 |
| Balance sheet | ||||||||||
| Cash and equivalents | $312.8M | $978.3M | $823.2M | $353.0M | $112.0M | $48.0M | $26.0M | $198.0M | $54.0M | $57.0M |
| Total assets | $1.92B | $2.95B | $3.53B | $3.50B | $16.8B | $19.0B | $18.8B | $17.5B | $20.9B | $20.0B |
| Total liabilities | $3.25B | $3.40B | $3.11B | $3.15B | $13.7B | $13.2B | $10.7B | $9.41B | $14.1B | $13.7B |
| Long-term debt | $2.18B | $2.30B | $2.09B | $2.11B | $5.39B | $5.24B | $4.25B | $3.14B | $7.07B | $7.25B |
| Shareholders' equity | −$1.46B | −$410.3M | $424.2M | $358.0M | $2.02B | $5.49B | $7.79B | $7.89B | $6.63B | $6.12B |
| Cash flow | ||||||||||
| Operating cash flow | $303.0M | $338.1M | $479.0M | $568.0M | −$258.0M | $2.79B | $2.42B | $2.27B | $105.0M | −$462.0M |
| Capital expenditure | $7.40M | $134.9M | $296.0M | $656.0M | $525.0M | $705.0M | $943.0M | $646.0M | $695.0M | $561.0M |
| Free cash flow | $295.6M | $203.2M | $183.0M | −$88.0M | −$783.0M | $2.08B | $1.48B | $1.62B | −$590.0M | −$1.02B |
| Dividends paid | $0 | $0 | $0 | $72.0M | $41.0M | — | — | — | — | — |
| Share buybacks | — | $0 | $48.0M | $253.0M | $0 | $0 | $240.0M | $152.0M | $733.0M | $0 |
| Q3 FY24Sep 2024 | Q4 FY24†Dec 2024 | Q1 FY25Mar 2025 | Q2 FY25Jun 2025 | Q3 FY25Sep 2025 | Q4 FY25†Dec 2025 | Q1 FY26Mar 2026 | Q2 FY26Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $4.57B | $4.33B | $4.63B | $4.93B | $4.73B | $4.31B | $4.92B | $5.23B |
| Growth (year over year) | −18.5% | −15.4% | −11.0% | −3.1% | +3.6% | −0.3% | +6.3% | +5.9% |
| Gross profit | −$106.0M | −$278.0M | −$396.0M | −$212.0M | −$46.0M | −$206.0M | −$82.0M | $132.0M |
| Gross margin | −2.3% | −6.4% | −8.6% | −4.3% | −1.0% | −4.8% | −1.7% | 2.5% |
| Operating income | −$261.0M | −$470.0M | −$543.0M | −$501.0M | −$204.0M | −$331.0M | −$213.0M | −$49.0M |
| Operating margin | −5.7% | −10.9% | −11.7% | −10.2% | −4.3% | −7.7% | −4.3% | −0.9% |
| Net income | −$244.0M | −$451.0M | −$498.0M | −$486.0M | −$251.0M | −$243.0M | −$237.0M | −$145.0M |
| Net margin | −5.3% | −10.4% | −10.8% | −9.9% | −5.3% | −5.6% | −4.8% | −2.8% |
| EPS (diluted) | −$0.52 | −$0.92 | −$1.01 | −$0.98 | −$0.51 | −$0.41 | −$0.42 | −$0.25 |
| Balance sheet | ||||||||
| Cash and equivalents | $39.0M | $54.0M | $57.0M | $61.0M | $66.0M | $57.0M | $45.0M | $70.0M |
| Total assets | $16.8B | $20.9B | $20.8B | $20.5B | $20.3B | $20.0B | $20.1B | $20.1B |
| Total liabilities | $9.70B | $14.1B | $14.4B | $14.4B | $14.6B | $13.7B | $14.1B | $14.3B |
| Long-term debt | $3.77B | $7.07B | $7.60B | $7.73B | $8.04B | $7.25B | $7.76B | $7.70B |
| Shareholders' equity | $6.85B | $6.63B | $6.25B | $5.82B | $5.47B | $6.12B | $5.82B | $5.60B |
| Cash flow | ||||||||
| Operating cash flow | −$84.0M | −$472.0M | −$351.0M | $45.0M | −$143.0M | −$13.0M | −$325.0M | $230.0M |
| Capital expenditure | $151.0M | $205.0M | $152.0M | $112.0M | $157.0M | $140.0M | $152.0M | $157.0M |
| Free cash flow | −$235.0M | −$677.0M | −$503.0M | −$67.0M | −$300.0M | −$153.0M | −$477.0M | $73.0M |
| Share buybacks | $0 | $0 | $0 | $0 | $0 | $0 | — | — |
From Cleveland-Cliffs's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →
About Cleveland-Cliffs
Cleveland-Cliffs Inc. is an American steel manufacturer based in Cleveland, Ohio. It specializes in the mining, beneficiation, and pelletizing of iron ore, as well as steelmaking, including stamping and tooling. The company is ranked 23rd on the list of steel producers and is the second-largest steel producer in the United States after Nucor. It is the largest flat-rolled steel producer in North America. The company is ranked 221st on the Fortune 500 and 1511th on the Forbes Global 2000.
Source: Wikipedia — Cleveland-Cliffs
- Headquarters
- Cleveland, Ohio From SEC filings, Oct 2026
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