Cleveland-Cliffs (CLF) Financials

$11.19 -0.04 (-0.39%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$11.16 -0.02 (-0.19%)

As of 05/22/2026 07:59 PM Eastern

Annual Income Statements for Cleveland-Cliffs

This table shows Cleveland-Cliffs' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-788	174	367	1,128	293	-122	2,988	1,335	385	-760	-1,478
Consolidated Net Income / (Loss)	-748	199	363	1,128	293	-81	3,033	1,376	436	-714	-1,428
Net Income / (Loss) Continuing Operations	144	123	361	1,040	295	-82	3,030	1,373	435	-714	-1,423
Total Pre-Tax Income	313	110	108	565	313	-193	3,803	1,796	579	-950	-2,004
Total Operating Income	151	131	390	673	429	-142	4,012	1,939	659	-763	-1,579
Total Gross Profit	237	280	468	809	576	252	4,534	2,518	1,373	63	-860
Total Revenue	2,013	1,555	1,866	2,332	1,990	5,354	20,444	22,989	21,996	19,185	18,610
Operating Revenue	2,013	1,555	1,866	2,332	1,990	5,354	20,444	22,989	21,996	19,185	18,610
Total Cost of Revenue	1,777	1,274	1,398	1,523	1,414	5,102	15,910	20,471	20,623	19,122	19,470
Operating Cost of Revenue	1,777	1,274	1,398	1,523	1,414	5,102	15,910	20,471	20,623	19,122	19,470
Total Operating Expenses	85	149	77	136	147	394	522	579	714	826	719
Selling, General & Admin Expense	110	116	103	113	113	244	422	465	577	486	543
Other Operating Expenses / (Income)	-25	34	-26	23	27	60	80	81	0.00	88	50
Impairment Charge	-	-	-	-	-	-	0.00	29	125	79	39
Restructuring Charge	-	-	-	0.00	7.00	90	20	4.00	12	173	87
Total Other Income / (Expense), net	162	-20	-282	-108	-116	-51	-209	-143	-80	-187	-425
Interest Expense	-164	28	165	7.00	18	-130	88	75	0.00	27	10
Interest & Investment Income	-	-	-127	-119	-101	-238	-337	-276	-289	-370	-594
Other Income / (Expense), net	-2.60	7.30	10	18	3.00	57	216	208	209	210	179
Income Tax Expense	169	-12	-252	-475	18	-111	773	423	144	-236	-581
Net Income / (Loss) Discontinued Operations	-892	-	2.50	88	-2.00	1.00	3.00	3.00	1.00	0.00	-5.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.90	25	-3.90	0.00	0.00	41	45	41	51	46	50
Basic Earnings per Share	($5.14)	$0.88	$1.28	$3.80	$1.06	($0.32)	$5.63	$2.57	$0.75	($1.58)	($2.91)
Weighted Average Basic Shares Outstanding	153.20M	197.70M	288.44M	296.90M	271.44M	498.89M	525.41M	514.79M	498.29M	494.48M	570.39M
Diluted Earnings per Share	($5.13)	$0.87	$1.26	$3.71	$1.03	($0.32)	$5.36	$2.55	$0.75	($1.58)	($2.91)
Weighted Average Diluted Shares Outstanding	153.60M	200.10M	292.96M	296.90M	271.44M	498.89M	525.41M	514.79M	498.29M	494.48M	570.39M
Weighted Average Basic & Diluted Shares Outstanding	-8.75B	2.49B	297.40M	296.90M	271.44M	498.89M	525.41M	514.79M	498.29M	494.48M	570.39M

This table shows Cleveland-Cliffs' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	264	-155	-67	2.00	-244	-447	-498	-483	-251	-249	-237
Consolidated Net Income / (Loss)	275	-139	-53	9.00	-232	-434	-486	-470	-234	-241	-229
Net Income / (Loss) Continuing Operations	274	-138	-53	9.00	-232	-434	-486	-470	-231	-239	-226
Total Pre-Tax Income	303	-108	-61	-6.00	-308	-570	-635	-618	-309	-447	-307
Total Operating Income	325	-100	-38	6.00	-261	-465	-543	-498	-204	-339	-213
Total Gross Profit	480	168	285	162	-106	-273	-396	-209	-46	-214	-82
Total Revenue	5,605	5,112	5,199	5,092	4,569	4,325	4,629	4,934	4,734	4,313	4,922
Operating Revenue	5,605	5,112	5,199	5,092	4,569	4,325	4,629	4,934	4,734	4,313	4,922
Total Cost of Revenue	5,125	4,944	4,914	4,930	4,675	4,598	5,025	5,143	4,780	4,527	5,004
Operating Cost of Revenue	5,125	4,944	4,914	4,930	4,675	4,598	5,025	5,143	4,780	4,527	5,004
Total Operating Expenses	155	268	323	156	155	192	147	289	158	125	131
Selling, General & Admin Expense	139	162	132	103	112	139	133	137	130	143	125
Other Operating Expenses / (Income)	11	-26	23	13	27	25	11	27	25	-13	6.00
Restructuring Charge	5.00	7.00	104	25	16	28	3.00	86	3.00	-5.00	0.00
Total Other Income / (Expense), net	-22	-8.00	-23	-12	-47	-105	-92	-120	-105	-108	-94
Interest & Investment Income	-70	-63	-64	-69	-102	-135	-140	-149	-153	-152	-148
Other Income / (Expense), net	48	55	62	63	55	30	48	29	48	54	54
Income Tax Expense	29	30	-8.00	-15	-76	-136	-149	-148	-78	-208	-81
Net Income / (Loss) Discontinued Operations	1.00	-1.00	-	-	0.00	-	0.00	-	-3.00	-	-3.00
Net Income / (Loss) Attributable to Noncontrolling Interest	11	16	14	7.00	12	13	12	13	17	8.00	8.00
Basic Earnings per Share	$0.52	($0.31)	-	-	($0.52)	($0.91)	($1.01)	-	($0.51)	-	($0.42)
Weighted Average Basic Shares Outstanding	504.86M	498.29M	475.48M	468.04M	493.94M	494.48M	494.66M	494.70M	494.71M	570.39M	570.41M
Diluted Earnings per Share	$0.52	($0.30)	-	-	($0.52)	($0.91)	($1.01)	-	($0.51)	-	($0.42)
Weighted Average Diluted Shares Outstanding	504.86M	498.29M	475.48M	468.04M	493.94M	494.48M	494.66M	494.70M	494.71M	570.39M	570.41M
Weighted Average Basic & Diluted Shares Outstanding	504.86M	498.29M	475.48M	468.04M	493.94M	494.48M	494.66M	494.70M	494.71M	570.39M	570.41M

This table details how cash moves in and out of Cleveland-Cliffs' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-5.70	74	666	-325	-470	-241	-64	-22	172	-137	1.00
Net Cash From Operating Activities	38	303	338	479	568	-258	2,785	2,423	2,267	105	-462
Net Cash From Continuing Operating Activities	38	601	338	479	568	-258	2,785	2,423	2,267	105	-462
Net Income / (Loss) Continuing Operations	-748	199	363	1,128	293	-81	3,033	1,376	436	-714	-1,428
Consolidated Net Income / (Loss)	-748	199	363	1,128	293	-81	3,033	1,376	436	-714	-1,428
Depreciation Expense	134	115	88	89	85	308	897	1,034	973	951	1,235
Non-Cash Adjustments To Reconcile Net Income	413	-139	207	-342	111	-298	-219	-110	-56	79	-129
Changes in Operating Assets and Liabilities, net	239	127	-320	-396	79	-283	-1,087	123	914	-211	-140
Net Cash From Investing Activities	-103	-58	-156	-273	-644	-2,042	-1,379	-936	-591	-3,212	-479
Net Cash From Continuing Investing Activities	-103	-58	-156	-273	-644	-2,042	-1,379	-936	-591	-3,212	-479
Purchase of Property, Plant & Equipment	-81	-7.40	-135	-296	-656	-525	-705	-943	-646	-695	-561
Acquisitions	-	-	-	0.00	0.00	-1,527	-707	-31	0.00	-2,512	0.00
Divestitures	-	-	-	-	-	-	-	-	35	0.00	53
Other Investing Activities, net	-22	-51	-21	23	12	10	33	38	20	-5.00	29
Net Cash From Financing Activities	61	-206	499	-376	-394	2,059	-1,470	-1,509	-1,504	2,970	942
Net Cash From Continuing Financing Activities	61	-206	499	-376	-394	2,059	-1,470	-1,509	-1,504	2,970	942
Repayment of Debt	-389	-138	-1,776	-328	-862	-1,764	-7,411	-1,524	-2,102	-1,078	-1,992
Repurchase of Common Equity	0.00	0.00	-105	-48	-253	0.00	0.00	-240	-152	-733	0.00
Issuance of Debt	813	105	1,772	0.00	721	3,823	6,962	255	750	4,781	1,983
Issuance of Common Equity	0.00	287	661	-	0.00	0.00	322	-	0.00	0.00	951

This table details how cash moves in and out of Cleveland-Cliffs' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.00	167	-168	80	-71	22	3.00	2.00	5.00	-9.00	-11
Net Cash From Operating Activities	767	652	142	519	-84	-472	-351	45	-143	-13	-325
Net Cash From Continuing Operating Activities	767	652	142	519	-84	-472	-351	45	-143	-13	-325
Net Income / (Loss) Continuing Operations	275	-139	-53	9.00	-230	-434	-486	-470	-240	-235	-229
Consolidated Net Income / (Loss)	275	-139	-53	9.00	-230	-434	-486	-470	-240	-235	-229
Depreciation Expense	249	235	230	228	235	258	282	393	288	272	259
Non-Cash Adjustments To Reconcile Net Income	97	-106	158	-34	-132	95	-26	62	-30	-135	-49
Changes in Operating Assets and Liabilities, net	146	662	-193	316	43	-391	-121	60	-161	85	-306
Net Cash From Investing Activities	-160	-121	-179	-152	-146	-2,735	-145	-111	-138	-85	-140
Net Cash From Continuing Investing Activities	-160	-121	-179	-152	-146	-2,735	-145	-111	-138	-85	-140
Purchase of Property, Plant & Equipment	-162	-165	-182	-157	-151	-205	-152	-112	-157	-140	-152
Other Investing Activities, net	2.00	44	3.00	5.00	5.00	-18	7.00	1.00	19	2.00	12
Net Cash From Financing Activities	-610	-364	-131	-287	159	3,229	499	68	286	89	454
Net Cash From Continuing Financing Activities	-610	-364	-131	-287	159	3,229	499	68	286	89	454
Repayment of Debt	-552	-364	-348	-162	-437	-131	-351	68	-564	-1,145	-53
Issuance of Debt	-	-	825	-	596	3,360	850	-	850	283	507
Other Net Changes in Cash	-	-	0.00	-	-	-	0.00	-	-	-	0.00

This table presents Cleveland-Cliffs' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,136	1,924	-	3,530	3,504	16,771	18,975	18,755	17,537	20,947	20,012
Total Current Assets	983	825	-	1,480	898	5,298	7,653	7,422	6,636	6,907	6,435
Cash & Equivalents	285	323	-	823	353	112	48	26	198	54	57
Accounts Receivable	113	177	-	227	94	1,169	2,154	1,960	1,840	1,576	1,442
Inventories, net	440	270	-	181	317	3,828	5,188	5,130	4,460	5,094	4,772
Other Current Assets	144	54	-	131	75	189	263	306	138	183	164
Plant, Property, & Equipment, net	1,059	984	-	1,286	1,929	8,743	9,186	9,070	8,895	9,942	9,481
Total Noncurrent Assets	94	115	-	764	677	2,730	2,136	2,263	2,006	4,098	4,096
Goodwill	-	-	-	-	2.00	1,406	1,116	1,130	1,005	1,768	1,814
Intangible Assets	-	-	-	-	-	-	-	-	201	1,170	1,135
Employee Benefit Assets	-	-	-	-	-	-	223	356	329	427	469
Other Noncurrent Operating Assets	94	115	-	178	215	1,324	797	777	471	733	678
Total Liabilities & Shareholders' Equity	2,136	1,924	-	3,530	3,504	16,771	18,975	18,755	17,537	20,947	20,012
Total Liabilities	3,947	3,254	-	3,105	3,146	13,692	13,201	10,713	9,415	14,080	13,689
Total Current Liabilities	582	391	-	468	409	2,929	3,561	3,549	3,508	3,361	3,302
Accounts Payable	106	108	-	187	193	1,575	2,073	2,186	2,099	2,008	1,893
Accrued Expenses	50	67	-	159	-	-	-	383	380	375	396
Current Employee Benefit Liabilities	53	56	-	-	67	460	585	429	511	486	517
Other Current Liabilities	284	83	-	87	111	747	903	551	518	492	496
Total Noncurrent Liabilities	3,365	2,863	-	2,637	2,737	6,650	9,640	7,164	5,907	10,719	10,387
Long-Term Debt	2,699	2,175	-	2,093	2,114	5,390	5,238	4,249	3,137	7,065	7,253
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	-	-	-	-	557	601	682
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	112	590	639	849	375
Noncurrent Employee Benefit Liabilities	221	281	-	249	312	-	2,961	1,058	821	751	655
Other Noncurrent Operating Liabilities	445	408	-	296	311	1,260	1,329	1,267	753	1,453	1,422
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-1,812	-1,331	-	424	358	2,341	5,774	8,042	8,122	6,867	6,323
Total Preferred & Common Equity	-1,981	-1,464	-	424	358	2,018	5,490	7,791	7,887	6,634	6,116
Total Common Equity	-1,981	-1,464	-	424	358	2,018	5,490	7,791	7,887	6,634	6,116
Common Stock	2,319	3,377	-	3,954	3,910	5,494	4,955	4,937	4,927	4,824	5,812
Retained Earnings	-4,748	-4,574	-	-3,060	-2,842	-2,989	-1.00	1,334	1,733	949	-529
Treasury Stock	-265	-246	-	-186	-391	354	-82	-310	-430	-676	-659
Accumulated Other Comprehensive Income / (Loss)	-18	-21	-	-284	-319	-133	618	1,830	1,657	1,537	1,492
Noncontrolling Interest	170	134	-	-	0.00	323	284	251	235	233	207

This table presents Cleveland-Cliffs' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	19,688	18,652	18,303	18,059	17,236	16,928	16,796	20,836	20,471	20,290	20,115
Total Current Assets	8,325	7,444	7,165	6,941	6,469	6,192	6,027	6,964	6,687	6,689	6,710
Cash & Equivalents	56	59	34	31	30	110	39	57	61	66	45
Accounts Receivable	2,301	2,216	2,290	2,122	1,868	1,773	1,583	1,798	1,783	1,797	1,882
Inventories, net	5,542	4,923	4,727	4,592	4,449	4,199	4,236	4,886	4,699	4,683	4,591
Other Current Assets	426	246	114	196	122	110	169	223	144	143	192
Plant, Property, & Equipment, net	9,030	8,950	8,878	8,837	8,771	8,728	8,687	9,797	9,620	9,508	9,345
Total Noncurrent Assets	2,333	2,258	2,260	2,281	1,996	2,008	2,082	4,075	4,164	4,093	4,060
Goodwill	1,141	1,130	1,130	1,130	1,005	1,005	1,005	1,767	1,814	1,796	1,800
Intangible Assets	-	-	-	-	-	-	-	1,150	1,185	1,142	1,102
Employee Benefit Assets	390	370	379	392	344	354	378	443	453	469	515
Other Noncurrent Operating Assets	802	758	751	759	647	649	699	715	712	686	643
Total Liabilities & Shareholders' Equity	19,688	18,652	18,303	18,059	17,236	16,928	16,796	20,836	20,471	20,290	20,115
Total Liabilities	12,420	10,859	10,259	9,795	9,794	9,556	9,701	14,352	14,429	14,583	14,096
Total Current Liabilities	3,580	3,460	3,408	3,294	3,396	3,318	3,255	3,266	3,277	3,280	3,323
Accounts Payable	2,361	2,173	2,116	2,076	2,051	2,080	1,983	2,020	1,947	1,914	2,011
Accrued Expenses	-	271	261	263	318	296	379	361	348	339	346
Current Employee Benefit Liabilities	479	388	455	467	449	431	413	443	521	565	457
Other Current Liabilities	740	628	576	488	578	511	480	442	461	462	509
Total Noncurrent Liabilities	8,840	7,399	6,851	6,501	6,398	6,238	6,446	11,086	11,152	11,303	10,773
Long-Term Debt	4,475	4,559	3,963	3,458	3,664	3,507	3,774	7,601	7,727	8,039	7,763
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	-	-	-	609	613	614	693
Noncurrent Deferred & Payable Income Tax Liabilities	-	527	545	662	628	621	567	723	612	506	305
Noncurrent Employee Benefit Liabilities	2,751	1,037	1,036	1,019	791	757	666	711	693	645	631
Other Noncurrent Operating Liabilities	1,614	1,276	1,307	1,362	1,315	1,353	1,439	1,442	1,507	1,499	1,381
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,268	7,793	8,044	8,264	7,442	7,372	7,095	6,484	6,042	5,707	6,019
Total Preferred & Common Equity	7,008	7,546	7,802	8,020	7,201	7,110	6,854	6,254	5,819	5,466	5,822
Total Common Equity	7,008	7,546	7,802	8,020	7,201	7,110	6,854	6,254	5,819	5,466	5,822
Common Stock	4,930	4,898	4,907	4,916	4,917	4,930	4,941	4,822	4,834	4,849	5,808
Retained Earnings	1,548	1,277	1,624	1,888	1,666	1,668	1,426	484	1.00	-286	-766
Treasury Stock	-280	-280	-372	-431	-1,030	-1,154	-1,153	-664	-660	-660	-645
Accumulated Other Comprehensive Income / (Loss)	810	1,651	1,643	1,647	1,648	1,666	1,640	1,612	1,644	1,563	1,425
Noncontrolling Interest	260	247	242	244	241	262	241	230	223	241	197

This table displays calculated financial ratios and metrics derived from Cleveland-Cliffs' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-40.31%	-22.79%	20.04%	24.97%	-14.67%	169.05%	281.85%	12.45%	-4.32%	-12.78%	-3.00%
EBITDA Growth	-56.16%	-10.36%	92.62%	59.80%	-33.72%	-38.30%	1,557.05%	-39.82%	-41.56%	-78.21%	-141.46%
EBIT Growth	5.61%	-7.20%	190.14%	72.58%	-37.48%	-119.68%	5,074.12%	-49.22%	-58.73%	-161.63%	-153.16%
NOPAT Growth	-23.70%	108.87%	795.96%	-4.74%	-67.36%	-124.58%	3,315.81%	-53.63%	-65.65%	-203.93%	-106.95%
Net Income Growth	91.00%	126.63%	82.19%	210.66%	-74.02%	-127.65%	3,844.44%	-54.63%	-67.30%	-257.33%	-100.00%
EPS Growth	89.20%	116.96%	44.83%	194.44%	-72.24%	-131.07%	1,775.00%	-52.43%	-69.41%	-301.28%	-84.18%
Operating Cash Flow Growth	-89.44%	699.47%	11.58%	41.67%	18.58%	-145.42%	1,179.46%	-13.00%	-6.44%	-95.37%	-540.00%
Free Cash Flow Firm Growth	-96.00%	-34.30%	709.95%	-124.33%	95.44%	-50,920.35%	145.76%	-96.26%	844.83%	-297.07%	77.73%
Invested Capital Growth	-30.07%	-13.08%	-100.00%	0.00%	25.10%	495.42%	-13.10%	11.87%	-9.82%	25.74%	-2.59%
Revenue Q/Q Growth	-21.59%	-15.10%	7.92%	18.23%	-7.52%	47.40%	17.81%	-1.30%	0.31%	-3.94%	-0.06%
EBITDA Q/Q Growth	-3.02%	-1.86%	7.77%	14.39%	-13.83%	119.55%	32.22%	-30.64%	3.34%	-47.54%	49.54%
EBIT Q/Q Growth	25.17%	2.68%	11.19%	16.74%	-16.36%	36.85%	38.22%	-39.78%	8.71%	-250.00%	9.56%
NOPAT Q/Q Growth	-48.82%	5.68%	178.53%	45.06%	-63.98%	15.27%	32.93%	-42.83%	16.26%	-93.35%	7.28%
Net Income Q/Q Growth	63.65%	228.88%	170.97%	36.15%	-65.08%	11.57%	37.36%	-44.49%	16.88%	-71.43%	11.80%
EPS Q/Q Growth	58.76%	247.46%	168.09%	34.42%	-63.99%	-6.67%	36.73%	-43.96%	9.86%	-63.54%	0.00%
Operating Cash Flow Q/Q Growth	-80.60%	78.76%	-22.74%	49.64%	-16.27%	-300.16%	93.27%	-21.10%	7.75%	-91.46%	49.84%
Free Cash Flow Firm Q/Q Growth	-84.23%	14.70%	260.84%	-684.97%	-105.04%	-212.51%	367.06%	-64.01%	294.80%	-674.87%	81.54%
Invested Capital Q/Q Growth	-10.48%	-14.75%	-100.00%	21.57%	0.72%	134.63%	14.23%	4.95%	-5.39%	28.42%	-1.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.75%	18.02%	25.06%	34.69%	28.94%	4.71%	22.18%	10.95%	6.32%	0.36%	-4.62%
EBITDA Margin	14.04%	16.30%	26.16%	33.45%	25.98%	5.96%	25.86%	13.84%	8.45%	2.11%	-0.89%
Operating Margin	7.52%	8.41%	20.91%	28.86%	21.56%	-2.65%	19.62%	8.43%	3.08%	-3.94%	-8.48%
EBIT Margin	7.39%	8.88%	21.46%	29.63%	21.71%	-1.59%	20.68%	9.34%	4.03%	-2.85%	-7.52%
Profit (Net Income) Margin	-37.17%	12.82%	19.46%	48.37%	14.72%	-1.51%	14.84%	5.99%	2.05%	-3.69%	-7.67%
Tax Burden Percent	-239.03%	180.53%	335.58%	199.65%	93.61%	41.97%	79.75%	76.61%	75.38%	75.08%	71.26%
Interest Burden Percent	210.56%	80.00%	27.02%	81.77%	72.45%	227.06%	89.95%	83.65%	67.38%	172.71%	143.14%
Effective Tax Rate	54.07%	-11.05%	-233.27%	-84.07%	5.75%	0.00%	20.33%	23.55%	24.79%	0.00%	0.00%
Return on Invested Capital (ROIC)	8.72%	23.68%	456.21%	146.27%	21.21%	-1.35%	27.11%	12.76%	4.37%	-4.24%	-8.07%
ROIC Less NNEP Spread (ROIC-NNEP)	-23.11%	26.16%	357.58%	128.81%	13.86%	-1.02%	24.89%	10.50%	2.71%	-7.83%	-12.61%
Return on Net Nonoperating Assets (RNNOA)	33.49%	-36.36%	-510.79%	385.56%	53.71%	-3.36%	41.41%	7.16%	1.20%	-5.19%	-13.58%
Return on Equity (ROE)	42.21%	-12.69%	-54.58%	531.82%	74.92%	-4.71%	68.52%	19.92%	5.57%	-9.43%	-21.65%
Cash Return on Invested Capital (CROIC)	44.11%	37.67%	656.21%	-53.73%	-1.09%	-143.83%	41.13%	1.56%	14.69%	-27.04%	-5.45%
Operating Return on Assets (OROA)	5.63%	6.80%	41.62%	39.15%	12.28%	-0.84%	23.66%	11.38%	4.88%	-2.84%	-6.84%
Return on Assets (ROA)	-28.33%	9.82%	37.75%	63.92%	8.33%	-0.80%	16.97%	7.29%	2.48%	-3.68%	-6.97%
Return on Common Equity (ROCE)	40.63%	-13.91%	-60.07%	531.82%	74.92%	-3.26%	58.11%	19.15%	5.40%	-9.13%	-20.93%
Return on Equity Simple (ROE_SIMPLE)	37.77%	-13.61%	0.00%	265.91%	81.84%	-4.01%	55.25%	17.66%	5.71%	-10.62%	0.00%
Net Operating Profit after Tax (NOPAT)	69	145	1,300	1,239	404	-99	3,197	1,482	509	-529	-1,105
NOPAT Margin	3.45%	9.34%	69.69%	53.12%	20.32%	-1.86%	15.64%	6.45%	2.31%	-2.76%	-5.94%
Net Nonoperating Expense Percent (NNEP)	31.83%	-2.48%	98.63%	17.45%	7.35%	-0.33%	2.22%	2.26%	1.65%	3.59%	4.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.06%	4.52%	-3.79%	-8.14%
Cost of Revenue to Revenue	88.25%	81.98%	74.94%	65.31%	71.06%	95.29%	77.82%	89.05%	93.68%	99.64%	104.62%
SG&A Expenses to Revenue	5.46%	7.45%	5.51%	4.85%	5.68%	4.56%	2.06%	2.02%	2.62%	2.53%	2.92%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.23%	9.61%	4.15%	5.83%	7.39%	7.36%	2.55%	2.52%	3.25%	4.31%	3.86%
Earnings before Interest and Taxes (EBIT)	149	138	400	691	432	-85	4,228	2,147	886	-546	-1,400
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	283	253	488	780	517	319	5,286	3,181	1,859	405	-165
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	5.12	6.19	2.88	1.98	1.07	1.31	0.70	1.07
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	5.12	6.23	9.50	2.49	1.25	1.54	1.25	2.07
Price to Revenue (P/Rev)	0.11	1.18	1.08	0.93	1.11	1.09	0.53	0.36	0.47	0.24	0.35
Price to Earnings (P/E)	0.00	10.55	5.52	1.92	7.57	0.00	3.64	6.22	25.84	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	2.68%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	9.48%	18.13%	51.98%	13.22%	0.00%	27.45%	16.08%	3.87%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.29	6.72	0.00	2.03	1.88	0.96	1.49	1.04	1.22	0.85	1.03
Enterprise Value to Revenue (EV/Rev)	1.40	2.46	1.08	1.48	2.00	2.27	0.80	0.56	0.61	0.62	0.75
Enterprise Value to EBITDA (EV/EBITDA)	9.95	15.12	4.15	4.41	7.69	38.09	3.10	4.02	7.25	29.35	0.00
Enterprise Value to EBIT (EV/EBIT)	18.92	27.76	5.06	4.98	9.21	0.00	3.87	5.95	15.22	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	40.49	26.39	1.56	2.78	9.84	0.00	5.12	8.62	26.48	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	74.24	12.64	5.99	7.18	7.00	0.00	5.87	5.27	5.95	113.21	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	8.00	16.59	1.08	0.00	0.00	0.00	3.37	70.46	7.87	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.49	-1.64	0.00	4.93	5.91	1.75	0.91	0.53	0.39	1.02	1.15
Long-Term Debt to Equity	-1.49	-1.63	0.00	4.93	5.91	1.75	0.91	0.53	0.39	1.02	1.15
Financial Leverage	-1.45	-1.39	-1.43	2.99	3.87	3.29	1.66	0.68	0.44	0.66	1.08
Leverage Ratio	-1.49	-1.29	-1.45	8.32	8.99	5.90	4.04	2.73	2.25	2.56	3.11
Compound Leverage Factor	-3.14	-1.03	-0.39	6.80	6.52	13.39	3.63	2.28	1.51	4.43	4.45
Debt to Total Capital	304.06%	255.92%	0.00%	83.15%	85.52%	63.64%	47.57%	34.57%	27.86%	50.60%	53.43%
Short-Term Debt to Total Capital	0.00%	1.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	304.06%	254.90%	0.00%	83.15%	85.52%	63.64%	47.57%	34.57%	27.86%	50.60%	53.43%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	19.13%	15.68%	0.00%	0.00%	0.00%	12.53%	2.58%	2.04%	2.09%	1.67%	1.52%
Common Equity to Total Capital	-223.18%	-171.60%	0.00%	16.85%	14.48%	23.83%	49.85%	63.39%	70.05%	47.73%	45.05%
Debt to EBITDA	9.55	8.62	0.00	2.68	4.09	16.90	0.99	1.34	1.69	17.44	-43.96
Net Debt to EBITDA	8.54	7.34	0.00	1.63	3.41	16.55	0.98	1.33	1.58	17.31	-43.61
Long-Term Debt to EBITDA	9.55	8.58	0.00	2.68	4.09	16.90	0.99	1.34	1.69	17.44	-43.96
Debt to NOPAT	38.85	15.05	0.00	1.69	5.23	-54.23	1.64	2.87	6.16	-13.35	-6.56
Net Debt to NOPAT	34.74	12.82	0.00	1.02	4.36	-53.10	1.62	2.85	5.77	-13.25	-6.51
Long-Term Debt to NOPAT	38.85	14.99	0.00	1.69	5.23	-54.23	1.64	2.87	6.16	-13.35	-6.56
Altman Z-Score	-1.68	-1.68	0.00	0.86	0.43	0.48	2.57	2.42	2.43	1.30	1.14
Noncontrolling Interest Sharing Ratio	3.76%	-9.66%	-10.06%	0.00%	0.00%	30.87%	15.19%	3.87%	3.01%	3.12%	3.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.69	2.11	0.00	3.16	2.20	1.81	2.15	2.09	1.89	2.08	1.95
Quick Ratio	0.68	1.28	0.00	2.24	1.09	0.44	0.62	0.56	0.58	0.49	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	351	231	1,871	-455	-21	-10,597	4,850	181	1,713	-3,376	-746
Operating Cash Flow to CapEx	46.91%	4,094.59%	250.63%	161.82%	86.59%	-49.14%	395.04%	256.95%	350.93%	15.11%	-82.35%
Free Cash Flow to Firm to Interest Expense	0.00	8.37	11.31	-65.01	-1.15	0.00	55.11	2.42	0.00	-125.04	-74.63
Operating Cash Flow to Interest Expense	0.00	10.98	2.04	68.43	31.56	0.00	31.65	32.31	0.00	3.89	-46.20
Operating Cash Flow Less CapEx to Interest Expense	0.00	10.71	1.23	26.14	-4.89	0.00	23.64	19.73	0.00	-21.85	-102.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.77	1.94	1.32	0.57	0.53	1.14	1.22	1.21	1.00	0.91
Accounts Receivable Turnover	17.05	10.71	0.00	0.00	12.41	8.48	12.30	11.18	11.58	11.23	12.33
Inventory Turnover	4.34	3.59	0.00	0.00	5.68	2.46	3.53	3.97	4.30	4.00	3.95
Fixed Asset Turnover	1.89	1.52	0.00	0.00	1.24	1.00	2.28	2.52	2.45	2.04	1.92
Accounts Payable Turnover	13.05	11.92	0.00	0.00	7.45	5.77	8.72	9.61	9.62	9.31	9.98
Days Sales Outstanding (DSO)	21.41	34.09	0.00	0.00	29.41	43.05	29.66	32.66	31.53	32.50	29.60
Days Inventory Outstanding (DIO)	84.09	101.65	0.00	0.00	64.29	148.27	103.42	91.99	84.94	91.22	92.48
Days Payable Outstanding (DPO)	27.98	30.63	0.00	0.00	49.02	63.24	41.85	37.97	37.95	39.21	36.57
Cash Conversion Cycle (CCC)	77.52	105.11	0.00	0.00	44.68	128.08	91.24	86.68	78.52	84.50	85.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	656	570	0.00	1,694	2,119	12,617	10,964	12,265	11,061	13,908	13,519
Invested Capital Turnover	2.53	2.54	6.55	2.75	1.04	0.73	1.73	1.98	1.89	1.54	1.36
Increase / (Decrease) in Invested Capital	-282	-86	-570	1,694	425	10,498	-1,653	1,301	-1,204	2,847	-359
Enterprise Value (EV)	2,814	3,831	2,024	3,440	3,978	12,152	16,361	12,776	13,483	11,887	13,973
Market Capitalization	230	1,837	2,024	2,170	2,217	5,813	10,887	8,302	10,309	4,643	6,570
Book Value per Share	($12.91)	($6.35)	$0.00	$1.42	$1.33	$5.05	$10.98	$15.12	$15.62	$13.49	$12.36
Tangible Book Value per Share	($12.91)	($6.35)	$0.00	$1.42	$1.32	$1.53	$8.75	$12.93	$13.23	$7.54	$6.40
Total Capital	888	853	0.00	2,517	2,472	8,469	11,012	12,291	11,259	13,962	13,576
Total Debt	2,699	2,184	0.00	2,093	2,114	5,390	5,238	4,249	3,137	7,065	7,253
Total Long-Term Debt	2,699	2,175	0.00	2,093	2,114	5,390	5,238	4,249	3,137	7,065	7,253
Net Debt	2,414	1,860	0.00	1,270	1,761	5,278	5,190	4,223	2,939	7,011	7,196
Capital Expenditures (CapEx)	81	7.40	135	296	656	525	705	943	646	695	561
Debt-free, Cash-free Net Working Capital (DFCFNWC)	116	119	0.00	188	136	2,257	4,044	3,847	2,930	3,531	3,076
Debt-free Net Working Capital (DFNWC)	401	442	0.00	1,011	489	2,369	4,092	3,873	3,128	3,585	3,133
Net Working Capital (NWC)	401	434	0.00	1,011	489	2,369	4,092	3,873	3,128	3,585	3,133
Net Nonoperating Expense (NNE)	818	-54	937	111	111	-18	164	106	59	179	323
Net Nonoperating Obligations (NNO)	2,468	1,901	0.00	1,270	1,761	9,538	5,190	4,223	2,939	7,011	7,196
Total Depreciation and Amortization (D&A)	134	115	88	89	85	404	1,058	1,034	973	951	1,235
Debt-free, Cash-free Net Working Capital to Revenue	5.75%	7.64%	0.00%	8.07%	6.83%	42.16%	19.78%	16.73%	13.32%	18.41%	16.53%
Debt-free Net Working Capital to Revenue	19.92%	28.45%	0.00%	43.37%	24.57%	44.25%	20.02%	16.85%	14.22%	18.69%	16.84%
Net Working Capital to Revenue	19.92%	27.89%	0.00%	43.37%	24.57%	44.25%	20.02%	16.85%	14.22%	18.69%	16.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($5.14)	$0.88	$1.28	$3.80	$1.06	($0.32)	$5.63	$2.57	$0.78	($1.57)	($2.91)
Adjusted Weighted Average Basic Shares Outstanding	153.23M	197.66M	288.40M	297.20M	276.76M	498.89M	525.41M	514.79M	498.29M	494.48M	570.39M
Adjusted Diluted Earnings per Share	($5.13)	$0.87	$1.26	$3.71	$1.03	($0.32)	$5.36	$2.55	$0.78	($1.57)	($2.91)
Adjusted Weighted Average Diluted Shares Outstanding	153.61M	200.15M	293M	304.10M	284.48M	498.89M	525.41M	514.79M	498.29M	494.48M	570.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$3.80	$1.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	180.11M	233.07M	297.40M	292.61M	271.44M	498.89M	525.41M	514.79M	498.29M	494.48M	570.39M
Normalized Net Operating Profit after Tax (NOPAT)	106	91	273	471	411	-36	3,212	1,508	612	-353	-1,017
Normalized NOPAT Margin	5.26%	5.89%	14.64%	20.20%	20.65%	-0.68%	15.71%	6.56%	2.78%	-1.84%	-5.47%
Pre Tax Income Margin	15.55%	7.10%	5.80%	24.23%	15.73%	-3.60%	18.60%	7.81%	2.71%	-4.92%	-10.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	5.00	2.42	98.71	24.00	0.00	48.05	28.63	0.00	-20.22	-140.00
NOPAT to Interest Expense	0.00	5.26	7.86	176.97	22.46	0.00	36.32	19.76	0.00	-19.60	-110.53
EBIT Less CapEx to Interest Expense	0.00	4.73	1.61	56.43	-12.44	0.00	40.03	16.05	0.00	-45.96	-196.10
NOPAT Less CapEx to Interest Expense	0.00	4.99	7.05	134.69	-13.98	0.00	28.31	7.19	0.00	-45.34	-166.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-12.27%	30.06%	14.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-12.27%	30.06%	43.49%	4.26%	86.35%	0.00%	0.00%	17.44%	33.78%	-103.53%	0.00%

This table displays calculated financial ratios and metrics derived from Cleveland-Cliffs' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	570,390,499.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	570,390,499.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.42
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.85%	1.35%	-1.81%	-14.91%	-18.48%	-15.40%	-10.96%	-3.10%	3.61%	-0.28%	6.33%
EBITDA Growth	31.78%	46.15%	-3.42%	-62.12%	-95.02%	-193.16%	-181.89%	-125.59%	355.17%	92.86%	146.95%
EBIT Growth	58.72%	61.21%	14.29%	-87.15%	-154.69%	-866.67%	-2,141.67%	-779.71%	24.27%	35.23%	67.88%
NOPAT Growth	66.69%	45.05%	-22.58%	-98.88%	-161.69%	-365.00%	-1,315.79%	-8,400.00%	21.84%	27.87%	60.77%
Net Income Growth	66.67%	31.86%	-26.19%	-97.47%	-183.64%	-212.23%	-811.32%	-5,322.22%	-0.86%	44.98%	52.88%
EPS Growth	79.31%	18.92%	-27.27%	-100.00%	-200.00%	-203.33%	0.00%	0.00%	1.92%	0.00%	58.42%
Operating Cash Flow Growth	43.10%	33.33%	464.10%	-41.49%	-110.95%	-172.39%	-347.18%	-91.33%	-70.24%	97.25%	7.41%
Free Cash Flow Firm Growth	115.16%	179.39%	266.79%	6,830.81%	134.46%	-379.76%	-379.62%	-372.11%	-541.22%	103.87%	104.26%
Invested Capital Growth	0.03%	-9.82%	-9.90%	-10.06%	-7.36%	25.74%	26.65%	27.29%	26.32%	-2.59%	-2.07%
Revenue Q/Q Growth	-6.33%	-8.80%	1.70%	-2.06%	-10.27%	-5.34%	7.03%	6.59%	-4.05%	-8.89%	14.12%
EBITDA Q/Q Growth	-20.66%	-69.45%	33.68%	16.93%	-89.56%	-670.97%	-17.51%	63.46%	273.68%	-109.85%	869.23%
EBIT Q/Q Growth	-30.54%	-112.06%	153.33%	187.50%	-395.65%	-113.24%	-12.64%	4.29%	66.74%	-82.69%	44.21%
NOPAT Q/Q Growth	-21.72%	-123.82%	62.00%	115.79%	-4,416.67%	-79.54%	-15.70%	7.43%	59.04%	-66.18%	37.17%
Net Income Q/Q Growth	-22.75%	-150.55%	61.87%	116.98%	-2,655.56%	-88.70%	-11.29%	2.69%	50.21%	-2.99%	4.98%
EPS Q/Q Growth	-22.39%	-157.69%	53.33%	100.00%	0.00%	-75.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-13.53%	-14.99%	-78.22%	265.49%	-116.19%	-461.90%	25.64%	112.82%	-417.78%	90.91%	-2,400.00%
Free Cash Flow Firm Q/Q Growth	1,562.97%	291.18%	4.97%	1.50%	-43.74%	-566.75%	-4.92%	1.23%	8.97%	104.07%	16.60%
Invested Capital Q/Q Growth	-2.36%	-5.39%	0.14%	-2.77%	0.57%	28.42%	0.86%	-2.28%	-0.20%	-1.18%	1.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	8.56%	3.29%	5.48%	3.18%	-2.28%	-6.31%	-8.45%	-4.24%	-0.97%	-4.96%	-1.67%
EBITDA Margin	11.10%	3.72%	4.89%	5.83%	0.68%	-4.09%	-4.49%	-1.54%	2.79%	-0.30%	2.03%
Operating Margin	5.80%	-1.96%	-0.73%	0.12%	-5.67%	-10.75%	-11.62%	-10.09%	-4.31%	-7.86%	-4.33%
EBIT Margin	6.65%	-0.88%	0.46%	1.36%	-4.46%	-10.06%	-10.59%	-9.51%	-3.30%	-6.61%	-3.23%
Profit (Net Income) Margin	4.91%	-2.72%	-1.02%	0.18%	-5.03%	-10.03%	-10.43%	-9.53%	-4.94%	-5.59%	-4.65%
Tax Burden Percent	90.76%	128.70%	86.89%	-150.00%	75.16%	76.14%	76.67%	76.05%	75.73%	53.92%	74.59%
Interest Burden Percent	81.23%	240.00%	-254.17%	-8.70%	150.00%	131.03%	128.57%	131.77%	198.08%	156.84%	193.08%
Effective Tax Rate	9.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	9.84%	-2.58%	-0.96%	0.15%	-7.04%	-11.57%	-12.07%	-10.66%	-4.58%	-7.47%	-4.12%
ROIC Less NNEP Spread (ROIC-NNEP)	9.35%	-4.51%	-1.61%	0.28%	-8.40%	-13.75%	-13.97%	-12.85%	-6.14%	-7.53%	-5.17%
Return on Net Nonoperating Assets (RNNOA)	4.73%	-2.00%	-0.86%	0.13%	-3.92%	-9.11%	-11.21%	-10.60%	-5.62%	-8.11%	-6.31%
Return on Equity (ROE)	14.56%	-4.58%	-1.82%	0.29%	-10.95%	-20.67%	-23.28%	-21.25%	-10.20%	-15.58%	-10.44%
Cash Return on Invested Capital (CROIC)	3.71%	14.69%	14.67%	11.81%	5.22%	-27.04%	-30.52%	-34.08%	-32.98%	-5.45%	-4.20%
Operating Return on Assets (OROA)	7.73%	-1.07%	0.56%	1.62%	-5.12%	-10.03%	-10.35%	-9.38%	-3.31%	-6.00%	-2.98%
Return on Assets (ROA)	5.70%	-3.30%	-1.24%	0.21%	-5.77%	-10.01%	-10.20%	-9.40%	-4.96%	-5.08%	-4.30%
Return on Common Equity (ROCE)	14.09%	-4.44%	-1.76%	0.28%	-10.61%	-20.03%	-22.49%	-20.48%	-9.82%	-15.06%	-10.08%
Return on Equity Simple (ROE_SIMPLE)	4.80%	0.00%	6.10%	1.29%	-6.03%	0.00%	-18.20%	-27.79%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	294	-70	-27	4.20	-181	-326	-377	-349	-143	-237	-149
NOPAT Margin	5.24%	-1.37%	-0.51%	0.08%	-3.97%	-7.53%	-8.14%	-7.07%	-3.02%	-5.50%	-3.03%
Net Nonoperating Expense Percent (NNEP)	0.48%	1.93%	0.65%	-0.13%	1.36%	2.18%	1.90%	2.19%	1.56%	0.05%	1.05%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.62%	-	-	-	-2.33%	-2.67%	-2.53%	-1.04%	-1.75%	-1.08%
Cost of Revenue to Revenue	91.44%	96.71%	94.52%	96.82%	102.28%	106.31%	108.45%	104.24%	100.97%	104.96%	101.67%
SG&A Expenses to Revenue	2.48%	3.17%	2.54%	2.02%	2.45%	3.21%	2.87%	2.78%	2.75%	3.32%	2.54%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	2.77%	5.24%	6.21%	3.06%	3.39%	4.44%	3.18%	5.86%	3.34%	2.90%	2.66%
Earnings before Interest and Taxes (EBIT)	373	-45	24	69	-204	-435	-490	-469	-156	-285	-159
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	622	190	254	297	31	-177	-208	-76	132	-13	100
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.99	1.31	1.59	1.03	0.87	0.70	0.65	0.65	1.10	1.07	0.83
Price to Tangible Book Value (P/TBV)	1.15	1.54	1.85	1.20	1.02	1.25	1.22	1.33	2.39	2.07	1.65
Price to Revenue (P/Rev)	0.36	0.47	0.52	0.35	0.30	0.24	0.22	0.20	0.32	0.35	0.26
Price to Earnings (P/E)	23.38	25.84	29.51	166.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.28%	3.87%	3.39%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.99	1.22	1.39	1.02	0.92	0.85	0.84	0.85	1.04	1.03	0.93
Enterprise Value to Revenue (EV/Rev)	0.53	0.61	0.70	0.52	0.50	0.62	0.64	0.63	0.77	0.75	0.67
Enterprise Value to EBITDA (EV/EBITDA)	6.46	7.25	8.30	8.05	12.89	29.35	0.00	0.00	0.00	0.00	86.05
Enterprise Value to EBIT (EV/EBIT)	14.26	15.22	17.27	26.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	26.54	26.48	30.91	79.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	5.52	5.95	6.27	5.28	8.10	113.21	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	26.78	7.87	8.96	8.17	16.95	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.42	0.39	0.49	0.48	0.53	1.02	1.17	1.28	1.41	1.15	1.29
Long-Term Debt to Equity	0.42	0.39	0.49	0.48	0.53	1.02	1.17	1.28	1.41	1.15	1.29
Financial Leverage	0.51	0.44	0.53	0.48	0.47	0.66	0.80	0.82	0.91	1.08	1.22
Leverage Ratio	2.43	2.25	2.36	2.29	2.27	2.56	2.73	2.79	2.90	3.11	3.28
Compound Leverage Factor	1.97	5.39	-5.99	-0.20	3.40	3.36	3.52	3.67	5.74	4.87	6.32
Debt to Total Capital	29.50%	27.86%	32.99%	32.24%	34.72%	50.60%	53.97%	56.12%	58.48%	53.43%	56.33%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	29.50%	27.86%	32.99%	32.24%	34.72%	50.60%	53.97%	56.12%	58.48%	53.43%	56.33%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.08%	2.09%	2.17%	2.41%	2.22%	1.67%	1.63%	1.62%	1.75%	1.52%	1.43%
Common Equity to Total Capital	68.42%	70.05%	64.84%	65.36%	63.06%	47.73%	44.40%	42.26%	39.76%	45.05%	42.24%
Debt to EBITDA	1.92	1.69	1.98	2.57	4.89	17.44	-133.35	-17.97	-24.58	-43.96	52.45
Net Debt to EBITDA	1.90	1.58	1.96	2.49	4.84	17.31	-132.35	-17.83	-24.38	-43.61	52.15
Long-Term Debt to EBITDA	1.92	1.69	1.98	2.57	4.89	17.44	-133.35	-17.97	-24.58	-43.96	52.45
Debt to NOPAT	7.90	6.16	7.37	25.28	-13.79	-13.35	-8.65	-6.27	-6.74	-6.56	-8.88
Net Debt to NOPAT	7.83	5.77	7.31	24.49	-13.65	-13.25	-8.58	-6.22	-6.69	-6.51	-8.83
Long-Term Debt to NOPAT	7.90	6.16	7.37	25.28	-13.79	-13.35	-8.65	-6.27	-6.74	-6.56	-8.88
Altman Z-Score	2.16	2.26	2.33	2.06	1.84	1.32	1.23	1.18	1.32	1.32	1.27
Noncontrolling Interest Sharing Ratio	3.24%	3.01%	3.20%	3.27%	3.16%	3.12%	3.38%	3.62%	3.77%	3.34%	3.42%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.11	1.89	1.90	1.87	1.85	2.08	2.13	2.04	2.04	1.95	2.02
Quick Ratio	0.65	0.58	0.56	0.57	0.50	0.49	0.57	0.56	0.57	0.45	0.58
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	290	1,134	1,190	1,208	680	-3,173	-3,329	-3,288	-2,993	122	142
Operating Cash Flow to CapEx	473.46%	395.15%	78.02%	330.57%	-55.63%	-230.24%	-230.92%	40.18%	-91.08%	-9.29%	-213.82%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	56.69	201.37	0.00	0.00	0.00	0.00	0.00	12.17	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	6.76	86.50	0.00	0.00	0.00	0.00	0.00	-1.30	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-1.90	60.33	0.00	0.00	0.00	0.00	0.00	-15.30	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.16	1.21	1.22	1.19	1.15	1.00	0.98	0.99	1.00	0.91	0.92
Accounts Receivable Turnover	9.92	11.58	10.72	10.34	10.78	11.23	10.16	10.38	11.02	12.33	10.27
Inventory Turnover	4.10	4.30	4.34	4.46	4.41	4.00	4.12	4.37	4.38	3.95	4.10
Fixed Asset Turnover	2.45	2.45	2.47	2.39	2.28	2.04	2.01	2.01	2.05	1.92	1.98
Accounts Payable Turnover	9.36	9.62	9.62	9.49	9.59	9.31	9.44	9.65	10.03	9.98	9.65
Days Sales Outstanding (DSO)	36.81	31.53	34.03	35.30	33.86	32.50	35.94	35.16	33.12	29.60	35.53
Days Inventory Outstanding (DIO)	89.07	84.94	84.16	81.81	82.79	91.22	88.63	83.56	83.31	92.48	88.93
Days Payable Outstanding (DPO)	39.00	37.95	37.93	38.46	38.06	39.21	38.65	37.82	36.40	36.57	37.83
Cash Conversion Cycle (CCC)	86.88	78.52	80.26	78.65	78.58	84.50	85.92	80.90	80.03	85.51	86.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,691	11,061	11,076	10,769	10,830	13,908	14,028	13,708	13,680	13,519	13,737
Invested Capital Turnover	1.88	1.89	1.87	1.85	1.77	1.54	1.48	1.51	1.52	1.36	1.36
Increase / (Decrease) in Invested Capital	4.00	-1,204	-1,217	-1,204	-861	2,847	2,952	2,939	2,850	-359	-291
Enterprise Value (EV)	11,622	13,483	15,356	10,977	9,953	11,887	11,839	11,648	14,249	13,973	12,735
Market Capitalization	7,951	10,309	11,481	7,318	5,977	4,643	4,065	3,759	6,035	6,570	4,820
Book Value per Share	$15.77	$15.62	$15.14	$14.95	$14.64	$13.49	$12.65	$11.76	$11.05	$12.36	$10.21
Tangible Book Value per Share	$13.54	$13.23	$13.03	$12.84	$12.50	$7.54	$6.75	$5.70	$5.11	$6.40	$5.12
Total Capital	11,722	11,259	11,106	10,879	10,869	13,962	14,085	13,769	13,746	13,576	13,782
Total Debt	3,458	3,137	3,664	3,507	3,774	7,065	7,601	7,727	8,039	7,253	7,763
Total Long-Term Debt	3,458	3,137	3,664	3,507	3,774	7,065	7,601	7,727	8,039	7,253	7,763
Net Debt	3,427	2,939	3,634	3,397	3,735	7,011	7,544	7,666	7,973	7,196	7,718
Capital Expenditures (CapEx)	162	165	182	157	151	205	152	112	157	140	152
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,616	2,930	3,043	2,764	2,733	3,531	3,641	3,349	3,343	3,076	3,342
Debt-free Net Working Capital (DFNWC)	3,647	3,128	3,073	2,874	2,772	3,585	3,698	3,410	3,409	3,133	3,387
Net Working Capital (NWC)	3,647	3,128	3,073	2,874	2,772	3,585	3,698	3,410	3,409	3,133	3,387
Net Nonoperating Expense (NNE)	19	69	26	-4.80	49	109	106	121	91	3.70	80
Net Nonoperating Obligations (NNO)	3,427	2,939	3,634	3,397	3,735	7,011	7,544	7,666	7,973	7,196	7,718
Total Depreciation and Amortization (D&A)	249	235	230	228	235	258	282	393	288	272	259
Debt-free, Cash-free Net Working Capital to Revenue	16.49%	13.32%	13.90%	13.16%	13.68%	18.41%	19.56%	18.14%	17.95%	16.53%	17.68%
Debt-free Net Working Capital to Revenue	16.63%	14.22%	14.03%	13.68%	13.88%	18.69%	19.87%	18.48%	18.31%	16.84%	17.92%
Net Working Capital to Revenue	16.63%	14.22%	14.03%	13.68%	13.88%	18.69%	19.87%	18.48%	18.31%	16.84%	17.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.52	($0.31)	($0.14)	$0.00	($0.52)	($0.91)	$0.00	$0.00	($0.51)	$0.00	($0.42)
Adjusted Weighted Average Basic Shares Outstanding	504.86M	498.29M	475.48M	468.04M	493.94M	494.48M	494.66M	494.70M	494.71M	570.39M	570.41M
Adjusted Diluted Earnings per Share	$0.52	($0.30)	($0.14)	$0.00	($0.52)	($0.91)	$0.00	$0.00	($0.51)	$0.00	($0.42)
Adjusted Weighted Average Diluted Shares Outstanding	504.86M	498.29M	475.48M	468.04M	493.94M	494.48M	494.66M	494.70M	494.71M	570.39M	570.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	504.86M	498.29M	475.48M	468.04M	493.94M	494.48M	494.66M	494.70M	494.71M	570.39M	570.41M
Normalized Net Operating Profit after Tax (NOPAT)	298	22	91	32	-170	-306	-375	-261	-141	-241	-149
Normalized NOPAT Margin	5.32%	0.44%	1.75%	0.63%	-3.72%	-7.07%	-8.09%	-5.29%	-2.97%	-5.58%	-3.03%
Pre Tax Income Margin	5.41%	-2.11%	-1.17%	-0.12%	-6.70%	-13.18%	-13.61%	-12.53%	-6.53%	-10.36%	-6.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	1.14	11.50	0.00	0.00	0.00	0.00	0.00	-28.50	0.00
NOPAT to Interest Expense	0.00	0.00	-1.27	0.70	0.00	0.00	0.00	0.00	0.00	-23.73	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	-7.52	-14.67	0.00	0.00	0.00	0.00	0.00	-42.50	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	-9.93	-25.47	0.00	0.00	0.00	0.00	0.00	-37.73	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	47.27%	33.78%	173.12%	859.78%	-177.48%	-103.53%	-10.98%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Cleveland-Cliffs Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cleveland-Cliffs' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cleveland-Cliffs' net income appears to be on a downward trend, with a most recent value of -$1.43 billion in 2025, rising from -$748.40 million in 2015. The previous period was -$714 million in 2024. Check out Cleveland-Cliffs' forecast to explore projected trends and price targets.

Cleveland-Cliffs' total operating income in 2025 was -$1.58 billion, based on the following breakdown:

Total Gross Profit: -$860 million
Total Operating Expenses: $719 million

Over the last 10 years, Cleveland-Cliffs' total revenue changed from $2.01 billion in 2015 to $18.61 billion in 2025, a change of 824.4%.

Cleveland-Cliffs' total liabilities were at $13.69 billion at the end of 2025, a 2.8% decrease from 2024, and a 246.8% increase since 2015.

In the past 10 years, Cleveland-Cliffs' cash and equivalents has ranged from $0.00 in 2017 to $823.20 million in 2018, and is currently $57 million as of their latest financial filing in 2025.

Over the last 10 years, Cleveland-Cliffs' book value per share changed from -12.91 in 2015 to 12.36 in 2025, a change of -195.7%.

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Financial statements for NYSE:CLF last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cleveland-Cliffs (CLF) Financials

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Cleveland-Cliffs Financials - Frequently Asked Questions

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Cleveland-Cliffs (CLF) Financials

Annual Income Statements for Cleveland-Cliffs

Quarterly Income Statements for Cleveland-Cliffs

Annual Cash Flow Statements for Cleveland-Cliffs

Quarterly Cash Flow Statements for Cleveland-Cliffs

Annual Balance Sheets for Cleveland-Cliffs

Quarterly Balance Sheets for Cleveland-Cliffs

Annual Metrics And Ratios for Cleveland-Cliffs

Quarterly Metrics And Ratios for Cleveland-Cliffs

Financials Breakdown Chart

Cleveland-Cliffs Financials - Frequently Asked Questions

When does Cleveland-Cliffs' financial year end?

How has Cleveland-Cliffs' net income changed over the last 10 years?

What is Cleveland-Cliffs' operating income?

How has Cleveland-Cliffs' revenue changed over the last 10 years?

How much debt does Cleveland-Cliffs have?

How much cash does Cleveland-Cliffs have?

How has Cleveland-Cliffs' book value per share changed over the last 10 years?

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