Cleveland-Cliffs (CLF) financial statements
Cleveland-Cliffs reported revenue of $18.6B in fiscal 2025, up 33.5% a year over 9 years.
Net income was -$1.5B and the operating margin -8.5%, against 9.5% in 2016.
Free cash flow was -$1.0B.
The diluted share count rose 154% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cleveland-Cliffs's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.6B | $2.2B | $2.0B | $5.4B | $20.4B | $23.0B | $22.0B | $19.2B | $18.6B |
| Cost of revenue | $1.3B | $1.4B | $1.5B | $1.4B | $5.1B | $15.9B | $20.5B | $20.6B | $19.1B | $19.5B |
| Gross profit | $280M | $468M | $810M | $576M | $252M | $4.5B | $2.5B | $1.4B | $63M | -$860M |
| Selling, general and admin | $116M | $103M | $113M | $113M | $244M | $422M | $465M | $577M | $486M | $543M |
| Operating income | $131M | $390M | $673M | $429M | -$142M | $4.0B | $1.9B | $659M | -$763M | -$1.6B |
| Pre-tax income | $110M | $108M | $565M | $313M | -$193M | $3.8B | $1.8B | $579M | -$950M | -$2.0B |
| Income tax | -$12M | -$252M | -$475M | $18M | -$111M | $773M | $423M | $144M | -$236M | -$581M |
| Net income | $174M | $367M | $1.1B | $293M | -$122M | $3.0B | $1.3B | $385M | -$760M | -$1.5B |
| EPS (diluted) | $0.87 | $1.26 | $3.71 | $1.03 | -$0.32 | $5.36 | $2.55 | $0.75 | -$1.58 | -$2.91 |
| Diluted shares | 200M | 293M | 304M | 284M | 379M | 558M | 524M | 511M | 480M | 508M |
| Gross margin | 20.3% | 28.4% | 37.3% | 28.9% | 4.7% | 22.2% | 11.0% | 6.2% | 0.3% | -4.6% |
| Operating margin | 9.5% | 23.7% | 31.0% | 21.6% | -2.7% | 19.6% | 8.4% | 3.0% | -4.0% | -8.5% |
| Net margin | 12.6% | 22.3% | 51.9% | 14.7% | -2.3% | 14.6% | 5.8% | 1.8% | -4.0% | -7.9% |
Balance sheet
Fiscal years, from Cleveland-Cliffs's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $323M | $978M | $823M | $353M | $112M | $48M | $26M | $198M | $54M | $57M |
| Receivables | $129M | $107M | $227M | $94M | $1.2B | $2.2B | $2.0B | $1.8B | $1.6B | $1.4B |
| Inventory | $178M | $138M | $181M | $317M | $3.8B | $5.2B | $5.1B | $4.5B | $5.1B | $4.8B |
| Total current assets | $825M | $1.5B | $1.5B | $898M | $5.3B | $7.7B | $7.4B | $6.6B | $6.9B | $6.4B |
| Property, plant and equipment | $984M | $1.0B | $1.3B | $1.9B | $8.7B | $9.2B | $9.1B | $8.9B | $9.9B | $9.5B |
| Goodwill | — | — | — | $2M | $1.4B | $1.1B | $1.1B | $1.0B | $1.8B | $1.8B |
| Total assets | $1.9B | $3.0B | $3.5B | $3.5B | $16.8B | $19.0B | $18.8B | $17.5B | $20.9B | $20.0B |
| Total current liabilities | $391M | $452M | $468M | $409M | $2.9B | $3.6B | $3.5B | $3.5B | $3.4B | $3.3B |
| Long-term debt | $2.2B | $2.3B | $2.1B | $2.1B | $5.4B | $5.2B | $4.2B | $3.1B | $7.1B | $7.3B |
| Total liabilities | $3.3B | $3.4B | $3.1B | $3.1B | $13.7B | $13.2B | $10.7B | $9.4B | $14.1B | $13.7B |
| Shareholders' equity | -$1.5B | -$444M | $424M | $358M | $2.0B | $5.5B | $7.8B | $7.9B | $6.6B | $6.1B |
| Net debt | $1.9B | $1.3B | $1.3B | $1.8B | $5.3B | $5.2B | $4.2B | $2.9B | $7.0B | $7.2B |
Cash flow
Fiscal years, from Cleveland-Cliffs's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $303M | $338M | $479M | $568M | -$258M | $2.8B | $2.4B | $2.3B | $105M | -$462M |
| Capital spending | $7M | $135M | $296M | $656M | $525M | $705M | $943M | $646M | $695M | $561M |
| Free cash flow | $296M | $203M | $183M | -$88M | -$783M | $2.1B | $1.5B | $1.6B | -$590M | -$1.0B |
| Stock-based compensation | $14M | $18M | $15M | $18M | $17M | $18M | $28M | $41M | $50M | $57M |
| Dividends paid | $0 | $0 | $0 | $72M | $41M | — | — | — | — | — |
| Share buybacks (net) | — | $0 | -$48M | -$253M | $0 | $0 | -$240M | -$152M | -$733M | $0 |
| Net borrowing | — | -$1.7B | -$235M | -$729M | -$1.0B | -$1.4B | -$1.4B | $0 | -$845M | -$685M |
| Free cash flow margin | 21.4% | 12.4% | 8.4% | -4.4% | -14.6% | 10.2% | 6.4% | 7.4% | -3.1% | -5.5% |
| Dividends per share | — | — | — | $0.25 | $0.11 | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CLF.
Open CLF in InvestinglyQuestions
What was Cleveland-Cliffs's revenue in 2025?
$18.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Cleveland-Cliffs generate?
-$1.0B in fiscal 2025 (operating cash flow minus capital spending).
From Cleveland-Cliffs's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.