Cleveland-cliffs Inc. (CLF) Financial Statements
Industry: Metal Mining
In fiscal 2025, Cleveland-cliffs reported revenue of $18.61B, down 3.0% from $19.18B the year before. Net income was -$1.48B (a -7.9% net margin), or -$2.91 per diluted share. Gross margin was -4.6% and operating margin was -8.5%. Operating activities generated -$462.0M of cash, leaving -$1.02B of free cash flow. At fiscal year end, Cleveland-cliffs held $20.01B in total assets against $13.69B in total liabilities, including $57.0M of cash and equivalents.
Open the full interactive Cleveland-cliffs financials → Quarterly statements, key ratios, valuation history and price charts.
Cleveland-cliffs Key Stats
| Share Price | $12.86 |
|---|---|
| Market Cap | $7.34B |
| Revenue YoY Growth | -3.0% |
| 52-Week Range | $7.82 – $16.18 |
| Shares Outstanding | 571.0 million (basic, 2026 Q2) |
Cleveland-cliffs Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $5.35B | $20.44B | $22.99B | $22.00B | $19.18B | $18.61B |
| Cost of Goods Sold | $5.10B | $15.91B | $20.47B | $20.61B | $19.11B | $19.47B |
| Gross Profit | $252.0M | $4.53B | $2.52B | $1.39B | $70.0M | -$860.0M |
| Operating Income | -$142.0M | $4.01B | $1.94B | $677.0M | -$756.0M | -$1.58B |
| Pre-Tax Income | -$193.0M | $3.80B | $1.80B | $597.0M | -$943.0M | -$2.00B |
| Income Tax | -$111.0M | $773.0M | $423.0M | $148.0M | -$235.0M | -$581.0M |
| Net Income | -$122.0M | $2.99B | $1.33B | $399.0M | -$754.0M | -$1.48B |
| Diluted EPS | -$0.32 | $5.36 | $2.55 | $0.78 | -$1.57 | -$2.91 |
Cleveland-cliffs Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $4.73B | $4.31B | $4.92B | $5.23B |
| Net Income | -$251.0M | -$249.0M | -$237.0M | -$145.0M |
| Diluted EPS | -$0.51 | -$0.49 | -$0.42 | -$0.25 |
Cleveland-cliffs Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $112.0M | $48.0M | $26.0M | $198.0M | $54.0M | $57.0M |
| Current Assets | $5.30B | $7.65B | $7.42B | $6.64B | $6.91B | $6.43B |
| Total Assets | $16.77B | $18.98B | $18.75B | $17.54B | $20.95B | $20.01B |
| Current Liabilities | $2.93B | $3.56B | $3.55B | $3.51B | $3.32B | $3.30B |
| Total Long-Term Debt | $5.42B | $5.24B | $4.25B | $3.14B | $7.07B | $7.25B |
| Total Liabilities | $13.69B | $13.20B | $10.71B | $9.41B | $14.05B | $13.69B |
| Shareholders' Equity | $2.02B | $5.49B | $7.79B | $7.89B | $6.66B | $6.12B |
Cleveland-cliffs Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$261.0M | $2.79B | $2.42B | $2.27B | $105.0M | -$462.0M |
| Cash From Investing | -$2.04B | -$1.38B | -$936.0M | -$591.0M | -$3.21B | -$479.0M |
| Cash From Financing | $2.06B | -$1.47B | -$1.51B | -$1.50B | $2.97B | $942.0M |
| Free Cash Flow | -$786.0M | $2.08B | $1.48B | $1.62B | -$590.0M | -$1.02B |
| Dividends Paid | $41.0M | — | — | — | — | — |
Figures from Cleveland-cliffs' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Cleveland-cliffs financials page for every line item.
Cleveland-cliffs Company Profile
| Ticker | CLF |
|---|---|
| Exchange | NYSE |
| Industry | Metal Mining |
| Headquarters | Cleveland, Ohio |
| Incorporated in | Ohio |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000764065 |
Frequently Asked Questions
What was Cleveland-cliffs' revenue in fiscal 2025?
Cleveland-cliffs (CLF) reported revenue of $18.61B for fiscal 2025.
What is Cleveland-cliffs' annual revenue history?
Cleveland-cliffs' annual revenue by fiscal year: 2020: $5.35B; 2021: $20.44B; 2022: $22.99B; 2023: $22.00B; 2024: $19.18B; 2025: $18.61B.
What was Cleveland-cliffs' net income in fiscal 2025?
Cleveland-cliffs reported net income of -$1.48B for fiscal 2025.
What was Cleveland-cliffs' earnings per share (EPS) in fiscal 2025?
Cleveland-cliffs' diluted EPS was -$2.91 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Cleveland-cliffs generate in fiscal 2025?
Cleveland-cliffs generated -$1.02B of free cash flow in fiscal 2025.
What was Cleveland-cliffs' revenue last quarter?
In its most recent reported quarter (2026 Q2), Cleveland-cliffs reported revenue of $5.23B.
How much debt does Cleveland-cliffs have?
Cleveland-cliffs reported $7.25B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Cleveland-cliffs are outstanding?
Cleveland-cliffs reported a weighted average of 571.0 million basic shares outstanding in 2026 Q2.
What is Cleveland-cliffs' market cap?
Based on its latest closing price, Cleveland-cliffs (CLF) has a market capitalization of about $7.34B.
When does Cleveland-cliffs' fiscal year end?
Cleveland-cliffs' fiscal year end, as registered with the SEC, is December 31.
Where is Cleveland-cliffs headquartered?
Cleveland-cliffs lists its business address in Cleveland, Ohio in its SEC filings.