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Cleveland-Cliffs Inc (CLF) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

BASIC MATERIALS · STEEL · DATA UPDATED 2026-08-15

Cleveland-Cliffs Inc (CLF) operates in the STEEL industry and is headquartered in Cleveland, United States with about 25,000 employees. Its market capitalization is roughly $7 billion. In the fiscal year ended 2025-12-31, CLF reported $18.6B in revenue and ($1.5B) in net income.

Cleveland-Cliffs Inc. operates as a steel producer in the United States and Canada.

Interactive charts & full statements → Open the CLF valuation workbench →

CLF Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$19.2B	$18.6B	$19.2B	$22.0B	$23.0B	$20.4B	$5.4B	$2.0B	$2.3B	$2.3B	$2.1B	$2.0B	$4.6B	$5.7B	$5.9B	$6.8B	$4.7B	$2.3B	$3.6B	$2.3B	$1.9B
Gross Profit	($124M)	($763M)	$70M	$1.4B	$2.5B	$4.5B	$252M	$576M	$810M	$510M	$389M	$236M	$451M	$1.1B	$1.2B	$2.7B	$1.5B	$309M	$1.2B	$462M	$414M
Gross Margin %	-0.7%	-4.1%	0.4%	6.3%	10.9%	22.2%	4.7%	28.9%	34.7%	21.9%	18.5%	11.8%	9.8%	20.2%	20.0%	39.6%	32.5%	13.2%	32.1%	20.3%	21.5%
Operating Income (EBIT)	($691M)	($1.4B)	($756M)	$677M	$1.9B	$4.0B	($142M)	$429M	$673M	$432M	$241M	$151M	($9.4B)	$671M	($309M)	$2.3B	$1.3B	$230M	$939M	$378M	$362M
Operating Margin %	-3.6%	-7.3%	-3.9%	3.1%	8.4%	19.6%	-2.6%	21.6%	28.9%	18.5%	11.4%	7.5%	-203.9%	11.8%	-5.3%	34.4%	27.0%	9.8%	26.0%	16.6%	18.8%
Net Income	($876M)	($1.5B)	($754M)	$399M	$1.3B	$3.0B	($122M)	$293M	$1.1B	$375M	$174M	($749M)	($7.2B)	$414M	($899M)	$1.6B	$1.0B	$205M	$516M	$270M	$280M
Net Margin %	-4.6%	-7.9%	-3.9%	1.8%	5.8%	14.6%	-2.3%	14.7%	48.4%	16.1%	8.3%	-37.2%	-155.5%	7.3%	-15.3%	23.8%	21.8%	8.8%	14.3%	11.9%	14.6%
EBITDA	$622M	($99M)	$378M	$1.9B	$3.1B	$5.0B	$353M	$498M	$776M	$478M	$288M	$676M	($8.9B)	$1.3B	$220M	$2.9B	$1.7B	$566M	$957M	$486M	$445M
Earnings Per Share (EPS)	$-1.68	$-3.00	$-1.57	$0.78	$2.55	$5.35	$-0.32	$1.03	$3.71	$1.28	$0.87	$-4.88	$-46.96	$2.37	$-6.32	$11.48	$7.49	$1.63	$4.76	$2.57	$2.60
Shares Outstanding (M)	571M	492M	480M	511M	524M	558M	379M	284M	304M	293M	200M	154M	153M	174M	142M	141M	136M	126M	108M	105M	108M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CLF Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$5.2B	$4.9B	$4.3B	$4.7B	$4.9B	$4.6B	$4.3B	$4.6B
Gross Profit	$195M	($82M)	($191M)	($46M)	($209M)	($391M)	($273M)	($104M)
Gross Margin %	3.7%	-1.7%	-4.4%	-1.0%	-4.2%	-8.5%	-6.3%	-2.3%
Operating Income (EBIT)	$14M	($207M)	($322M)	($176M)	($498M)	($538M)	($465M)	($259M)
Operating Margin %	0.3%	-4.2%	-7.5%	-3.7%	-10.1%	-11.6%	-10.8%	-5.7%
Net Income	($145M)	($237M)	($243M)	($251M)	($483M)	($495M)	($447M)	($242M)
Net Margin %	-2.8%	-4.8%	-5.6%	-5.3%	-9.8%	-10.7%	-10.3%	-5.3%
EBITDA	$329M	$100M	$61M	$132M	($76M)	($208M)	($177M)	$31M
Earnings Per Share (EPS)	$-0.25	$-0.42	$-0.49	$-0.51	$-0.97	$-1.00	$-0.92	$-0.52
Shares Outstanding (M)	571M	564M	492M	492M	498M	495M	486M	468M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CLF Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	($251M)	($462M)	$105M	$2.2B	$2.4B	$2.8B	($261M)	$562M	$478M	$338M	$303M	$23M	$359M	$1.1B	$514M	$2.4B	$1.3B	$186M	$853M	$289M	$428M
Capital Expenditures (CapEx)	$606M	$561M	$695M	$646M	$943M	$705M	$525M	$656M	$296M	$156M	$69M	$83M	$284M	$862M	$1.1B	$881M	$267M	$116M	$182M	$200M	$133M
Free Cash Flow (FCF)	($857M)	($1.0B)	($590M)	$1.6B	$1.5B	$2.1B	($786M)	($94M)	$182M	$182M	$234M	($61M)	$75M	$284M	($613M)	$1.5B	$1.1B	$69M	$671M	$89M	$296M
FCF Margin %	-4.5%	-5.5%	-3.1%	7.2%	6.4%	10.2%	-14.7%	-4.7%	7.8%	7.8%	11.1%	-3.0%	1.6%	5.0%	-10.4%	22.0%	22.5%	3.0%	18.6%	3.9%	15.4%
Dividends Paid	—	—	—	—	—	$7.0B	$41M	$116M	$44M	$53M	$60M	$92M	$144M	$128M	$307M	$119M	$69M	$32M	$37M	$26M	$26M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CLF Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$230M	($325M)	($13M)	($143M)	$45M	($351M)	($472M)	($84M)
Capital Expenditures (CapEx)	$157M	$152M	$140M	$157M	$112M	$152M	$205M	$151M
Free Cash Flow (FCF)	$73M	($477M)	($153M)	($300M)	($67M)	($503M)	($677M)	($235M)
FCF Margin %	1.4%	-9.7%	-3.5%	-6.3%	-1.4%	-10.9%	-15.7%	-5.1%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CLF Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$20.1B	$20.0B	$20.9B	$17.5B	$18.8B	$19.0B	$16.8B	$3.5B	$3.5B	$3.0B	$1.9B	$2.1B	$3.2B	$13.1B	$13.6B	$14.5B	$7.8B	$4.6B	$4.1B	$3.1B	$1.9B
Cash & Cash Equivalents	$70M	$57M	$54M	$198M	$26M	$48M	$112M	$353M	$823M	$1.0B	$323M	$285M	$291M	$336M	$195M	$522M	$1.6B	$503M	$179M	$157M	$352M
Total Liabilities	$14.3B	$13.7B	$14.1B	$9.4B	$10.7B	$13.2B	$14.4B	$3.1B	$3.1B	$3.4B	$3.3B	$3.9B	$4.9B	$6.2B	$7.8B	$7.5B	$3.9B	$2.1B	$2.4B	$1.7B	$936M
Total Debt (Short + Long-Term)	$7.7B	$7.4B	$7.2B	$3.2B	$4.4B	$5.4B	$5.5B	$2.1B	$2.1B	$2.5B	$2.2B	$3.0B	$3.1B	$3.1B	$4.1B	$3.8B	$2.1B	$658M	$630M	$563M	$76M
Total Shareholders' Equity	$5.6B	$6.1B	$6.7B	$7.9B	$8.0B	$5.8B	$2.3B	$358M	$424M	($436M)	($1.3B)	($1.8B)	($1.4B)	$6.1B	$4.6B	$5.8B	$3.8B	$2.5B	$1.8B	$1.3B	$918M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive CLF viewer.

Other Companies in STEEL

MT · ArcelorMittal SA ADR — $55 billion
RS · Reliance Steel & Aluminum Co — $20 billion
PKX · POSCO Holdings Inc — $18 billion
GGB · Gerdau SA ADR — $10 billion
WS · Worthington Steel Inc — $2 billion
SID · Companhia Siderurgica Nacional ADR — $1 billion
NWPX · NWPX Infrastructure, Inc. — $977 million
MTUS · Metallus, Inc — $812 million

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