Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CLEVELAND-CLIFFS INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1,914
2,089
2,332
1,990
5,354
20,444
22,989
21,996
19,185
18,610
Cost of revenue
1,274
1,398
1,523
1,414
5,102
15,910
20,471
20,623
19,122
19,470
Gross profit
280
468
810
576
252
4,534
2,518
1,373
63
-860
Selling, general and administrative
116
103
113
113
244
422
465
577
486
543
Operating expenses
149
77.4
136
146
Operating income
131
390
673
429
-142
4,012
1,939
659
-763
-1,579
Other non-operating income
-20.3
-282
-108
-116
-51
-209
-143
-80
-187
-425
Pre-tax income
110
108
565
313
-193
3,803
1,796
579
-950
-2,004
Income tax
-12.2
-252
-475
18
-111
773
423
144
-236
-581
Income from continuing operations
97.4
365
1,040
295
-123
2,985
1,332
384
-760
-1,473
Net income to minority interests
25.2
-3.9
0
0
41
45
41
51
46
50
Net income
174
367
1,128
293
-122
2,988
1,335
385
-760
-1,478
EBITDA
246
478
762
514
166
4,909
2,973
1,632
188
-344
EPS, basic
0.88
1.28
3.80
1.06
-0.32
5.63
2.57
0.75
-1.58
-2.91
EPS, diluted
0.87
1.26
3.71
1.03
-0.32
5.36
2.55
0.75
-1.58
-2.91
Shares, basic (weighted)
198
288
297
277
379
498
519
510
480
508
Shares, diluted (weighted)
200
293
304
284
379
558
524
511
480
508
Dividend per share
0.00
0.00
0.05
0.27
0.06
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
313
978
823
353
112
48
26
198
54
57
Receivables
129
107
227
94
1,169
2,154
1,960
1,840
1,576
1,442
Inventory
178
138
181
317
3,828
5,188
5,130
4,460
5,094
4,772
Other current assets
21
11.1
39.8
75
189
263
306
138
183
164
Total current assets
825
1,545
1,480
898
5,298
7,653
7,422
6,636
6,907
6,435
Property, plant and equipment
984
1,034
1,286
1,929
8,743
9,186
9,070
8,895
9,942
9,481
Lease right-of-use assets
11.7
228
351
292
Goodwill
2
1,406
1,116
1,130
1,005
1,768
1,814
Intangible assets
53.8
48.1
188
221
214
201
1,170
1,135
Other non-current assets
115
102
178
215
1,324
797
777
471
733
678
Total assets
1,924
2,953
3,530
3,504
16,771
18,975
18,755
17,537
20,947
20,012
Accounts payable
108
99.5
187
193
1,575
2,073
2,186
2,099
2,008
1,893
Accrued liabilities
41.1
79.1
159
126
460
585
383
380
375
396
Deferred revenue
16.2
23.8
21
Short-term debt
17.5
34
Total current liabilities
391
452
468
409
2,929
3,561
3,549
3,508
3,361
3,302
Long-term debt
2,175
2,304
2,093
2,114
5,390
5,238
4,249
3,137
7,065
7,253
Lease liabilities
10.5
211
220
195
197
275
234
Other non-current liabilities
214
164
124
311
1,260
1,329
1,267
753
1,453
1,422
Total liabilities
3,254
3,398
3,105
3,146
13,692
13,201
10,713
9,415
14,080
13,689
Total debt
2,193
2,304
2,093
2,114
5,424
5,238
4,249
3,137
7,065
7,253
Paid-in capital
3,347
3,934
3,917
3,873
5,431
4,892
4,871
4,861
4,758
5,736
Retained earnings
-4,574
-4,207
-3,060
-2,842
-2,989
-1
1,334
1,733
949
-529
Treasury stock
-246
-170
-186
-391
-354
-82
-310
-430
-676
-659
Other comprehensive income
-21.3
-39
-284
-319
-133
618
1,830
1,657
1,537
1,492
Shareholders' equity
-1,464
-444
424
358
2,018
5,490
7,791
7,887
6,634
6,116
Minority interests
134
0.2
0
0
323
284
251
235
233
207
Total equity
-1,331
-445
424
358
2,341
5,774
8,032
8,098
6,867
6,323
Total liabilities and equity
1,924
2,953
3,530
3,504
16,771
18,975
18,755
17,537
20,947
20,012
Shares outstanding
233
297
293
270
478
500
513
505
494
570
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
199
363
1,128
293
-81
3,033
1,376
436
-714
-1,428
Depreciation and amortization
115
87.7
89
85
308
897
1,034
973
951
1,235
Stock-based compensation
13.6
18.2
15
18
17
18
28
41
50
57
Deferred income tax
0
0
-461
17
-101
767
90
110
-196
-506
Change in receivables
-754
197
120
364
134
Change in inventory
158
-4.2
44
-136
-146
-1,370
64
670
-5
315
Change in payables
-73.9
-69
-31
-57
5
457
-70
22
-401
-78
Cash from operations
303
338
479
568
-258
2,785
2,423
2,267
105
-462
Capital expenditures
-7.4
-135
-296
-656
-525
-705
-943
-646
-695
-561
Cash from investing
-57.9
-156
-273
-644
-2,042
-1,379
-936
-591
-3,212
-479
Debt issued
0
1,772
0
721
1,763
1,000
0
750
3,221
1,983
Debt repaid
-1,721
-235
-729
-1,023
-1,372
-1,358
0
-845
-685
Stock issued
287
661
0
0
0
322
0
0
0
951
Share buybacks
0
-48
-253
0
0
-240
-152
-733
0
Dividends paid
0
0
0
-72
-41
Cash from financing
-206
499
-376
-394
2,059
-1,470
-1,509
-1,504
2,970
942
Exchange rate effect
-0.5
3.3
-2.3
0
0
0
-1
2
Net change in cash
73.5
666
-172
-470
-241
-64
-22
172
-137
1
Free cash flow
296
203
183
-88
-783
2,080
1,480
1,621
-590
-1,023
Interest paid
184
139
106
98
170
299
249
256
255
459
Income taxes paid
5.9
1.7
3
0
5
166
334
-111
-30
-16
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.18 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-1.1%
Gross profit / revenue.
Operating margin
-4.2%
Operating income / revenue.
EBITDA margin
1.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-6.3%
Pre-tax income / revenue.
Net margin
-4.6%
Net income / revenue.
FCF margin
-4.5%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1.3%
Cash from operations / revenue.
Return on equity (ROE)
-15.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-4.4%
Net income / average total assets.
Return on invested capital (ROIC)
-4.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue
2.9%
Selling, general and administrative expense / revenue.
Capex / revenue
3.2%
Capital expenditures / revenue.
D&A / revenue
5.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-3.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-6.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
28.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-1,465.0%
Gross profit vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
-283.0%
EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-540.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-7.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-7.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
24.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-4.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
2.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
3.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
5.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-1.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
6.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.89x
Current assets / current liabilities.
Quick ratio
0.59x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.02x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.37x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
38.3%
Total debt / total assets.
Liabilities / assets
71.1%
Total liabilities / total assets.
Net debt
$7.63B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
26.9x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.53
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$33.62
Revenue / diluted weighted shares.
FCF per share
-$1.50
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.44
Cash from operations / diluted weighted shares.
Book value per share
$9.82
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.36x
Market cap / revenue.
P/B
1.24x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.52x
Market cap / tangible book value, when positive.
EV/Sales
0.76x
Enterprise value / revenue.
EV/EBITDA
51.3x
Enterprise value / EBITDA, when both are positive.
FCF yield
-12.3%
Free cash flow / market cap.
Earnings yield
-12.6%
Net income / market cap (the inverse of P/E).
What was CLEVELAND-CLIFFS INC.'s revenue in fiscal 2025?
CLEVELAND-CLIFFS INC. reported revenue of $18.61B for fiscal 2025, 3% lower than the year before.
Was CLEVELAND-CLIFFS INC. profitable in fiscal 2025?
No. It reported a net loss of $1.48B.
How much free cash flow did CLEVELAND-CLIFFS INC. generate in fiscal 2025?
Cash from operations of $462.0M minus capital expenditures of $561.0M left free cash flow of -$1.02B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.