ArcelorMittal financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ArcelorMittal 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	56,791	68,679	76,033	70,615	53,270	76,571	79,844	68,275	62,441	61,352
Cost of revenue	50,428	60,876	67,025	68,887	49,138	57,337	67,309	63,538	56,653	56,976
Gross profit	6,363	7,803	9,008	1,728	4,132	19,234	12,535	4,737	5,788	4,376
Research and development	239	278	290	301	245	270	286	299	285	335
Selling, general and administrative	2,202	2,369	2,469	2,355	2,022	2,258	2,263	2,397	2,478	2,606
Operating income	4,161	5,434	6,539	-627	2,110	16,976	10,272	2,340	3,310	3,628
Pre-tax income	2,720	5,007	4,981	-1,932	1,088	18,025	11,255	1,260	2,915	3,602
Income tax	986	432	-349	459	1,666	2,460	1,717	238	1,535	359
Net income to minority interests	-45	7	181	63	155	609	236	103	41	91
Net income	1,779	4,568	5,149	-2,454	-733	14,956	9,302	919	1,339	3,152
EBITDA	6,882	8,202	9,338	2,440	5,070	19,499	12,852	5,015	5,942	6,573
EPS, basic	1.87	4.48	5.07	-2.42	-0.64	13.53	10.21	1.09	1.70	4.13
EPS, diluted	1.86	4.46	5.04	-2.42	-0.64	13.49	10.18	1.09	1.69	4.11

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,501	2,574	2,172	4,867	5,600	4,215	9,300	7,686	6,400	5,392
Receivables	2,974	3,863	4,432	3,569	3,072	5,143	3,839	3,661	3,375	3,476
Inventory	14,734	17,986	20,744	17,296	12,328	19,858	20,087	18,759	16,501	18,589
Total current assets	22,247	26,745	32,475	28,616	27,973	34,939	37,118	33,240	29,382	30,605
Property, plant and equipment	34,831	36,971	35,638	36,231	30,622	30,075	30,167	33,656	33,311	41,041
Lease right-of-use assets				1,235	1,039	1,072	1,210	1,344	1,240	1,379
Intangible assets	403	443	742	328	320	494	1,136	1,194	848	986
Total assets	75,142	85,297	91,249	87,908	82,052	90,512	94,547	93,917	89,385	97,703
Accounts payable	11,633	13,428	13,981	12,614	11,525	15,093	13,532	13,605	12,921	13,008
Short-term debt		1,735	1,968	1,838	1,647	888	1,017	980	1,016	1,119
Total current liabilities	18,115	21,410	23,455	21,287	22,667	24,167	22,398	21,769	21,825	22,520
Total liabilities	42,817	44,442	47,141	47,425	41,815	39,168	38,957	37,849	38,099	41,167
Total debt		12,928	12,483	14,340	12,322	8,401	11,650	10,681	11,563	13,410
Retained earnings	16,049	20,635	25,611	22,883	22,097	36,702	45,442	46,264	47,254	49,918
Shareholders' equity	30,135	38,789	42,086	38,521	38,280	49,106	53,152	53,961	49,223	54,466
Minority interests	2,190	2,066	2,022	1,962	1,957	2,238	2,438	2,107	2,063	2,070
Total equity	32,325	40,855	44,108	40,483	40,237	51,344	55,590	56,068	51,286	56,536
Total liabilities and equity	75,142	85,297	91,249	87,908	82,052	90,512	94,547	93,917	89,385	97,703

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,734	4,575	5,330	-2,391	-578	15,565	9,538	1,022	1,380	3,243
Depreciation and amortization	2,721	2,768	2,799	3,067	2,960	2,523	2,580	2,675	2,632	2,945
Cash from operations	2,708	4,563	4,196	6,017	4,082	9,905	10,203	7,645	4,852	4,808
Cash from investing	-1,143	-2,830	-3,759	-3,824	-2,011	-340	-4,483	-5,848	-4,987	-4,551
Stock issued	3,115	0	0	0	740	0	0
Dividends paid	-61	-141	-220	-332	-181	-572	-663	-531	-580	-542
Cash from financing	-2,926	-1,731	-689	514	-1,498	-10,898	-477	-3,666	-680	-1,766
Exchange rate effect	-127	58	-140	-22	163	-55	-158	255	-471	504
Interest paid	1,354	947	749	723	604	479	440	788	799	828
Income taxes paid	296	506	629	484	705	2,128	2,940	977	763	633

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $70.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	7.1%	Gross profit / revenue.
Operating margin	5.9%	Operating income / revenue.
EBITDA margin	10.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.9%	Pre-tax income / revenue.
Net margin	5.1%	Net income / revenue.
Operating cash flow margin	7.8%	Cash from operations / revenue.
Effective tax rate	10.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.4%	Net income / average total assets.
Return on invested capital (ROIC)	5.6%	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%.
R&D / revenue	0.5%	Research and development expense / revenue.
SG&A / revenue	4.2%	Selling, general and administrative expense / revenue.
D&A / revenue	4.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-24.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-29.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-29.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-20.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	135.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-30.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	143.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-26.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-22.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.8%	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	7.3%	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	9.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.1%	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.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.36x	Current assets / current liabilities.
Quick ratio	0.39x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.7%	Total debt / total assets.
Liabilities / assets	42.1%	Total liabilities / total assets.
Net debt	$8.02B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.22x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$8.09B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$53.48B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.66x	Revenue / average total assets.
Fixed asset turnover	1.65x	Revenue / average property, plant and equipment.
Inventory turnover	3.25x	Cost of revenue / average inventory.
Days inventory	112 days	365 x average inventory / cost of revenue.
Receivables turnover	17.9x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
Days payables	83 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	50 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.11	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.
EPS, basic	$4.13	Net income per basic share, as reported (split-adjusted).
Payout ratio	17.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$53.81B	Share price x shares outstanding.
Enterprise value	$61.83B	Market cap + total debt - cash - short-term investments.
P/E	17.1x	Market cap / net income. Only when net income is positive.
P/S	0.88x	Market cap / revenue.
P/B	0.99x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.01x	Market cap / tangible book value, when positive.
P/OCF	11.2x	Market cap / cash from operations, when positive.
EV/Sales	1.01x	Enterprise value / revenue.
EV/EBIT	17.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.41x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.9%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	1.0%	(Dividends paid + share buybacks) / market cap.

What was ArcelorMittal's revenue in fiscal 2025?

ArcelorMittal reported revenue of $61.35B for fiscal 2025, 1.7% lower than the year before.

Was ArcelorMittal profitable in fiscal 2025?

Yes. Net income was $3.15B, a net margin of 5.1%.

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.

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