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Barrick Mining vs Cleveland-Cliffs: revenue, profit, margins and growth compared

Barrick Mining brought in $17B of revenue in fiscal 2025, Cleveland-Cliffs $18.6B in fiscal 2025. Revenue changed by +31.2% at Barrick Mining and -3.0% at Cleveland-Cliffs on the year before, so Barrick Mining grew faster. Barrick Mining kept 29.4% of its revenue as net profit, Cleveland-Cliffs -7.9%. Free cash flow was $3.9B at Barrick Mining and -$1B at Cleveland-Cliffs.

Side by side, latest fiscal year

BCLF
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$17B$18.6B
Revenue growth+31.2%-3.0%
Net income$5B-$1.5B
Net margin29.4%-7.9%
Free cash flow$3.9B-$1B
Free cash flow margin22.8%-5.5%
Earnings per share (diluted)$2.93-$2.91
Cash$6.7B$57M
Debtn/a$7.3B
Price to earningsn/an/a
Market value$70.6B$6.9B
Dividend yieldn/an/a
Rank by revenue in sector#5 of 71 · Basic materials#4 of 71 · Basic materials

Over the years

Revenue
B FY2018: $7.2BB FY2019: $9.7BB FY2020: $12.6BB FY2021: $12BB FY2022: $11BB FY2023: $11.4BB FY2024: $12.9BB FY2025: $17BCLF FY2018: $2.3BCLF FY2019: $2BCLF FY2020: $5.4BCLF FY2021: $20.4BCLF FY2022: $23BCLF FY2023: $22BCLF FY2024: $19.2BCLF FY2025: $18.6BFY18FY19FY20FY21FY22FY23FY24FY25
B $17BCLF $18.6B
Net income
B FY2018: -$1.5BB FY2019: $4BB FY2020: $2.3BB FY2021: $2BB FY2022: $432MB FY2023: $1.3BB FY2024: $2.1BB FY2025: $5BCLF FY2018: $1.1BCLF FY2019: $293MCLF FY2020: -$122MCLF FY2021: $3BCLF FY2022: $1.3BCLF FY2023: $385MCLF FY2024: -$760MCLF FY2025: -$1.5BFY18FY19FY20FY21FY22FY23FY24FY25
B $5BCLF -$1.5B
Net margin
B FY2018: -21.3%B FY2019: 40.8%B FY2020: 18.5%B FY2021: 16.9%B FY2022: 3.9%B FY2023: 11.2%B FY2024: 16.6%B FY2025: 29.4%CLF FY2018: 48.4%CLF FY2019: 14.7%CLF FY2020: -2.3%CLF FY2021: 14.6%CLF FY2022: 5.8%CLF FY2023: 1.8%CLF FY2024: -4.0%CLF FY2025: -7.9%FY18FY19FY20FY21FY22FY23FY24FY25
B 29.4%CLF -7.9%
Revenue growth
B FY2019: +34.2%B FY2020: +29.6%B FY2021: -4.8%B FY2022: -8.1%B FY2023: +3.5%B FY2024: +13.4%B FY2025: +31.2%CLF FY2019: -14.7%CLF FY2020: +169.0%CLF FY2021: +281.8%CLF FY2022: +12.4%CLF FY2023: -4.3%CLF FY2024: -12.8%CLF FY2025: -3.0%FY19FY20FY21FY22FY23FY24FY25
B +31.2%CLF -3.0%
Free cash flow
B FY2018: $365MB FY2019: $1.1BB FY2020: $3.4BB FY2021: $1.9BB FY2022: $432MB FY2023: $646MB FY2024: $1.3BB FY2025: $3.9BCLF FY2018: $183MCLF FY2019: -$88MCLF FY2020: -$783MCLF FY2021: $2.1BCLF FY2022: $1.5BCLF FY2023: $1.6BCLF FY2024: -$590MCLF FY2025: -$1BFY18FY19FY20FY21FY22FY23FY24FY25
B $3.9BCLF -$1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Barrick Mining and Cleveland-Cliffs

Which is bigger by revenue, Barrick Mining or Cleveland-Cliffs?

Cleveland-Cliffs is bigger by revenue: $18.6B in fiscal 2025, against $17B for Barrick Mining in fiscal 2025.

Which keeps more of its revenue as profit, Barrick Mining or Cleveland-Cliffs?

Barrick Mining had a net margin of 29.4% in fiscal 2025; Cleveland-Cliffs had -7.9% in fiscal 2025.

Which grew revenue faster, Barrick Mining or Cleveland-Cliffs?

In their latest fiscal years revenue changed by +31.2% at Barrick Mining and -3.0% at Cleveland-Cliffs.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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