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Cleveland-Cliffs vs Freeport-Mcmoran: revenue, profit, margins and growth compared

Cleveland-Cliffs brought in $18.6B of revenue in fiscal 2025, Freeport-Mcmoran $25.9B in fiscal 2025. Revenue changed by -3.0% at Cleveland-Cliffs and +1.8% at Freeport-Mcmoran on the year before, so Freeport-Mcmoran grew faster. Cleveland-Cliffs kept -7.9% of its revenue as net profit, Freeport-Mcmoran 8.5%. Free cash flow was -$1B at Cleveland-Cliffs and $1.1B at Freeport-Mcmoran.

Side by side, latest fiscal year

CLFFCX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.6B$25.9B
Revenue growth-3.0%+1.8%
Net income-$1.5B$2.2B
Net margin-7.9%8.5%
Free cash flow-$1B$1.1B
Free cash flow margin-5.5%4.3%
Earnings per share (diluted)-$2.91n/a
Cash$57M$3.8B
Debt$7.3B$9.4B
Price to earningsn/an/a
Market value$6.9B$103.8B
Dividend yieldn/a0.83%
Rank by revenue in sector#4 of 71 · Basic materials#3 of 71 · Basic materials

Over the years

Revenue
CLF FY2018: $2.3BCLF FY2019: $2BCLF FY2020: $5.4BCLF FY2021: $20.4BCLF FY2022: $23BCLF FY2023: $22BCLF FY2024: $19.2BCLF FY2025: $18.6BFCX FY2018: $18.9BFCX FY2019: $14.4BFCX FY2020: $14.2BFCX FY2021: $22.8BFCX FY2022: $23.3BFCX FY2023: $22.9BFCX FY2023: $25.5BFCX FY2025: $25.9BFY18FY19FY20FY21FY22FY23FY24FY25
CLF $18.6BFCX $25.9B
Net income
CLF FY2018: $1.1BCLF FY2019: $293MCLF FY2020: -$122MCLF FY2021: $3BCLF FY2022: $1.3BCLF FY2023: $385MCLF FY2024: -$760MCLF FY2025: -$1.5BFCX FY2018: $2.6BFCX FY2019: -$239MFCX FY2020: $599MFCX FY2021: $4.3BFCX FY2022: $3.5BFCX FY2023: $1.8BFCX FY2023: $1.9BFCX FY2025: $2.2BFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1.5BFCX $2.2B
Net margin
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%FCX FY2018: 13.7%FCX FY2019: -1.7%FCX FY2020: 4.2%FCX FY2021: 18.8%FCX FY2022: 14.9%FCX FY2023: 8.1%FCX FY2023: 7.4%FCX FY2025: 8.5%FY18FY19FY20FY21FY22FY23FY24FY25
CLF -7.9%FCX 8.5%
Revenue growth
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%FCX FY2019: -24.0%FCX FY2020: -1.4%FCX FY2021: +60.9%FCX FY2022: +1.9%FCX FY2023: -1.8%FCX FY2023: +11.4%FCX FY2025: +1.8%FY19FY20FY21FY22FY23FY24FY25
CLF -3.0%FCX +1.8%
Free cash flow
CLF FY2018: $183MCLF FY2019: -$88MCLF FY2020: -$783MCLF FY2021: $2.1BCLF FY2022: $1.5BCLF FY2023: $1.6BCLF FY2024: -$590MCLF FY2025: -$1BFCX FY2018: $1.9BFCX FY2019: -$1.2BFCX FY2020: $1.1BFCX FY2021: $5.6BFCX FY2022: $1.7BFCX FY2023: $455MFCX FY2023: $2.4BFCX FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1BFCX $1.1B

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

Questions about Cleveland-Cliffs and Freeport-Mcmoran

Which is bigger by revenue, Cleveland-Cliffs or Freeport-Mcmoran?

Freeport-Mcmoran is bigger by revenue: $25.9B in fiscal 2025, against $18.6B for Cleveland-Cliffs in fiscal 2025.

Which keeps more of its revenue as profit, Cleveland-Cliffs or Freeport-Mcmoran?

Cleveland-Cliffs had a net margin of -7.9% in fiscal 2025; Freeport-Mcmoran had 8.5% in fiscal 2025.

Which grew revenue faster, Cleveland-Cliffs or Freeport-Mcmoran?

In their latest fiscal years revenue changed by -3.0% at Cleveland-Cliffs and +1.8% at Freeport-Mcmoran.

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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