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Cleveland-Cliffs vs Rio Tinto: revenue, profit, margins and growth compared

Cleveland-Cliffs brought in $18.6B of revenue in fiscal 2025, Rio Tinto $57.6B in fiscal 2025. Revenue changed by -3.0% at Cleveland-Cliffs and +6.3% at Rio Tinto on the year before, so Rio Tinto grew faster. Cleveland-Cliffs kept -7.9% of its revenue as net profit, Rio Tinto 17.3%.

Side by side, latest fiscal year

CLFRIO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.6B$57.6B
Revenue growth-3.0%+6.3%
Net income-$1.5B$10B
Net margin-7.9%17.3%
Free cash flow-$1Bn/a
Free cash flow margin-5.5%n/a
Earnings per share (diluted)-$2.91$6.08
Cash$57M$8.9B
Debt$7.3B$21.9B
Price to earningsn/an/a
Market value$6.9B$118.8B
Dividend yieldn/an/a
Rank by revenue in sector#6 of 77 · Basic materials#1 of 77 · 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: $18.6BRIO FY2018: $40.6BRIO FY2019: $43.2BRIO FY2020: $44.6BRIO FY2021: $64.1BRIO FY2022: $56.1BRIO FY2023: $54BRIO FY2024: $54.2BRIO FY2025: $57.6BFY18FY19FY20FY21FY22FY23FY24FY25
CLF $18.6BRIO $57.6B
Net income
CLF FY2018: $1.1BCLF FY2019: $293MCLF FY2020: -$122MCLF FY2021: $3BCLF FY2022: $1.3BCLF FY2023: $385MCLF FY2024: -$760MCLF FY2025: -$1.5BRIO FY2018: $13.6BRIO FY2019: $8BRIO FY2020: $9.8BRIO FY2021: $21.1BRIO FY2022: $12.4BRIO FY2023: $10.1BRIO FY2024: $11.6BRIO FY2025: $10BFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1.5BRIO $10B
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%RIO FY2018: 33.6%RIO FY2019: 18.6%RIO FY2020: 21.9%RIO FY2021: 32.9%RIO FY2022: 22.1%RIO FY2023: 18.6%RIO FY2024: 21.3%RIO FY2025: 17.3%FY18FY19FY20FY21FY22FY23FY24FY25
CLF -7.9%RIO 17.3%
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%RIO FY2019: +6.3%RIO FY2020: +3.3%RIO FY2021: +43.7%RIO FY2022: -12.5%RIO FY2023: -3.6%RIO FY2024: +0.3%RIO FY2025: +6.3%FY19FY20FY21FY22FY23FY24FY25
CLF -3.0%RIO +6.3%
Free cash flow
CLF FY2018: $183MCLF FY2019: -$88MCLF FY2020: -$783MCLF FY2021: $2.1BCLF FY2022: $1.5BCLF FY2023: $1.6BCLF FY2024: -$590MCLF FY2025: -$1BFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1BRIO

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

Questions about Cleveland-Cliffs and Rio Tinto

Which is bigger by revenue, Cleveland-Cliffs or Rio Tinto?

Rio Tinto is bigger by revenue: $57.6B in fiscal 2025, against $18.6B for Cleveland-Cliffs in fiscal 2025.

Which keeps more of its revenue as profit, Cleveland-Cliffs or Rio Tinto?

Cleveland-Cliffs had a net margin of -7.9% in fiscal 2025; Rio Tinto had 17.3% in fiscal 2025.

Which grew revenue faster, Cleveland-Cliffs or Rio Tinto?

In their latest fiscal years revenue changed by -3.0% at Cleveland-Cliffs and +6.3% at Rio Tinto.

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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