Loading financials from SEC filings…
Metals & mining · Basic Materials · Fiscal year ends Dec 31
Cleveland-Cliffs reported revenue of $18.6B in the fiscal year ended Dec 2025, down 3.0% from the year before. Operating income was −$1.6B, an operating margin of −8.5%, and net income was −$1.5B. Operating cash flow of −$462M less capital expenditure of $561M left free cash flow of −$1B. Net debt was $7.2B.
Ranks among the 22 metals & mining companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 20,444 | 22,989 | 21,996 | 19,185 | 18,610 |
| Cost of revenue | 15,910 | 20,471 | 20,623 | 19,122 | 19,470 |
| Gross profit | 4,534 | 2,518 | 1,373 | 63.0 | −860 |
| Selling, general & admin | 422 | 465 | 577 | 486 | 543 |
| Operating income | 4,012 | 1,939 | 659 | −763 | −1,579 |
| Pre-tax income | 3,803 | 1,796 | 579 | −950 | −2,004 |
| Income tax | 773 | 423 | 144 | −236 | −581 |
| Net income | 2,988 | 1,335 | 385 | −760 | −1,478 |
| Diluted EPS | 5.36 | 2.55 | 0.75 | −1.58 | −2.91 |
| Diluted shares | 558 | 524 | 511 | 480 | 508 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 48.0 | 26.0 | 198 | 54.0 | 57.0 |
| Receivables | 2,154 | 1,960 | 1,840 | 1,576 | 1,442 |
| Inventory | 5,188 | 5,130 | 4,460 | 5,094 | 4,772 |
| Current assets | 7,653 | 7,422 | 6,636 | 6,907 | 6,435 |
| Net PP&E | 9,186 | 9,070 | 8,895 | 9,942 | 9,481 |
| Goodwill | 1,116 | 1,130 | 1,005 | 1,768 | 1,814 |
| Total assets | 18,975 | 18,755 | 17,537 | 20,947 | 20,012 |
| Payables | 2,073 | 2,186 | 2,099 | 2,008 | 1,893 |
| Current liabilities | 3,561 | 3,549 | 3,508 | 3,361 | 3,302 |
| Long-term debt | 5,238 | 4,249 | 3,137 | 7,065 | 7,253 |
| Total liabilities | 13,201 | 10,713 | 9,415 | 14,080 | 13,689 |
| Shareholders' equity | 5,490 | 7,791 | 7,887 | 6,634 | 6,116 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 2,785 | 2,423 | 2,267 | 105 | −462 |
| Capital expenditure | 705 | 943 | 646 | 695 | 561 |
| Free cash flow | 2,080 | 1,480 | 1,621 | −590 | −1,023 |
| Depreciation & amortisation | 897 | 1,034 | 973 | 951 | 1,235 |
| Stock-based compensation | 18.0 | 28.0 | 41.0 | 50.0 | 57.0 |
| Share buybacks | 0.0 | 240 | 152 | 733 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.4% | −4.3% | −12.8% | −3.0% |
| Operating income growth (YoY) | – | −51.7% | −66.0% | −215.8% | – |
| EPS growth (YoY) | – | −52.4% | −70.6% | −310.7% | – |
| Gross margin | 22.2% | 11.0% | 6.2% | 0.3% | −4.6% |
| Operating margin | 19.6% | 8.4% | 3.0% | −4.0% | −8.5% |
| Net margin | 14.6% | 5.8% | 1.8% | −4.0% | −7.9% |
| Return on equityBlank when equity is negative | 54.4% | 17.1% | 4.9% | −11.5% | −24.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 26.0% | 12.8% | 4.7% | −4.3% | −9.4% |
| Free cash flow margin | 10.2% | 6.4% | 7.4% | −3.1% | −5.5% |
| Cash conversion (CFO ÷ net income) | 0.93x | 1.81x | 5.89x | −0.14x | 0.31x |
| Receivable days | 38 | 31 | 31 | 30 | 28 |
| Inventory days | 119 | 91 | 79 | 97 | 89 |
| Payable days | 48 | 39 | 37 | 38 | 35 |
| Debt ÷ equity | 0.95x | 0.55x | 0.40x | 1.06x | 1.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 5,190 | 4,223 | 2,939 | 7,011 | 7,196 |
| Current ratio | 2.15x | 2.09x | 1.89x | 2.06x | 1.95x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.