CLF
$12.12-0.25%
CLF financial statements
The full income statement, balance sheet, and cash-flow statement for Cleveland-Cliffs Inc. (CLF), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 468.0M2024-09 493.9M2024-12 494.5M2025-03 494.7M2025-06 494.7M2025-09 494.7M2025-12 570.4M2026-03 570.4M2026-06 570.5M+21.9% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 18.6B-3.0% | 19.2B-12.8% | 22.0B-4.3% | 23.0B+12.4% | 20.4B+281.8% | |
| Cost of revenue | 19.5B+1.8% | 19.1B-7.3% | 20.6B+0.7% | 20.5B+28.7% | 15.9B+211.8% | |
| Selling, general & administrative | 543M+11.7% | 486M-15.8% | 577M+24.1% | 465M+10.2% | 422M+73.0% | |
| Restructuring | 86.0M-33.3% | 129M | 0.00 | 0.00 | — | |
| Amortization of intangibles | 81.0M+237.5% | 24.0M+84.6% | 13.0M+0.0% | 13.0M+30.0% | 10.0M+25.0% | |
| Operating income | -1.58B-106.9% | -763M-215.8% | 659M-66.0% | 1.94B-51.7% | 4.01B+2925.4% | |
| Other non-operating income | 1.00M-75.0% | 4.00M-20.0% | 5.00M+225.0% | -4.00M-166.7% | 6.00M+100.0% | |
| Pre-tax income | -2.00B-110.9% | -950M-264.1% | 579M-67.8% | 1.80B-52.8% | 3.80B+2070.5% | |
| Income tax | -581M-146.2% | -236M-263.9% | 144M-66.0% | 423M-45.3% | 773M+796.4% | |
| -1.48B-94.5% | -760M-297.4% | 385M-71.2% | 1.33B-55.3% | 2.99B+2549.2% | ||
| Income from continuing operations | -1.47B-93.8% | -760M-297.9% | 384M-71.2% | 1.33B-55.4% | 2.98B+2526.8% | |
| Net income to non-controlling interest | 50.0M+8.7% | 46.0M-9.8% | 51.0M+24.4% | 41.0M-8.9% | 45.0M+9.8% | |
| Net income to common | -1.48B-94.5% | -760M-297.4% | 385M-71.2% | 1.33B-55.3% | 2.99B+2549.2% | |
| -$2.91-84.2% | -$1.58-310.7% | $0.75-70.6% | $2.55-52.4% | $5.36+1775.0% | ||
| EPS (basic) | -$2.91-84.2% | -$1.58-310.7% | $0.75-70.8% | $2.57-54.4% | $5.63+1859.4% | |
| Weighted-avg shares (basic) | 508M+5.8% | 480M-5.9% | 510M-1.7% | 519M+4.2% | 498M+31.4% | |
| Weighted-avg shares (diluted) | 508M+5.8% | 480M-6.1% | 511M-2.5% | 524M-6.1% | 558M+47.2% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 6.43B-6.8% | 6.91B+4.1% | 6.64B-10.6% | 7.42B-3.0% | 7.65B+44.5% | ||
| Cash & equivalents | 57.0M+5.6% | 54.0M-72.7% | 198M+661.5% | 26.0M-45.8% | 48.0M-57.1% | |
| Accounts receivable | 1.44B-8.5% | 1.58B-14.3% | 1.84B-6.1% | 1.96B-9.0% | 2.15B+84.3% | |
| Inventory | 4.77B-6.3% | 5.09B+14.2% | 4.46B-13.1% | 5.13B-1.1% | 5.19B+35.5% | |
| Other current assets | 164M-10.4% | 183M+32.6% | 138M-54.9% | 306M+16.3% | 263M+39.2% | |
| 20.0B-4.5% | 20.9B+19.4% | 17.5B-6.5% | 18.8B-1.2% | 19.0B+13.1% | ||
| Property, plant & equipment | 9.48B-4.6% | 9.94B+11.8% | 8.89B-1.9% | 9.07B-1.3% | 9.19B+5.1% | |
| Operating lease right-of-use | 292M-16.8% | 351M+53.9% | 228M | — | — | |
| Goodwill | 1.81B+2.6% | 1.77B+75.9% | 1.00B-11.1% | 1.13B+1.3% | 1.12B-20.6% | |
| Intangible assets | 1.14B-3.0% | 1.17B+482.1% | 201M-6.1% | 214M-3.2% | 221M+17.6% | |
| Other non-current assets | 678M-7.5% | 733M+55.6% | 471M-39.4% | 777M-2.5% | 797M-39.8% | |
| 3.30B-1.8% | 3.36B-4.2% | 3.51B-1.2% | 3.55B-0.3% | 3.56B+21.6% | ||
| Accounts payable | 1.89B-5.7% | 2.01B-4.3% | 2.10B-4.0% | 2.19B+5.5% | 2.07B+31.6% | |
| Accrued liabilities | 396M+5.6% | 375M-1.3% | 380M-0.8% | 383M | — | |
| Current lease liability | 48.0M-4.0% | 50.0M+22.0% | 41.0M-4.7% | 43.0M-14.0% | 50.0M-5.7% | |
| Other current liabilities | 496M+0.8% | 492M-5.0% | 518M-6.0% | 551M-39.0% | 903M+20.9% | |
| Finance lease liability (current) | 67.0M+6.3% | 63.0M+28.6% | 49.0M-47.3% | 93.0M-4.1% | 97.0M+6.6% | |
| 13.7B-2.8% | 14.1B+49.5% | 9.41B-12.1% | 10.7B-18.8% | 13.2B-3.6% | ||
| Long-term debt | 7.25B+2.7% | 7.07B+125.2% | 3.14B-26.2% | 4.25B-18.9% | 5.24B-2.8% | |
| Non-current lease liability | 234M-14.9% | 275M+39.6% | 197M+1.0% | 195M-11.4% | 220M+4.3% | |
| Operating lease liability (total) | 282M-13.2% | 325M+36.6% | 238M+0.0% | 238M-11.9% | 270M+2.3% | |
| Finance lease liability (total) | 402M+5.2% | 382M+77.7% | 215M+0.0% | 215M-26.1% | 291M-13.1% | |
| Finance lease liability | 335M+5.0% | 319M+92.2% | 166M+36.1% | 122M-37.1% | 194M-20.5% | |
| Other non-current liabilities | 1.42B-2.1% | 1.45B+93.0% | 753M-40.6% | 1.27B-4.7% | 1.33B+5.5% | |
| 6.12B-7.8% | 6.63B-15.9% | 7.89B+1.2% | 7.79B+41.9% | 5.49B+172.1% | ||
| Additional paid-in capital | 5.74B+20.6% | 4.76B-2.1% | 4.86B-0.2% | 4.87B-0.4% | 4.89B-9.9% | |
| Retained earnings | -529M-155.7% | 949M-45.2% | 1.73B+29.9% | 1.33B+133500.0% | -1.00M+100.0% | |
| Treasury stock | 659M-2.5% | 676M+57.2% | 430M+38.7% | 310M+278.0% | 82.0M-76.8% | |
| Accumulated other comprehensive income | 1.49B-2.9% | 1.54B-7.2% | 1.66B-9.5% | 1.83B+196.1% | 618M+564.7% | |
| Non-controlling interest | 207M-11.2% | 233M-0.9% | 235M-6.4% | 251M-11.6% | 284M-12.1% | |
| Total equity incl. non-controlling | 6.32B-7.9% | 6.87B-15.2% | 8.10B+0.8% | 8.03B+39.1% | 5.77B+146.6% | |
| Total liabilities & equity | 20.0B-4.5% | 20.9B+19.4% | 17.5B-6.5% | 18.8B-1.2% | 19.0B+13.1% | |
| Common shares issued | 606M+14.1% | 531M+0.0% | 531M+0.0% | 531M+4.8% | 507M+0.0% | |
| Common shares outstanding | 570M+15.3% | 494M-2.2% | 505M-1.6% | 513M+2.6% | 500M+4.7% | |
| Shares outstanding (cover) | 570M+15.4% | 494M-0.8% | 498M-3.2% | 515M-2.0% | 525M+5.3% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| -462M-540.0% | 105M-95.4% | 2.27B-6.4% | 2.42B-13.0% | 2.79B+1179.5% | ||
| Depreciation & amortization | 1.24B+29.9% | 951M-2.3% | 973M-5.9% | 1.03B+15.3% | 897M+191.2% | |
| Intangible amortization | 81.0M+237.5% | 24.0M+84.6% | 13.0M+0.0% | 13.0M+30.0% | 10.0M+25.0% | |
| Deferred income taxes | -506M-158.2% | -196M-278.2% | 110M+22.2% | 90.0M-88.3% | 767M+859.4% | |
| Change in receivables | -134M+63.2% | -364M-203.3% | -120M+39.1% | -197M-126.1% | 754M | |
| Change in inventory | -315M-6400.0% | 5.00M+100.7% | -670M-946.9% | -64.0M-104.7% | 1.37B+838.4% | |
| -479M+85.1% | -3.21B-443.5% | -591M+36.9% | -936M+32.1% | -1.38B+32.5% | ||
| Capital expenditure | 561M-19.3% | 695M+7.6% | 646M-31.5% | 943M+33.8% | 705M+34.3% | |
| Free cash flow | -1.02B-73.4% | -590M-136.4% | 1.62B+9.5% | 1.48B-28.8% | 2.08B+365.6% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other investing activities | -29.0M-680.0% | 5.00M+125.0% | -20.0M+47.4% | -38.0M-15.2% | -33.0M-230.0% | |
| 942M-68.3% | 2.97B+297.5% | -1.50B+0.3% | -1.51B-2.7% | -1.47B-171.4% | ||
| Long-term debt issued | 1.98B-38.4% | 3.22B+329.5% | 750M | 0.00-100.0% | 1.00B-43.3% | |
| Long-term debt repaid | 685M-18.9% | 845M | 0.00-100.0% | 1.36B-1.0% | 1.37B+34.1% | |
| Common stock issued | 951M | 0.00 | 0.00 | 0.00-100.0% | 322M | |
| Common stock repurchased | 0.00-100.0% | 733M+382.2% | 152M-36.7% | 240M | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Other financing activities | -168M-35.5% | -124M+39.2% | -204M-22.9% | -166M-27.7% | -130M-13.0% | |
| FX effect on cash | 2.00M+300.0% | -1.00M | 0.00 | 0.00 | — | |
| Net change in cash | — | — | 172M+881.8% | -22.0M+65.6% | -64.0M+73.4% | |
| Interest paid | 459M+80.0% | 255M-0.4% | 256M+2.8% | 249M-16.7% | 299M+75.9% | |
| Income taxes paid | -16.0M+46.7% | -30.0M+73.0% | -111M-133.2% | 334M+101.2% | 166M+3220.0% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 7.57B+63.0% | 4.65B-54.9% | 10.3B+24.2% | 8.30B-27.4% | 11.4B+57.5% | |
| P/E | — | — | 30.3×+791.9% | 3.4×-11.2% | 3.8× | |
| P/S | 0.4×+68.0% | 0.2×-48.5% | 0.5×+31.9% | 0.4×-36.3% | 0.6×-58.8% | |
| P/B | 1.2×+76.8% | 0.7×-45.5% | 1.3×+8.5% | 1.2×-43.1% | 2.1×-42.1% | |
| P/FCF | — | — | 7.4×+88.9% | 3.9×-28.9% | 5.5× | |
| Earnings yield | — | — | 3.3%-88.8% | 29.4%+12.6% | 26.1% | |
| FCF yield | — | — | 13.5%-47.1% | 25.6%+40.6% | 18.2% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: CLF’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CLF filings on SEC EDGAR → Not investment advice.