MT financial statements

The full income statement, balance sheet, and cash-flow statement for Arcelor Mittal NY Registry Shares NEW (MT), 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)

2017-12 1.02B2018-12 1.01B2019-12 1.01B2020-12 1.08B2021-12 910.9M2022-12 805.3M2023-12 819.3M2024-12 768.5M2025-12 761.1M-25.4% 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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	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	61.4B YoY-1.7%	62.4B YoY-8.5%	68.3B YoY-14.5%	79.8B YoY+4.3%	76.6B YoY+43.7%
	4.38B YoY-24.4%	5.79B YoY+22.2%	4.74B YoY-62.2%	12.5B YoY-34.8%	19.2B YoY+365.5%
Cost of revenue	57.0B YoY+0.6%	56.7B YoY-10.8%	63.5B YoY-5.6%	67.3B YoY+17.4%	57.3B YoY+16.7%
Research & development	335M YoY+17.5%	285M YoY-4.7%	299M YoY+4.5%	286M YoY+5.9%	270M YoY+10.2%
Operating income	3.63B YoY+9.6%	3.31B YoY+41.5%	2.34B YoY-77.2%	10.3B YoY-39.5%	17.0B YoY+704.5%
Pre-tax income	3.60B YoY+23.6%	2.92B YoY+131.3%	1.26B YoY-88.8%	11.3B YoY-37.6%	18.0B YoY+1556.7%
Income tax	359M YoY-76.6%	1.53B YoY+545.0%	238M YoY-86.1%	1.72B YoY-30.2%	2.46B YoY+47.7%
	3.24B YoY+135.0%	1.38B YoY+35.0%	1.02B YoY-89.3%	9.54B YoY-38.7%	15.6B YoY+2792.9%
Net income to common	3.15B YoY+135.4%	1.34B YoY+45.7%	919M YoY-90.1%	9.30B YoY-37.8%	15.0B YoY+2140.4%
	$4.11 YoY+143.2%	$1.69 YoY+55.0%	$1.09 YoY-89.3%	$10.18 YoY-24.5%	$13.49 YoY+2207.8%
EPS (basic)	$4.13 YoY+142.9%	$1.70 YoY+56.0%	$1.09 YoY-89.3%	$10.21 YoY-24.5%	$13.53 YoY+2214.1%
	763M YoY-3.2%	788M YoY-6.4%	842M YoY-7.6%	911M YoY-17.6%	1.10B YoY-3.1%
	766M YoY-3.2%	791M YoY-6.4%	845M YoY-7.5%	914M YoY-17.5%	1.11B YoY-2.8%
Dividends per share	$0.55 YoY+8.2%	$0.51 YoY+13.5%	$0.45 YoY-43.0%	$0.79 YoY+19.7%	$0.66 YoY+340.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	30.6B YoY+4.2%	29.4B YoY-11.6%	33.2B YoY-10.4%	37.1B YoY+6.2%	34.9B YoY+24.9%
Cash & equivalents	5.39B YoY-15.8%	6.40B YoY-16.7%	7.69B YoY-17.4%	9.30B YoY+120.6%	4.21B YoY-24.7%
Accounts receivable	3.48B YoY+3.0%	3.38B YoY-7.8%	3.66B YoY-4.6%	3.84B YoY-25.4%	5.14B YoY+67.4%
Inventory	18.6B YoY+12.7%	16.5B YoY-12.0%	18.8B YoY-6.6%	20.1B YoY+1.2%	19.9B YoY+61.1%
	97.7B YoY+9.3%	89.4B YoY-4.8%	93.9B YoY-0.7%	94.5B YoY+4.5%	90.5B YoY+10.3%
Property, plant & equipment	41.0B YoY+23.2%	33.3B YoY-1.0%	33.7B YoY+11.6%	30.2B YoY+0.3%	30.1B YoY-1.8%
Total non-current assets	67.1B YoY+11.8%	60.0B YoY-1.1%	60.7B YoY+5.7%	57.4B YoY+3.3%	55.6B YoY+2.8%
	22.5B YoY+3.2%	21.8B YoY+0.3%	21.8B YoY-2.8%	22.4B YoY-7.3%	24.2B YoY+6.6%
Short-term & current debt	1.41B YoY-9.3%	1.55B YoY+37.8%	1.13B YoY-15.9%	1.34B YoY+60.0%	836M YoY+23.5%
	41.2B YoY+8.1%	38.1B YoY+0.7%	37.8B YoY-2.8%	39.0B YoY-0.5%	39.2B YoY-6.3%
Long-term debt	10.7B YoY+21.1%	8.81B YoY+5.3%	8.37B YoY-7.7%	9.07B YoY+39.8%	6.49B YoY-33.9%
	54.5B YoY+10.7%	49.2B YoY-8.8%	54.0B YoY+1.5%	53.2B YoY+8.2%	49.1B YoY+28.3%
Total equity incl. non-controlling	56.5B YoY+10.2%	51.3B YoY-8.5%	56.1B YoY+0.9%	55.6B YoY+8.3%	51.3B YoY+27.6%
	775M YoY-9.1%	853M YoY+0.0%	853M YoY-2.8%	878M YoY-10.7%	983M YoY-3.8%
	761M YoY-1.0%	769M YoY-6.2%	819M YoY+1.7%	805M YoY-11.6%	911M YoY-15.7%
	761M YoY-1.0%	769M YoY-6.2%	819M YoY+1.7%	805M YoY-11.6%	911M YoY-15.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.81B YoY-0.9%	4.85B YoY-36.5%	7.64B YoY-25.1%	10.2B YoY+3.0%	9.90B YoY+142.7%
Depreciation & amortization	2.94B YoY+11.9%	2.63B YoY-1.6%	2.67B YoY+3.7%	2.58B YoY+2.3%	2.52B YoY-14.8%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	2.11B YoY-5.4%	2.23B YoY+1561.9%	134M YoY-96.6%	3.89B YoY+2548.3%	147M YoY-54.5%
Long-term debt repaid	420M YoY+588.5%	61.0M YoY+281.3%	16.0M	0.00 YoY-100.0%	2.33B YoY+41.8%
Common stock issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	262M YoY-79.8%	1.30B YoY+7.6%	1.21B YoY-58.9%	2.94B YoY-43.2%	5.17B YoY+934.0%
Dividends paid	421M YoY+7.1%	393M YoY+6.5%	369M YoY-42.0%	636M YoY+5.8%	601M YoY+271.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	34.7B YoY+95.1%	17.8B YoY-22.2%	22.9B YoY-4.3%	23.9B YoY-17.6%	29.0B YoY+17.2%
P/E	10.7× YoY-17.0%	12.9× YoY+437.4%	2.4× YoY+56.2%	1.5× YoY-17.6%	1.9×
P/S	0.6× YoY+98.6%	0.3× YoY-0.6%	0.3× YoY-8.2%	0.3× YoY-17.6%	0.4× YoY-18.5%
P/B	0.6× YoY+76.3%	0.4× YoY-16.0%	0.4× YoY-11.6%	0.5× YoY-17.6%	0.6× YoY-8.7%
	9.3% YoY+20.4%	7.8% YoY-81.4%	41.7% YoY-36.0%	65.2% YoY+21.4%	53.7%
	1.2% YoY-45.1%	2.2% YoY+39.4%	1.6% YoY-47.3%	3.0% YoY+45.3%	2.1% YoY+216.7%
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: MT'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 MT filings on SEC EDGAR → Not investment advice.