Cleveland-Cliffs (NYSE: CLF) financial statements
The consolidated income statement, balance sheet and cash flow statement of Cleveland-Cliffs for its last 10 fiscal years, as filed with the regulator, in millions of US dollars. At the end of fiscal 2025 it had $20,012m in total assets and $6,116m in equity.
Income statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18,610m | $19,185m | $21,996m | $22,989m | $20,444m | $5,354m | $1,990m | $2,332m | $1,866m | $1,555m |
| Cost of sales | $19,470m | $19,122m | $20,623m | $20,471m | $15,910m | $5,102m | $1,414m | $1,523m | $1,398m | $1,274m |
| Gross profit | — | — | — | — | — | — | $575.7m | $809.6m | $467.6m | $280.1m |
| Operating profit | −$1,579m | −$763.0m | $659.0m | $1,939m | $4,012m | −$142.0m | $429.0m | $673.0m | $390.2m | $130.7m |
| Profit before tax | −$2,004m | −$950.0m | $579.0m | $1,796m | $3,803m | −$193.0m | $313.0m | $565.0m | $108.2m | $110.4m |
| Income tax | $581.0m | $236.0m | $144.0m | $423.0m | $773.0m | $111.0m | $18.0m | $475.0m | $252.4m | $12.2m |
| Net profit | −$1,478m | −$760.0m | $385.0m | $1,335m | $2,988m | −$122.0m | $293.0m | $1,128m | $367.0m | $174.1m |
| Earnings per share | −$2.91 | −$1.57 | $0.75 | $2.57 | $5.63 | −$0.32 | $1.06 | $3.80 | $1.28 | $0.88 |
| Diluted earnings per share | −$2.91 | −$1.57 | $0.75 | $2.55 | $5.36 | −$0.32 | $1.03 | $3.71 | $1.26 | $0.87 |
| Depreciation and amortisation | $1,235m | $951.0m | $973.0m | $1,034m | $897.0m | $308.0m | $85.0m | $89.0m | $87.7m | $115.4m |
Balance sheet
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $20,012m | $20,947m | $17,537m | $18,755m | $18,975m | $16,771m | $3,504m | $3,530m | $2,953m | $1,924m |
| Current assets | $6,435m | $6,907m | $6,636m | $7,422m | $7,653m | $5,298m | $898.0m | $1,480m | $1,545m | $824.6m |
| Inventories | $4,772m | $5,094m | $4,460m | $5,130m | $5,188m | $3,828m | $317.0m | $181.1m | $138.4m | $178.4m |
| Property, plant and equipment | $9,481m | $9,942m | $8,895m | $9,070m | $9,186m | $8,743m | $1,929m | $1,286m | $1,034m | $984.4m |
| Goodwill | $1,814m | $1,768m | $1,005m | $1,130m | $1,116m | $1,406m | $2.0m | — | — | — |
| Cash | $57.0m | $54.0m | $198.0m | $26.0m | $48.0m | $112.0m | $353.0m | $823.2m | $978.3m | $312.8m |
| Total liabilities | $13,689m | $14,080m | $9,415m | $10,713m | $13,201m | $13,692m | $3,146m | $3,105m | $3,398m | $3,254m |
| Current liabilities | $3,302m | $3,361m | $3,508m | $3,549m | $3,561m | $2,929m | $409.0m | $468.2m | $452.2m | $391.1m |
| Equity | $6,116m | $6,634m | $7,887m | $7,791m | $5,490m | $2,018m | $358.0m | $424.2m | −$444.3m | −$1,464m |
| Equity including minorities | $6,323m | $6,867m | $8,098m | $8,032m | $5,774m | $2,341m | $358.0m | $424.0m | −$445.0m | −$1,331m |
| Minority interests | $207.0m | $233.0m | $235.0m | $251.0m | $284.0m | $323.0m | $0.0m | $0.0m | $0.2m | $133.8m |
Cash flow statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | −$462.0m | $105.0m | $2,267m | $2,423m | $2,785m | −$258.0m | $568.0m | $479.0m | $338.1m | $303.0m |
| Investing cash flow | −$479.0m | −$3,212m | −$591.0m | −$936.0m | −$1,379m | −$2,042m | −$644.0m | −$273.0m | −$156.0m | −$57.9m |
| Financing cash flow | $942.0m | $2,970m | −$1,504m | −$1,509m | −$1,470m | $2,059m | −$394.0m | −$376.0m | $498.9m | −$206.4m |
| Capital expenditure | −$561.0m | −$695.0m | −$646.0m | −$943.0m | −$705.0m | −$525.0m | −$656.0m | −$296.0m | −$134.9m | −$7.4m |
| Dividends paid | — | — | — | — | — | −$41.0m | −$72.0m | $0.0m | $0.0m | $0.0m |
Where each figure comes from
From the annual report (Form 10-K) that Cleveland-Cliffs files with the SEC. The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the Cleveland-Cliffs page.
Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.