MARKETS / NYSE / CLF

NYSE · METAL MINING · LARGE CAP

Cleveland-cliffs Inc. CLF

19 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$18.6B

▼ 3.0% YoY

Net income

$-1.5B

Free cash flow

$-1.0B

In brief

What this company does

Cleveland-Cliffs extracts iron ore, produces pellets and direct reduced iron, processes ferrous scrap, and operates primary steelmaking and downstream finishing, stamping, tooling, and tubing operations. As of December 31, 2025, Cleveland-Cliffs employed approximately 25,000 people, with approximately 90% based in the United States. Cleveland-Cliffs operates seven blast furnaces and four electric arc furnaces with the configured capability of producing approximately 20.0 million net tons of raw steel annually. Cleveland-Cliffs is organized into four operating segments — Steelmaking, Tubular, Tooling and Stamping, and European Operations — and primarily operates through one reportable segment, Steelmaking. Cleveland-Cliffs sells its products to customers in four broad market categories: direct automotive, infrastructure and manufacturing, distributors and converters, and steel producers. Cleveland-Cliffs became a steel company in 2020.

Written from the business description in CLEVELAND-CLIFFS INC.'s annual report to the U.S. Securities and Exchange Commission, filed 9 February 2026. Every sentence was checked against that document before publication.

Growth

USD 18.6B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 18.6 · Net income -1.5

Compound annual growth

Revenue

−6.8%

+28.3%

+24.9%

+10.0%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +28.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−8 cents

lost on every revenue dollar

Operating margin Net margin

FY2025 · Operating -8.5% · Net -7.7%

ROE

FY2025 · ROE -23.2%

Gross margin-4.6%

Operating margin-8.5%

Net margin-7.7%

Return on assets-7.0%

EBITDAUSD -344.0M

Each USD of equity lost 23 cents this year.

Cash & shareholders

—

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF -1.0

Net buybacks $M Dividends $M

FY2025 · Dividends — · Net buybacks -951.0

Dividends paid—

Net buybacksUSD -951.0M

Share of profit-0.0%

Consecutive raises—

Total assetsUSD 20.0B

EquityUSD 6.1B

CashUSD 57.0M

Gross debtUSD 7.3B

Net debtUSD 7.2B

Current ratio1.95×

Net debt stands at 118% of equity.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	18.6	19.2	22.0	23.0	20.4	5.4	2.0	2.3	1.9	1.6	2.0	3.4	3.9	5.9	6.6	4.5	2.3	3.6	2.3
Operating income $B	−1.6	−0.8	0.7	1.9	4.0	−0.1	0.4	0.7	0.4	0.1	0.2	0.1	1.4	−0.3	2.3	1.2	0.2	0.9	0.4
EBITDA $B	−0.3	0.2	1.6	3.0	4.9	0.2	0.5	0.8	0.5	0.2	0.3	0.6	2.0	0.2	2.7	1.6	0.5	1.1	0.5
Income tax $B	−0.6	−0.2	0.1	0.4	0.8	−0.1	0.0	−0.5	−0.3	−0.0	0.2	−0.1	0.2	0.3	0.4	0.3	0.0	0.1	0.1
Net income $B	−1.5	−0.8	0.4	1.3	3.0	−0.1	0.3	1.1	0.4	0.2	−0.7	−7.2	0.4	−0.9	1.6	1.0	0.2	0.5	0.3
Free cash flow $B	−1.0	−0.6	1.6	1.5	2.1	−0.8	−0.1	0.2	0.2	0.3	−0.0	0.1	0.3	−0.6	1.4	1.1	0.1	0.7	0.1
EPS, diluted $	−2.91	−1.58	0.75	2.55	5.36	−0.32	1.03	3.71	1.26	0.87	−5.13	−47.52	2.37	−6.32	11.48	7.49	1.63	4.76	2.57
Dividend / sh $	·	·	·	·	·	0.06	0.27	0.05	0.00	0.00	0.60	0.60	0.60	2.16	0.84	0.51	0.26	0.35	0.25
Payout %	·	·	·	·	·	−34	25	0	0	0	−0	−1	22	−34	7	7	16	7	8
ROE %	−23.2	−10.5	4.9	20.1	79.6	−10.3	74.9	·	·	·	·	−311.5	7.7	−17.3	33.6	31.9	9.6	29.5	·
Shares out B	0.57	0.49	0.50	0.51	0.50	0.48	0.27	0.29	0.30	0.23	0.15	0.15	0.15	0.14	0.14	0.14	0.13	0.11	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

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Provenance

Company facts, as filed

How we verify · 0 failures in 87 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 2 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityMetal Mining

Listed onNYSE

Incorporated inOhio

Fiscal year endsDecember 31

Data on record since2007