Cleveland-Cliffs Inc (CLF) financial statements: income statement, balance sheet and cash flow
Cleveland-Cliffs Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Cleveland-Cliffs Inc reported revenue of $18.6B (-3.0% year on year) and net income of ($1.5B) (-96.0% year on year).
Income statement
Cleveland-Cliffs Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$18.6B
$19.2B
$22.0B
$23.0B
Cost of goods sold
($19.5B)
($19.1B)
($20.6B)
($20.5B)
Selling, general and administrative expenses
($543.0M)
($486.0M)
($577.0M)
($465.0M)
Restructuring and other charges
($86.0M)
($129.0M)
—
—
Acquisition-related costs
($1.0M)
($44.0M)
($12.0M)
($4.0M)
Asset impairment
($39.0M)
($79.0M)
—
—
Goodwill impairment
$0
$0
($125.0M)
—
Miscellaneous – net
($50.0M)
($88.0M)
$0
($110.0M)
Total operating costs
($20.2B)
($19.9B)
($21.3B)
($21.1B)
Operating income (loss)
($1.6B)
($756.0M)
$677.0M
$1.9B
Interest expense, net
($594.0M)
($370.0M)
($289.0M)
($276.0M)
Loss on extinguishment of debt
($10.0M)
($27.0M)
$0
($75.0M)
Net periodic benefit credits other than service cost component
$223.0M
$247.0M
$204.0M
$212.0M
Changes in fair value of derivatives, net
($45.0M)
—
—
—
Other non-operating income
$1.0M
($37.0M)
$5.0M
($4.0M)
Total other expense
($425.0M)
($187.0M)
($80.0M)
($143.0M)
Income (loss) from continuing operations before income taxes
($2.0B)
($943.0M)
$597.0M
$1.8B
Income tax benefit (expense)
$581.0M
$235.0M
($148.0M)
($423.0M)
Income (loss) from continuing operations
($1.4B)
($708.0M)
$449.0M
$1.4B
Income (loss) from discontinued operations, net of tax
($5.0M)
$0
$1.0M
$3.0M
Net income (loss)
($1.4B)
($708.0M)
$450.0M
$1.4B
Net income attributable to noncontrolling interests
($50.0M)
($46.0M)
($51.0M)
($41.0M)
Net income (loss) attributable to Cliffs shareholders
($1.5B)
($754.0M)
$399.0M
$1.3B
Earnings (loss) per common share attributable to Cliffs common shareholders - basic (in dollars per share)
-$2.91
-$1.57
$0.78
$2.57
Continuing operations (in dollars per share)
-$2.90
-$1.57
$0.78
$2.57
Discontinued operations (in dollars per share)
-$0.01
$0.00
$0.00
$0.00
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted (in dollars per share)
-$2.91
-$1.57
$0.78
$2.55
Cleveland-Cliffs Inc income statement, quarters
Line item
Sep 30, 2026 · Q3
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Revenues
$5.6B
$5.2B
$4.9B
$4.7B
Cost of goods sold
($5.1B)
($5.1B)
($5.0B)
($4.8B)
Selling, general and administrative expenses
($153.0M)
($154.0M)
($125.0M)
($130.0M)
Restructuring and other charges
($1.0M)
($3.0M)
$0
($3.0M)
Asset impairment
$0
$0
—
$0
Miscellaneous, net
$0
($24.0M)
($6.0M)
($25.0M)
Total operating costs
($5.3B)
($5.3B)
($5.1B)
($4.9B)
Operating income (loss)
$311.0M
($49.0M)
($213.0M)
($204.0M)
Interest expense, net
($148.0M)
($156.0M)
($148.0M)
($153.0M)
Net periodic benefit credits other than service cost component
$64.0M
$64.0M
$64.0M
$57.0M
Changes in fair value of derivatives, net
($15.0M)
($12.0M)
($10.0M)
($10.0M)
Other non-operating income
$1.0M
$1.0M
—
$1.0M
Total other expense
($98.0M)
($103.0M)
($94.0M)
($105.0M)
Income (loss) from continuing operations before income taxes
$213.0M
($152.0M)
($307.0M)
($309.0M)
Income tax benefit (expense)
($46.0M)
$20.0M
$81.0M
$78.0M
Income (loss) from continuing operations
$167.0M
($132.0M)
($226.0M)
($231.0M)
Loss from discontinued operations, net of tax
($2.0M)
($2.0M)
($3.0M)
($3.0M)
Net income (loss)
$165.0M
($134.0M)
($229.0M)
($234.0M)
Net income attributable to noncontrolling interests
($13.0M)
($11.0M)
($8.0M)
($17.0M)
Net income (loss) attributable to Cliffs shareholders
$152.0M
($145.0M)
($237.0M)
($251.0M)
Continuing operations
$0.27
($0.25)
($0.42)
($0.51)
Earnings Per Share, Basic, Total
$0.27
-$0.25
-$0.42
-$0.51
Continuing operations
$0.26
($0.25)
($0.42)
($0.51)
Discontinued operations
$0
$0
$0
$0
Earnings Per Share, Diluted, Total
$0.26
-$0.25
-$0.42
-$0.51
Balance sheet
Cleveland-Cliffs Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$57.0M
$54.0M
$198.0M
$26.0M
Accounts receivable, net
$1.4B
$1.6B
$1.8B
$2.0B
Inventories
$4.8B
$5.1B
$4.5B
$5.1B
Other current assets
$164.0M
$183.0M
$138.0M
$306.0M
Total current assets
$6.4B
$6.9B
$6.6B
$7.4B
Property, plant and equipment, net
$9.5B
$9.9B
$8.9B
$9.1B
Goodwill
$1.8B
$1.8B
$1.0B
$1.1B
Intangible assets
$1.1B
$1.2B
—
—
Pension and OPEB assets
$469.0M
$427.0M
$329.0M
$356.0M
Other non-current assets
$678.0M
$733.0M
$672.0M
$777.0M
TOTAL ASSETS
$20.0B
$20.9B
$17.5B
$18.8B
Accounts payable
$1.9B
$2.0B
$2.1B
$2.2B
Accrued employment costs
$517.0M
$447.0M
$511.0M
$429.0M
Accrued expenses
$396.0M
$375.0M
$380.0M
—
Other current liabilities
$496.0M
$492.0M
$518.0M
$934.0M
Total current liabilities
$3.3B
$3.3B
$3.5B
$3.5B
Long-term debt
$7.3B
$7.1B
$3.1B
$4.2B
Pension and OPEB liabilities
$655.0M
$751.0M
$821.0M
—
Deferred income taxes
$375.0M
$858.0M
$639.0M
$590.0M
Asset retirement and environmental obligations
$682.0M
$601.0M
—
—
Other non-current liabilities
$1.4B
$1.5B
$1.3B
$1.3B
TOTAL LIABILITIES
$13.7B
$14.1B
$9.4B
$10.7B
Common Shares - par value $0.125 per share
$76000000.00
$66000000.00
$66000000.00
$66000000.00
Capital in excess of par value of shares
5.7B
4.8B
4.9B
4.9B
Retained earnings (deficit)
($529.0M)
$979.0M
$1.7B
$1.3B
Cost of 36,292,287 common shares in treasury (2024 - 37,102,625 shares)
-659.0M
-676.0M
-430.0M
—
Accumulated other comprehensive income
$1.5B
$1.5B
$1.7B
$1.8B
Total Cliffs shareholders' equity
$6.1B
$6.7B
$7.9B
$7.8B
Noncontrolling interests
$207.0M
$233.0M
$235.0M
$251.0M
TOTAL EQUITY
$6.3B
$6.9B
$8.1B
$8.0B
TOTAL LIABILITIES AND EQUITY
$20.0B
$20.9B
$17.5B
$18.8B
Cleveland-Cliffs Inc balance sheet, quarters
Line item
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Cash and cash equivalents
$77.0M
$70.0M
$45.0M
$66.0M
Accounts receivable, net
$2.2B
$2.0B
$1.9B
$1.8B
Inventories
$4.7B
$4.5B
$4.6B
$4.7B
Other current assets
$174.0M
$175.0M
$192.0M
$143.0M
Total current assets
$7.1B
$6.8B
$6.7B
$6.7B
Property, plant and equipment, net
$9.2B
$9.2B
$9.3B
$9.5B
Goodwill
$1.8B
$1.8B
$1.8B
$1.8B
Intangible assets, net
$1.0B
$1.1B
$1.1B
$1.1B
Pension and OPEB assets
$589.0M
$547.0M
$515.0M
$469.0M
Other non-current assets
$640.0M
$668.0M
$643.0M
$686.0M
TOTAL ASSETS
$20.3B
$20.1B
$20.1B
$20.3B
Accounts payable
$2.3B
$2.2B
$2.0B
$1.9B
Accrued employment costs
$527.0M
$509.0M
$457.0M
$565.0M
Accrued expenses
$310.0M
$378.0M
$346.0M
$339.0M
Other current liabilities
$628.0M
$560.0M
$509.0M
$462.0M
Total current liabilities
$3.8B
$3.6B
$3.3B
$3.3B
Long-term debt
$7.6B
$7.7B
$7.8B
$8.0B
Pension and OPEB liabilities
$593.0M
$617.0M
$631.0M
$645.0M
Deferred income taxes
$300.0M
$300.0M
$305.0M
$506.0M
Asset retirement and environmental obligations
$698.0M
$695.0M
$693.0M
$614.0M
Other non-current liabilities
$1.3B
$1.4B
$1.4B
$1.5B
TOTAL LIABILITIES
$14.4B
$14.3B
$14.1B
$14.6B
Common shares - par value $0.125 per share
$76000000.00
$76000000.00
$76000000.00
$66000000.00
Capital in excess of par value of shares
5.8B
5.7B
5.7B
4.8B
Retained deficit
($759.0M)
($911.0M)
($766.0M)
($286.0M)
Cost of 35,495,730 common shares in treasury (2025 - 36,292,287 shares)
-642.0M
-643.0M
-645.0M
-660.0M
Accumulated other comprehensive income
$1.3B
$1.3B
$1.4B
$1.6B
Total Cliffs shareholders' equity
$5.7B
$5.6B
$5.8B
$5.5B
Noncontrolling interests
$279.0M
$214.0M
$197.0M
$241.0M
TOTAL EQUITY
$6.0B
$5.8B
$6.0B
$5.7B
TOTAL LIABILITIES AND EQUITY
$20.3B
$20.1B
$20.1B
$20.3B
Cash flow statement
Cleveland-Cliffs Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
($1.4B)
($708.0M)
$450.0M
$1.4B
Depreciation, depletion and amortization
$1.2B
$951.0M
$973.0M
$1.0B
Pension and OPEB credits
($187.0M)
($211.0M)
($163.0M)
($132.0M)
Deferred income taxes
($506.0M)
($195.0M)
$114.0M
$90.0M
Restructuring and other charges
$86.0M
—
—
—
Asset impairment
$39.0M
—
—
—
Goodwill impairment
$0
—
$125.0M
—
Other
$87.0M
$485.0M
$76.0M
$122.0M
Accounts receivable, net
$134.0M
$364.0M
$120.0M
—
Inventories
$315.0M
($5.0M)
$670.0M
$64.0M
Income taxes
$13.0M
($17.0M)
$122.0M
($22.0M)
Pension and OPEB payments and contributions
($154.0M)
($195.0M)
($94.0M)
($204.0M)
Payables, accrued employment and accrued expenses
($78.0M)
($408.0M)
$4.0M
($186.0M)
Other, net
($18.0M)
$44.0M
($130.0M)
—
Net cash provided (used) by operating activities
($462.0M)
$105.0M
$2.3B
$2.4B
Purchase of property, plant and equipment
($561.0M)
($695.0M)
($646.0M)
($943.0M)
Acquisition of Stelco, net of cash acquired
$0
($2.5B)
$0
($31.0M)
Proceeds from sale of business
$53.0M
—
—
—
Other investing activities
$29.0M
($5.0M)
$55.0M
$38.0M
Net cash used by investing activities
($479.0M)
($3.2B)
($591.0M)
($936.0M)
Repurchase of common shares
0
-733.0M
-152.0M
-240.0M
Proceeds from issuance of common shares
951.0M
—
0
0
Proceeds from issuance of debt
$2.0B
$3.2B
$750.0M
$0
Repayments of senior notes
($685.0M)
($845.0M)
$0
($1.4B)
Borrowings (repayments) under credit facilities
($1.1B)
$1.6B
—
—
Debt issuance costs
($30.0M)
($109.0M)
($34.0M)
$0
Other financing activities
($168.0M)
($124.0M)
($204.0M)
($166.0M)
Net cash provided (used) by financing activities
$942.0M
$3.0B
($1.5B)
($1.5B)
Net increase (decrease) in cash and cash equivalents
$1.0M
($137.0M)
$172.0M
—
Cash, cash equivalents, and restricted cash at beginning of year
$60.0M
$198.0M
$26.0M
$48.0M
Effect of exchange rate changes on cash
$2.0M
($1.0M)
—
—
Cash, cash equivalents, and restricted cash at end of year