ArcelorMittal'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), ArcelorMittal reported revenue of $61.4B (-1.7% year on year) and net income of $3.2B (+135.4% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Sales | $61.4B | $62.4B | $68.3B | $79.8B |
| Cost of sales | $57.0B | $56.7B | $63.5B | $67.3B |
| Gross margin | $4.4B | $5.8B | $4.7B | $12.5B |
| Selling, general and administrative expenses | $2.6B | $2.5B | $2.4B | $2.3B |
| Acquisition gain of Calvert | $1.9B | — | — | — |
| Operating income | $3.6B | $3.3B | $2.3B | $10.3B |
| Income from investments in associates, joint ventures and other investments | $806.0M | $779.0M | $1.2B | $1.3B |
| Impairment of investments in associates, joint ventures and other investments | ($123.0M) | $0 | ($1.4B) | — |
| Financing costs - net | ($709.0M) | ($1.2B) | ($859.0M) | ($334.0M) |
| Income before taxes | $3.6B | $2.9B | $1.3B | $11.3B |
| Income tax expense | $359.0M | $1.5B | $238.0M | $1.7B |
| Net income (including non-controlling interests) | $3.2B | $1.4B | $1.0B | $9.5B |
| Net income attributable to equity holders of the parent | $3.2B | $1.3B | $919.0M | $9.3B |
| Net income attributable to non-controlling interests | $91.0M | $41.0M | $103.0M | $236.0M |
| Basic (USD per share) | $4.13 | $1.70 | $1.09 | $10.21 |
| Diluted (USD per share) | $4.11 | $1.69 | $1.09 | $10.18 |
| Basic (in shares) | 763.0M | 788.0M | 842.0M | 911.0M |
| Diluted (in shares) | 766.0M | 791.0M | 845.0M | 914.0M |
| Line item | Jun 30, 2026 · YTD | Jun 30, 2025 · YTD | Jun 30, 2024 · YTD | Jun 30, 2023 · YTD |
|---|---|---|---|---|
| Sales (including 2,244 and 3,950 of sales to related parties for the six months ended, June 30, 2026 and June 30, 2025, respectively) | $32.2B | $30.7B | $32.5B | $37.1B |
| Cost of sales (including purchases from related parties of 1,036 and 877 for the six months ended June 30, 2026 and June 30, 2025, respectively) | $29.0B | $28.5B | $29.2B | $32.8B |
| Gross margin | $3.3B | $2.2B | $3.4B | $4.3B |
| Selling, general and administrative expenses | $1.4B | $1.3B | $1.3B | $1.2B |
| Acquisition gain of Calvert | $0 | $1.9B | — | — |
| Operating income | $1.8B | $2.8B | $2.1B | $3.1B |
| Income from investments in associates, joint ventures and other investments | $366.0M | $346.0M | $423.0M | $711.0M |
| Gain on disposal of investments in associates, joint ventures and other investments (note 4) | $302.0M | — | — | — |
| Impairment of investments in associates, joint ventures and other investments (note 4) | ($262.0M) | — | — | — |
| Financing costs - net | ($635.0M) | $2.0M | ($583.0M) | ($361.0M) |
| Income before taxes | $1.6B | $3.1B | $2.0B | $3.5B |
| Income tax expense (note 8) | ($311.0M) | ($454.0M) | ($472.0M) | ($420.0M) |
| Net income (including non-controlling interests) | $1.3B | $2.7B | $1.5B | $3.0B |
| Equity holders of the parent | $1.3B | $2.6B | $1.4B | $3.0B |
| Non-controlling interests | $10.0M | $53.0M | $44.0M | $91.0M |
| Basic (in USD per share) | $1.65 | $3.40 | $1.80 | $3.47 |
| Diluted (in USD per share) | $1.65 | $3.38 | $1.79 | $3.46 |
| Basic (in shares) | 761.0M | 765.0M | 802.0M | 851.0M |
| Diluted (in shares) | 764.0M | 768.0M | 804.0M | 853.0M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $5.4B | $6.4B | $7.7B | $9.3B |
| Restricted cash | $84.0M | $84.0M | $97.0M | $114.0M |
| Trade accounts receivable and other (including 272 and 322 from related parties at December 31, 2025 and 2024, respectively) | $3.5B | $3.4B | $3.7B | $3.8B |
| Inventories | $18.6B | $16.5B | $18.8B | $20.1B |
| Prepaid expenses and other current assets | $3.0B | $3.0B | $3.0B | $3.8B |
| Assets held for sale | $37.0M | — | — | — |
| Total current assets | $30.6B | $29.4B | $33.2B | $37.1B |
| Goodwill and intangible assets | $5.3B | $4.5B | $5.1B | $4.9B |
| Property, plant and equipment and biological assets | $41.0B | $33.3B | $33.7B | — |
| Investments in associates and joint ventures | $10.4B | $11.4B | $10.1B | $10.8B |
| Other investments | $353.0M | $299.0M | $513.0M | $1.1B |
| Deferred tax assets | $8.9B | $8.9B | $9.5B | $8.6B |
| Other assets | $1.2B | $1.6B | $1.9B | $1.9B |
| Total non-current assets | $67.1B | $60.0B | $60.7B | $57.4B |
| Total assets | $97.7B | $89.4B | $93.9B | $94.5B |
| Short-term debt and current portion of long-term debt | $2.7B | $2.7B | $2.3B | $2.6B |
| Trade accounts payable and other (including 352 and 291 to related parties at December 31, 2025 and 2024, respectively) | $13.0B | $12.9B | $13.6B | $13.5B |
| Short-term provisions | $1.0B | $938.0M | $588.0M | $1.1B |
| Accrued expenses and other liabilities | $5.2B | $4.7B | $5.0B | $4.9B |
| Income tax liabilities | $547.0M | $480.0M | $297.0M | $318.0M |
| Liabilities held for sale | $19.0M | — | — | — |
| Total current liabilities | $22.5B | $21.8B | $21.8B | $22.4B |
| Long-term debt, net of current portion | $10.7B | $8.8B | $8.4B | $9.1B |
| Deferred tax liabilities | $2.3B | $2.3B | $2.4B | $2.7B |
| Deferred employee benefits | $2.5B | $2.3B | $2.7B | $2.6B |
| Long-term provisions | $1.6B | $1.4B | $1.5B | $1.3B |
| Other long-term obligations | $1.5B | $1.4B | $1.1B | $914.0M |
| Total non-current liabilities | $18.6B | $16.3B | $16.1B | $16.6B |
| Total liabilities | $41.2B | $38.1B | $37.8B | $39.0B |
| Common shares (no par value, 1,033,608,827 and 1,111,418,599 shares authorized, 775,000,000 and 852,809,772 shares issued, and 761,125,819 and 768,546,622 shares outstanding at December 31, 2025 and 2024, respectively) | 275.0M | 303.0M | 303.0M | 312.0M |
| Treasury shares (13,874,181 and 84,263,150 common shares at December 31, 2025 and 2024, respectively, at cost) | -355.0M | -2.1B | -849.0M | -1.9B |
| Additional paid-in capital | $25.3B | $27.2B | $27.2B | $28.7B |
| Retained earnings | $49.9B | $47.3B | $46.3B | $45.4B |
| Reserves | ($20.6B) | ($23.4B) | ($18.9B) | ($19.9B) |
| Equity attributable to the equity holders of the parent | $54.5B | $49.2B | $54.0B | $53.2B |
| Non-controlling interests | $2.1B | $2.1B | $2.1B | $2.4B |
| Total equity | $56.5B | $51.3B | $56.1B | $55.6B |
| Total liabilities and equity | $97.7B | $89.4B | $93.9B | $94.5B |
| Line item | Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 |
|---|---|---|---|---|
| Cash and cash equivalents | $4.8B | $5.4B | $5.8B | $5.8B |
| Restricted cash | $50.0M | $85.0M | $65.0M | $118.0M |
| Trade accounts receivable and other (including 365 and 272 from related parties at June 30, 2026 and December 31, 2025, respectively) | $4.5B | $4.6B | $4.2B | $4.8B |
| Inventories (note 2) | $19.3B | $19.1B | $17.7B | $20.0B |
| Prepaid expenses and other current assets | $3.2B | $3.6B | $3.2B | $3.6B |
| Assets held for sale (note 5) | $140.0M | $199.0M | — | — |
| Total current assets | $32.0B | $33.0B | $31.0B | $34.4B |
| Goodwill and intangible assets | $5.5B | $5.3B | $4.9B | $5.1B |
| Property, plant and equipment and biological assets | $41.4B | $39.6B | $33.1B | $33.7B |
| Investments in associates and joint ventures (note 4) | $9.9B | $10.7B | $10.2B | $11.1B |
| Other investments | $283.0M | $342.0M | $283.0M | $521.0M |
| Deferred tax assets | $8.6B | $8.6B | $9.6B | $8.9B |
| Other assets | $1.5B | $1.3B | $1.7B | $1.7B |
| Total non-current assets | $67.2B | $65.9B | $59.8B | $61.0B |
| Total assets | $99.2B | $98.9B | $90.8B | $95.4B |
| Short-term debt and current portion of long-term debt (note 9) | $2.7B | $3.2B | $2.4B | $1.8B |
| Trade accounts payable and other (including 417 and 352 to related parties at June 30, 2026 and December 31, 2025, respectively) | $12.9B | $12.7B | $12.5B | $13.5B |
| Short-term provisions (note 11) | $939.0M | $1.0B | $455.0M | $662.0M |
| Accrued expenses and other liabilities | $5.3B | $6.0B | $4.7B | $4.9B |
| Income tax liabilities | $455.0M | $499.0M | $327.0M | $249.0M |
| Liabilities held for sale (note 5) | $54.0M | $103.0M | — | — |
| Total current liabilities | $22.4B | $23.6B | $20.3B | $21.1B |
| Long-term debt, net of current portion (note 9) | $11.7B | $10.6B | $8.8B | $8.7B |
| Deferred tax liabilities | $2.3B | $2.4B | $2.3B | $2.7B |
| Deferred employee benefits | $2.4B | $2.5B | $2.6B | $2.7B |
| Long-term provisions (note 11) | $1.9B | $1.8B | $1.4B | $1.4B |
| Other long-term obligations | $1.6B | $1.5B | $1.2B | $961.0M |
| Total non-current liabilities | $19.9B | $18.8B | $16.2B | $16.5B |
| Total liabilities | $42.3B | $42.4B | $36.5B | $37.5B |
| Equity attributable to the equity holders of the parent | $54.8B | $54.4B | $52.2B | $55.7B |
| Non-controlling interests | $2.0B | $2.1B | $2.1B | $2.2B |
| Total equity | $56.8B | $56.5B | $54.3B | $57.9B |
| Total liabilities and equity | $99.2B | $98.9B | $90.8B | $95.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (including non-controlling interests) | $3.2B | $1.4B | $1.0B | $9.5B |
| Depreciation and amortization | $2.9B | $2.6B | $2.7B | $2.6B |
| Impairment charges | $204.0M | $116.0M | $1.0B | $1.0B |
| Goodwill/(bargain purchase gain) | ($1.9B) | — | — | — |
| Interest expense | $577.0M | $510.0M | $715.0M | $401.0M |
| Interest income | ($281.0M) | ($400.0M) | ($570.0M) | ($188.0M) |
| Income tax expense | $359.0M | $1.5B | $238.0M | $1.7B |
| Net loss on disposal of subsidiaries | $63.0M | $0 | $1.5B | $0 |
| Income from investments in associates, joint ventures and other investments | ($806.0M) | ($779.0M) | ($1.2B) | ($1.3B) |
| Impairment on investments in associates, joint ventures and other investments | $123.0M | $0 | $1.4B | — |
| Provision on pensions and other post-employment benefits | $232.0M | $166.0M | $249.0M | $176.0M |
| Unrealized foreign exchange effects | $114.0M | $639.0M | $409.0M | ($82.0M) |
| Votorantim settlement expense | $420.0M | — | — | — |
| Write-downs of inventories to net realizable value, provisions and other non-cash operating expenses net | $576.0M | $592.0M | ($400.0M) | $399.0M |
| Trade accounts receivable and other | $597.0M | ($192.0M) | $307.0M | $1.1B |
| Inventories | $820.0M | $238.0M | $1.6B | ($2.1B) |
| Trade accounts payable and other | ($942.0M) | $56.0M | ($271.0M) | ($294.0M) |
| VAT and other amounts (paid) received to/from public authorities | $232.0M | ($204.0M) | $9.0M | ($410.0M) |
| Other working capital and provisions movements | ($742.0M) | ($287.0M) | $110.0M | $608.0M |
| Interest paid | ($828.0M) | ($799.0M) | ($788.0M) | ($440.0M) |
| Interest received | $308.0M | $358.0M | $553.0M | $178.0M |
| Income taxes paid | ($633.0M) | ($763.0M) | ($977.0M) | ($2.9B) |
| Dividends received from associates, joint ventures and other investments | $362.0M | $295.0M | $316.0M | $493.0M |
| Cash contributions to plan assets and benefits paid for pensions and other post-employment benefits | ($277.0M) | ($241.0M) | ($248.0M) | ($228.0M) |
| Net cash provided by operating activities | $4.8B | $4.9B | $7.6B | $10.2B |
| Purchase of property, plant and equipment and intangibles | ($4.3B) | ($4.4B) | ($4.6B) | ($3.5B) |
| Disposals of net assets of subsidiaries, net of cash disposed of 10, nil and 24 in 2025, 2024 and 2023, respectively | ($10.0M) | $0 | $254.0M | $0 |
| Acquisitions of net assets of subsidiaries, net of cash acquired of 369, 249 and 4 in 2025, 2024 and 2023, respectively | $47.0M | ($184.0M) | ($2.5B) | ($939.0M) |
| Disposals of property, plant and equipment and intangibles | $100.0M | $568.0M | $718.0M | — |
| Acquisition of and capital increase in associates and joint ventures | ($206.0M) | ($1.2B) | ($73.0M) | — |
| Settlement of Votorantim put option liability | ($202.0M) | — | — | — |
| Proceeds from repayment of a loan in connection with the sale of ArcelorMittal Temirtau | $301.0M | $111.0M | — | — |
| (Acquisitions) disposals of financial assets | ($19.0M) | $216.0M | $560.0M | ($32.0M) |
| Other investing activities net | ($225.0M) | ($125.0M) | ($170.0M) | ($44.0M) |
| Net cash provided by / (used in) investing activities | ($4.6B) | ($5.0B) | ($5.8B) | ($4.5B) |
| Payments from mandatorily convertible subordinated notes/ mandatorily convertible bonds | $0 | $0 | ($340.0M) | $0 |
| Transactions with non-controlling interests | ($88.0M) | $172.0M | — | — |
| Proceeds from short-term debt | $32.0M | $257.0M | $218.0M | $434.0M |
| Proceeds from long-term debt | $2.1B | $2.2B | $134.0M | $3.9B |
| Payments of short-term debt | ($2.4B) | ($1.2B) | ($1.7B) | ($1.0B) |
| Payments of long-term debt | ($420.0M) | ($61.0M) | ($16.0M) | $0 |
| Share buyback | ($262.0M) | ($1.3B) | ($1.2B) | ($2.9B) |
| Dividends paid (includes 121, 187 and 162 of dividends paid to non-controlling shareholders in 2025, 2024 and 2023, respectively) | ($542.0M) | ($580.0M) | ($531.0M) | ($663.0M) |
| Payment of principal portion of lease liabilities and other financing activities | ($234.0M) | ($203.0M) | ($253.0M) | ($160.0M) |
| Net cash provided by / (used in) financing activities | ($1.8B) | ($680.0M) | ($3.7B) | ($477.0M) |
| Line item | Jun 30, 2026 · YTD | Jun 30, 2025 · YTD | Jun 30, 2024 · YTD | Jun 30, 2023 · YTD |
|---|---|---|---|---|
| Net income (including non-controlling interests) | $1.3B | $2.7B | $1.5B | $3.0B |
| Depreciation and amortization | $1.5B | $1.4B | $1.3B | $1.3B |
| Impairment | $0 | $194.0M | — | — |
| Acquisition of Calvert | $0 | ($1.9B) | — | — |
| Interest expense | $335.0M | $270.0M | $313.0M | $352.0M |
| Interest income | ($66.0M) | ($149.0M) | ($243.0M) | ($241.0M) |
| Income tax expense (note 8) | $311.0M | $454.0M | $472.0M | $420.0M |
| Income from associates, joint ventures and other investments | ($366.0M) | ($346.0M) | ($423.0M) | ($711.0M) |
| Gain on disposal of investments in associates, joint ventures and other investments (note 4) | ($302.0M) | — | — | — |
| Impairment of investments in associates, joint ventures and other investments (note 4) | $262.0M | — | — | — |
| Provisions on pension and other post-employment benefit liabilities | $129.0M | $105.0M | $114.0M | $129.0M |
| Net gain on disposal of subsidiaries (note 5) | ($30.0M) | — | — | — |
| Unrealized foreign exchange effects | $152.0M | $54.0M | $416.0M | — |
| Write-downs of inventories to net realizable value, provisions and other non-cash operating expenses (net) | $351.0M | $727.0M | $266.0M | $265.0M |
| Change in working capital | ($2.0B) | ($1.5B) | ($1.6B) | ($597.0M) |
| Provision movements and other liabilities | ($169.0M) | ($766.0M) | ($461.0M) | ($413.0M) |
| VAT and other amounts recoverable from public authorities | $254.0M | $408.0M | $30.0M | $219.0M |
| Interest paid | ($368.0M) | ($375.0M) | ($373.0M) | ($380.0M) |
| Interest received | $65.0M | $173.0M | $229.0M | $207.0M |
| Cash contributions to plan assets and benefits paid for pensions and other post-employment benefit liabilities | ($158.0M) | ($155.0M) | ($125.0M) | ($120.0M) |
| Dividends received from associates, joint ventures and other investments | $88.0M | $135.0M | $58.0M | $152.0M |
| Income tax paid | ($352.0M) | ($322.0M) | ($428.0M) | ($603.0M) |
| Net cash provided by operating activities | $952.0M | $1.1B | $973.0M | $3.0B |
| Purchase of property, plant and equipment and intangibles | ($2.4B) | ($1.9B) | ($2.2B) | ($2.0B) |
| Acquisitions of net assets of subsidiaries, net of cash acquired of nil and 338 for the six months ended June 30, 2026 and June 30, 2025 respectively | $0 | $174.0M | ($184.0M) | ($2.3B) |
| Disposal of net assets of subsidiaries, net of cash disposed of (2) and nil for the six months ended June 30, 2026 and June 30, 2025 respectively (note 5) | $33.0M | — | — | — |
| Capital increase in Tuper | $0 | ($83.0M) | — | — |
| Settlement of Votorantim put option liability (note 7) | ($115.0M) | — | — | — |
| Proceeds from repayment of a loan in connection with the sale of ArcelorMittal Temirtau | $0 | $101.0M | $111.0M | — |
| Disposal of associates and joint ventures (note 4) | $663.0M | — | — | — |
| Other investing activities (net) | ($37.0M) | ($131.0M) | $63.0M | ($56.0M) |
| Net cash used in investing activities | ($1.8B) | ($1.8B) | ($2.0B) | ($3.9B) |
| Proceeds from short-term and long-term debt | $1.8B | $974.0M | $1.5B | $111.0M |
| Payments of short-term and long-term debt | ($472.0M) | ($1.1B) | ($820.0M) | ($1.5B) |
| Share buyback (note 7) | ($483.0M) | ($262.0M) | ($890.0M) | ($704.0M) |
| Dividends paid (note 7) | ($300.0M) | ($256.0M) | ($284.0M) | ($250.0M) |
| Payment of principal portion of lease liabilities and other financing activities | ($124.0M) | ($111.0M) | ($113.0M) | ($144.0M) |
| Net cash provided by (used in) financing activities | $374.0M | ($790.0M) | ($546.0M) | ($2.8B) |
| Net decrease in cash and cash equivalents | ($503.0M) | ($1.5B) | ($1.6B) | ($3.7B) |
| Effect of exchange rate changes on cash | ($21.0M) | $507.0M | ($271.0M) | $212.0M |
| At the beginning of the period | $5.4B | $6.4B | $7.7B | $9.3B |
| Reclassification of the period-end cash and cash equivalents to assets held for sale | ($20.0M) | ($29.0M) | — | — |
| At the end of the period | $4.8B | $5.4B | $5.8B | $5.8B |
ArcelorMittal score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.