Cleveland-Cliffs (CLF) Financial Statements & Analysis

Cleveland-Cliffs (CLF) Income Statement

Cleveland-Cliffs reported revenue of $18.61B in fiscal 2025 (fiscal year ended Dec 31, 2025), down 3.0% from $19.18B a year earlier. Cleveland-Cliffs posted a net loss of $1.48B, compared with a net loss of $760.00M a year earlier. Gross margin was -4.6% and operating margin -7.8%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $5.23B, up 5.9% from the same quarter a year earlier.

Cleveland-Cliffs Income Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cleveland-Cliffs Inc. income statement - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	18.61	19.19	22.00	22.99	20.44	5.35	1.99	2.33	2.33
Cost of Revenue	19.47	19.12	20.61	20.47	15.91	5.10	1.41	1.52	1.82
Gross Profit	-0.86	0.06	1.39	2.52	4.53	0.25	0.58	0.81	0.51
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	0.54	0.49	0.58	0.47	0.21	0.24	0.12	0.12	0.11
Operating Expenses	0.59	0.57	0.71	0.58	0.52	0.39	0.15	0.14	0.08
Operating Income	-1.45	-0.51	0.68	1.94	4.01	-0.14	0.43	0.67	0.43
Other Income/Expense
Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest Expense	0.59	0.37	0.29	0.28	-0.34	0.24	0.10	0.12	0.13
Other Income/Expense	0.04	-0.07	-0.08	-0.14	-0.21	-0.05	-0.12	-0.11	-0.28
Income
Income Before Tax	-2.00	-0.95	0.60	1.80	3.80	-0.19	0.31	0.56	0.14
Income Tax Expense	-0.58	-0.24	0.15	0.42	0.77	-0.11	0.02	-0.48	-0.25
Net Income	-1.48	-0.76	0.40	1.34	2.99	-0.12	0.29	1.13	0.37
Net Income - Continuous Operations	-1.42	-0.71	0.40	1.34	2.99	-0.12	0.29	1.13	0.37
Net Income - Discontinued Operations	0.00	-	0.00	0.00	-	-	-	-	-
EBITDA	-0.18	0.37	1.86	3.11	5.14	0.35	0.50	0.78	0.48
EBIT	-1.41	-0.58	0.87	2.18	4.24	-	-	-	-
Depreciation & Amortization	1.24	0.95	0.97	1.03	0.90	0.31	0.09	0.09	0.09
Earnings Per Share
Basic EPS	-3.00	-2.00	1.00	3.00	6.00	-	1.00	4.00	1.00
Diluted EPS	-3.00	-2.00	1.00	3.00	5.00	-	1.00	4.00	1.00
Basic Shares Outstanding	0.51	0.48	0.51	0.52	0.50	0.38	0.28	0.30	0.29
Diluted Shares Outstanding	0.51	0.48	0.51	0.52	0.56	0.38	0.28	0.30	0.29

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Cleveland-Cliffs Financial Statements

What was Cleveland-Cliffs's revenue in fiscal 2025?

Cleveland-Cliffs reported revenue of $18.61B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 3.0% from $19.18B a year earlier.

Is Cleveland-Cliffs profitable?

No. Cleveland-Cliffs reported a net loss of $1.48B in fiscal 2025. In fiscal 2024 it lost $760.00M.

What is Cleveland-Cliffs's operating margin?

Cleveland-Cliffs's operating income was −$1.45B on revenue of $18.61B in fiscal 2025, an operating margin of -7.8%, compared with -2.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition