C

CLEVELAND-CLIFFS INC.

CLF · CIK 0000764065

19 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$18.61B3.0%
FY2025
Net income (FY)
−$1.48B94.5%
FY2025
Free cash flow (FY)
−$1.02B73.4%
FY2025
Diluted EPS (FY)
$-2.9184.2%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$10B$20BFY2007 · Revenue $2.28B · Net income $270.0M · 0001193125-10-034034 · filed 2010-02-18FY07Revenue $2.28BNet income $270.0M0001193125-10-034034 · filed 2010-02-18FY2008 · Revenue $3.61B · Net income $515.8M · 0001193125-11-038883 · filed 2011-02-17FY08Revenue $3.61BNet income $515.8M0001193125-11-038883 · filed 2011-02-17FY2009 · Revenue $2.34B · Net income $205.1M · 0001193125-12-065138 · filed 2012-02-16FY09Revenue $2.34BNet income $205.1M0001193125-12-065138 · filed 2012-02-16FY2010 · Revenue $4.48B · Net income $1.02B · 0000764065-13-000003 · filed 2013-02-12FY10Revenue $4.48BNet income $1.02B0000764065-13-000003 · filed 2013-02-12FY2011 · Revenue $6.56B · Net income $1.62B · 0000764065-14-000018 · filed 2014-02-14FY11Revenue $6.56BNet income $1.62B0000764065-14-000018 · filed 2014-02-14FY2012 · Revenue $5.87B · Net income −$899.4M · 0000764065-15-000044 · filed 2015-02-25FY12Revenue $5.87BNet income −$899.4M0000764065-15-000044 · filed 2015-02-25FY2013 · Revenue $3.89B · Net income $413.5M · 0000764065-16-000183 · filed 2016-02-24FY13Revenue $3.89BNet income $413.5M0000764065-16-000183 · filed 2016-02-24FY2014 · Revenue $3.37B · Net income −$7.22B · 0000764065-17-000021 · filed 2017-02-09FY14Revenue $3.37BNet income −$7.22B0000764065-17-000021 · filed 2017-02-09FY2015 · Revenue $2.01B · Net income −$749.3M · 0000764065-18-000035 · filed 2018-02-14FY15Revenue $2.01BNet income −$749.3M0000764065-18-000035 · filed 2018-02-14FY2016 · Revenue $1.55B · Net income $174.1M · 0000764065-19-000025 · filed 2019-02-08FY16Revenue $1.55BNet income $174.1M0000764065-19-000025 · filed 2019-02-08FY2017 · Revenue $1.87B · Net income $367.0M · 0000764065-20-000041 · filed 2020-02-20FY17Revenue $1.87BNet income $367.0M0000764065-20-000041 · filed 2020-02-20FY2018 · Revenue $2.33B · Net income $1.13B · 0000764065-21-000084 · filed 2021-02-26FY18Revenue $2.33BNet income $1.13B0000764065-21-000084 · filed 2021-02-26FY2019 · Revenue $1.99B · Net income $293.0M · 0000764065-22-000037 · filed 2022-02-11FY19Revenue $1.99BNet income $293.0M0000764065-22-000037 · filed 2022-02-11FY2020 · Revenue $5.35B · Net income −$122.0M · 0000764065-23-000032 · filed 2023-02-14FY20Revenue $5.35BNet income −$122.0M0000764065-23-000032 · filed 2023-02-14FY2021 · Revenue $20.44B · Net income $2.99B · 0000764065-24-000038 · filed 2024-02-08FY21Revenue $20.44BNet income $2.99B0000764065-24-000038 · filed 2024-02-08FY2022 · Revenue $22.99B · Net income $1.33B · 0000764065-25-000058 · filed 2025-02-25FY22Revenue $22.99BNet income $1.33B0000764065-25-000058 · filed 2025-02-25FY2023 · Revenue $22.00B · Net income $385.0M · 0000764065-26-000025 · filed 2026-02-09FY23Revenue $22.00BNet income $385.0M0000764065-26-000025 · filed 2026-02-09FY2024 · Revenue $19.18B · Net income −$760.0M · 0000764065-26-000025 · filed 2026-02-09FY24Revenue $19.18BNet income −$760.0M0000764065-26-000025 · filed 2026-02-09FY2025 · Revenue $18.61B · Net income −$1.48B · 0000764065-26-000025 · filed 2026-02-09FY25Revenue $18.61BNet income −$1.48B0000764065-26-000025 · filed 2026-02-09FY25Revenue $18.61BNet income −$1.48B0000764065-26-000025 · filed 2026-02-09FY07FY10FY13FY16FY19FY22FY25

revenue 8.2× since FY2007 · net margin 11.9% → -7.9%

MarginsNet marginFCF margin
-200%-100%0%FY2007 · Net margin 11.9% · FCF margin 3.9%FY07Net margin 11.9%FCF margin 3.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2008 · Net margin 14.3% · FCF margin 18.6%FY08Net margin 14.3%FCF margin 18.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 8.8% · FCF margin 3.0%FY09Net margin 8.8%FCF margin 3.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 22.7% · FCF margin 23.5%FY10Net margin 22.7%FCF margin 23.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 24.7% · FCF margin 21.5%FY11Net margin 24.7%FCF margin 21.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin -15.3% · FCF margin -10.4%FY12Net margin -15.3%FCF margin -10.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 10.6% · FCF margin 7.3%FY13Net margin 10.6%FCF margin 7.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin -214.2% · FCF margin 2.2%FY14Net margin -214.2%FCF margin 2.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin -37.2% · FCF margin -2.1%FY15Net margin -37.2%FCF margin -2.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 11.2% · FCF margin 19.0%FY16Net margin 11.2%FCF margin 19.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 19.7% · FCF margin 10.9%FY17Net margin 19.7%FCF margin 10.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 48.4% · FCF margin 7.8%FY18Net margin 48.4%FCF margin 7.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 14.7% · FCF margin -4.4%FY19Net margin 14.7%FCF margin -4.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -2.3% · FCF margin -14.6%FY20Net margin -2.3%FCF margin -14.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 14.6% · FCF margin 10.2%FY21Net margin 14.6%FCF margin 10.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 5.8% · FCF margin 6.4%FY22Net margin 5.8%FCF margin 6.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 1.8% · FCF margin 7.4%FY23Net margin 1.8%FCF margin 7.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin -4.0% · FCF margin -3.1%FY24Net margin -4.0%FCF margin -3.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin -7.9% · FCF margin -5.5%FY25Net margin -7.9%FCF margin -5.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin -7.9%FCF margin -5.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net -7.9% · free cash flow -5.5% of revenue

Cash engineOperating cash flowFree cash flow
$0$2BFY2007 · OCF $288.9M · FCF $89.4M · 0001193125-10-034034 · filed 2010-02-18FY07OCF $288.9MFCF $89.4M0001193125-10-034034 · filed 2010-02-18FY2008 · OCF $853.2M · FCF $670.7M · 0001193125-11-038883 · filed 2011-02-17FY08OCF $853.2MFCF $670.7M0001193125-11-038883 · filed 2011-02-17FY2009 · OCF $185.7M · FCF $69.4M · 0001193125-12-065138 · filed 2012-02-16FY09OCF $185.7MFCF $69.4M0001193125-12-065138 · filed 2012-02-16FY2010 · OCF $1.32B · FCF $1.05B · 0000764065-13-000003 · filed 2013-02-12FY10OCF $1.32BFCF $1.05B0000764065-13-000003 · filed 2013-02-12FY2011 · OCF $2.29B · FCF $1.41B · 0000764065-14-000018 · filed 2014-02-14FY11OCF $2.29BFCF $1.41B0000764065-14-000018 · filed 2014-02-14FY2012 · OCF $514.5M · FCF −$613.0M · 0000764065-15-000044 · filed 2015-02-25FY12OCF $514.5MFCF −$613.0M0000764065-15-000044 · filed 2015-02-25FY2013 · OCF $1.15B · FCF $284.3M · 0000764065-16-000183 · filed 2016-02-24FY13OCF $1.15BFCF $284.3M0000764065-16-000183 · filed 2016-02-24FY2014 · OCF $358.9M · FCF $74.8M · 0000764065-17-000021 · filed 2017-02-09FY14OCF $358.9MFCF $74.8M0000764065-17-000021 · filed 2017-02-09FY2015 · OCF $37.9M · FCF −$42.9M · 0000764065-18-000035 · filed 2018-02-14FY15OCF $37.9MFCF −$42.9M0000764065-18-000035 · filed 2018-02-14FY2016 · OCF $303.0M · FCF $295.6M · 0000764065-19-000025 · filed 2019-02-08FY16OCF $303.0MFCF $295.6M0000764065-19-000025 · filed 2019-02-08FY2017 · OCF $338.1M · FCF $203.2M · 0000764065-20-000041 · filed 2020-02-20FY17OCF $338.1MFCF $203.2M0000764065-20-000041 · filed 2020-02-20FY2018 · OCF $479.0M · FCF $183.0M · 0000764065-21-000084 · filed 2021-02-26FY18OCF $479.0MFCF $183.0M0000764065-21-000084 · filed 2021-02-26FY2019 · OCF $568.0M · FCF −$88.0M · 0000764065-22-000037 · filed 2022-02-11FY19OCF $568.0MFCF −$88.0M0000764065-22-000037 · filed 2022-02-11FY2020 · OCF −$258.0M · FCF −$783.0M · 0000764065-23-000032 · filed 2023-02-14FY20OCF −$258.0MFCF −$783.0M0000764065-23-000032 · filed 2023-02-14FY2021 · OCF $2.79B · FCF $2.08B · 0000764065-24-000038 · filed 2024-02-08FY21OCF $2.79BFCF $2.08B0000764065-24-000038 · filed 2024-02-08FY2022 · OCF $2.42B · FCF $1.48B · 0000764065-25-000058 · filed 2025-02-25FY22OCF $2.42BFCF $1.48B0000764065-25-000058 · filed 2025-02-25FY2023 · OCF $2.27B · FCF $1.62B · 0000764065-26-000025 · filed 2026-02-09FY23OCF $2.27BFCF $1.62B0000764065-26-000025 · filed 2026-02-09FY2024 · OCF $105.0M · FCF −$590.0M · 0000764065-26-000025 · filed 2026-02-09FY24OCF $105.0MFCF −$590.0M0000764065-26-000025 · filed 2026-02-09FY2025 · OCF −$462.0M · FCF −$1.02B · 0000764065-26-000025 · filed 2026-02-09FY25OCF −$462.0MFCF −$1.02B0000764065-26-000025 · filed 2026-02-09FY25OCF −$462.0MFCF −$1.02B0000764065-26-000025 · filed 2026-02-09’09’13’17’21’25

FY2025: −$462.0M operating cash − $561.0M capex = −$1.02B free cash flow

Returns on capitalReturn on equityReturn on assets
0%500%FY2008 · ROE 29.5% · ROA 12.5%FY08ROE 29.5%ROA 12.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 8.1% · ROA 4.4%FY09ROE 8.1%ROA 4.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 26.5% · ROA 13.1%FY10ROE 26.5%ROA 13.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 28.0% · ROA 11.1%FY11ROE 28.0%ROA 11.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE -19.4% · ROA -6.6%FY12ROE -19.4%ROA -6.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 6.8% · ROA 3.2%FY13ROE 6.8%ROA 3.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 504.7% · ROA -229.5%FY14ROE 504.7%ROA -229.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 37.8% · ROA -35.1%FY15ROE 37.8%ROA -35.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE -11.9% · ROA 9.0%FY16ROE -11.9%ROA 9.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE -89.4% · ROA 12.3%FY17ROE -89.4%ROA 12.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 265.9% · ROA 32.0%FY18ROE 265.9%ROA 32.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 81.8% · ROA 8.4%FY19ROE 81.8%ROA 8.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -6.0% · ROA -0.7%FY20ROE -6.0%ROA -0.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 54.4% · ROA 15.7%FY21ROE 54.4%ROA 15.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 17.1% · ROA 7.1%FY22ROE 17.1%ROA 7.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 4.9% · ROA 2.2%FY23ROE 4.9%ROA 2.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE -11.5% · ROA -3.6%FY24ROE -11.5%ROA -3.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE -24.2% · ROA -7.4%FY25ROE -24.2%ROA -7.4%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE -24.2%ROA -7.4%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 29% (FY2008) → -24% (FY2025) · on assets -7.4%

Balance sheetLiabilitiesEquity
$0$10B$20BFY2008 · Liabilities $2.36B · Equity $1.75BFY08Liabilities $2.36BEquity $1.75B0001193125-10-034034 · filed 2010-02-18FY2009 · Liabilities $2.10B · Equity $2.54BFY09Liabilities $2.10BEquity $2.54B0001193125-11-038883 · filed 2011-02-17FY2010 · Liabilities $3.94B · Equity $3.85BFY10Liabilities $3.94BEquity $3.85B0001193125-12-065138 · filed 2012-02-16FY2011 · Liabilities $7.50B · Equity $5.79BFY11Liabilities $7.50BEquity $5.79B0000764065-13-000003 · filed 2013-02-12FY2012 · Liabilities $7.81B · Equity $4.63BFY12Liabilities $7.81BEquity $4.63B0000764065-14-000018 · filed 2014-02-14FY2013 · Liabilities $6.24B · Equity $6.07BFY13Liabilities $6.24BEquity $6.07B0000764065-15-000044 · filed 2015-02-25FY2014 · Liabilities $4.88B · Equity −$1.43BFY14Liabilities $4.88BEquity −$1.43B0000764065-16-000183 · filed 2016-02-24FY2015 · Liabilities $3.95B · Equity −$1.98BFY15Liabilities $3.95BEquity −$1.98B0000764065-17-000021 · filed 2017-02-09FY2016 · Liabilities $3.25B · Equity −$1.46BFY16Liabilities $3.25BEquity −$1.46B0000764065-18-000035 · filed 2018-02-14FY2017 · Liabilities $3.40B · Equity −$410.3MFY17Liabilities $3.40BEquity −$410.3M0000764065-19-000025 · filed 2019-02-08FY2018 · Liabilities $3.11B · Equity $424.2MFY18Liabilities $3.11BEquity $424.2M0000764065-20-000041 · filed 2020-02-20 · 0000764065-19-000025 · filed 2019-02-08FY2019 · Liabilities $3.15B · Equity $358.0MFY19Liabilities $3.15BEquity $358.0M0000764065-21-000084 · filed 2021-02-26FY2020 · Liabilities $13.69B · Equity $2.02BFY20Liabilities $13.69BEquity $2.02B0000764065-22-000037 · filed 2022-02-11FY2021 · Liabilities $13.20B · Equity $5.49BFY21Liabilities $13.20BEquity $5.49B0000764065-23-000032 · filed 2023-02-14FY2022 · Liabilities $10.71B · Equity $7.79BFY22Liabilities $10.71BEquity $7.79B0000764065-24-000038 · filed 2024-02-08FY2023 · Liabilities $9.41B · Equity $7.89BFY23Liabilities $9.41BEquity $7.89B0000764065-25-000058 · filed 2025-02-25FY2024 · Liabilities $14.08B · Equity $6.63BFY24Liabilities $14.08BEquity $6.63B0000764065-26-000025 · filed 2026-02-09FY2025 · Liabilities $13.69B · Equity $6.12BFY25Liabilities $13.69BEquity $6.12B0000764065-26-000025 · filed 2026-02-09FY25Liabilities $13.69BEquity $6.12B0000764065-26-000025 · filed 2026-02-09’09’13’17’21’25

FY2025: $20.01B assets · $13.69B liabilities · $6.12B equity

The receipts