CLF

MKT CAP:$6B

Cleveland-Cliffs Inc.

Market Cap

$6B

Basic Materials·Steel·🇺🇸 United States·NYSE

Materials·Steel·🇺🇸·NYSE

Stock Price

$9.50-$4.10 (-30.15%)

Apr 22, 2026

Company Details

Cleveland-Cliffs Inc. operates as a flat-rolled steel producer in North America. The company offers carbon steel products, such as hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized, hot-dip galvannealed, aluminized, enameling, ...

CEO

C. Lourenco Goncalves

IPO Date

Nov 5, 1987

Website

www.clevelandcliffs.com

Key Metrics TTM

Revenue

$18.2B

-8.9% YoY

Net Income

-$1.7B

EPS (Diluted)

-$3.38

Free Cash Flow

-$1.4B

Revenue / Share

$36.98

Gross Margin

-5.8%

Operating Margin

-10.0%

Net Margin

-9.2%

FCF Margin

-7.7%

P/S

0.3x

P/E

—

Earnings Reports

Q4 2025

Feb 9, 2026

$4.3B-0.3%EPS -$0.49

Q2 2025

Jul 23, 2025

$4.9B-3.1%EPS -$0.97

Q1 2025

May 8, 2025

$4.6B-11.0%EPS -$1.00

FY 2024

Feb 25, 2025

$19.2B-12.8%EPS -$1.57

Q4 2024

Feb 25, 2025

$4.3B-15.4%EPS -$0.92

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$6.0B	$1.8B	$1.6B
Q4 21	$5.3B	$1.3B	$1.1B
Q1 22	$6.0B	$1.2B	$1.1B
Q2 22	$6.3B	$981M	$840M
Q3 22	$5.7B	$348M	$187M
Q4 22	$5.0B	-$60M	-$182M
Q2 23	$6.0B	$644M	$483M
Q3 23	$5.6B	$480M	$325M
Q4 23	$5.1B	$168M	-$100M
Q1 24	$5.2B	$285M	-$38M
Q2 24	$5.1B	$162M	$6M
Q3 24	$4.6B	-$104M	-$259M
Q4 24	$4.3B	-$273M	-$465M
Q1 25	$4.6B	-$391M	-$538M
Q2 25	$4.9B	-$209M	-$498M
Q4 25	$4.3B	-$191M	-$322M

Valuation

Quarter	P/S	P/E
Q3 21	0.3x	2.8x
Q4 21	0.3x	1.9x
Q1 22	0.2x	1.5x
Q2 22	0.2x	1.6x
Q3 22	0.2x	2.3x
Q4 22	0.2x	4.2x
Q2 23	0.2x	6.3x
Q3 23	0.2x	10.1x
Q4 23	0.3x	23.0x
Q1 24	0.3x	14.3x
Q2 24	0.3x	126.6x
Q3 24	0.3x	—
Q4 24	0.3x	—
Q1 25	0.3x	—
Q2 25	0.3x	—
Q4 25	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$1.5B	$1.3B
Q4 21	$1.1B	$905M
Q1 22	$533M	$297M
Q2 22	$865M	$633M
Q3 22	$536M	$288M
Q4 22	$489M	$262M
Q2 23	$887M	$756M
Q3 23	$767M	$605M
Q4 23	$618M	$453M
Q1 24	$142M	-$40M
Q2 24	$519M	$362M
Q3 24	-$84M	-$235M
Q4 24	-$472M	-$677M
Q1 25	-$351M	-$503M
Q2 25	$45M	-$67M
Q4 25	-$13M	-$153M

Capital Expenditures

Quarter	CapEx
Q3 21	$175M
Q4 21	$232M
Q1 22	$236M
Q2 22	$232M
Q3 22	$248M
Q4 22	$227M
Q2 23	$131M
Q3 23	$162M
Q4 23	$165M
Q1 24	$182M
Q2 24	$157M
Q3 24	$151M
Q4 24	$205M
Q1 25	$152M
Q2 25	$112M
Q4 25	$140M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+1024.1%	+862.6%
Q4 21	+389.2%	+225.0%
Q1 22	+47.1%	+25.5%
Q2 22	+25.6%	+38.2%
Q3 22	-5.8%	+25.5%
Q4 22	-5.6%	+23.6%
Q2 23	+0.5%	+13.2%
Q3 23	-11.6%	-3.9%
Q4 23	-9.6%	-4.6%
Q1 24	+3.1%	+0.2%
Q2 24	-14.9%	-7.5%
Q3 24	-18.5%	-8.6%
Q4 24	-15.4%	-8.1%
Q1 25	-11.0%	-1.3%
Q2 25	-3.1%	+6.8%
Q4 25	-5.6%	-4.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q3 21	$112M
Q4 21	$111M
Q1 22	$122M
Q2 22	$107M
Q3 22	$124M
Q4 22	$116M
Q2 23	$149M
Q3 23	$144M
Q4 23	$157M
Q1 24	$132M
Q2 24	$103M
Q3 24	$112M
Q4 24	$139M
Q1 25	$133M
Q2 25	$137M
Q4 25	$144M

Revenue Segments

Quarter	Other Businesses	Steelmaking	Other businesses
Q3 21	$135M	$5.9B	—
Q4 21	—	$5.2B	$155M
Q1 22	$161M	$5.8B	—
Q2 22	$161M	$6.2B	—
Q3 22	$142M	$5.5B	—
Q4 22	—	$4.9B	$142M
Q2 23	$176M	$5.8B	—
Q1 25	$162M	$4.5B	—
Q2 25	$163M	$4.8B	—
Q4 25	—	$4.2B	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$47M	$0	$47M
Q3 22	$56M	$0	$56M
Q4 22	$26M	$0	$26M
Q1 23	$59M	$0	$59M
Q2 23	$34M	$0	$34M
Q3 23	$31M	$0	$31M
Q4 23	$198M	$0	$198M
Q1 24	$30M	$0	$30M
Q2 24	$110M	$0	$110M
Q3 24	$39M	$0	$39M
Q4 24	$54M	$0	$54M
Q1 25	$57M	$0	$57M
Q2 25	$61M	$0	$61M
Q3 25	$66M	$0	$66M
Q4 25	$57M	$0	$57M
Q1 26	$45M	$0	$45M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	547M	-2.1%	+100.0%
Q4 21	528M	-3.4%	+32.4%
Q1 22	532M	+0.7%	-6.8%
Q2 22	526M	-1.1%	-5.9%
Q3 22	519M	-1.3%	-5.1%
Q4 22	513M	-1.1%	-2.9%
Q2 23	514M	+0.1%	-3.4%
Q3 23	509M	-1.0%	-3.2%
Q4 23	505M	-0.8%	-2.7%
Q1 24	492M	-2.6%	-4.2%
Q2 24	474M	-3.7%	-7.8%
Q3 24	468M	-1.3%	-8.1%
Q4 24	486M	+3.8%	-3.8%
Q1 25	495M	+1.9%	+0.6%
Q2 25	498M	+0.6%	+5.1%
Q4 25	492M	-1.2%	+5.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$240.2K	25K
Q4 21	$205.6K	26K
Q1 22	$229.0K	26K
Q2 22	$243.7K	26K
Q3 22	$217.4K	26K
Q4 22	$186.8K	27K
Q2 23	$221.6K	27K
Q3 23	$207.6K	27K
Q4 23	$182.6K	28K
Q1 24	$185.7K	28K
Q2 24	$181.9K	28K
Q3 24	$163.2K	28K
Q4 24	$144.2K	30K
Q1 25	$154.3K	30K
Q2 25	$164.5K	30K
Q4 25	$172.5K	25K

Revenue / Employee