CLEVELAND-CLIFFS INC.CLFEarnings & Financial Report

NYSE · iron and steel industry

Cleveland-Cliffs Inc. is an American steel manufacturer based in Cleveland, Ohio. It specializes in the mining, beneficiation, and pelletizing of iron ore, as well as steelmaking, including stamping and tooling. The company is ranked 22nd on the list of steel producers and is the second-largest steel producer in the United States after Nucor. It is the largest flat-rolled steel producer in North America. The company is ranked 221st on the Fortune 500 and 1511th on the Forbes Global 2000.

Revenue

$4.3B

Gross Profit

$-214.0M

Operating Profit

$-339.0M

Net Profit

$-241.0M

Gross Margin

-5.0%

Operating Margin

-7.9%

Net Margin

-5.6%

YoY Growth

-0.3%

Financial Flow

CLEVELAND-CLIFFS INC. Q4 2025 Financial Summary

CLEVELAND-CLIFFS INC. reported revenue of $4.3B for Q4 2025, with a net profit of $-241.0M (-5.6% margin). Cost of goods sold was $4.5B, operating expenses totaled $125.0M.

Key Financial Metrics

Total Revenue	$4.3B
Net Profit	$-241.0M
Gross Margin	-5.0%
Operating Margin	-7.9%
Report Period	Q4 2025

CLEVELAND-CLIFFS INC. Annual Revenue by Year

CLEVELAND-CLIFFS INC. annual revenue history includes year-by-year totals (for example, 2025 revenue was $18.6B).

Year	Annual Revenue
2025	$18.6B
2024	$19.2B
2023	$22.0B
2022	$23.0B

Income Statement

	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Revenue	$5.20B	$5.09B	$4.57B	$4.33B	$4.63B	$4.93B	$4.73B	$4.31B
YoY Growth	-1.8%	-14.9%	-18.5%	-15.4%	-11.0%	-3.1%	3.6%	-0.3%

Balance Sheet

	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Assets	$17.24B	$16.93B	$16.80B	$20.95B	$20.84B	$20.47B	$20.29B	$20.01B
Liabilities	$9.79B	$9.56B	$9.70B	$14.05B	$14.35B	$14.43B	$14.58B	$13.69B
Equity	$7.20B	$7.11B	$6.85B	$6.66B	$6.25B	$5.82B	$5.47B	$6.12B