CLEVELAND-CLIFFS INC.CLFEarnings & Financial Report
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
$4.7B
Gross Profit
$-46.0M
Operating Profit
$-204.0M
Net Profit
$-251.0M
Gross Margin
-1.0%
Operating Margin
-4.3%
Net Margin
-5.3%
YoY Growth
3.6%
EPS
$-0.51
CLEVELAND-CLIFFS INC. Q3 FY2025 Financial Summary
CLEVELAND-CLIFFS INC. reported revenue of $4.7B (up 3.6% YoY) for Q3 FY2025, with a net profit of $-251.0M (down 3.7% YoY) (-5.3% margin). Cost of goods sold was $4.8B, operating expenses totaled $158.0M.
Key Financial Metrics
| Total Revenue | $4.7B |
|---|---|
| Net Profit | $-251.0M |
| Gross Margin | -1.0% |
| Operating Margin | -4.3% |
| Report Period | Q3 FY2025 |
Revenue Breakdown
CLEVELAND-CLIFFS INC. Q3 FY2025 revenue of $4.7B breaks down across 8 segments, led by Automotive at $1.4B (28.6% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Automotive | $1.4B | 28.6% |
| Hot Rolled Steel | $1.1B | 23.7% |
| Cold Rolled Steel | $636.0M | 13.4% |
| Steel Producers | $591.0M | 12.5% |
| Other | $405.0M | 8.6% |
| Plate Steel | $286.0M | 6.0% |
| Slab And Other Steel Products | $204.0M | 4.3% |
| Other Businesses | $173.0M | 3.7% |
CLEVELAND-CLIFFS INC. Revenue by Segment — Quarterly Trend
CLEVELAND-CLIFFS INC. revenue by segment across the last 4 reported quarters, showing how each business line (such as Automotive and Hot Rolled Steel) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Automotive | $1.1B | $1.4B | — | — |
| Hot Rolled Steel | $1.1B | $1.1B | $1.3B | $1.2B |
| Cold Rolled Steel | $530.0M | $636.0M | $645.0M | $591.0M |
| Steel Producers | $555.0M | $591.0M | — | $588.0M |
| Other | $409.0M | $405.0M | $417.0M | $411.0M |
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 |
CLEVELAND-CLIFFS INC. Quarterly Revenue & Net Profit History
CLEVELAND-CLIFFS INC. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $4.3B | -0.3% | $-241.0M | -5.6% |
| Q3 FY2025 | $4.7B | +3.6% | $-251.0M | -5.3% |
| Q2 FY2025 | $4.9B | -3.1% | $-470.0M | -9.5% |
| Q1 FY2025 | $4.6B | -11.0% | $-483.0M | -10.4% |
| Q4 FY2024 | $4.3B | -15.4% | $-447.0M | -10.3% |
| Q3 FY2024 | $4.6B | -18.5% | $-242.0M | -5.3% |
| Q2 FY2024 | $5.1B | -14.9% | $2.0M | 0.0% |
| Q1 FY2024 | $5.2B | -1.8% | $-67.0M | -1.3% |
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 |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $142.0M | $519.0M | $-84.0M | $-472.0M | $-351.0M | $45.0M | $-143.0M | $-13.0M |