Operational cash flow remains under pressure, as evidenced by a -15.7% free cash flow margin in 2024Q4 and a precarious cash balance of only $45 million in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -436M | -462M | 105M | 2.23B | 2.42B | 2.79B | -261M | 562.5M | 478.5M | 338.1M | 303M | 22.7M | 358.9M | 1.15B | 514.5M | 2.38B | 1.32B | 185.7M | 853.2M | 288.9M | 428.5M | 514.6M | -141.4M | 42.7M | 40.9M | 6.8M | 28M | 4M | 92.1M | 42.3M | 83.4M |
| Operating CF Margin % | - | -2.48% | 0.55% | 10.15% | 10.54% | 13.62% | -4.87% | 28.27% | 20.52% | 14.51% | 14.37% | 1.13% | 7.76% | 20.13% | 8.76% | 34.99% | 28.19% | 7.93% | 23.64% | 12.7% | 22.3% | 29.58% | -11.72% | 4.98% | 6.83% | 2.06% | 6.51% | 1.11% | 18.65% | 9.64% | 16.57% |
| Operating CF Growth % | -56.91% | -540% | -95.3% | -7.84% | -13% | 1167.05% | -146.4% | 17.55% | 41.53% | 11.58% | 1234.8% | -93.68% | -68.68% | 122.72% | -78.36% | 80.11% | 610.82% | -78.23% | 195.33% | -32.58% | -16.73% | 463.93% | -431.15% | 4.4% | 501.47% | -75.71% | 600% | -95.66% | 117.73% | -49.28% | 43.79% |
| Net Income | -1.21B | -1.43B | -754M | 398M | 1.38B | 2.98B | -123M | 294.5M | 1.04B | 364.5M | 194M | 142.8M | -7.22B | 411.5M | -935.3M | 1.64B | 1.02B | 205.1M | 515.8M | 269.8M | 279.8M | 273.2M | 320.2M | -34.9M | -66.4M | -22.9M | 18.1M | 4.8M | 57.4M | 54.9M | 61M |
| Depreciation & Amortization | 1.21B | 1.24B | 951M | 973M | 1.03B | 904M | 308M | 85.1M | 89M | 87.7M | 115.4M | 134M | 504M | 593.3M | 525.8M | 426.9M | 322.3M | 236.6M | 201.1M | 107.2M | 83.3M | 52.8M | 29.3M | 29M | 33.9M | 26.2M | 25.6M | 22.5M | 20.3M | 18.9M | 17.6M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -440M | -506M | -195M | 114M | 90M | 767M | -101M | 16.8M | -460.5M | 0 | 0 | 159.8M | -1.15B | -138.1M | 127M | 0 | 15.2M | 60.8M | -88.5M | -33.1M | -4.8M | -4.4M | -86.7M | 500K | 13.9M | -12.8M | 9.6M | -200K | 3.1M | 16.4M | 10.9M |
| Other Non-Cash Items | 42M | 25M | 320M | 56M | -110M | 326M | -85M | 128.7M | -222.6M | 205.4M | -133.5M | -493.3M | 8.32B | 272.2M | 1.2B | -18.5M | 16.3M | -159.3M | 124.5M | -27.2M | -39.2M | -15M | -187.8M | 51.2M | 168.5M | -16.2M | 23.6M | 8.5M | -5.7M | -15.9M | 100K |
| Working Capital Changes | -44M | 212M | -217M | 692M | 33M | -2.2B | -260M | 37.4M | 32.7M | -319.5M | 127.1M | 79.4M | -83.3M | 7M | -401M | 331.5M | -53.7M | -157.5M | 100.3M | -27.8M | 109.4M | 208M | -216.4M | -5.3M | 12.9M | 32.5M | -48.9M | -31.6M | 17M | -32M | -6.2M |
| Change in Receivables | -84M | 134M | 364M | 120M | 197M | 0 | 0 | 0 | 0 | 0 | 0 | 369.1M | -82.8M | 138.8M | -74.8M | 81.4M | -204.6M | -24.2M | -55.4M | 18M | 34M | 27.7M | -50.7M | -2.1M | 21.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 307M | 315M | -5M | 670M | 64M | -1.37B | -146M | -136.3M | 42.9M | -1.8M | 157.8M | -62M | 37.8M | 30.8M | 39.9M | -74.5M | 61.2M | 7.7M | -44.6M | 3.2M | 0 | 0 | -3.4M | -12M | -15.2M | -100K | -60.3M | 6.4M | 2.3M | -13.3M | 11.3M |
| Change in Payables | -94M | -78M | -408M | 4M | -70M | 374M | 3M | -80.8M | -62.5M | -69M | -73.9M | -227.7M | -38.3M | -109.8M | -366.1M | 324.6M | 89.7M | -141M | 142.3M | -14.8M | 56.4M | 63.5M | 20.4M | -78.6M | -89.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -474M | -479M | -3.21B | -591M | -936M | -1.38B | -2.04B | -644.4M | -273.1M | -160M | -57.9M | -91.8M | -103.6M | -811.3M | -961.8M | -5.3B | -1.37B | -179.3M | -795.6M | -745.4M | -127.4M | -514.7M | 127.6M | -14.7M | -35.8M | -5.9M | -38.6M | -32.8M | -49.9M | -72M | -32.3M |
| Capital Expenditures | -561M | -561M | -695M | -646M | -943M | -705M | -525M | -656M | -296.1M | -155.7M | -69.1M | -83.4M | -284.1M | -861.6M | -1.13B | -880.7M | -266.9M | -116.3M | -182.5M | -199.5M | -132.9M | -106.3M | -60.7M | -21.6M | -10.6M | -9.2M | -23.4M | -33.3M | -51.4M | -76.9M | -36.7M |
| CapEx % of Revenue | 2.97% | 3.01% | 3.62% | 2.94% | 4.1% | 3.45% | 9.81% | 32.97% | 12.7% | 6.68% | 3.28% | 4.14% | 6.14% | 15.14% | 19.2% | 12.96% | 5.7% | 4.97% | 5.06% | 8.77% | 6.92% | 6.11% | 5.03% | 2.52% | 1.77% | 2.78% | 5.44% | 9.21% | 10.41% | 17.52% | 7.29% |
| Acquisitions | 53M | 0 | -2.51B | 0 | -31M | -707M | -1.53B | 0 | 0 | -105M | 3.6M | 0 | 155M | 0 | 152.6M | -4.4B | -935.4M | 28.3M | 41.2M | -320.6M | 5.5M | 0 | 4.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 34M | 82M | -5M | 55M | 38M | 33M | 10M | 11.6M | 23M | -4.3M | 7.6M | -7.2M | 25.5M | 50.3M | 13.1M | 107.6M | 0 | 0 | -579M | 0 | 300K | -7.6M | 23.3M | 6.9M | -25.2M | 3.3M | -15.2M | 500K | 1.5M | 900K | 4.4M |
| Cash from Financing | 897M | 942M | 2.97B | -1.47B | -1.51B | -1.47B | 2.06B | -394.1M | -375.2M | 603.9M | -206.4M | 61M | -288.3M | -171.9M | 119.6M | 1.98B | 1.09B | 304.3M | 32.4M | 250.1M | -148.4M | -13.6M | 155.9M | -22M | -127.1M | 153M | -27.1M | -33.9M | -27.8M | -19.7M | -38.5M |
| Debt Issued (Net) | 134M | 159M | 3.83B | -1.11B | -1.1B | -319M | 2.17B | -15.2M | -234.5M | 22.2M | -406.2M | 244M | -28.8M | -1.17B | 367.9M | 1.58B | 1.17B | -6.4M | 76.6M | 272.5M | -3.9M | 0 | -25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 951M | 951M | -733M | -152M | -240M | -1.02B | 0 | -252.9M | -47.5M | 661.3M | 287.4M | 0 | 0 | 994.7M | 0 | 563.9M | 0 | 347.3M | 0 | -2.2M | -121.8M | 3M | 177.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -41M | -116.3M | -44.2M | -52.9M | -59.9M | -91.8M | -143.7M | -127.6M | -307.2M | -118.9M | -68.9M | -31.9M | -37.2M | -26.4M | -25.8M | -18.7M | -6.1M | 0 | 0 | -4.1M | -15.7M | -16.7M | -16.3M | -14.8M | -15.1M |
| Share Repurchases | 0 | 0 | -733M | -152M | -240M | -1.34B | 0 | -252.9M | -47.5M | 0 | 0 | 0 | 0 | 0 | 0 | -289.8M | 0 | 0 | 0 | -2.2M | -121.5M | 0 | -6.5M | 0 | 0 | 0 | -15.6M | -17.2M | -11.5M | -4.9M | -19.5M |
| Other Financing | -188M | -168M | -124M | -204M | -166M | -130M | -74M | -9.7M | -49M | -26.7M | -27.7M | -91.2M | -115.8M | 133.1M | 58.9M | -48M | -14.9M | -4.7M | -7M | 6.2M | 3.1M | 2.1M | 9.7M | -22M | -127.1M | 157.1M | -11.4M | -17.2M | -11.5M | -4.9M | -23.4M |
| Net Change in Cash | -12M | 3M | -144M | 172M | -22M | -64M | -247.6M | -463.6M | -155.1M | 654.9M | 38.2M | -5.7M | -44.6M | 140.3M | -326.4M | -1.05B | 1.06B | 323.7M | 21.9M | -194.6M | 158.9M | 192.8M | 0 | 6M | -122M | 153.9M | -37.7M | -62.7M | -27.8M | -49.5M | 12.4M |
| Free Cash Flow | -997M | -1.02B | -590M | 1.59B | 1.48B | 2.08B | -786M | -93.5M | 182.4M | 186.4M | 233.9M | -58.1M | 74.8M | 284.3M | -613M | 1.5B | 1.05B | 69.4M | 670.7M | 89.4M | 295.6M | 408.3M | -202.1M | 21.1M | 30.3M | -2.4M | 4.6M | -29.3M | 40.7M | -34.6M | 46.7M |
| FCF Margin % | -5.27% | -5.5% | -3.08% | 7.21% | 6.44% | 10.17% | -14.68% | -4.7% | 7.82% | 8% | 11.09% | -2.89% | 1.62% | 5% | -10.44% | 22.03% | 22.49% | 2.96% | 18.58% | 3.93% | 15.38% | 23.47% | -16.75% | 2.46% | 5.06% | -0.73% | 1.07% | -8.11% | 8.24% | -7.88% | 9.28% |
| FCF Growth % | 5.32% | -73.39% | -137.18% | 7.23% | -28.85% | 364.63% | -740.64% | -151.26% | -2.15% | -20.31% | 502.58% | -177.67% | -73.69% | 146.38% | -140.95% | 42.13% | 1417.44% | -89.65% | 650.22% | -69.76% | -27.6% | 302.03% | -1057.82% | -30.36% | 1362.5% | -152.17% | 115.7% | -171.99% | 217.63% | -174.09% | 31.55% |
| FCF per Share | -1.77 | -2.08 | -1.23 | 3.11 | 2.82 | 3.73 | -2.07 | -0.33 | 0.60 | 0.64 | 1.17 | -0.38 | 0.49 | 1.63 | -4.31 | 10.61 | 7.74 | 0.55 | 6.19 | 0.85 | 2.75 | 3.67 | -1.84 | 0.26 | 0.37 | -0.03 | 0.05 | -0.33 | 0.45 | -0.38 | 0.50 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.31x | -0.14x | 5.60x | 1.81x | 0.93x | 2.14x | 1.92x | 0.42x | 0.90x | 1.74x | -0.03x | -0.05x | 2.77x | -0.57x | 1.47x | 1.29x | 0.91x | 1.65x | 1.07x | 1.53x | 1.85x | -0.44x | -1.31x | -0.22x | -0.30x | 1.55x | 0.83x | 1.60x | 0.77x | 1.37x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative cash generation
As reported in financial statements, the relationship between net income and operating cash flow has become increasingly erratic, with the OCF/NI ratio reaching 1.37 in 2026Q1, suggesting that non-cash charges and working capital volatility are masking the underlying severity of the company's operational cash burn.
The persistent gap between accounting losses and cash flow suggests that the company is struggling to convert its production efforts into realized liquidity. Investors should monitor whether this divergence indicates an accumulation of non-cash expenses or a fundamental inability to manage cash-based operational costs during cyclical downturns.
Based on the provided quarterly data, Cleveland-Cliffs has seen its free cash flow margin deteriorate significantly, bottoming out at -15.7% in 2024Q4, which highlights the company's inability to generate self-sustaining cash flow amidst a challenging pricing environment and high fixed-cost requirements.
The consistent negative FCF trajectory implies that the company is currently reliant on external financing or existing cash reserves to fund its ongoing operations. This trend warrants further investigation into whether the current capital intensity is sustainable if the pricing environment for flat-rolled steel remains depressed.
According to recent SEC filings, working capital changes have been highly inconsistent, swinging from a $538 million inflow in 2023Q4 to a $272 million outflow in 2026Q1, reflecting the company's difficulty in managing inventory and receivables during periods of fluctuating industrial demand.
The volatility in working capital suggests that the company's cash position is highly sensitive to the timing of inventory builds and customer payments. This instability appears to exacerbate the company's liquidity risks, as cash is frequently tied up in operational cycles rather than being available for debt service.
As indicated by the financial data, the company has maintained a consistent capital expenditure profile, with CapEx/Revenue ratios hovering around 3.3%, even as operating margins have turned negative, suggesting that maintenance requirements remain a significant drain on limited cash resources.
The persistence of capital spending despite negative profitability may indicate that the company is prioritizing the upkeep of its integrated assets over immediate cash preservation. Analysts should consider whether this level of capital intensity is necessary for long-term competitiveness or if it represents a structural burden during cyclical troughs.
Quick answers to the most common questions about buying CLF stock.
Cleveland-Cliffs Inc. (CLF) generated $-462.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cleveland-Cliffs Inc. (CLF) reported negative free cash flow of $1.02B in 2025, indicating capital requirements exceeded cash from operations.
Cleveland-Cliffs Inc. (CLF) spent $561.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.