Cleveland-Cliffs Inc. (CLF) quarterly cash flow statement — complete operating, investing & financing history
Cleveland-Cliffs Inc. (CLF) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 230M | -325M | -13M | -143M | 45M | -351M | -472M | -84M | 519M | 142M | 618M | 767M | 887M | -39M | 489M | 536M | 865M | 533M | 1.14B | 1.52B |
| Operating CF Margin % | 4.4% | -6.6% | -0.3% | -3.02% | 0.91% | -7.58% | -10.91% | -1.84% | 10.19% | 2.73% | 12.09% | 13.68% | 14.82% | -0.74% | 9.69% | 9.48% | 13.65% | 8.95% | 21.27% | 25.25% |
| Operating CF Growth % | 411.11% | 7.41% | 97.25% | -70.24% | -91.33% | -347.18% | -176.38% | -110.95% | -41.49% | 464.1% | 26.38% | 43.1% | 2.54% | -107.32% | -56.99% | -64.64% | 69.28% | 240.63% | 647.16% | 516.26% |
| Net Income | -143M | -234M | -241M | -248M | -483M | -495M | -447M | -242M | 2M | -67M | -154M | 263M | 347M | -58M | -215M | 152M | 595M | 800M | 892M | 1.27B |
| Depreciation & Amortization | 262M | 259M | 272M | 288M | 393M | 282M | 258M | 235M | 228M | 230M | 235M | 249M | 247M | 242M | 246M | 237M | 250M | 301M | 235M | 241M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -17M | -85M | -125M | -80M | -150M | -151M | -195M | 0 | 0 | 0 | -18M | 116M | 20M | -4M | -120M | 59M | 151M | 0 | 210M | 332M |
| Other Non-Cash Items | 29M | 7M | -96M | 26M | 105M | 29M | 141M | -20M | 3M | 196M | 17M | 19M | 5M | 15M | 6M | 2M | 18M | 112M | 52M | 15M |
| Working Capital Changes | 99M | -272M | 177M | -129M | 180M | -16M | -229M | -57M | 286M | -217M | 538M | 120M | 268M | -234M | 572M | 86M | -149M | -680M | -252M | -345M |
| Change in Receivables | -166M | -441M | 349M | -16M | 24M | -223M | 106M | 191M | 94M | -27M | 284M | 169M | -76M | -257M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 55M | 174M | -84M | 3M | 214M | 182M | -195M | -37M | 235M | -8M | 132M | 135M | 196M | 207M | 412M | 246M | -222M | -372M | -577M | -236M |
| Change in Payables | 236M | 41M | -47M | -28M | -60M | 57M | -191M | -41M | -6M | -170M | 99M | -17M | 12M | -90M | -182M | -383M | 186M | 193M | 72M | 219M |
| Cash from Investing | -126M | -140M | -85M | -138M | -111M | -145M | -2.73B | -146M | -152M | -179M | -121M | -160M | -125M | -185M | -209M | -260M | -232M | -235M | -965M | -172M |
| Capital Expenditures | -157M | -152M | -140M | -157M | -112M | -152M | -205M | -151M | -157M | -182M | -165M | -162M | -131M | -188M | -227M | -248M | -232M | -236M | -232M | -175M |
| CapEx % of Revenue | 3% | 3.09% | 3.25% | 3.32% | 2.27% | 3.28% | 4.74% | 3.3% | 3.08% | 3.5% | 3.23% | 2.89% | 2.19% | 3.55% | 4.5% | 4.39% | 3.66% | 3.96% | 4.34% | 2.91% |
| Acquisitions | 0 | 0 | 53M | 0 | 0 | 0 | -2.51B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31M | 0 | 0 | -707M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 31M | 12M | 2M | 19M | 1M | 7M | -18M | 5M | 5M | 3M | 44M | 2M | 6M | 3M | 18M | 19M | 0 | 1M | -26M | 3M |
| Cash from Financing | -79M | 454M | 89M | 286M | 68M | 499M | 3.23B | 159M | -287M | -131M | -330M | -610M | -787M | 257M | -310M | -267M | -621M | -311M | -166M | -1.38B |
| Debt Issued (Net) | -63M | 507M | -802M | 308M | 121M | 532M | 3.28B | 213M | -165M | 502M | -291M | -508M | -622M | 307M | -229M | -191M | -429M | -254M | -149M | -4M |
| Equity Issued (Net) | 0 | 0 | 951M | 0 | 0 | 0 | 0 | 0 | -125M | -608M | 0 | -58M | -94M | 0 | -30M | -34M | -157M | -19M | 0 | -1.34B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -125M | -608M | 0 | -58M | -94M | 0 | -30M | -34M | -157M | -19M | 0 | -1.34B |
| Other Financing | -16M | -53M | -60M | -22M | -53M | -33M | -48M | -54M | 3M | -25M | -39M | -44M | -71M | -50M | -51M | -42M | -35M | -38M | -17M | -28M |
| Net Change in Cash | 25M | -12M | -9M | 5M | 4M | 3M | 15M | -71M | 80M | -168M | 167M | -3M | -25M | 33M | -30M | 9M | 12M | -13M | 6M | -31M |
| Free Cash Flow | 73M | -477M | -153M | -300M | -67M | -503M | -677M | -235M | 362M | -40M | 453M | 605M | 756M | -227M | 262M | 288M | 633M | 297M | 905M | 1.34B |
| FCF Margin % | 1.4% | -9.69% | -3.55% | -6.34% | -1.36% | -10.87% | -15.65% | -5.14% | 7.11% | -0.77% | 8.86% | 10.79% | 12.63% | -4.29% | 5.19% | 5.09% | 9.99% | 4.99% | 16.93% | 22.34% |
| FCF Growth % | 208.96% | 5.17% | 77.4% | -27.66% | -118.51% | -1157.5% | -249.45% | -138.84% | -52.12% | 82.38% | 72.9% | 110.07% | 19.43% | -176.43% | -71.05% | -78.52% | 81.38% | 157.67% | 355.72% | 794% |
| FCF per Share | 0.13 | -0.85 | -0.31 | -0.61 | -0.13 | -1.02 | -1.39 | -0.50 | 0.76 | -0.08 | 0.90 | 1.19 | 1.47 | -0.44 | 0.51 | 0.55 | 1.20 | 0.56 | 1.71 | 2.45 |
| FCF Conversion (FCF/Net Income) | -1.59x | 1.37x | 0.05x | 0.57x | -0.09x | 0.71x | 1.06x | 0.35x | 259.50x | -2.12x | -3.99x | 2.91x | 2.56x | 0.68x | -2.29x | 3.53x | 1.45x | 0.67x | 1.27x | 1.19x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 77M | 0 | 0 | 81M | 53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 0 | 9M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |