Structural margin erosion remains a critical concern, evidenced by a negative 4.10% TTM gross margin and operating losses that widened to -4.2% 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 |
|---|
| Sales/Revenue | 18.9B | 18.61B | 19.18B | 22B | 22.99B | 20.44B | 5.35B | 1.99B | 2.33B | 2.33B | 2.11B | 2.01B | 4.62B | 5.69B | 5.87B | 6.79B | 4.68B | 2.34B | 3.61B | 2.28B | 1.92B | 1.74B | 1.21B | 857.7M | 598.6M | 330.4M | 430.1M | 361.4M | 493.8M | 438.9M | 503.2M |
| Revenue Growth % | 1.55% | -3% | -12.78% | -4.32% | 12.45% | 281.85% | 169.06% | -14.68% | 0.09% | 10.49% | 4.75% | -56.46% | -18.76% | -3.09% | -13.56% | 45.11% | 99.92% | -35.11% | 58.63% | 18.4% | 10.47% | 44.15% | 40.69% | 43.28% | 81.17% | -23.18% | 19.01% | -26.81% | 12.51% | -12.78% | 9.23% |
| Cost of Goods Sold | 19.43B | 19.37B | 19.11B | 20.61B | 20.47B | 15.91B | 5.1B | 1.41B | 1.52B | 1.82B | 1.72B | 1.78B | 4.17B | 4.54B | 4.7B | 4.11B | 3.16B | 2.03B | 2.45B | 1.81B | 1.51B | 1.35B | 1.06B | 835M | 582.7M | 401.8M | 354.6M | 296.5M | 377.7M | 335.6M | 375.3M |
| COGS % of Revenue | - | 104.1% | 99.64% | 93.68% | 89.05% | 77.82% | 95.29% | 71.07% | 65.29% | 78.13% | 81.54% | 88.25% | 90.24% | 79.81% | 80.04% | 60.43% | 67.46% | 86.81% | 67.87% | 79.69% | 78.46% | 77.64% | 87.58% | 97.35% | 97.34% | 121.61% | 82.45% | 82.04% | 76.49% | 76.46% | 74.58% |
| Gross Profit | -528M | -763M | 70M | 1.39B | 2.52B | 4.53B | 252M | 575.7M | 809.6M | 509.6M | 389.3M | 236.5M | 451.4M | 1.15B | 1.17B | 2.69B | 1.52B | 308.9M | 1.16B | 462M | 414M | 389M | 149.9M | 22.7M | 15.9M | -71.4M | 75.5M | 64.9M | 116.1M | 103.3M | 127.9M |
| Gross Margin % | -2.79% | -4.1% | 0.36% | 6.32% | 10.95% | 22.18% | 4.71% | 28.93% | 34.71% | 21.87% | 18.46% | 11.75% | 9.76% | 20.19% | 19.96% | 39.57% | 32.54% | 13.19% | 32.13% | 20.31% | 21.54% | 22.36% | 12.42% | 2.65% | 2.66% | -21.61% | 17.55% | 17.96% | 23.51% | 23.54% | 25.42% |
| Gross Profit Growth % | - | -1190% | -94.97% | -44.76% | -44.46% | 1699.21% | -56.23% | -28.89% | 58.87% | 30.9% | 64.61% | -47.61% | -60.72% | -1.95% | -56.4% | 76.48% | 393.2% | -73.36% | 151.02% | 11.59% | 6.43% | 159.51% | 560.35% | 42.77% | 122.27% | -194.57% | 16.33% | -44.1% | 12.39% | -19.23% | 5.62% |
| Operating Expenses | 675M | 593M | 826M | 714M | 575M | 502M | 394M | 146.4M | 136.4M | 77.4M | 149.4M | 85.2M | 755.6M | 104.1M | 282.5M | 354.9M | 258.5M | 120.7M | 188.6M | 83.6M | 52.3M | 46.8M | 179M | 25.1M | 23.8M | 21M | 44.3M | 38.6M | 39M | 36M | 34.3M |
| OpEx % of Revenue | - | 3.19% | 4.31% | 3.25% | 2.5% | 2.46% | 7.36% | 7.36% | 5.85% | 3.32% | 7.08% | 4.23% | 16.34% | 1.83% | 4.81% | 5.22% | 5.52% | 5.15% | 5.23% | 3.67% | 2.72% | 2.69% | 14.83% | 2.93% | 3.98% | 6.36% | 10.3% | 10.68% | 7.9% | 8.2% | 6.82% |
| Selling, General & Admin | 536M | 543M | 486M | 577M | 465M | 422M | 244M | 119.4M | 116.8M | 105.8M | 117.8M | 110M | 208.7M | 231.6M | 282.5M | 274.4M | 238M | -120.7M | 186.4M | 114.2M | 64M | 47.9M | 37.6M | 25.1M | 23.8M | 21M | 18.7M | 16.1M | 18.7M | 17.1M | 16.7M |
| SG&A % of Revenue | - | 2.92% | 2.53% | 2.62% | 2.02% | 2.06% | 4.56% | 6% | 5.01% | 4.54% | 5.59% | 5.46% | 4.51% | 4.07% | 4.81% | 4.04% | 5.08% | -5.15% | 5.16% | 5.02% | 3.33% | 2.75% | 3.12% | 2.93% | 3.98% | 6.36% | 4.35% | 4.45% | 3.79% | 3.9% | 3.32% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 50M | 340M | 137M | 110M | 80M | 150M | 27M | 19.6M | -28.4M | 31.6M | -24.8M | 546.9M | -127.5M | 0 | 80.5M | 20.5M | 241.4M | 2.2M | -30.6M | -17.3M | -2.9M | 140.5M | 0 | 0 | 0 | 25.6M | 22.5M | 20.3M | 18.9M | 17.6M |
| Operating Income | -1.2B | -1.36B | -756M | 677M | 1.94B | 4.01B | -142M | 429.3M | 673.2M | 431.5M | 240.8M | 151.3M | -9.43B | 671M | -308.8M | 2.33B | 1.26B | 230.2M | 938.9M | 378.4M | 361.7M | 342.2M | -29.1M | -2.4M | -7.9M | -92.4M | 31.2M | 26.3M | 77.1M | 67.3M | 93.6M |
| Operating Margin % | -6.36% | -7.29% | -3.94% | 3.08% | 8.43% | 19.62% | -2.65% | 21.57% | 28.86% | 18.52% | 11.42% | 7.51% | -203.86% | 11.79% | -5.26% | 34.35% | 27.02% | 9.83% | 26.01% | 16.63% | 18.82% | 19.67% | -2.41% | -0.28% | -1.32% | -27.97% | 7.25% | 7.28% | 15.61% | 15.33% | 18.6% |
| Operating Income Growth % | - | -79.37% | -211.67% | -65.09% | -51.67% | 2925.35% | -133.08% | -36.23% | 56.01% | 79.19% | 59.15% | 101.61% | -1504.77% | 317.29% | -113.23% | 84.48% | 449.52% | -75.48% | 148.12% | 4.62% | 5.7% | 1275.94% | -1112.5% | 69.62% | 91.45% | -396.15% | 18.63% | -65.89% | 14.56% | -28.1% | 4.93% |
| EBITDA | 85M | -45M | 195M | 1.65B | 2.97B | 4.92B | 166M | 514.4M | 762.2M | 519.2M | 356.2M | 285.3M | -8.92B | 1.26B | 217M | 2.76B | 1.59B | 466.8M | 1.14B | 485.6M | 445M | 395M | 200K | 26.6M | 26M | -66.2M | 56.8M | 48.8M | 97.4M | 86.2M | 111.2M |
| EBITDA Margin % | 0.45% | -0.24% | 1.02% | 7.5% | 12.93% | 24.05% | 3.1% | 25.85% | 32.68% | 22.28% | 16.89% | 14.17% | -192.96% | 22.21% | 3.7% | 40.63% | 33.9% | 19.93% | 31.59% | 21.34% | 23.16% | 22.71% | 0.02% | 3.1% | 4.34% | -20.04% | 13.21% | 13.5% | 19.72% | 19.64% | 22.1% |
| EBITDA Growth % | 133.6% | -123.08% | -88.18% | -44.5% | -39.52% | 2861.45% | -67.73% | -32.51% | 46.8% | 45.76% | 24.85% | 103.2% | -805.69% | 482.63% | -92.14% | 73.92% | 240.04% | -59.05% | 134.76% | 9.12% | 12.66% | 197400% | -99.25% | 2.31% | 139.27% | -216.55% | 16.39% | -49.9% | 12.99% | -22.48% | 4.91% |
| D&A (Non-Cash Add-back) | 1.29B | 1.31B | 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 |
| EBIT | -1.07B | -1.41B | -573M | 886M | 2.07B | 4.14B | 45M | 413.3M | 684M | 390.2M | 304.3M | 541.6M | 157M | 1.38B | -306.2M | 2.4B | 1.33B | 329.6M | 756.1M | 378.4M | 361.7M | 342.2M | 125M | -37M | -12.5M | -10.8M | 31.2M | 19.2M | 77.1M | 84.1M | 93.6M |
| Net Interest Income | -602M | -594M | -370M | -289M | -276M | -337M | -238M | -101M | -119M | -126.8M | -193.9M | -228.5M | -176.7M | -186.4M | -195.6M | -206.2M | -59.4M | -28.2M | -13.6M | 0 | 0 | 0 | 0 | 6M | -1.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.5M | 9.9M | 10.8M | 26.2M | 0 | 0 | 0 | 0 | 10.6M | 4.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 602M | 594M | 370M | 289M | 276M | 337M | 238M | 101M | 118.9M | 126.8M | 193.9M | 228.5M | 176.7M | 186.4M | 195.6M | 216.5M | 69.7M | 39M | 39.8M | 0 | 0 | 0 | 0 | 4.6M | 6.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -470M | -648M | -187M | -80M | -143M | -209M | -51M | -116.7M | -108.3M | -282M | 76.3M | 161.8M | -9.71B | -891M | -193M | -92.2M | 65.4M | 60.4M | -312.7M | 2.3M | 26.1M | 25.9M | 167.2M | 1.8M | -44.8M | -17.9M | -1.3M | -14.5M | -5.3M | 5.3M | 1.9M |
| Pretax Income | -1.67B | -2B | -943M | 597M | 1.8B | 3.8B | -193M | 312.6M | 564.7M | 137.3M | 207M | 313.1M | -9.58B | 489.3M | -501.8M | 2.24B | 1.3B | 290.6M | 716.3M | 380.7M | 387.8M | 368.1M | 285.6M | -35.2M | -57.3M | -53.6M | 16.6M | 4.7M | 71.8M | 72.6M | 95.5M |
| Pretax Margin % | -8.85% | -10.77% | -4.92% | 2.71% | 7.81% | 18.6% | -3.6% | 15.71% | 24.21% | 5.89% | 9.82% | 15.55% | -207.29% | 8.6% | -8.54% | 32.99% | 27.73% | 12.41% | 19.85% | 16.73% | 20.18% | 21.16% | 23.67% | -4.1% | -9.57% | -16.22% | 3.86% | 1.3% | 14.54% | 16.54% | 18.98% |
| Income Tax | -513M | -581M | -235M | 148M | 423M | 773M | -111M | 17.6M | -475.2M | -252.4M | -12.2M | 169.3M | -1.32B | 55.1M | 255.9M | 420.1M | 292M | 20.8M | 144.2M | 84.1M | 90.9M | 84.8M | -34.9M | -300K | 9.1M | -16.3M | -1.5M | -100K | 14.4M | 17.7M | 34.5M |
| Effective Tax Rate % | 30.66% | 28.99% | 24.92% | 24.79% | 23.55% | 20.33% | 57.51% | 5.63% | -84.15% | -183.83% | -5.89% | 54.07% | 13.75% | 11.26% | -51% | 18.74% | 22.49% | 7.16% | 20.13% | 22.09% | 23.44% | 23.04% | -12.22% | 0.85% | -15.88% | 30.41% | -9.04% | -2.13% | 20.06% | 24.38% | 36.13% |
| Net Income | -1.21B | -1.48B | -754M | 399M | 1.33B | 2.99B | -122M | 292.8M | 1.13B | 374.9M | 174.1M | -749.3M | -7.19B | 413.5M | -899.4M | 1.62B | 1.02B | 205.1M | 515.8M | 270M | 280.1M | 277.6M | 323.6M | -32.7M | -188.3M | -22.9M | 18.1M | 4.8M | 57.4M | 54.9M | 61M |
| Net Margin % | -6.42% | -7.94% | -3.93% | 1.81% | 5.81% | 14.62% | -2.28% | 14.71% | 48.37% | 16.09% | 8.26% | -37.22% | -155.48% | 7.27% | -15.31% | 23.83% | 21.78% | 8.76% | 14.29% | 11.87% | 14.58% | 15.96% | 26.82% | -3.81% | -31.46% | -6.93% | 4.21% | 1.33% | 11.62% | 12.51% | 12.12% |
| Net Income Growth % | -2.71% | -96.02% | -288.97% | -70.11% | -55.32% | 2549.18% | -141.67% | -74.04% | 200.91% | 115.34% | 123.23% | 89.58% | -1838.57% | 145.98% | -155.55% | 58.75% | 397.27% | -60.24% | 91.04% | -3.61% | 0.9% | -14.22% | 1089.6% | 82.63% | -722.27% | -226.52% | 277.08% | -91.64% | 4.55% | -10% | 5.54% |
| Net Income (Continuing) | -1.16B | -1.42B | -708M | 449M | 1.37B | 3.03B | -82M | 295M | 1.04B | 360.6M | 219.2M | 143.7M | 56.4M | 878.9M | -757.7M | 1.82B | 1.01B | 269.8M | 572.1M | 296.6M | 296.9M | 283.3M | 320.2M | -34.9M | -66.4M | -19.5M | 26.7M | 4.8M | 57.4M | 54.9M | 61M |
| Discontinued Operations | -3M | -5M | 0 | 1M | 3M | 3M | 1M | 0 | 0 | 2.5M | 76.7M | -892M | -8.36B | 0 | 35.9M | -18.5M | 0 | 0 | 0 | 200K | 300K | -10.1M | 3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 197M | 207M | 233M | 235M | 251M | 284M | 323M | 0 | 0 | 200K | 133.8M | 169.8M | -303M | 814.8M | 1.13B | 1.25B | -7.2M | -5.8M | 3.3M | 117.8M | 85.8M | 71.7M | 30M | 20.2M | 19.9M | 25.9M | 23.9M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.15 | -3.00 | -1.57 | 0.78 | 2.55 | 5.35 | -0.32 | 1.03 | 3.71 | 1.28 | 0.87 | -4.88 | -46.96 | 2.37 | -6.32 | 11.48 | 7.49 | 1.63 | 4.76 | 2.57 | 2.60 | 2.50 | 2.95 | -0.40 | -2.33 | -0.29 | 0.22 | 0.05 | 0.63 | 0.60 | 0.65 |
| EPS Growth % | 1.88% | -91.08% | -301.28% | -69.41% | -52.34% | 1771.88% | -131.07% | -72.24% | 189.84% | 47.13% | 117.83% | 89.61% | -2081.43% | 137.5% | -155.05% | 53.27% | 359.51% | -65.76% | 85.21% | -1.15% | 4% | -15.25% | 837.5% | 82.83% | -703.45% | -231.82% | 308.92% | -91.46% | 5% | -7.69% | 8.33% |
| EPS (Basic) | - | -3.00 | -1.57 | 0.78 | 2.57 | 5.62 | -0.32 | 1.06 | 3.80 | 1.30 | 0.88 | -4.89 | -46.96 | 2.40 | -6.32 | 11.55 | 7.54 | 1.64 | 5.07 | 3.19 | 3.27 | 3.13 | 3.74 | -0.40 | -2.33 | -0.29 | 0.22 | 0.05 | 0.64 | 0.60 | 0.66 |
| Diluted Shares Outstanding | 564.29M | 492.16M | 480M | 511M | 524M | 558M | 379M | 284.48M | 304.14M | 292.96M | 200.15M | 153.6M | 153.1M | 174.32M | 142.35M | 141.01M | 136.14M | 125.8M | 108.3M | 105.03M | 107.65M | 111.35M | 109.68M | 82.05M | 80.99M | 80.35M | 84.19M | 88.8M | 90.4M | 92M | 93.31M |
| Basic Shares Outstanding | 564.29M | 492.16M | 480M | 510M | 519M | 558.56M | 379M | 276.76M | 297.18M | 288.44M | 197.66M | 153.23M | 153.1M | 151.73M | 142.35M | 140.23M | 135.3M | 125M | 101.5M | 82.99M | 84.14M | 86.91M | 85.23M | 82.05M | 80.99M | 80.35M | 83.22M | 88.8M | 89.6M | 91.2M | 92.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 39.72% | 3.92% | 14.11% | 34.41% | - | - | 30.86% | - | 7.34% | 6.76% | 15.55% | 7% | 7.74% | 7.21% | 4.72% | 0.68% | - | - | - | 86.74% | 347.92% | 28.4% | 26.96% | 24.75% |
Persistent negative operating margins
According to the provided quarterly income statements, Cleveland-Cliffs has experienced inconsistent top-line performance, with revenue growth fluctuating between a 15.4% contraction in 2024Q4 and a modest 6.3% expansion in 2026Q1, reflecting the company's high sensitivity to volatile North American industrial and automotive demand cycles.
The revenue trajectory suggests a lack of sustained momentum, likely driven by the company's heavy reliance on fixed-price automotive contracts that lag broader market pricing. Investors should monitor whether the recent return to positive growth in 2026Q1 represents a durable recovery or merely a temporary rebound from depressed prior-year comparables.
As reported in financial statements, the company has struggled with persistent gross margin erosion, culminating in a negative 4.10% TTM gross margin, which underscores the difficulty of absorbing high fixed costs during periods of unfavorable pricing and capacity utilization within the integrated steelmaking segment.
The inability to maintain positive gross margins suggests that the company's high-cost blast furnace operations are currently uncompetitive in the prevailing pricing environment. This structural weakness implies that profitability may remain elusive until the company can either significantly reduce its cost base or achieve higher capacity utilization rates.
Based on the reported figures, Cleveland-Cliffs has failed to demonstrate positive operating leverage, as operating losses have consistently widened during periods of revenue contraction, with operating margins reaching as low as -11.6% in 2025Q1, indicating that overhead and production costs remain stubbornly high relative to output.
The lack of operating leverage highlights the rigidity of the company's cost structure, which appears to be dominated by fixed expenses that do not scale down effectively with revenue. This dynamic suggests that the company is highly vulnerable to further demand shocks, as any decline in volume disproportionately impacts the bottom line.
Data from recent filings indicates that the company's persistent net losses, including a -7.94% net margin, raise significant questions regarding the long-term viability of its current integrated production model without a substantial improvement in the pricing environment or a fundamental shift in its cost structure.
Short-sellers would likely focus on the company's inability to generate consistent net income, which may necessitate further capital preservation measures or debt restructuring. The current financial profile suggests that the company's competitive advantage in vertical integration is currently being overshadowed by the heavy burden of its legacy asset base.
Quick answers to the most common questions about buying CLF stock.
For fiscal year 2025, Cleveland-Cliffs Inc. (CLF) reported total revenue of $18.61B. This represents a 3598.3% increase compared to $503.2M in 1996.
Cleveland-Cliffs Inc. (CLF) reported a net loss of $1.48B for the fiscal year ending 2025.
Cleveland-Cliffs Inc. (CLF) reported an operating income of $-1356.0M, resulting in an operating profit margin of -7.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Cleveland-Cliffs Inc. (CLF) generated $-763.0M in gross profit for the year, representing a gross profit margin of -4.1%. This demonstrates the company's core pricing power and production efficiency.