Revenue has stabilized at $5.2B in 2026Q2 with 5.9% growth, but gross margin remains deeply negative at -4.1% TTM, with COGS exceeding revenue in six of the last ten quarters.
Cleveland-Cliffs Inc. (CLF) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 19.2B | 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 % | 4% | -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 | 19.32B | 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 | -124M | -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 % | -0.65% | -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 | 567M | 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 | 553M | 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 | -691M | -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 % | -3.6% | -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 | 466M | -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 % | 2.43% | -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 % | 178.72% | -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) | 1.16B | 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 | -535M | -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 | -609M | -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 | 609M | 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 | -516M | -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 | -1.21B | -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 % | -6.29% | -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 | -385M | -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 % | 31.9% | 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 | -876M | -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 % | -4.56% | -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 % | 47.45% | -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) | -822M | -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 | -4M | -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 | 214M | 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) | -1.53 | -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 % | 51.03% | -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 | 571M | 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 | 571M | 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% |
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.
Key Metrics
Top Statement Risk
Negative margins and low liquidity
Metrics are mathematically derived from official filings.
Revenue Contraction Amid Cost Pressures
Revenue declined 3.0% year-over-year to $18.6B, with quarterly growth swinging from -18.5% in 2024Q3 to +5.9% in 2026Q2, suggesting a modest recovery but still below prior peaks.
The revenue trend shows a deceleration from the $5.2B quarterly peak in 2024Q1 to a trough of $4.3B in 2024Q4, followed by a partial rebound to $5.2B by 2026Q2. This pattern indicates that while demand may be stabilizing, the company has not fully recovered its top-line momentum. The modest sequential growth in recent quarters could reflect improved pricing or volume, but the overall trajectory remains below historical highs, implying a subdued demand environment.
Gross Margin Deterioration to Negative Territory
TTM gross margin stands at -4.1%, with quarterly gross profits negative for six consecutive quarters, indicating that COGS consistently exceed revenue, a stark contrast to peers like Nucor's 11.9%.
The gross margin has swung from positive 5.5% in 2024Q1 to negative values throughout 2025, reaching a low of -8.4% in 2025Q1. This suggests that the company's cost structure, heavily reliant on fixed blast furnace operations, is not being adequately covered by current steel prices. The negative gross margin implies that the company is selling below its production cost, which is unsustainable and points to a need for either price recovery or cost rationalization.
Operating Leverage Amplifies Losses
Operating income swung from a positive $14M in 2026Q2 to a loss of -$538M in 2025Q1, with SG&A relatively stable around $130M, indicating that fixed overheads magnify the impact of revenue declines.
The operating margin has been negative for most of the period, with the worst at -11.6% in 2025Q1. SG&A expenses have remained relatively constant, averaging around $130M per quarter, which means that as revenue declined, the fixed cost base became a larger burden, exacerbating operating losses. This highlights the high operating leverage inherent in the integrated steel model, where even small revenue changes can lead to disproportionate swings in profitability.
Net Losses and Negative EPS Persist
Net income has been negative for nine consecutive quarters, with EPS reaching -$1.00 in 2025Q1, and no stock-based compensation reported, suggesting losses are driven by operational factors rather than non-cash charges.
The net margin has remained deeply negative, ranging from -0.0% in 2024Q2 to -10.7% in 2025Q1. The absence of stock-based compensation in the data implies that reported losses are primarily from operations, not accounting adjustments. The persistent negative EPS indicates that the company is not generating value for shareholders at current pricing and cost levels, and the lack of non-cash charges suggests that the losses are real cash outflows, raising concerns about cash sustainability.
COGS Outpacing Revenue Signals Cost Inflexibility
COGS have exceeded revenue in six of the last ten quarters, with the gap widening to $391M in 2025Q1, indicating that input costs and fixed production expenses are not adjusting to lower steel prices.
The cost structure appears rigid, with COGS remaining above $4.5B even as revenue fell to $4.3B. This suggests that the company's blast furnace operations cannot be easily idled or scaled down, leading to inventory builds and margin compression. The negative gross margin implies that the company is absorbing cost increases without the ability to pass them through, possibly due to fixed-price contracts with automotive customers, which may be a key factor in the sustained losses.
Liquidity and Covenant Risks Loom
With cash of only $57M against $18.6B revenue and a debt-to-equity ratio of 1.29, the company faces potential liquidity constraints if operating losses persist, as negative margins may strain debt covenants.
The extremely low cash balance relative to revenue suggests that the company may be relying on external financing or drawing down credit lines to fund operations. The negative net margins and operating losses indicate that cash flow from operations is likely negative, which could lead to a liquidity crunch if not addressed. The debt-to-equity ratio of 1.29, while not extreme, combined with losses, may increase the risk of covenant breaches, forcing the company to renegotiate terms or raise capital at unfavorable conditions. Investors should monitor the company's ability to generate positive cash flow and manage its debt obligations.