Cleveland-Cliffs Inc. (CLF) quarterly income statement — complete revenue, gross profit & net income history
| Metric | 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 | Q2'21 |
|---|
| Sales/Revenue | 4.92B | 4.31B | 4.73B | 4.93B | 4.63B | 4.33B | 4.57B | 5.09B | 5.2B | 5.11B | 5.61B | 5.98B | 5.29B | 5.04B | 5.65B | 6.34B | 5.96B | 5.35B | 6B | 5.04B |
| Revenue Growth % | 6.33% | -0.28% | 3.61% | -3.1% | -10.96% | -15.4% | -18.48% | -14.91% | -1.81% | 1.35% | -0.85% | -5.57% | -11.08% | -5.65% | -5.85% | 25.61% | 47.07% | 136.97% | 264.76% | 361.7% |
| Cost of Goods Sold | 5B | 4.5B | 4.78B | 5.14B | 5.02B | 4.6B | 4.67B | 4.93B | 4.91B | 4.94B | 5.13B | 5.34B | 5.2B | 5.1B | 5.3B | 5.36B | 4.71B | 4.07B | 4.23B | 3.85B |
| COGS % of Revenue | 101.67% | 104.43% | 100.97% | 104.24% | 108.45% | 106.31% | 102.28% | 96.82% | 94.52% | 96.71% | 91.44% | 89.24% | 98.13% | 101.19% | 93.84% | 84.52% | 79.03% | 76.17% | 70.44% | 76.27% |
| Gross Profit | -82M | -191M | -46M | -209M | -391M | -273M | -104M | 162M | 285M | 168M | 480M | 644M | 99M | -60M | 348M | 981M | 1.25B | 1.27B | 1.77B | 1.2B |
| Gross Margin % | -1.67% | -4.43% | -0.97% | -4.24% | -8.45% | -6.31% | -2.28% | 3.18% | 5.48% | 3.29% | 8.56% | 10.76% | 1.87% | -1.19% | 6.16% | 15.48% | 20.97% | 23.83% | 29.56% | 23.73% |
| Gross Profit Growth % | 79.03% | 30.04% | 55.77% | -229.01% | -237.19% | -262.5% | -121.67% | -74.84% | 187.88% | 380% | 37.93% | -34.35% | -92.07% | -104.71% | -80.39% | -18.05% | 333.68% | 424.28% | 1371.81% | 1140.87% |
| Operating Expenses | 125M | 131M | 130M | 289M | 147M | 192M | 155M | 156M | 323M | 268M | 155M | 161M | 130M | 122M | 161M | 141M | 155M | 155M | 126M | 130M |
| OpEx % of Revenue | 2.54% | 3.04% | 2.75% | 5.86% | 3.18% | 4.44% | 3.39% | 3.06% | 6.21% | 5.24% | 2.77% | 2.69% | 2.46% | 2.42% | 2.85% | 2.23% | 2.6% | 2.9% | 2.1% | 2.58% |
| Selling, General & Admin | 125M | 144M | 130M | 137M | 133M | 139M | 112M | 103M | 132M | 157M | 144M | 149M | 127M | 116M | 124M | 107M | 122M | 111M | 112M | 104M |
| SG&A % of Revenue | 2.54% | 3.34% | 2.75% | 2.78% | 2.87% | 3.21% | 2.45% | 2.02% | 2.54% | 3.07% | 2.57% | 2.49% | 2.4% | 2.3% | 2.19% | 1.69% | 2.05% | 2.08% | 1.87% | 2.06% |
| Research & Development | 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 | -1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | -207M | -322M | -176M | -498M | -538M | -465M | -259M | 6M | -38M | -100M | 325M | 483M | -31M | -182M | 187M | 840M | 1.09B | 1.12B | 1.65B | 1.07B |
| Operating Margin % | -4.21% | -7.47% | -3.72% | -10.09% | -11.62% | -10.75% | -5.67% | 0.12% | -0.73% | -1.96% | 5.8% | 8.07% | -0.59% | -3.61% | 3.31% | 13.26% | 18.37% | 20.93% | 27.46% | 21.15% |
| Operating Income Growth % | 61.52% | 30.75% | 32.05% | -8400% | -1315.79% | -365% | -179.69% | -98.76% | -22.58% | 45.05% | 73.8% | -42.5% | -102.83% | -116.26% | -88.66% | -21.27% | 518.08% | 945.79% | 4239.47% | 612.98% |
| EBITDA | 52M | 26M | 112M | -105M | -256M | -207M | -24M | 234M | 192M | 135M | 574M | 730M | 211M | 64M | 424M | 1.09B | 1.4B | 1.35B | 1.89B | 1.28B |
| EBITDA Margin % | 1.06% | 0.6% | 2.37% | -2.13% | -5.53% | -4.79% | -0.53% | 4.6% | 3.69% | 2.64% | 10.24% | 12.2% | 3.98% | 1.27% | 7.5% | 17.2% | 23.43% | 25.33% | 31.48% | 25.35% |
| EBITDA Growth % | 120.31% | 112.56% | 566.67% | -144.87% | -233.33% | -253.33% | -104.18% | -67.95% | -9% | 110.94% | 35.38% | -33.03% | -84.87% | -95.27% | -77.57% | -14.78% | 254.06% | 485.89% | 1611.96% | 1077.08% |
| D&A (Non-Cash Add-back) | 259M | 348M | 288M | 393M | 282M | 258M | 235M | 228M | 230M | 235M | 249M | 247M | 242M | 246M | 237M | 250M | 301M | 235M | 241M | 212M |
| EBIT | -159M | -287M | -156M | -469M | -490M | -435M | -204M | 63M | 3M | -45M | 373M | 537M | 19M | -115M | 239M | 890M | 1.17B | 1.19B | 1.7B | 1.09B |
| Net Interest Income | -148M | -152M | -153M | -149M | -140M | -135M | -102M | -69M | -64M | -63M | -70M | -79M | -77M | -71M | -64M | -64M | -77M | -79M | -81M | -85M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 148M | 152M | 153M | 149M | 140M | 135M | 102M | 69M | 64M | 63M | 70M | 79M | 77M | 71M | 64M | 64M | 77M | 79M | 81M | 85M |
| Other Income/Expense | -100M | -117M | -133M | -120M | -92M | -105M | -47M | -12M | -23M | -8M | -22M | -25M | -25M | -4M | -12M | -83M | -44M | -7M | -34M | -57M |
| Pretax Income | -307M | -439M | -309M | -618M | -630M | -570M | -306M | -6M | -61M | -108M | 303M | 458M | -56M | -186M | 175M | 757M | 1.05B | 1.11B | 1.61B | 1.01B |
| Pretax Margin % | -6.24% | -10.18% | -6.53% | -12.53% | -13.61% | -13.18% | -6.7% | -0.12% | -1.17% | -2.11% | 5.41% | 7.65% | -1.06% | -3.69% | 3.1% | 11.95% | 17.63% | 20.8% | 26.9% | 20.02% |
| Income Tax | -81M | -206M | -78M | -148M | -147M | -136M | -76M | -15M | -8M | 30M | 29M | 102M | -13M | 19M | 10M | 157M | 237M | 214M | 334M | 216M |
| Effective Tax Rate % | 26.38% | 46.92% | 25.24% | 23.95% | 23.33% | 23.86% | 24.84% | 250% | 13.11% | -27.78% | 9.57% | 22.27% | 23.21% | -10.22% | 5.71% | 20.74% | 22.57% | 19.24% | 20.68% | 21.39% |
| Net Income | -237M | -243M | -251M | -483M | -495M | -447M | -242M | 2M | -67M | -155M | 264M | 347M | -57M | -214M | 152M | 596M | 801M | 893M | 1.27B | 780M |
| Net Margin % | -4.82% | -5.63% | -5.3% | -9.79% | -10.69% | -10.34% | -5.3% | 0.04% | -1.29% | -3.03% | 4.71% | 5.8% | -1.08% | -4.24% | 2.69% | 9.41% | 13.45% | 16.7% | 21.22% | 15.46% |
| Net Income Growth % | 52.12% | 45.64% | -3.72% | -24250% | -638.81% | -188.39% | -191.67% | -99.42% | -17.54% | 27.57% | 73.68% | -41.78% | -107.12% | -123.96% | -88.07% | -23.59% | 1853.66% | 1295.31% | 12840% | 729.54% |
| Net Income (Continuing) | -226M | -233M | -231M | -470M | -483M | -434M | -230M | 9M | -53M | -138M | 274M | 356M | -43M | -205M | 165M | 600M | 813M | 898M | 1.28B | 795M |
| Discontinued Operations | -1000K | -1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | 1000K | 0 | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 0 |
| Minority Interest | 197M | 207M | 241M | 223M | 230M | 233M | 241M | 262M | 241M | 235M | 244M | 242M | 247M | 251M | 260M | 265M | 269M | 284M | 294M | 308M |
| EPS (Diluted) | -0.42 | -0.49 | -0.51 | -0.97 | -1.00 | -0.92 | -0.52 | 0.00 | -0.14 | -0.31 | 0.52 | 0.68 | -0.11 | -0.40 | 0.29 | 1.13 | 1.51 | 1.69 | 2.33 | 1.17 |
| EPS Growth % | 58% | 46.74% | 1.92% | - | -614.29% | -196.77% | -200% | -99.38% | -27.27% | 22.5% | 79.31% | -39.82% | -107.28% | -123.67% | -87.55% | -3.42% | 2057.14% | 1107.14% | 9420% | 477.42% |
| EPS (Basic) | -0.42 | -0.49 | -0.51 | -0.97 | -1.00 | -0.92 | -0.52 | 0.00 | -0.14 | -0.31 | 0.52 | 0.68 | -0.11 | -0.40 | 0.29 | 1.14 | 1.54 | 1.78 | 2.46 | 1.32 |
| Diluted Shares Outstanding | 564.29M | 492.16M | 492.16M | 497.94M | 495M | 485.87M | 468M | 474M | 492M | 504.89M | 509M | 514M | 515M | 513.34M | 519M | 526M | 532M | 528.4M | 547M | 559M |
| Basic Shares Outstanding | 564.29M | 492.16M | 492.16M | 497.94M | 495M | 485.87M | 468M | 473M | 492M | 504.89M | 508M | 513M | 506.12M | 513.34M | 516M | 523M | 521M | 501.69M | 500M | 589.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |