Cleveland-Cliffs Inc. (CLF) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
CLF Revenue Growth
Revenue Breakdown (FY 2025)
CLF's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
CLF Revenue Analysis (2014–2025)
As of May 6, 2026, Cleveland-Cliffs Inc. (CLF) generated trailing twelve-month (TTM) revenue of $18.61 billion, reflecting slight decline in growth of -0.3% year-over-year. The most recent quarter (Q4 2025) recorded $4.31 billion in revenue, down 8.9% sequentially.
Looking at the longer-term picture, CLF's 5-year compound annual growth rate (CAGR) stands at +28.3%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $22.99 billion in 2022.
Revenue diversification analysis shows CLF's business is primarily driven by Steelmaking (96%), and Other businesses (4%). With over half of revenue concentrated in Steelmaking, the company maintains significant focus in this area while developing other growth vectors.
When compared to Basic Materials sector peers including NUE (+12.3% YoY), STLD (+10.4% YoY), and CMC (+2.3% YoY), CLF has underperformed the peer group in terms of revenue growth. Compare CLF vs NUE →
CLF Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| CLFCurrent | $18.6B | -0.3% | +28.3% | -7.5% | |
 NUE | $32.5B | +12.3% | +10.0% | 8.2% | |
 STLD | $18.2B | +10.4% | +13.6% | 8.1% | |
 CMC | $7.8B | +2.3% | +7.3% | 6.7% | |
 RS | $14.3B | +8.5% | +10.2% | 7.2% | |
 WS | $3.1B | -0.8% | - | 4.8% |
CLF Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $18.61B | -3.0% | $-860,000,000 | -4.6% | $-1,403,000,000 | -7.5% |
| 2024 | $19.18B | -12.8% | $70.0M | 0.4% | $-756,000,000 | -3.9% |
| 2023 | $22.00B | -4.3% | $1.39B | 6.3% | $677.0M | 3.1% |
| 2022 | $22.99B | +12.4% | $2.52B | 11.0% | $1.94B | 8.4% |
| 2021 | $20.44B | +281.8% | $4.53B | 22.2% | $4.01B | 19.6% |
| 2020 | $5.35B | +169.1% | $252.0M | 4.7% | $-142,000,000 | -2.7% |
| 2019 | $1.99B | -14.7% | $575.7M | 28.9% | $429.3M | 21.6% |
| 2018 | $2.33B | +0.1% | $809.6M | 34.7% | $673.2M | 28.9% |
| 2017 | $2.33B | +10.5% | $509.6M | 21.9% | $431.5M | 18.5% |
| 2016 | $2.11B | +4.8% | $389.3M | 18.5% | $240.8M | 11.4% |
See CLF's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs CLF Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare CLF vs LIN
Side-by-side business, growth, and profitability comparison vs Linde plc.
Start ComparisonCLF — Frequently Asked Questions
Quick answers to the most common questions about buying CLF stock.
Is CLF's revenue growth accelerating or slowing?
CLF revenue growth slowed to -0.3%, below the 5-year CAGR of +28.3%. TTM revenue is $18.6B. The deceleration marks a shift from historical growth rates.
What is CLF's long-term revenue growth rate?
Cleveland-Cliffs Inc.'s 5-year revenue CAGR of +28.3% reflects the variable expansion pattern. Current YoY growth of -0.3% is near this long-term average.
How is CLF's revenue distributed by segment?
CLF reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.