ArcelorMittal S.A. (MT) quarterly cash flow statement — complete operating, investing & financing history
ArcelorMittal S.A. (MT) cash flow statement — 29-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 | 952.94M | -9M | 3.72B | 751M | 1.07B | -354M | 2.47B | 1.41B | 1.07B | -100M | 4.61B | 1.28B | 2.09B | 949M | 3.63B | 1.98B | 2.55B | 2.03B | 4.15B | 2.44B |
| Operating CF Margin % | 5.69% | -0.06% | 24.88% | 4.8% | 6.72% | -2.39% | 16.77% | 9.29% | 6.6% | -0.61% | 31.65% | 7.71% | 11.22% | 5.13% | 21.51% | 10.44% | 11.53% | 9.31% | 19.97% | 12.07% |
| Operating CF Growth % | -10.98% | 97.46% | 50.93% | -46.78% | -0.23% | -254% | -46.41% | 10.15% | -48.59% | -110.54% | 26.73% | -35.34% | -18.29% | -53.34% | -12.52% | -18.88% | 10.47% | 104.01% | 193.36% | 37.97% |
| Net Income | 1.26B | 575M | 552.55M | 377M | 2.62B | 805M | -349M | 287M | 504M | 938M | -2.04B | 929M | 1.86B | 1.1B | 261M | 993M | 3.92B | 4.13B | 4.04B | 4.62B |
| Depreciation & Amortization | 1.53B | 749M | 1.59B | 736M | 1.36B | 656M | 709M | 682M | 635M | 642M | 1.36B | 662M | 680M | 630M | 1.66B | 628M | 669M | 647M | 494M | 590M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39M | 0 | 0 | 0 | 38M | 0 | 0 | 0 | 35M | 0 |
| Deferred Taxes | -140.14M | -2M | -107.29M | -60M | -135.07M | -12M | 1.41B | 151M | -28M | -124M | -591.63M | -10M | -85M | -93M | -126M | -23M | -74M | -140M | -46M | -56M |
| Other Non-Cash Items | 359.35M | 193M | -17.02M | 55M | -757.01M | -91M | 790M | 159M | 2.15B | 405M | 6.2B | 254M | -153M | 91M | -613M | 963M | -956M | -551M | 22M | 961M |
| Working Capital Changes | -2.06B | -1.52B | 1.71B | -417M | -2.02B | -1.71B | 1.32B | 132M | -2.19B | -1.72B | 2.39B | -269M | 178M | -775M | 2.41B | -580M | -1.01B | -2.05B | 22M | -2.9B |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 307M | 0 | 0 | 0 | 1.13B | 976M | 0 | 0 | -2.54B | -187M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.57B | 0 | 0 | 0 | -2.06B | 916M | 0 | 0 | -8.65B | -3.17B |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.88B | 0 | 0 | 0 | -294M | 0 | 0 | 0 | 4.78B | 0 |
| Cash from Investing | -1.83B | -1.32B | -2.82B | -1.51B | -1.81B | -1.03B | -1.12B | -1.86B | -1.04B | -962M | -1.96B | -978M | -1.01B | -2.87B | -1.53B | -803M | -1.54B | -606M | -1.24B | 509M |
| Capital Expenditures | -2.38B | -1.27B | -2.46B | -1.24B | -1.87B | -967M | -1.13B | -1.05B | -985M | -1.24B | -2.61B | -1.17B | -1.06B | -938M | -1.5B | -784M | -655M | -529M | -1.15B | -675M |
| CapEx % of Revenue | 14.17% | 8.22% | 16.42% | 7.9% | 11.73% | 6.53% | 7.7% | 6.92% | 6.06% | 7.59% | 17.95% | 7.01% | 5.7% | 5.07% | 8.88% | 4.13% | 2.96% | 2.42% | 5.5% | 3.34% |
| Acquisitions | 33.03M | 0 | -126.52M | 0 | 175.39M | 0 | 0 | 0 | 0 | 0 | 794.75M | 0 | -2.35B | 0 | -939M | 0 | -895M | 0 | -25M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -53M | -210.17M | -274M | -215.71M | -62M | 15M | -814M | -57M | 274M | -113.92M | 187M | 1.88B | -1.93B | 906M | -19M | 9M | -77M | -65M | 1.18B |
| Cash from Financing | 374.37M | 222M | -877.3M | 1.02B | -796.33M | 23M | 399M | -533M | -614M | -1.06B | -825.22M | 102M | -1.49B | -1.35B | 1.58B | -219M | -1.65B | -185M | -2.99B | -2.74B |
| Debt Issued (Net) | 1.28B | 397M | -638.33M | 1.08B | -162.29M | 147M | 819M | -171M | 946M | -386M | 1.07B | 206M | -1.18B | -819M | 1.9B | 554M | 343M | 331M | -1.15B | -852M |
| Equity Issued (Net) | -483.47M | 0 | 2.78M | 0 | -264.1M | -94M | -133M | -277M | -293M | -597M | -466M | -38M | -227M | -477M | -288M | -649M | -1.5B | -504M | -1.82B | -1.7B |
| Dividends Paid | -300.3M | -114M | -161.85M | 0 | -258.05M | 0 | -193M | 0 | -200M | 0 | -183.82M | 0 | -185M | 0 | -12.36M | 0 | -332M | 0 | -33.75M | -28M |
| Share Repurchases | -483.47M | 0 | 2.78M | 0 | -264.1M | -94M | -133M | -277M | -293M | -597M | -466M | -38M | -227M | -477M | -288M | -649M | -1.5B | -504M | -1.82B | -1.7B |
| Other Financing | -124.12M | -61M | -79.9M | -52M | -111.89M | -30M | -94M | -85M | -1.07B | -77M | -1.25B | -66M | 99M | -53M | 1.87B | -124M | -166M | -12M | 12.75M | -157M |
| Net Change in Cash | -578M | -5.39B | 33M | -5.36B | -1.04B | -6.4B | 581M | -5.84B | -1.88B | -2.31B | 1.84B | -5.5B | -9.77B | -12.42B | 3.83B | -3.95B | -4.77B | -2.97B | -4.24B | -3.87B |
| Free Cash Flow | -1.42B | -1.28B | 1.27B | -486M | -797.33M | -1.32B | 1.33B | 360M | -1.25B | -1.34B | 1.99B | 116M | 1.03B | 11M | 2.13B | 1.2B | 1.9B | 1.5B | 3.01B | 1.77B |
| FCF Margin % | -8.49% | -8.28% | 8.46% | -3.1% | -5.01% | -8.93% | 9.07% | 2.37% | -7.68% | -8.21% | 13.69% | 0.7% | 5.52% | 0.06% | 12.63% | 6.31% | 8.58% | 6.89% | 14.46% | 8.73% |
| FCF Growth % | -78.39% | 3.1% | -5.09% | -235% | 36.11% | 1.12% | -33% | 210.34% | -221.52% | -12245.45% | -6.63% | -90.31% | -45.92% | -99.27% | -29.08% | -32.26% | 8.95% | 298.15% | 302.27% | 41.36% |
| FCF per Share | -1.86 | -1.68 | 1.66 | -0.64 | -1.03 | -1.71 | 1.73 | 0.46 | -1.55 | -1.65 | 2.43 | 0.14 | 1.20 | 0.01 | 2.46 | 1.34 | 2.05 | 1.56 | 2.91 | 1.59 |
| FCF Conversion (FCF/Net Income) | 1.40x | -0.02x | 21.04x | 1.99x | 0.60x | -0.44x | -6.33x | 4.92x | 2.13x | -0.11x | -1.55x | 1.38x | 1.12x | 0.87x | 13.92x | 1.99x | 0.65x | 0.49x | 1.03x | 0.53x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |