Revenue growth remains erratic, fluctuating from a 4.5% increase in 2026Q1 to a 9.1% contraction in 2025Q1, while gross margins remain structurally compressed near the 9-10% range.
| 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 |
|---|
| Sales/Revenue | 62.01B | 61.35B | 62.44B | 68.28B | 79.84B | 76.57B | 53.27B | 70.61B | 76.03B | 68.68B | 56.79B | 63.58B | 79.28B | 79.44B | 84.21B | 93.97B | 78.03B | 65.11B | 124.94B | 105.22B | 58.87B | 28.13B | 22.2B | 5.44B | 4.89B | 4.49B | 5.1B | 4.68B | 3.49B | 2.19B |
| Revenue Growth % | 1.73% | -1.74% | -8.54% | -14.49% | 4.27% | 43.74% | -24.56% | -7.13% | 10.71% | 20.93% | -10.68% | -19.81% | -0.2% | -5.67% | -10.39% | 20.44% | 19.84% | -47.89% | 18.74% | 78.73% | 109.26% | 26.74% | 307.96% | 11.29% | 8.98% | -11.99% | 8.91% | 34.02% | 59.45% | - |
| Cost of Goods Sold | 27.86B | 55.45B | 56.65B | 62.5B | 65.88B | 57.52B | 48.63B | 66.96B | 67.03B | 60.88B | 50.43B | 65.2B | 73.29B | 75.25B | 84.12B | 85.52B | 71.08B | 62.91B | 106.11B | 84.95B | 48.41B | 21.5B | 14.69B | 4.94B | 4.36B | 4.27B | 4.42B | 4.05B | 2.85B | 1.71B |
| COGS % of Revenue | - | 90.37% | 90.73% | 91.54% | 82.51% | 75.13% | 91.28% | 94.82% | 88.15% | 88.64% | 88.8% | 102.54% | 92.44% | 94.72% | 99.89% | 91% | 91.1% | 96.63% | 84.93% | 80.74% | 82.23% | 76.41% | 66.2% | 90.85% | 89.1% | 95.25% | 86.8% | 86.58% | 81.47% | 77.95% |
| Gross Profit | 34.15B | 5.91B | 5.79B | 5.78B | 13.96B | 19.05B | 4.64B | 3.65B | 9.01B | 7.8B | 6.36B | -1.62B | 5.99B | 4.19B | 96M | 8.45B | 6.94B | 2.2B | 18.83B | 20.26B | 10.46B | 6.64B | 7.5B | 498M | 533M | 213M | 673M | 628M | 647M | 483M |
| Gross Margin % | 55.07% | 9.63% | 9.27% | 8.46% | 17.49% | 24.88% | 8.72% | 5.18% | 11.85% | 11.36% | 11.2% | -2.54% | 7.56% | 5.28% | 0.11% | 9% | 8.9% | 3.37% | 15.07% | 19.26% | 17.77% | 23.59% | 33.8% | 9.15% | 10.9% | 4.75% | 13.2% | 13.42% | 18.53% | 22.05% |
| Gross Profit Growth % | - | 2.04% | 0.23% | -58.63% | -26.7% | 310.05% | 27.09% | -59.42% | 15.44% | 22.63% | 493.26% | -126.99% | 42.95% | 4267.71% | -98.86% | 21.8% | 215.93% | -88.33% | -7.09% | 93.74% | 57.59% | -11.54% | 1406.63% | -6.57% | 150.23% | -68.35% | 7.17% | -2.94% | 33.95% | - |
| Operating Expenses | 30.59B | 2.28B | 2.48B | 3.44B | 3.69B | 2.07B | 2.54B | 4.28B | 2.47B | 2.37B | 2.2B | 2.54B | 2.96B | 3B | 3.32B | 4.67B | 4.39B | 6.94B | 6.59B | 5.43B | 2.96B | 1.89B | 1.36B | 347M | 391M | 407M | 358M | 320M | 220M | 164M |
| OpEx % of Revenue | - | 3.71% | 3.97% | 5.03% | 4.62% | 2.7% | 4.76% | 6.06% | 3.25% | 3.45% | 3.88% | 4% | 3.73% | 3.77% | 3.94% | 4.97% | 5.63% | 10.66% | 5.27% | 5.16% | 5.03% | 6.72% | 6.11% | 6.38% | 8% | 9.07% | 7.02% | 6.84% | 6.3% | 7.49% |
| Selling, General & Admin | 0 | 0 | 2.48B | 0 | 0 | 0 | 0 | 0 | 2.47B | 2.37B | 2.2B | 2.54B | 2.96B | 3B | 3.32B | 3.56B | 3.34B | 3.88B | 6.59B | 5.43B | 2.96B | 1.06B | 804M | 164M | 214M | 155M | 181M | 156M | 129M | 76M |
| SG&A % of Revenue | - | - | 3.97% | - | - | - | - | - | 3.25% | 3.45% | 3.88% | 4% | 3.73% | 3.77% | 3.94% | 3.78% | 4.28% | 5.95% | 5.27% | 5.16% | 5.03% | 3.78% | 3.62% | 3.01% | 4.38% | 3.46% | 3.55% | 3.33% | 3.69% | 3.47% |
| Research & Development | 0 | 0 | 285M | 299M | 286M | 270M | 245M | 301M | 290M | 278M | 239M | 227M | 259M | 270M | 285M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.46% | 0.44% | 0.36% | 0.35% | 0.46% | 0.43% | 0.38% | 0.4% | 0.42% | 0.36% | 0.33% | 0.34% | 0.34% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 2.28B | -285M | 3.14B | 3.4B | 1.8B | 2.29B | 3.98B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 829M | 553M | 183M | 177M | 252M | 177M | 164M | 91M | 88M |
| Operating Income | 3.56B | 3.63B | 3.31B | 2.34B | 10.27B | 16.98B | 2.11B | -627M | 6.54B | 5.43B | 4.16B | -4.16B | 3.03B | 1.2B | -3.23B | 4.9B | 3.6B | -1.68B | 12.24B | 14.83B | 7.5B | 4.75B | 6.15B | 151M | 142M | -194M | 315M | 308M | 406M | 299M |
| Operating Margin % | 5.73% | 5.91% | 5.3% | 3.43% | 12.87% | 22.17% | 3.96% | -0.89% | 8.6% | 7.91% | 7.33% | -6.54% | 3.83% | 1.51% | -3.83% | 5.21% | 4.62% | -2.58% | 9.79% | 14.09% | 12.74% | 16.87% | 27.69% | 2.78% | 2.9% | -4.32% | 6.18% | 6.58% | 11.63% | 13.65% |
| Operating Income Growth % | - | 9.61% | 41.45% | -77.22% | -39.49% | 704.55% | 436.52% | -109.59% | 20.33% | 30.59% | 200% | -237.15% | 153.47% | 137.1% | -165.86% | 35.87% | 314.84% | -113.71% | -17.49% | 97.76% | 58.01% | -22.78% | 3970.2% | 6.34% | 173.2% | -161.59% | 2.27% | -24.14% | 35.79% | - |
| EBITDA | 6.59B | 6.57B | 5.94B | 4.78B | 12.85B | 19.5B | 5.07B | 2.44B | 9.34B | 8.2B | 6.88B | 3.79B | 7.24B | 6.34B | 6.49B | 9.9B | 8.53B | 3.78B | 18.34B | 19.4B | 9.79B | 5.58B | 6.7B | 334M | 319M | 22M | 492M | 472M | 497M | 387M |
| EBITDA Margin % | 10.63% | 10.71% | 9.52% | 7% | 16.1% | 25.47% | 9.52% | 3.46% | 12.28% | 11.94% | 12.12% | 5.97% | 9.13% | 7.98% | 7.71% | 10.53% | 10.93% | 5.8% | 14.68% | 18.44% | 16.64% | 19.82% | 30.18% | 6.14% | 6.52% | 0.49% | 9.65% | 10.09% | 14.23% | 17.67% |
| EBITDA Growth % | 14.78% | 10.62% | 24.31% | -62.81% | -34.09% | 284.6% | 107.79% | -73.87% | 13.85% | 19.18% | 81.34% | -47.56% | 14.22% | -2.42% | -34.4% | 16.11% | 125.59% | -79.39% | -5.48% | 98.06% | 75.7% | -16.78% | 1905.69% | 4.7% | 1350% | -95.53% | 4.24% | -5.03% | 28.42% | - |
| D&A (Non-Cash Add-back) | 3.04B | 2.94B | 2.63B | 2.44B | 2.58B | 2.52B | 2.96B | 3.07B | 2.8B | 2.77B | 2.72B | 7.96B | 4.2B | 5.14B | 9.72B | 5B | 4.92B | 5.46B | 6.1B | 4.57B | 2.3B | 829M | 553M | 183M | 177M | 216M | 177M | 164M | 91M | 88M |
| EBIT | 2.77B | 2.96B | 3.42B | 3.14B | 11.65B | 16.63B | 2.3B | 895M | 5.67B | 5.89B | 3.89B | -6.14B | 1.04B | 1.62B | -3.34B | 4.78B | 3.43B | -2.59B | 13.67B | 14.83B | 7.53B | 4.73B | 6.4B | 1.3B | 142M | -194M | 315M | 308M | 404M | 324M |
| Net Interest Income | -308M | -296M | -110M | -145M | -213M | -278M | -421M | -607M | -615M | -823M | -1.11B | -1.28B | -1.45B | -1.77B | -1.86B | -1.82B | -1.45B | -1.5B | -1.55B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 400M | 570M | 188M | 79M | 56M | 88M | 72M | 56M | 58M | 105M | 94.9M | 112.86M | 156.06M | 123M | 133M | 190M | 497M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 308M | 296.92M | 510M | 715M | 401M | 357M | 477M | 695M | 687M | 879M | 1.17B | 1.38B | 1.55B | 1.89B | 2.02B | 1.82B | 1.58B | 1.51B | 2.04B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -228M | -26M | -395M | -1.08B | 983M | 1.05B | -1.02B | -1.3B | -1.56B | -427M | -1.44B | -3.36B | -3.55B | -3.56B | -2.88B | -2.06B | -1.75B | -2.78B | -699M | 58M | -337M | -53M | 619M | 101M | -166M | -224M | -193M | -180M | -116M | -62M |
| Pretax Income | 3.33B | 3.6B | 2.92B | 1.26B | 11.26B | 18.02B | 1.09B | -1.93B | 4.98B | 5.01B | 2.72B | -7.52B | -520M | -2.36B | -5.77B | 2.68B | 1.86B | -4.44B | 11.54B | 14.89B | 7.2B | 4.7B | 6.13B | 57M | -24M | -418M | 122M | 128M | 288M | 300M |
| Pretax Margin % | 5.37% | 5.87% | 4.67% | 1.85% | 14.1% | 23.54% | 2.04% | -2.74% | 6.55% | 7.29% | 4.79% | -11.83% | -0.66% | -2.97% | -6.85% | 2.85% | 2.38% | -6.81% | 9.23% | 14.15% | 12.22% | 16.72% | 27.63% | 1.05% | -0.49% | -9.32% | 2.39% | 2.73% | 8.25% | 13.7% |
| Income Tax | 326M | 359M | 1.53B | 238M | 1.72B | 2.46B | 1.67B | 459M | -349M | 432M | 986M | 902M | 454M | 215M | -1.93B | 882M | -1.48B | -4.51B | 1.1B | 3.04B | 1.11B | 818M | 817M | -8M | -54M | -106M | 23M | 43M | 51M | 11M |
| Effective Tax Rate % | 9.8% | 9.97% | 52.66% | 18.89% | 15.26% | 13.65% | 153.13% | -23.76% | -7.01% | 8.63% | 36.25% | -11.99% | -87.31% | -9.11% | 33.37% | 32.91% | -79.69% | 101.69% | 9.52% | 20.41% | 15.41% | 17.39% | 13.32% | -14.04% | 225% | 25.36% | 18.85% | 33.59% | 17.71% | 3.67% |
| Net Income | 2.92B | 3.15B | 1.34B | 919M | 9.3B | 14.96B | -733M | -2.45B | 5.15B | 4.57B | 1.78B | -7.95B | -1.09B | -2.54B | -3.73B | 2.26B | 2.92B | 118M | 9.4B | 10.37B | 5.23B | 3.37B | 4.7B | 66M | 49M | -312M | 99M | 85M | 237M | 289M |
| Net Margin % | 4.71% | 5.14% | 2.14% | 1.35% | 11.65% | 19.53% | -1.38% | -3.48% | 6.77% | 6.65% | 3.13% | -12.5% | -1.37% | -3.2% | -4.42% | 2.41% | 3.74% | 0.18% | 7.52% | 9.85% | 8.88% | 11.96% | 21.18% | 1.21% | 1% | -6.96% | 1.94% | 1.82% | 6.79% | 13.2% |
| Net Income Growth % | 142.29% | 135.4% | 45.7% | -90.12% | -37.8% | 2140.38% | 70.13% | -147.66% | 12.72% | 156.77% | 122.39% | -631.68% | 57.33% | 31.7% | -264.72% | -22.43% | 2371.19% | -98.74% | -9.35% | 98.39% | 55.3% | -28.42% | 7022.73% | 34.69% | 115.71% | -415.15% | 16.47% | -64.13% | -17.99% | - |
| Net Income (Continuing) | 3B | 3.24B | 1.38B | 1.02B | 9.54B | 15.56B | -578M | -2.39B | 5.33B | 4.13B | 1.12B | -8.42B | -974M | -2.58B | -3.63B | 1.18B | 3.33B | 171M | 10.5B | 11.85B | 6.05B | 3.81B | 5.32B | 1.18B | 30M | -312M | 99M | 85M | 237M | 236M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 461M | 0 | -39M | 0 | 0 | -805.84M | -506.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.02B | 2.07B | 2.06B | 2.11B | 2.44B | 2.24B | 1.96B | 1.96B | 2.02B | 2.07B | 2.19B | 2.3B | 3.07B | 3.38B | 3.47B | 3.79B | 3.67B | 4.35B | 4.03B | 4.85B | 8.06B | 1.83B | 1.74B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.82 | 4.11 | 1.69 | 1.09 | 10.18 | 18.49 | -0.51 | -2.36 | 5.04 | 4.46 | 1.86 | -10.29 | -1.41 | -3.41 | -5.73 | 2.84 | 4.10 | 0.19 | 16.28 | 17.64 | 12.63 | 11.42 | 94.96 | 1.29 | 0.95 | -6.15 | 1.95 | 1.69 | 4.60 | 4.81 |
| EPS Growth % | 148.37% | 143.2% | 55.05% | -89.29% | -44.94% | 3725.49% | 78.39% | -146.83% | 13% | 139.78% | 118.08% | -629.79% | 58.65% | 40.49% | -301.76% | -30.73% | 2057.89% | -98.83% | -7.71% | 39.67% | 10.6% | -87.97% | 7261.24% | 35.79% | 115.45% | -415.38% | 15.38% | -63.26% | -4.37% | - |
| EPS (Basic) | - | 4.13 | 1.70 | 1.09 | 10.21 | 18.54 | -0.51 | -2.36 | 5.07 | 4.48 | 1.87 | -10.30 | -1.42 | -3.41 | -5.73 | 3.48 | 4.60 | 0.19 | 16.30 | 17.66 | 12.66 | 11.44 | 94.96 | 1.30 | 0.95 | -6.15 | 1.95 | 1.69 | 4.60 | 4.81 |
| Diluted Shares Outstanding | 764M | 766M | 791M | 845M | 914M | 1.11B | 1.14B | 1.01B | 1.02B | 1.02B | 955M | 772M | 770.67M | 746.79M | 649.88M | 675.89M | 671.27M | 606.66M | 581.49M | 587.78M | 414.93M | 289.07M | 49.51M | 50.97M | 51.6M | 50.77M | 50.35M | 50.35M | 52.02M | 49.02M |
| Basic Shares Outstanding | 761M | 763M | 788M | 842M | 911M | 1.1B | 1.14B | 1.01B | 1.01B | 1.02B | 953M | 771.6M | 763.89M | 746.79M | 649.88M | 649.88M | 634.35M | 606.24M | 580.23M | 586.94M | 414.51M | 288.23M | 49.51M | 50.92M | 51.6M | 50.77M | 50.35M | 50.35M | 51.6M | 49.02M |
| Dividend Payout Ratio | - | 13.36% | 29.35% | 40.15% | 3.57% | 2.09% | - | - | 4.27% | 3.09% | 3.43% | - | - | - | - | 52.79% | 43.11% | 1127.24% | 27.29% | 21.88% | 12.52% | 62.38% | 16.23% | - | - | - | 18.18% | 21.18% | 8.02% | - |
European energy cost volatility
According to recent financial disclosures, ArcelorMittal's revenue growth has exhibited significant volatility, fluctuating from a 4.5% increase in 2026Q1 to a 9.1% contraction in 2025Q1, reflecting the company's high sensitivity to cyclical industrial demand and the broader macroeconomic environment within its core European markets.
The inconsistent revenue trajectory suggests that the company struggles to maintain momentum in a softening global steel-to-raw-material spread environment. Investors should monitor whether the recent 4.5% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from previous quarterly declines.
As reported in quarterly filings, ArcelorMittal's gross margins have faced persistent pressure, frequently hovering near the 9-10% range, which indicates that the company's high fixed-cost base leaves it vulnerable to even minor fluctuations in capacity utilization or input costs across its global blast furnace network.
The narrow margin profile suggests that the company lacks the pricing power necessary to fully offset rising energy costs and carbon compliance expenses in the EU. This structural limitation implies that profitability remains highly dependent on external commodity price spreads rather than internal operational efficiency.
Based on the provided income statement data, ArcelorMittal's operating income has shown extreme sensitivity to revenue shifts, with operating margins swinging from a negative 13.6% in 2023Q4 to a peak of 12.1% in 2025Q2, highlighting the inherent risks of maintaining a massive, capital-intensive blast furnace fleet.
The wide variance in operating margins suggests that the company experiences significant deleveraging during periods of low capacity utilization. This volatility warrants further investigation into whether management can effectively rationalize the cost structure during future industrial production troughs.
Analysis of the reported figures reveals that net income has been subject to substantial swings, including a notable $390 million loss in 2024Q4, which appears to be driven by non-operating items and inventory valuation adjustments rather than core steelmaking performance alone.
The discrepancy between operating income and net income suggests that investors should be cautious of headline EPS figures, which may be distorted by one-time charges or accounting nuances. The lack of stock-based compensation in recent periods may indicate a shift in management's incentive structure, though this requires further verification.
Quick answers to the most common questions about buying MT stock.
For fiscal year 2025, ArcelorMittal S.A. (MT) reported total revenue of $61.35B. This represents a 2701.5% increase compared to $2.19B in 1997.
ArcelorMittal S.A. (MT) is profitable, generating $3.15B in net income for the fiscal year ending 2025 with a net profit margin of 5.1%.
ArcelorMittal S.A. (MT) reported an operating income of $3.63B, resulting in an operating profit margin of 5.9%. This margin reflects the operational efficiency of the business before interest and taxes.
ArcelorMittal S.A. (MT) generated $5.91B in gross profit for the year, representing a gross profit margin of 9.6%. This demonstrates the company's core pricing power and production efficiency.