Revenue growth has stalled at 5.2% in 2026Q2, while gross margin compressed to 6.3% from 10.5% in 2024Q1, and operating margin fell to 6.3% from 12.1% in 2025Q2, indicating strained profitability amid cyclical weakness.
ArcelorMittal S.A. (MT) annual income statement — 29-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 |
|---|
| Sales/Revenue | 62.85B | 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 % | 3.65% | -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 | 43.57B | 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 | 19.28B | 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 % | 30.67% | 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 | 16.6B | 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 | 3M | 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 | 2.68B | 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 % | 4.26% | 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 | 5.8B | 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 % | 9.23% | 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 % | -13.34% | 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) | 3.12B | 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 | 4.16B | 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 | -810M | -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 | 810M | 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 | -603M | -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 | 2.08B | 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 % | 3.3% | 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 | 216M | 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 % | 10.4% | 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 | 1.81B | 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 % | 2.88% | 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 % | -27.37% | 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) | 1.86B | 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 | 2B | 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) | 2.37 | 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 % | -26.93% | 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 | 760M | 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% | - |
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.
Key Metrics
Top Statement Risk
European energy and carbon costs
Revenue Growth Stalls Amid Macro Headwinds
Revenue growth has turned negative on a trailing twelve-month basis, with the latest quarter showing only 5.2% growth, according to recent financial statements, as European industrial weakness and China's property downturn cap volume recovery.
The 5.2% year-over-year growth in 2026Q2 is a modest rebound from the -12.7% contraction in 2024Q2, but the trend remains fragile. Sequential revenue increased from $15.5B to $16.8B, yet this appears driven by pricing rather than volume, given the persistent softness in European manufacturing. The lack of a clear cyclical inflection suggests that near-term top-line expansion may be limited, and investors should monitor whether this growth can be sustained without a broader industrial recovery.
Gross Margin Compression Signals Pricing Weakness
Gross margin has compressed to 6.3% in 2026Q2, down from 10.5% in 2024Q1, as per reported figures, indicating that cost inflation and softer steel spreads are eroding profitability despite the company's vertical integration.
The gross margin of 6.3% is well below the peer average of around 12-13% for Nucor and Steel Dynamics, highlighting MT's higher fixed-cost base and exposure to European energy costs. The sequential improvement from 4.9% in 2026Q1 suggests some stabilization, but the margin remains near cyclical lows. This compression appears driven by narrowing steel-to-raw-material spreads and elevated carbon costs, which may persist until global demand recovers.
Operating Leverage Amplifies Downside Risk
Operating income swung from $1.9B in 2025Q2 to $1.1B in 2026Q2, with operating margin falling to 6.3% from 12.1%, based on financial statements, demonstrating the high fixed-cost nature of integrated steelmaking.
The sharp decline in operating margin from 12.1% to 6.3% over four quarters underscores the company's sensitivity to capacity utilization and input costs. Despite a slight revenue increase, operating income did not scale proportionally, indicating that fixed costs are absorbing a larger share of revenue. This suggests that any further demand softening could lead to more pronounced margin erosion, while a recovery would likely drive outsized earnings growth.
Earnings Quality Clouded by Non-Operating Items
Net income in 2026Q2 of $683M includes a significant tax benefit, as the effective tax rate appears unusually low, according to reported figures, which may inflate EPS relative to underlying operating performance.
The net margin of 4.1% in 2026Q2 is higher than the operating margin of 6.3% would suggest, implying a tax benefit or other non-operating gains. In contrast, 2024Q4 saw a net loss of -$390M despite positive operating income, indicating that non-operating charges can be material. Investors should adjust for these items to assess the sustainability of earnings, as the quality of the recent beat may be less durable than headline numbers suggest.
Cost Discipline Offsets Revenue Softness
COGS as a percentage of revenue has remained elevated, with gross margin at 6.3% in 2026Q2, per financial statements, but management's cost control appears to have limited operating losses despite weak pricing.
The company has managed to keep operating income positive even as gross margins compressed, suggesting aggressive cost management in SG&A and other areas. However, the lack of R&D and SG&A breakdown in the data limits visibility into specific cost drivers. The high fixed-cost base remains a concern, as any further volume decline could quickly erode profitability, but the recent earnings beat indicates that cost discipline is providing a buffer.
2025Q2 Marks a Temporary Peak
The second quarter of 2025 stands out as the peak of the last ten quarters, with operating margin of 12.1% and net income of $1.8B, according to reported data, driven by a temporary spike in steel prices.
The 2025Q2 performance was exceptional, with EPS of $2.33, but this was followed by a sharp decline in subsequent quarters, indicating that the peak was not sustainable. The subsequent margin compression suggests that the company's earnings power is highly cyclical and that the current level of profitability is below the mid-cycle average. This inflection highlights the importance of timing in steel markets and the risk of extrapolating peak earnings.
What Could Invalidate the Base Case
The earnings beat may be driven by cost cuts rather than pricing power, as revenue growth is negative and gross margin is only 6.3%, according to recent filings, suggesting limited durability if volumes do not recover.
Short-sellers could argue that the recent earnings beat is not sustainable because it relies on cost discipline rather than end-market strength. With revenue growth negative on a trailing basis and gross margin at 6.3%, the company lacks pricing power, and any cost inflation could quickly erode profits. Additionally, the low effective tax rate in 2026Q2 may not recur, and the high fixed-cost base means that any demand shock could lead to significant losses, as seen in 2024Q4.