CLEVELAND-CLIFFS INC. (CLF) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	20.1B	18.6B	19.2B	22.0B	23.0B
Cost of Revenue	19.7B	19.4B	19.1B	20.6B	20.5B
Gross Profit	387.0M	(763.0M)	70.0M	1.4B	2.5B
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	576.0M	543.0M	486.0M	577.0M	465.0M
General & Admin Expense	—	—	—	—	—
Selling & Marketing Expense	—	—	—	—	—
Other Expenses	14.0M	50.0M	340.0M	137.0M	110.0M
Total Operating Expenses	590.0M	593.0M	826.0M	714.0M	575.0M
Cost and Expenses	20.3B	20.0B	19.9B	21.3B	21.0B
Operating Income (EBIT)	(203.0M)	(1.4B)	(756.0M)	677.0M	1.9B
Non-Operating
Interest Income	—	—	—	—	—
Interest Expense	604.0M	594.0M	370.0M	289.0M	276.0M
Net Interest Income	(604.0M)	(594.0M)	(370.0M)	(289.0M)	(276.0M)
Other Non-Op Income/Expense	(482.0M)	(648.0M)	(187.0M)	(80.0M)	(143.0M)
Non-Operating Income (excl Interest)	(136.0M)	54.0M	(183.0M)	(209.0M)	(133.0M)
EBT (Pre-Tax Income)	(685.0M)	(2.0B)	(943.0M)	597.0M	1.8B
Income Tax Expense	(261.0M)	(581.0M)	(235.0M)	148.0M	423.0M
Bottom Line
Net Income	(473.0M)	(1.5B)	(754.0M)	399.0M	1.3B
Earnings from Cont. Ops	(424.0M)	(1.4B)	(708.0M)	449.0M	1.4B
Earnings from Discont. Ops	(9.0M)	(5.0M)	—	1.0M	3.0M
Bottom Line Net Income	(473.0M)	(1.5B)	(754.0M)	399.0M	1.3B
Per Share
Basic EPS	($0.89)	($3.00)	($1.57)	$0.78	$2.57
Diluted EPS	($0.90)	($3.00)	($1.57)	$0.78	$2.55
Revenue Per Share	$35.66	$37.81	$39.97	$43.13	$44.29
Shares
Basic Shares Outstanding	563.0M	492.2M	480.0M	510.0M	519.0M
Diluted Shares Outstanding	584.6M	492.2M	480.0M	511.0M	524.0M
Profitability Metrics
EBITDA	985.0M	(175.0M)	378.0M	1.9B	3.1B
D&A	1.1B	1.2B	951.0M	973.0M	1.0B
EBIT	(67.0M)	(1.4B)	(573.0M)	886.0M	2.1B

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Sep 1, 2026