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Cleveland-Cliffs Inc.

Cleveland-Cliffs Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.6 billion, down 3.00% from fiscal 2024.

Revenue: +18.6%
EPS: +152.9%
Free cash flow: +124.0%
Total debt: −4.90%

Quarter to September 2026, against a year earlier

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11.35 1.49 −11.60%

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Market cap: $6.4B
P/E: 0.0×
Fwd P/E: 216×
Dividend yield: —
F-score: 2/9
Altman Z: 1.12
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Cleveland-Cliffs Inc. (CLF) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2023: revenue by regions, and margins
United States	20,000	90.93%
Canada	1,046	4.76%
Other countries	950	4.32%
Gross margin		6.24%
Operating margin		3.00%
Pre-tax margin		2.63%

Revenue by product or service $m

Line	FY2019	FY2018	FY2017
Product	1,848 92.87%	2,172 93.15%	1,645 88.14%
Cargo and Freight	142 7.13%	160 6.87%	167 8.93%
Venture partners' cost reimbursements	0 0.00%	0 0.00%	55 2.93%
Revenue	1,990	2,332	1,866

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Steelmaking	18,063 97.06%	18,620 97.05%	21,413 97.35%	22,462 97.71%	19,901 97.34%	4,965 92.73%	1,990 100.00%	2,332 100.00%	—	—	—	—	—	—	—	—	—
Other Businesses	657 3.53%	656 3.42%	665 3.02%	606 2.64%	543 2.66%	389 7.27%	0 0.00%	0 0.00%	—	—	—	—	—	—	—	—	—
Eliminations	(110) (0.59%)	(91) (0.47%)	(82) (0.37%)	(79) (0.34%)	—	—	—	—	—	—	—	—	—	—	—	—	—
Mining and Pelletizing	—	—	—	—	—	—	—	—	1,866 100.00%	1,555 100.00%	—	—	—	—	—	—	—
U S Iron Ore	—	—	—	—	—	—	—	—	—	—	1,525 75.77%	2,507 74.31%	2,668 68.57%	2,723 46.37%	3,510 53.47%	2,444 54.50%	1,212 51.73%
Asia Pacific Iron Ore	—	—	—	—	—	—	—	—	—	—	488 24.23%	867 25.69%	1,224 31.47%	1,259 21.44%	1,364 20.77%	1,124 25.07%	542 23.15%
Other Segments	—	—	—	—	—	—	—	—	—	—	—	—	(1) (0.04%)	0 0.00%	0 0.00%	0 0.01%	145 6.19%
Eastern Canadian Iron Ore	—	—	—	—	—	—	—	—	—	—	—	—	—	1,009 17.18%	1,178 17.95%	478 10.65%	236 10.09%
North American Coal	—	—	—	—	—	—	—	—	—	—	—	—	—	881 15.00%	512 7.80%	438 9.77%	207 8.85%
Revenue	18,610	19,185	21,996	22,989	20,444	5,354	1,990	2,332	1,866	1,555	2,013	3,373	3,891	5,873	6,564	4,484	2,342

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Steelmaking	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other Businesses	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Eliminations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U S Iron Ore	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
United States	15,887 85.37%	17,340 90.38%	20,000 90.93%	20,991 91.31%	18,881 92.35%	4,580 85.54%	1,505 75.63%	1,847 79.20%	1,505 80.63%	1,236 79.52%	1,206 59.92%	1,923 57.01%	1,544 39.68%	2,109 35.90%	2,774 42.26%	1,966 43.85%
Canada	2,071 11.13%	1,067 5.56%	1,046 4.76%	963 4.19%	803 3.93%	602 11.24%	448 22.51%	395 16.94%	206 11.05%	267 17.18%	282 14.03%	431 12.76%	759 19.49%	728 12.40%	914 13.93%	697 15.53%
Other countries	652 3.50%	778 4.06%	950 4.32%	1,035 4.50%	760 3.72%	172 3.21%	37 1.86%	90 3.86%	155 8.32%	51 3.29%	154 7.63%	357 10.58%	423 10.87%	1,028 17.50%	761 11.59%	608 13.57%
China	—	—	—	—	—	—	—	—	—	—	371 18.42%	663 19.65%	1,165 29.95%	2,008 34.20%	2,115 32.21%	1,213 27.04%
Revenue	18,610	19,185	21,996	22,989	20,444	5,354	1,990	2,332	1,866	1,555	2,013	3,373	3,891	5,873	6,564	4,484

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average net selling price per net ton of steel products	Q3 FY2026	$1,177.00	$1,032.00	+14.05%
Coated share of steel product sales volumes	Q3 FY2026	31.0%	29.0%	—
Cold-rolled share of steel product sales volumes	Q3 FY2026	15.0%	15.0%	—
Hot-rolled share of steel product sales volumes	Q3 FY2026	46.0%	37.0%	—
Other share of steel product sales volumes	Q2 FY2026	1.00%	10.0%	—
Plate share of steel product sales volumes	Q3 FY2026	4.00%	6.00%	—
Stainless and electrical share of steel product sales volumes	Q1 FY2026	3.00%	3.00%	—
Steel product sales volumes	Q3 FY2026	4.2M	4.0M	+3.00%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024
Average net selling price per net ton of steel products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Coated share of steel product sales volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Cold-rolled share of steel product sales volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Hot-rolled share of steel product sales volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other share of steel product sales volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Plate share of steel product sales volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Stainless and electrical share of steel product sales volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Steel product sales volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.