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Cleveland-cliffs Inc. cash flow statement

In fiscal 2025, Cleveland-cliffs Inc.'s operations generated −$462m of cash; it spent $561m on capital projects, leaving free cash flow of −$1.02bn.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations1861,3202,2895151,14635938303338479568−2582,7852,4232,267105−462116
Depreciation and amortisation2373224275265935041341158889853088971,0349739511,2351,052
Stock-based pay1013141719221414181518171828415057—
Capital spending1162678811,128862284817135296656525705943646695561601
Free cash flow691,0531,408−61328475−43296203183−88−7832,0801,4801,621−590−1,023−485
Free cash flow after stock pay591,0411,394−63026553−57282185168−106−8002,0621,4521,580−640−1,080—
Dividends paid3269119307929300007241——————
Share buybacks—029000———048253002401527330—
Shares issued3470854028500287661000322000951—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Cleveland-cliffs Inc.'s SEC filings (10-K and 10-Q), retrieved October 21, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cleveland-cliffs Inc.