Cleveland-cliffs Inc. income statement

In fiscal 2025, Cleveland-cliffs Inc. reported revenue of $18.61bn, down 3.0% on the year before, operating income of −$1.58bn (a -8.5% margin) and net income of −$1.48bn, or −$2.91 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Cleveland-cliffs Inc.: income statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	2.3	4.5	6.6	5.9	3.9	3.4	2.0	1.6	1.9	2.3	2.0	5.4	20.4	23.0	22.0	19.2	18.6	20.1
Cost of revenue	2.0	3.0	4.0	4.7	2.4	2.5	1.8	1.3	1.4	1.5	1.4	5.1	15.9	20.5	20.6	19.1	19.5	19.8
Gross profit	0.3	1.5	2.6	1.2	1.5	0.9	0.2	0.3	0.5	0.8	0.6	0.3	4.5	2.5	1.4	0.1	−0.9	0.3
Selling, general and administrative	0.1	0.2	0.2	0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.2	0.4	0.5	0.6	0.5	0.5	0.6
Operating income	0.2	1.2	2.3	−0.3	1.4	0.1	0.2	0.1	0.4	0.7	0.4	−0.1	4.0	1.9	0.7	−0.8	−1.6	−0.3
Interest expense	0.0	0.1	0.2	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net interest income	—	−0.1	−0.2	−0.2	−0.2	−0.2	−0.2	−0.2	−0.1	−0.1	—	—	—	—	—	—	—	—
Income before tax	0.3	1.3	2.2	−0.5	1.2	−0.0	0.3	0.1	0.1	0.6	0.3	−0.2	3.8	1.8	0.6	−1.0	−2.0	−0.7
Income tax	0.0	0.3	0.4	0.3	0.2	−0.1	0.2	−0.0	−0.3	−0.5	0.0	−0.1	0.8	0.4	0.1	−0.2	−0.6	−0.3
Net income	0.2	1.0	1.6	−0.9	0.4	−7.2	−0.7	0.2	0.4	1.1	0.3	−0.1	3.0	1.3	0.4	−0.8	−1.5	−0.5
Diluted EPS	$1.63	$7.49	$11.48	−$6.32	$2.37	−$47.52	−$5.13	$0.87	$1.26	$3.71	$1.03	−$0.32	$5.36	$2.55	$0.75	−$1.58	−$2.91	−$0.84
Diluted shares (average)	126m	136m	141m	142m	174m	153m	154m	200m	293m	304m	284m	379m	558m	524m	511m	480m	508m	566m
EBITDA	0.5	1.6	2.7	0.2	2.0	0.6	0.3	0.2	0.5	0.8	0.5	0.2	4.9	3.0	1.6	0.2	−0.3	0.8

US$ millions unless shown otherwise. Fiscal quarters.

Cleveland-cliffs Inc.: income statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	4,325	4,629	4,934	4,734	4,313	4,922	5,226	5,612
Cost of revenue	4,598	5,025	5,146	4,780	4,519	5,004	5,094	5,147
Gross profit	−273	−396	−212	−46	−206	−82	132	465
Selling, general and administrative	139	133	137	130	143	125	154	153
Operating income	−465	−543	−501	−204	−331	−213	−49	311
Income before tax	−570	−635	−621	−309	−439	−307	−152	213
Income tax	−136	−149	−148	−78	−206	−81	−20	46
Net income	−447	−498	−486	−251	−243	−237	−145	152
Diluted EPS	−$0.92	−$1.01	−$0.98	−$0.51	−$0.42	−$0.42	−$0.25	$0.26
EBITDA	−207	−261	−108	84	−59	46	213	570

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.