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Cleveland-Cliffs Income Statement 2025-2006 | CLF
Brief overview of revenue and earnings at Cleveland-Cliffs
The overview follows changes across a five-year period. The revenue attributed to Cleveland-Cliffs moved from $5.4 billion to $18.6 billion between the two endpoints. The cumulative result was +247.6%, corresponding to roughly 28.3% per year. The annual growth rate indicates an exceptionally strong top-line trend.
The five-year change in gross profit reached −441.3%: from 252 million dollars to −860 million dollars. Direct costs outpaced revenue, limiting the benefit of changes in sales. Gross margin moved from 4.7% to −4.6%. The business retained less gross profit from each unit of revenue.
Over the period, EBITDA shifted from $166 million to −$344 million, a change of −307.2%. EBITDA lagged revenue, showing weaker operating momentum. EBITDA margin was 3.1% at the start and −1.8% at the end. Cost pressure reduced operating profitability.
The net financial result changed from −122 million dollars to −1.5 billion dollars. Profitability deteriorated further over the five years.
Over the period, capitalization shifted from 5.8 billion dollars to 6.3 billion dollars (+8.9%). Investors responded cautiously to the improvement in the business.
Summary assessment
Signs of deterioration dominate the five-year picture. The positive side is supported by sales growth. The most visible risks are a declining EBITDA margin, weaker gross profitability and a narrow EBITDA buffer. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement Cleveland-Cliffs
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
6.33 B | 5.24 B | 9.88 B | 10.6 B | 8.54 B | 5.81 B | 1.99 B | 3.22 B | 2.14 B | 1.71 B | 247 M | 983 M | 2.92 B | 5.18 B | 10.1 B | 6.94 B | 3.63 B | 10.9 B | 3.71 B | - |
Shares |
508 M | 480 M | 510 M | 519 M | 498 M | 379 M | 277 M | 297 M | 288 M | 198 M | 153 M | 153 M | 152 M | 142 M | 140 M | 135 M | 125 M | 101 M | 83 M | - |
Historical Prices |
12.5 | 10.9 | 19.4 | 20.4 | 17.1 | 15.3 | 6.86 | 10.1 | 6.49 | 8.3 | 1.52 | 5.91 | 17.3 | 32.2 | 60.4 | 51.3 | 29 | 108 | 44.7 | 18.5 |
Net Income |
-1.48 B | -760 M | 385 M | 1.34 B | 2.99 B | -122 M | 293 M | 1.13 B | 367 M | 174 M | -749 M | -7.22 B | 414 M | -899 M | 1.62 B | 1.02 B | 205 M | 516 M | 270 M | - |
Revenue |
18.6 B | 19.2 B | 22 B | 23 B | 20.4 B | 5.35 B | 1.99 B | 2.33 B | 2.33 B | 2.11 B | 2.01 B | 4.62 B | 5.69 B | 5.87 B | 6.79 B | 4.48 B | 2.34 B | 3.61 B | 2.28 B | - |
Cost of Revenue |
19.5 B | 19.1 B | 20.6 B | 20.5 B | 15.9 B | 5.1 B | 1.41 B | 1.52 B | 1.4 B | 1.27 B | 1.78 B | 2.49 B | 2.41 B | 4.7 B | 3.95 B | 3.03 B | 2.03 B | 2.45 B | 1.81 B | - |
Gross Profit |
- | - | - | - | - | - | 576 M | 810 M | 502 M | 389 M | 236 M | 451 M | 1.15 B | 1.17 B | 2.69 B | 1.46 B | 312 M | 1.16 B | 462 M | - |
Operating Income |
-1.58 B | -763 M | 659 M | 1.94 B | 4.01 B | -142 M | 429 M | 673 M | 390 M | 131 M | 151 M | 130 M | 1.38 B | -309 M | 2.3 B | 1.23 B | 236 M | 939 M | 382 M | - |
Interest Expense |
1 M | 4 M | 5 M | -4 M | 6 M | 3 M | 4 M | 18 M | 10.2 M | 7.3 M | -2.6 M | 10.7 M | -3 M | 2.6 M | 216 M | 70.1 M | 39 M | 39.8 M | 22.6 M | - |
EBITDA |
-344 M | 188 M | 1.63 B | 2.97 B | 4.91 B | 166 M | 517 M | 781 M | 502 M | 378 M | 259 M | 697 M | 1.52 B | 1.27 B | 2.77 B | 1.56 B | 473 M | 1.14 B | 489 M | - |
Operating Expenses |
- | - | - | - | - | - | 146 M | 134 M | 90.4 M | 127 M | 109 M | 286 M | 228 M | 431 M | 355 M | 226 M | 75.6 M | 221 M | 80.4 M | - |
General and Administrative Expenses |
543 M | 486 M | 577 M | 465 M | 422 M | 244 M | - | - | - | - | - | - | - | - | - | 172 M | 118 M | 189 M | 114 M | - |
All numbers in USD currency
Quarterly Income Statement Cleveland-Cliffs
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
571 M | 570 M | 570 M | 495 M | 495 M | 495 M | 494 M | 468 M | 473 M | 492 M | 505 M | 508 M | 513 M | 515 M | 513 M | 516 M | 523 M | 521 M | 500 M | 500 M | 500 M | 490 M | 478 M | 399 M | 399 M | 298 M | 270 M | 270 M | 276 M | 290 M | 293 M | 298 M | 298 M | 297 M | 297 M | 296 M | 296 M | 265 M | 233 M | 206 M | 182 M | 172 M | 154 M | 153 M | 153 M | 153 M | 153 M | 153 M | 153 M | 153 M | 153 M | 153 M | 153 M | 148 M | 142 M | 142 M | 142 M | 142 M | 142 M | 144 M | 139 M | 135 M | 135 M | 135 M | 131 M | 125 M |
Net Income |
-145 M | -237 M | - | -251 M | -470 M | -498 M | - | -244 M | 9 M | -53 M | - | 264 M | 347 M | -57 M | - | 152 M | 596 M | 801 M | - | 1.27 B | 780 M | 41 M | - | -10 M | -124 M | -52 M | 63.2 M | 90.9 M | 161 M | -22.1 M | 610 M | 438 M | 165 M | -84.3 M | 310 M | 53.4 M | 31.8 M | -28.1 M | 79.1 M | -25.8 M | 12.8 M | 108 M | -60.3 M | 79.1 M | 60.2 M | -760 M | -1.29 B | -60.3 M | 10.9 M | -70.3 M | 43.3 M | 117 M | 146 M | 107 M | -1.62 B | 85.1 M | 258 M | 376 M | 185 M | 601 M | 409 M | 423 M | 297 M | 261 M | 58.8 M | 45.5 M |
Revenue |
5.23 B | 4.92 B | - | 4.73 B | 4.93 B | 4.63 B | - | 4.57 B | 5.09 B | 5.2 B | - | 5.6 B | 5.98 B | 5.3 B | - | 5.65 B | 6.34 B | 5.96 B | - | 6 B | 5.04 B | 4.05 B | - | 1.65 B | 1.09 B | 359 M | 534 M | 556 M | 743 M | 157 M | 696 M | 742 M | 714 M | 180 M | 512 M | 597 M | 471 M | 286 M | 754 M | 553 M | 496 M | 306 M | 476 M | 593 M | 498 M | 446 M | 1.03 B | 980 M | 748 M | 616 M | 1.52 B | 1.55 B | 1.49 B | 1.14 B | 1.54 B | 1.54 B | 1.58 B | 1.21 B | 1.6 B | 2.09 B | 1.81 B | 1.18 B | 1.35 B | 1.18 B | 666 M | 390 M |
Cost of Revenue |
5.09 B | 5 B | - | 4.78 B | 5.14 B | 5.02 B | - | 4.68 B | 4.93 B | 4.91 B | - | 5.12 B | 5.34 B | 5.2 B | - | 5.3 B | 5.36 B | 4.71 B | - | 4.23 B | 3.85 B | 3.76 B | - | 1.52 B | 1.21 B | 356 M | - | 401 M | 480 M | 126 M | - | 480 M | 430 M | 118 M | - | 439 M | 327 M | 365 M | - | 468 M | 405 M | 275 M | - | 538 M | 441 M | 365 M | - | 724 M | 564 M | 426 M | - | 1.2 B | 1.22 B | 903 M | - | 1.35 B | 1.14 B | 921 M | - | 1.25 B | 1.07 B | 584 M | 870 M | 770 M | 563 M | 402 M |
Gross Profit |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 127 M | 155 M | 263 M | 30.9 M | 202 M | 262 M | 284 M | 61.5 M | 116 M | 158 M | 145 M | 96.3 M | 182 M | 85.4 M | 91.5 M | 30.9 M | 43.3 M | 55.1 M | 57.3 M | 80.8 M | 256 M | 256 M | 184 M | 190 M | 294 M | 349 M | 268 M | 238 M | 238 M | 198 M | 443 M | 292 M | 480 M | 843 M | 732 M | 600 M | 476 M | 415 M | 103 M | -11.7 M |
Operating Income |
-49 M | -213 M | - | -204 M | -498 M | -543 M | - | -261 M | 6 M | -38 M | - | 325 M | 483 M | -31 M | - | 187 M | 840 M | 1.09 B | - | 1.65 B | 1.07 B | 177 M | - | 38 M | -208 M | -79 M | - | 122 M | 227 M | -800 K | - | 226 M | 254 M | 30.3 M | - | 129 M | 115 M | 80.1 M | - | 34.7 M | 74.7 M | -300 K | - | 29.2 M | 25.7 M | 71.9 M | - | -143 M | 139 M | 139 M | - | 224 M | 262 M | 168 M | - | 76.3 M | 362 M | 223 M | - | 817 M | 618 M | 542 M | 389 M | 366 M | 80.5 M | -17.3 M |
Interest Expense |
1 M | - | - | 1 M | -14 M | -9 M | - | - | 1 M | 2 M | - | -2 M | 4 M | 2 M | - | -1 M | -3 M | -2 M | - | 1 M | 4 M | - | - | 1 M | - | 9.2 M | - | 300 K | 600 K | 100 K | - | 4.3 M | 4.4 M | 4.4 M | - | 2.6 M | 2.5 M | 2.5 M | - | 100 K | 200 K | 100 K | - | -100 K | -2.1 M | -800 K | - | 7.7 M | 1.6 M | 800 K | - | -1.2 M | -2.8 M | 1.1 M | - | 47.2 M | 47.1 M | 47.3 M | - | 49.4 M | 81.3 M | 38.4 M | 17.3 M | 13.3 M | 10 M | 10 M |
EBITDA |
213 M | 46 M | - | 84 M | -105 M | -261 M | - | -26 M | 234 M | 192 M | - | 574 M | 730 M | 211 M | - | 424 M | 1.09 B | 1.4 B | - | 1.89 B | 1.28 B | 394 M | - | 222 M | -96 M | -44 M | - | 185 M | 268 M | 19.1 M | - | 294 M | 304 M | 54.2 M | - | 150 M | 137 M | 103 M | - | 61.5 M | 102 M | 34.9 M | - | 64.8 M | 56.2 M | 105 M | - | -72.7 M | 210 M | 280 M | - | 377 M | 406 M | 309 M | - | 209 M | 494 M | 340 M | - | 937 M | 725 M | 622 M | 629 M | 521 M | 253 M | -17.3 M |
Operating Expenses |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 33.3 M | 36.2 M | 31.7 M | - | 36.1 M | 30.3 M | 31.2 M | - | 29.1 M | 29.5 M | 16.2 M | - | 50.7 M | 16.8 M | 31.2 M | - | 25.9 M | 31.6 M | 8.9 M | - | 399 M | 44.2 M | 50.8 M | - | 125 M | 6.2 M | 69.6 M | - | 122 M | 81.5 M | 68.9 M | - | 26 M | 114 M | 57.4 M | 87.3 M | 48.9 M | 22.7 M | 5.6 M |
General and Administrative Expenses |
154 M | 125 M | - | 130 M | 137 M | 133 M | - | 112 M | 103 M | 132 M | - | 139 M | 149 M | 127 M | - | 124 M | 107 M | 122 M | - | 116 M | 104 M | 108 M | - | 59 M | 62 M | 28 M | - | 25.5 M | 29.4 M | 27.3 M | - | 29.1 M | 26.2 M | 25.1 M | - | 23.8 M | 26.6 M | 27.7 M | - | 31.1 M | 22.5 M | 28.2 M | - | 22.4 M | 30.8 M | 29.1 M | - | 49.7 M | 40.9 M | 37.5 M | - | 70.6 M | 48.9 M | 48.4 M | - | 63.9 M | 80.8 M | 59.5 M | - | 61.3 M | 69.4 M | 50.6 M | 68.1 M | 50.2 M | 28.4 M | 23.4 M |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Cleveland-Cliffs (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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