Cleveland-Cliffs Inc. (CLF) income statement
NYSE · Basic Materials · Steel · 25,000 employees · CEO C. Lourenco Goncalves
- Price
- $14.25 -0.07%
- Market cap
- $8.13B
- Enterprise value
- $15.7B
- Last report
- Q3 '26 filed 2026-10-20
- Next report
- 2027-02-08 EPS est. $0.42
Cleveland-Cliffs Inc. (CLF) reported revenue of $5.61B for Q3 '26 (+18.5% year on year), operating income of $312M (5.6% of revenue) and net income of $152M. Over the last four quarters revenue was $20.1B.
Income statement
| Income statement | Trend | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.11B | $5.2B | $5.09B | $4.57B | $4.33B | $4.63B | $4.93B | $4.73B | $4.31B | $4.92B | $5.23B | $5.61B | |
| Cost of revenue | $4.94B | $4.91B | $4.93B | $4.67B | $4.6B | $5.02B | $5.14B | $4.78B | $4.5B | $5B | $5.03B | $5.15B | |
| Gross profit | $168M | $285M | $162M | -$104M | -$273M | -$391M | -$209M | -$46M | -$191M | -$82M | $195M | $465M | |
| Other operating expenses | $111M | $191M | $53M | $43M | $53M | $14M | $152M | $0 | -$13M | $0 | $27M | $0 | |
| Operating expenses | $268M | $323M | $156M | $155M | $192M | $147M | $289M | $130M | $131M | $125M | $181M | $153M | |
| Operating income | -$100M | -$38M | $6M | -$259M | -$465M | -$538M | -$498M | -$176M | -$322M | -$207M | $14M | $312M | |
| Interest expense | $63M | $64M | $69M | $102M | $135M | $140M | $149M | $153M | $152M | $148M | $156M | $148M | |
| Other non-operating income (gains on investments, FX ...) | -$55M | -$41M | -$57M | -$55M | -$30M | -$48M | -$29M | -$20M | -$35M | -$48M | -$53M | $0 | |
| Total non-operating income | -$8M | -$23M | -$12M | -$47M | -$105M | -$92M | -$120M | -$133M | -$117M | -$100M | -$166M | -$99M | |
| Income before tax | -$108M | -$61M | -$6M | -$306M | -$570M | -$630M | -$618M | -$309M | -$439M | -$307M | -$152M | $213M | |
| Income tax | $30M | -$8M | -$15M | -$76M | -$136M | -$147M | -$148M | -$78M | -$206M | -$81M | -$20M | $46M | |
| Net income | -$155M | -$67M | $2M | -$242M | -$447M | -$495M | -$483M | -$251M | -$243M | -$237M | -$145M | $152M | |
| EPS (basic) | -$0.31 | -$0.14 | $0.00 | -$0.52 | -$0.92 | -$1.00 | -$0.97 | -$0.51 | -$0.49 | -$0.42 | -$0.25 | $0.27 | |
| EPS (diluted) | -$0.31 | -$0.14 | $0.00 | -$0.52 | -$0.92 | -$1.00 | -$0.97 | -$0.51 | -$0.49 | -$0.42 | -$0.25 | $0.26 | |
| Shares (basic, weighted) | 505M | 492M | 473M | 468M | 486M | 495M | 498M | 492M | 492M | 564M | 571M | 563M | |
| Shares (diluted, weighted) | 505M | 492M | 474M | 468M | 486M | 495M | 498M | 492M | 492M | 564M | 571M | 585M | |
| Depreciation & amortization | $235M | $230M | $228M | $235M | $258M | $282M | $393M | $288M | $272M | $259M | $262M | $259M | |
| EBITDA | $190M | $233M | $291M | $31M | -$177M | -$208M | -$76M | $132M | -$15M | $100M | $329M | $571M |
| Income statement | Trend | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.11B | $2.33B | $2.33B | $1.99B | $5.35B | $20.4B | $23B | $22B | $19.2B | $18.6B | |
| Cost of revenue | $1.72B | $1.82B | $1.52B | $1.41B | $5.1B | $15.9B | $20.5B | $20.6B | $19.1B | $19.4B | |
| Gross profit | $389M | $510M | $810M | $576M | $252M | $4.53B | $2.52B | $1.39B | $70M | -$763M | |
| Other operating expenses | $31.6M | -$28.4M | $19.6M | $27M | $150M | $80M | $110M | $137M | $340M | $50M | |
| Operating expenses | $149M | $77.4M | $136M | $146M | $394M | $502M | $575M | $714M | $826M | $593M | |
| Operating income | $241M | $432M | $673M | $429M | -$142M | $4.01B | $1.94B | $677M | -$756M | -$1.36B | |
| Interest expense | $194M | $127M | $119M | $101M | $238M | $337M | $276M | $289M | $370M | $594M | |
| Other non-operating income (gains on investments, FX ...) | -$174M | $0 | -$11M | $16M | -$187M | -$128M | -$133M | -$209M | -$183M | $54M | |
| Total non-operating income | $76.3M | -$282M | -$108M | -$117M | -$51M | -$209M | -$143M | -$80M | -$187M | -$648M | |
| Income before tax | $207M | $137M | $565M | $313M | -$193M | $3.8B | $1.8B | $597M | -$943M | -$2B | |
| Income tax | -$12.2M | -$252M | -$475M | $17.6M | -$111M | $773M | $423M | $148M | -$235M | -$581M | |
| Net income | $174M | $375M | $1.13B | $293M | -$122M | $2.99B | $1.34B | $399M | -$754M | -$1.48B | |
| EPS (basic) | $0.88 | $1.30 | $3.80 | $1.06 | -$0.32 | $5.35 | $2.57 | $0.78 | -$1.57 | -$3.00 | |
| EPS (diluted) | $0.87 | $1.28 | $3.71 | $1.03 | -$0.32 | $5.35 | $2.55 | $0.78 | -$1.57 | -$3.00 | |
| Shares (basic, weighted) | 198M | 288M | 297M | 277M | 379M | 558M | 519M | 510M | 480M | 492M | |
| Shares (diluted, weighted) | 200M | 293M | 304M | 284M | 379M | 558M | 524M | 511M | 480M | 492M | |
| Depreciation & amortization | $115M | $87.7M | $89M | $85.1M | $308M | $904M | $1.03B | $973M | $951M | $1.24B | |
| EBITDA | $288M | $478M | $776M | $498M | $353M | $5.04B | $3.11B | $1.86B | $378M | -$175M |
Standardised from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in USD.
Revenue, operating income and growth
quarterlyMargins
quarterlyCosts as % of revenue
quarterlyThe other statements
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02