Cleveland-Cliffs Inc. cash flow statement CLF

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, Cleveland-Cliffs Inc. used $462.0 million of cash from operations, down 540.0% from the year before. It spent $561.0 million on capital expenditures. Free cash flow was negative, at -$1.0 billion.

USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.

Line	FY 2026 Sep 30, 2026	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2016 Dec 31, 2016
Operating
Depreciation and amortization	1,052 -13.8%	1,235 +29.9%	951 -2.3%	973 -5.9%	1,034 +15.3%	897 +191.2%	308 +262.4%	85 -4.5%	89 +1.5%	88 -24.0%	115 -13.9%
Operating cash flow	116 +112.6%	-462 -540.0%	105 -95.4%	2,267 -6.4%	2,423 -13.0%	2,785 +1179.5%	-258 -145.4%	568 +18.6%	479 +41.7%	338 +11.6%	303 +699.5%
Investing
Capital expenditures	601 -4.0%	561 -19.3%	695 +7.6%	646 -31.5%	943 +33.8%	705 +34.3%	525 -20.0%	656 +121.6%	296 +119.4%	135 +1723.0%	7 -90.8%
Investing cash flow	-472 +84.9%	-479 +85.1%	-3,212 -443.5%	-591 +36.9%	-936 +32.1%	-1,379 +32.5%	-2,042 -217.1%	-644 -135.9%	-273 -75.0%	-156 -169.4%	-58 +43.9%
Financing
Debt repaid	—	685 -18.9%	845	0 -100.0%	1,358 -1.0%	1,372 +34.1%	1,023 +40.3%	729	—	—	—
Dividends paid	—	—	—	—	—	—	41 -43.1%	72	—	—	0
Stock buybacks	—	0 -100.0%	733 +382.2%	152 -36.7%	240	0	0 -100.0%	253 +427.1%	48	—	—
Financing cash flow	362 -91.1%	942 -68.3%	2,970 +297.5%	-1,504 +0.3%	-1,509 -2.7%	-1,470 -171.4%	2,059 +622.6%	-394 -4.8%	-376 -175.4%	499 +341.7%	-206 -438.4%
Change in cash
Effect of exchange rate	-2	2 +300.0%	-1	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	172 +881.8%	-22 +65.6%	-64 +73.4%	-241	—	—	—	—
Free cash flow	-485 +68.6%	-1,023 -73.4%	-590 -136.4%	1,621 +9.5%	1,480 -28.8%	2,080 +365.6%	-783 -789.8%	-88 -148.1%	183 -9.9%	203 -31.3%	296 +789.0%
Per share
Free cash flow per share	-0.86 +72.7%	-2.01 -63.8%	-1.23 -138.7%	3.17 +12.3%	2.82 -24.2%	3.73 +280.4%	-2.07 -566.7%	-0.31 -151.5%	0.60 -13.2%	0.69 -53.0%	1.48 +628.9%
Dividend per share	—	—	—	—	0.06	—	—	0.27 +440.0%	0.05	—	0.00 -100.0%
Shareholder returns
Returned to shareholders	—	0	733	152	240	0	41	325	48	—	0
Share of free cash flow	—	—	—	9.38%	16.22%	0.00%	—	—	26.23%	—	0.00%
Ratios
Free cash flow margin	-2.42%	-5.50%	-3.08%	7.37%	6.44%	10.17%	-14.62%	-4.42%	7.85%	10.89%	19.02%
Capital expenditures to revenue	2.99%	3.01%	3.62%	2.94%	4.10%	3.45%	9.81%	32.96%	12.69%	7.23%	0.48%
Cash conversion	—	—	—	5.89x	1.81x	0.93x	—	1.94x	0.42x	0.92x	1.74x

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. The first column is the trailing twelve months through the latest quarter. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.

Company profile

Industry: Metal Mining (SIC 1000)
Listed as: CLF (NYSE)
Fiscal year ends: December 31
Incorporated in: OH
Headquarters: Cleveland, OH
SEC filer status: Large accelerated filer
SEC CIK: 764065
Former names: CLIFFS NATURAL RESOURCES INC. (until Aug 14, 2017); CLEVELAND CLIFFS INC (until Oct 15, 2008)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.