Cleveland-Cliffs Inc. cash flow statement CLF

Annual Quarterly

In Q3 of fiscal 2026, the quarter ended Sep 30, 2026, Cleveland-Cliffs Inc. generated $224.0 million of cash from operations, up 256.6% from the same quarter a year earlier. It spent $152.0 million on capital expenditures. That left free cash flow of $72.0 million.

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

TTM
Sep 30, 2026
Q3 FY2026
Sep 30, 2026
Q2 FY2026
Jun 30, 2026
Q1 FY2026
Mar 31, 2026
Q4 FY2025
Dec 31, 2025
Q3 FY2025
Sep 30, 2025
Q2 FY2025
Jun 30, 2025
Q1 FY2025
Mar 31, 2025
Q4 FY2024
Dec 31, 2024
Operating
Depreciation and amortization
1,052
-13.8%
259
-10.1%
262
-33.3%
259
-8.2%
272
+5.4%
288
+22.6%
393
+72.4%
282
+22.6%
258
+9.8%
Operating cash flow
116
+112.6%
224
+256.6%
230
+411.1%
-325
+7.4%
-13
+97.2%
-143
-70.2%
45
-91.3%
-351
-347.2%
-472
-172.4%
Investing
Capital expenditures
601
-4.0%
152
-3.2%
157
+40.2%
152
+0.0%
140
-31.7%
157
+4.0%
112
-28.7%
152
-16.5%
205
+24.2%
Investing cash flow
-472
+84.9%
-121
+12.3%
-126
-13.5%
-140
+3.4%
-85
+96.9%
-138
+5.5%
-111
+27.0%
-145
+19.0%
-2,735
-2160.3%
Financing
Debt repaid
—
—
—
—
685
0
0
-100.0%
0
-100.0%
0
Stock buybacks
—
—
—
—
0
0
0
-100.0%
0
-100.0%
0
Financing cash flow
362
-91.1%
-102
-135.7%
-79
-216.2%
454
-9.0%
89
-97.2%
286
+79.9%
68
+123.7%
499
+480.9%
3,229
+987.1%
Change in cash
Effect of exchange rate
-2
0
-1
-133.3%
0
-1
0
3
0
—
Free cash flow
-485
+68.6%
72
+124.0%
73
+209.0%
-477
+5.2%
-153
+77.4%
-300
-27.7%
-67
-118.5%
-503
-1157.5%
-677
-239.0%
Per share
Free cash flow per share
-0.86
+72.7%
0.13
+120.7%
0.13
+194.5%
-0.84
+17.6%
-0.28
+79.9%
-0.61
-20.7%
-0.14
-117.7%
-1.02
-1149.9%
-1.39
-244.5%
Shareholder returns
Returned to shareholders
—
—
—
—
0
0
0
0
0
Ratios
Free cash flow margin
-2.42%
1.28%
1.40%
-9.69%
-3.55%
-6.34%
-1.36%
-10.87%
-15.65%
Capital expenditures to revenue
2.99%
2.71%
3.00%
3.09%
3.25%
3.32%
2.27%
3.28%
4.74%
Cash conversion
—
1.47x
—
—
—
—
—
—
—
How these figures are calculated

Quarterly columns are single-quarter amounts. When a 10-Q reports only a year-to-date total, as cash flow statements do, the quarter is that total minus the previous quarter's year-to-date total. The fourth quarter is the annual report's full year minus the first nine months. A column marked YTD is a year-to-date total, shown when the earlier report needed for the single quarter is missing. 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.