CLEVELAND-CLIFFS INC. (CLF)
As-reported financials and SEC filings for CLEVELAND-CLIFFS INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About CLEVELAND-CLIFFS INC.
Cleveland-Cliffs Inc. is a North American steel producer specializing in value-added sheet products primarily for the automotive industry. The company operates a vertically integrated supply chain from iron ore mining to steelmaking and downstream finishing, serving customers mainly in the United States and Canada. It offers a wide range of flat-rolled steel products, including advanced high-strength steel and electrical steels, and maintains strong labor relationships with its unionized workforce.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Cleveland-cliffs
- Revenue fell 3.0% to $18.6B in FY2025, after a 12.8% decline the year before.
- Operating margin is now a 8.5% loss in FY2025, from 19.6% in FY2021.
- Most recent quarter Q2 FY2026: revenue $5.2B, up 5.9% from Q2 FY2025.
- Free cash flow was negative $1.0B in FY2025.
- Net loss widened to $1.5B in FY2025, from $760M in FY2024.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Cleveland-cliffs’s fundamentals sit among the 241 Materials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Cleveland-cliffs’s gross margin of -4.6% ranks in the 1st percentile of the 191 Materials companies reporting it. Cleveland-cliffs’s FCF margin of -5.5% ranks in the 15th percentile of the 205 Materials companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 3 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| D. E. Shawquant | Q2 2026 | $144.5M | 15.4M | Added |
| Two Sigma Investmentsquant | Q2 2026 | $142.7M | 15.2M | Added |
| Millennium Managementquant | Q2 2026 | $59.8M | 6.4M | Reduced |
| Duquesne Family Office | Q2 2026 | $39.6M | 4.2M | Added |
| Point72 Asset Managementquant | Q2 2026 | $21.5M | 2.3M | Added |
| Gotham Asset Management | Q2 2026 | $11.3M | 1.2M | Added |
| Citadel Advisorsquant | Q2 2026 | $7.7M | 816.4K | Reduced |
| AQR Capital Managementquant | Q2 2026 | $3.9M | 413.8K | Added |
| Bridgewater Associates | Q2 2026 | $2.4M | 257.2K | Added |
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Recent insider activity
Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.
| Trade date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
2026-06-05 | Goncalves Celso L JrEVP, CFO | Sell | 214.3K | $13.41 | $2.9M |
Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-31 | 79.6M | -1.9% | 4.69 |
| 2026-08-14 | 81.1M | +1.1% | 5.78 |
| 2026-07-31 | 80.3M | -4.0% | 2.41 |
| 2026-07-15 | 83.6M | +2.1% | 4.50 |
| 2026-06-30 | 81.9M | +6.2% | 3.92 |
| 2026-06-15 | 77.1M | -6.0% | 4.04 |
| 2026-05-29 | 82.0M | +4.3% | 4.07 |
| 2026-05-15 | 78.6M | -7.0% | 6.02 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $18.61B | $19.18B | $22.00B | $22.99B | $20.44B |
| Gross profit | $-860.0M | $63.0M | $1.37B | $2.52B | $4.53B |
| Operating income | $-1.58B | $-763.0M | $659.0M | $1.94B | $4.01B |
| Net income | $-1.48B | $-760.0M | $385.0M | $1.33B | $2.99B |
| Diluted EPS | $-2.91 | $-1.58 | $0.75 | $2.55 | $5.36 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $57.0M | $54.0M | $198.0M | $26.0M | $48.0M |
| Current assets | $6.43B | $6.91B | $6.64B | $7.42B | $7.65B |
| Total assets | $20.01B | $20.95B | $17.54B | $18.75B | $18.98B |
| Current liabilities | $3.30B | $3.36B | $3.51B | $3.55B | $3.56B |
| Long-term debt | $7.25B | $7.07B | $3.14B | $4.25B | $5.24B |
| Total liabilities | $13.69B | $14.08B | $9.41B | $10.71B | $13.20B |
| Total equity | $6.32B | $6.87B | $8.12B | $8.04B | $5.77B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $-462.0M | $105.0M | $2.27B | $2.42B | $2.79B |
| Capital expenditure | $561.0M | $695.0M | $646.0M | $943.0M | $705.0M |
| Free cash flow | $-1.02B | $-590.0M | $1.62B | $1.48B | $2.08B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $5.23B | 5.9% | $-145.0M | $-0.25 |
| Q1 FY2026 | $4.92B | 6.3% | $-237.0M | $-0.42 |
| Q4 FY2025 | $4.31B | -0.3% | $-243.0M | $-0.44 |
| Q3 FY2025 | $4.73B | 3.6% | $-251.0M | $-0.51 |
| Q2 FY2025 | $4.93B | -3.1% | $-486.0M | $-0.98 |
| Q1 FY2025 | $4.63B | -11.0% | $-498.0M | $-1.01 |
| Q4 FY2024 | $4.33B | -15.4% | $-447.0M | $-0.92 |
| Q3 FY2024 | $4.57B | -18.5% | $-244.0M | $-0.52 |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Selected SEC filings
Largest Materials peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.