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 Q3 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 Q3 FY2026: revenue $5.6B, up 18.5% from Q3 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 224 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 177 Materials companies reporting it. Cleveland-Cliffs’s FCF margin of -5.5% ranks in the 14th percentile of the 191 Materials companies reporting it.
1 reported insider purchase (code P) totaling $99,826 in the last 90 days. For context, about 15% 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 |
|---|---|---|---|---|---|
2026-10-22 filed 2026-10-23 | Edilson CamaraDirector | Buy | 7.4K | $13.49 | $100K |
2026-06-05 | Celso L. Goncalves Jr.EVP, 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 |
|---|---|---|---|
| 2026-09-30 | 78.5M | -2.3% | 4.67 |
| 2026-09-15 | 80.3M | +0.9% | 7.34 |
| 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 |
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 | |||||
| Operating income | $-1.58B | $-763.0M | $659.0M | $1.94B | $4.01B |
| Pre-tax income | $-2.00B | $-950.0M | $579.0M | $1.80B | $3.80B |
| 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 (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. 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 | $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 (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. 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 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.
Quarterly trend
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q3 FY2026 | $5.61B | 18.5% | $152.0M | $0.26 |
| Q2 FY2026 | $5.23B | 5.9% | $-145.0M | $-0.25 |
| Q1 FY2026 | $4.92B | 6.3% | $-237.0M | $-0.42 |
| Q4 FY2025 | -0.3% | |||
| 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 | -15.4% |
Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.
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.