Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.55B | $1.87B | $2.33B | $1.99B | $5.35B | $20.4B | $23.0B | $22.0B | $19.2B | $18.6B |
| Revenue growth | — | 20.0% | 25.0% | -14.7% | 169.0% | 281.8% | 12.4% | -4.3% | -12.8% | -3.0% |
| Gross profit | $280M | $468M | $810M | $576M | — | — | — | — | — | — |
| Gross margin | 18.0% | 25.1% | 34.7% | 28.9% | — | — | — | — | — | — |
| Operating income | $131M | $390M | $673M | $429M | -$142M | $4.01B | $1.94B | $659M | -$763M | -$1.58B |
| Operating margin | 8.4% | 20.9% | 28.9% | 21.6% | -2.7% | 19.6% | 8.4% | 3.0% | -4.0% | -8.5% |
| Net income | $174M | $367M | $1.13B | $293M | -$122M | $2.99B | $1.33B | $385M | -$760M | -$1.48B |
| Net margin | 11.2% | 19.7% | 48.4% | 14.7% | -2.3% | 14.6% | 5.8% | 1.8% | -4.0% | -7.9% |
| EPS (diluted) | $0.87 | $1.26 | $3.71 | $1.03 | -$0.32 | $5.36 | $2.55 | $0.75 | -$1.58 | -$2.91 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $303M | $338M | $479M | $568M | -$258M | $2.79B | $2.42B | $2.27B | $105M | -$462M |
| Capital expenditures | $7.40M | $135M | $296M | $656M | $525M | $705M | $943M | $646M | $695M | $561M |
| Free cash flow | $296M | $203M | $183M | -$88.0M | -$783M | $2.08B | $1.48B | $1.62B | -$590M | -$1.02B |
| Share buybacks | — | $0.00 | $48.0M | $253M | $0.00 | $0.00 | $240M | $152M | $733M | $0.00 |
| Dividends paid | $0.00 | $0.00 | $0.00 | $72.0M | $41.0M | — | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $313M | $978M | $823M | $353M | $112M | $48.0M | $26.0M | $198M | $54.0M | $57.0M |
| Total assets | $1.92B | $2.95B | $3.53B | $3.50B | $16.8B | $19.0B | $18.8B | $17.5B | $20.9B | $20.0B |
| Total liabilities | $3.25B | $3.40B | $3.11B | $3.15B | $13.7B | $13.2B | $10.7B | $9.41B | $14.1B | $13.7B |
| Long-term debt | $2.18B | $2.30B | $2.09B | $2.11B | $5.39B | $5.24B | $4.25B | $3.14B | $7.07B | $7.25B |
| Shareholders' equity | -$1.46B | -$444M | -$410M | $358M | $2.02B | $5.49B | $7.79B | $7.89B | $6.63B | $6.12B |
| Retained earnings | -$4.57B | -$4.21B | -$3.06B | -$2.84B | -$2.99B | -$1.00M | $1.33B | $1.73B | $949M | -$529M |
| Shares (wtd avg diluted) | 200M | 293M | 304M | 284M | 379M | 558M | 524M | 511M | 480M | 508M |
Every figure is extracted from CLEVELAND-CLIFFS INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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