CLF FINANCIAL STATEMENTS

Cleveland-Cliffs Inc — balance sheet, income statement and cash flow trends

CLFCleveland-Cliffs Inc

🇺🇸 USA · NYSE · Basic Materials · Steel

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue18.9 B $+1.5%

Gross Profit-528 M $—

Operating Income-1.2 B $—

EBITDA217 M $—

Net Income-1.2 B $—

Peer Comparison· Steel

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CLF	1.5%	-2.8%	1.1%	-6.4%
EREGL	-20.6%	9.1%	10.7%	0.2%
ACX	26.4%	44.8%	4.1%	-0.1%
ISDMR	-13.8%	9.2%	11.1%	5.2%
SGM	12.8%	16.4%	4.3%	-0.8%
BSL	1.3%	12.7%	7.0%	1.8%
Industry median	1.6%	13.1%	8.7%	0.2%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CLF	1.5%	-2.8%	1.1%	-6.4%
RS	8.5%	27.2%	9.4%	5.4%
WS	11.3%	11.7%	6.4%	0.5%
NWPX	10.6%	20.2%	13.9%	7.7%
STLD	10.4%	14.0%	13.4%	7.2%
MTUS	13.7%	8.3%	5.5%	0.2%
Industry median	1.6%	13.1%	8.7%	0.2%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity5.8 B $29%
Current Liabilities3.3 B $17%
Long-term Liabilities10.8 B $54%

Key Figures

YoY change

Total Assets20.1 B $-3.5%

Total Liabilities14.1 B $-1.8%

Total Equity5.8 B $-6.9%

Cash & ST Investments45 M $-21.1%

Total Debt7.8 B $+2.1%

Net Debt7.7 B $+2.3%

Peer Comparison· Steel

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CLF	2.02	133.3%	35.57	28.9%
EREGL	2.03	51.1%	1.36	52.9%
ACX	1.80	101.7%	3.52	36.7%
ISDMR	1.81	26.6%	-1.02	57.9%
SGM	1.51	38.4%	2.63	57.6%
BSL	2.14	14.4%	0.41	68.3%
Industry median	1.49	35.8%	1.19	56.2%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CLF	2.02	133.3%	35.57	28.9%
RS	4.39	28.5%	1.28	65.9%
WS	1.46	33.1%	1.22	47.2%
NWPX	2.68	25.4%	1.16	63.7%
STLD	3.13	45.8%	1.43	54.8%
MTUS	1.73	1.9%	-1.38	60.0%
Industry median	1.49	35.8%	1.19	56.2%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow-436 M $—

Capital Expenditures561 M $-15.6%

Free Cash Flow-997 M $—

Dividends Paid——

Peer Comparison· Steel

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CLF	-2.3%	-5.3%	3.0%	35.9%
EREGL	29.8%	22.6%	3.2%	13,646.8%
ACX	7.5%	3.9%	3.6%	-6,371.2%
ISDMR	26.2%	21.9%	3.2%	500.1%
SGM	1.4%	-1.0%	2.3%	-179.2%
BSL	9.9%	1.6%	8.2%	554.0%
Industry median	7.9%	3.5%	4.2%	69.6%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CLF	-2.3%	-5.3%	3.0%	35.9%
RS	6.2%	4.1%	2.1%	113.9%
WS	5.8%	3.4%	5.6%	1,197.6%
NWPX	16.7%	13.1%	3.6%	218.4%
STLD	7.6%	3.5%	4.1%	105.3%
MTUS	2.4%	-6.6%	9.0%	965.5%
Industry median	7.9%	3.5%	4.2%	69.6%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.