Cleveland-Cliffs annual free cash flow
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2025
Cleveland-Cliffs Free Cash Flow (FCF) History (CLF)
Cleveland-Cliffs reported −$1.02B in free cash flow for fiscal 2025, a decrease of $433.0M from the previous fiscal year, with a free cash flow margin of −5.50%.
View full Cleveland-Cliffs company overviewCleveland-Cliffs free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | −$1.02B | −$433.0M | — | −5.50% |
| 2024 | 2024-12-31 | −$590.0M | −$2.21B | — | −3.08% |
| 2023 | 2023-12-31 | $1.62B | $141.0M | +9.53% | +7.37% |
| 2022 | 2022-12-31 | $1.48B | −$600.0M | −28.85% | +6.44% |
| 2021 | 2021-12-31 | $2.08B | $2.86B | — | +10.17% |
| 2020 | 2020-12-31 | −$783.0M | −$695.0M | — | −14.62% |
| 2019 | 2019-12-31 | −$88.0M | −$271.0M | — | −4.42% |
| 2018 | 2018-12-31 | $183.0M | −$20.2M | −9.94% | +8.42% |
| 2017 | 2017-12-31 | $203.2M | −$92.4M | −31.26% | +12.36% |
| 2016 | 2016-12-31 | $295.6M | $338.5M | — | +21.42% |
| 2015 | 2015-12-31 | −$42.9M | −$117.7M | — | −2.13% |
| 2014 | 2014-12-31 | $74.8M | −$209.5M | −73.69% | +2.22% |
| 2013 | 2013-12-31 | $284.3M | $897.3M | — | +7.31% |
| 2012 | 2012-12-31 | −$613.0M | −$2.02B | — | −10.44% |
| 2011 | 2011-12-31 | $1.41B | $355.0M | +33.71% | +21.45% |
| 2010 | 2010-12-31 | $1.05B | $983.7M | +1417.44% | +23.49% |
| 2009 | 2009-12-31 | $69.4M | −$601.3M | −89.65% | +2.96% |
| 2008 | 2008-12-31 | $670.7M | $581.3M | +650.22% | +18.58% |
| 2007 | 2007-12-31 | $89.4M | — | — | +3.93% |
Cleveland-Cliffs quarterly free cash flow
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Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $73.0M | $140.0M | — | +1.40% |
| Q1 2026 | 2026-03-31 | −$477.0M | $26.0M | — | −9.69% |
| Q4 2025 | 2025-12-31 | −$153.0M | $524.0M | — | −3.55% |
| Q3 2025 | 2025-09-30 | −$300.0M | −$65.0M | — | −6.34% |
| Q2 2025 | 2025-06-30 | −$67.0M | −$429.0M | — | −1.36% |
| Q1 2025 | 2025-03-31 | −$503.0M | −$463.0M | — | −10.87% |
| Q4 2024 | 2024-12-31 | −$677.0M | −$1.16B | — | −15.65% |
| Q3 2024 | 2024-09-30 | −$235.0M | −$840.0M | — | −5.14% |
| Q2 2024 | 2024-06-30 | $362.0M | −$394.0M | −52.12% | +7.11% |
| Q1 2024 | 2024-03-31 | −$40.0M | $187.0M | — | −0.77% |
| Q4 2023 | 2023-12-31 | $487.0M | $225.0M | +85.88% | +9.53% |
| Q3 2023 | 2023-09-30 | $605.0M | $317.0M | +110.07% | +10.79% |
| Q2 2023 | 2023-06-30 | $756.0M | $123.0M | +19.43% | +12.63% |
| Q1 2023 | 2023-03-31 | −$227.0M | −$524.0M | — | −4.29% |
| Q4 2022 | 2022-12-31 | $262.0M | −$643.0M | −71.05% | +5.19% |
| Q3 2022 | 2022-09-30 | $288.0M | −$1.05B | −78.52% | +5.09% |
| Q2 2022 | 2022-06-30 | $633.0M | $284.0M | +81.38% | +9.99% |
| Q1 2022 | 2022-03-31 | $297.0M | $812.0M | — | +4.99% |
| Q4 2021 | 2021-12-31 | $905.0M | $1.26B | — | +16.93% |
| Q3 2021 | 2021-09-30 | $1.34B | $1.19B | +788.08% | +22.34% |
| Q2 2021 | 2021-06-30 | $349.0M | $628.0M | — | +6.92% |
| Q1 2021 | 2021-03-31 | −$515.0M | −$213.0M | — | −12.72% |
| Q4 2020 | 2020-12-31 | −$353.0M | −$337.6M | — | −15.65% |
| Q3 2020 | 2020-09-30 | $151.0M | $73.8M | +95.60% | +9.17% |
| Q2 2020 | 2020-06-30 | −$279.0M | −$374.5M | — | −25.53% |
| Q1 2020 | 2020-03-31 | −$302.0M | −$56.7M | — | −84.12% |
| Q4 2019 | 2019-12-31 | −$15.4M | −$121.1M | — | −2.60% |
| Q3 2019 | 2019-09-30 | $77.2M | −$91.5M | −54.24% | +13.89% |
| Q2 2019 | 2019-06-30 | $95.5M | $18.8M | +24.51% | +13.69% |
| Q1 2019 | 2019-03-31 | −$245.3M | −$43.4M | — | −168.71% |
| Q4 2018 | 2018-12-31 | $105.7M | $93.0M | +732.28% | +16.35% |
| Q3 2018 | 2018-09-30 | $168.7M | $40.9M | +32.00% | +24.64% |
| Q2 2018 | 2018-06-30 | $76.7M | −$13.1M | −14.59% | +11.41% |
| Q1 2018 | 2018-03-31 | −$201.9M | −$174.8M | — | −119.33% |
| Q4 2017 | 2017-12-31 | $12.7M | −$179.8M | −93.40% | +7.02% |
| Q3 2017 | 2017-09-30 | $127.8M | $62.0M | +94.22% | +24.08% |
| Q2 2017 | 2017-06-30 | $89.8M | −$7.6M | −7.80% | +19.05% |
| Q1 2017 | 2017-03-31 | −$27.1M | $109.8M | — | −5.87% |
| Q4 2016 | 2016-12-31 | $192.5M | $118.0M | +158.39% | +779.35% |
| Q3 2016 | 2016-09-30 | $65.8M | −$99.4M | −60.17% | +11.89% |
| Q2 2016 | 2016-06-30 | $97.4M | $135.9M | — | +19.63% |
| Q1 2016 | 2016-03-31 | −$136.9M | $107.2M | — | −44.81% |
| Q4 2015 | 2015-12-31 | $74.5M | −$129.5M | −63.48% | +15.65% |
| Q3 2015 | 2015-09-30 | $165.2M | $6.2M | +3.90% | +27.85% |
| Q2 2015 | 2015-06-30 | −$38.5M | $64.4M | — | −7.73% |
| Q1 2015 | 2015-03-31 | −$244.1M | −$58.8M | — | −54.73% |
| Q4 2014 | 2014-12-31 | $204.0M | −$136.6M | −40.11% | +19.80% |
| Q3 2014 | 2014-09-30 | $159.0M | $103.0M | +183.93% | +16.23% |
| Q2 2014 | 2014-06-30 | −$102.9M | −$246.4M | — | −13.76% |
| Q1 2014 | 2014-03-31 | −$185.3M | $70.5M | — | −30.11% |
| Q4 2013 | 2013-12-31 | $340.6M | $435.5M | — | — |
| Q3 2013 | 2013-09-30 | $56.0M | $24.3M | +76.66% | +3.62% |
| Q2 2013 | 2013-06-30 | $143.5M | $323.2M | — | +9.64% |
| Q1 2013 | 2013-03-31 | −$255.8M | $114.3M | — | −22.43% |
| Q4 2012 | 2012-12-31 | −$94.9M | −$436.2M | — | −6.18% |
| Q3 2012 | 2012-09-30 | $31.7M | −$554.6M | −94.59% | +2.05% |
| Q2 2012 | 2012-06-30 | −$179.7M | −$619.0M | — | −11.38% |
| Q1 2012 | 2012-03-31 | −$370.1M | −$411.3M | — | −30.53% |
| Q4 2011 | 2011-12-31 | $341.3M | −$230.9M | −40.35% | +22.97% |
| Q3 2011 | 2011-09-30 | $586.3M | $278.1M | +90.23% | +28.06% |
| Q2 2011 | 2011-06-30 | $439.3M | $321.7M | +273.55% | +24.33% |
| Q1 2011 | 2011-03-31 | $41.2M | −$13.9M | −25.23% | +3.48% |
| Q4 2010 | 2010-12-31 | $572.2M | $452.6M | +378.43% | +46.68% |
| Q3 2010 | 2010-09-30 | $308.2M | −$102.5M | −24.96% | +22.90% |
| Q2 2010 | 2010-06-30 | $117.6M | — | — | +9.93% |
| Q1 2010 | 2010-03-31 | $55.1M | — | — | +7.57% |
| Q3 2009 | 2009-09-30 | $119.6M | — | — | +17.95% |
| Q3 2008 | 2008-09-30 | $410.7M | — | — | +34.52% |
Cleveland-Cliffs free cash flow growth trends
Over the last five reported fiscal years, free cash flow declined from −$783.0M to −$1.02B, a net decrease of $240.0M. Cleveland-Cliffs's latest reported quarter, Q2 2026, generated $73.0M in free cash flow, an increase of $140.0M year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Cleveland-Cliffs filings at SEC.gov ↗