CLEVELAND-CLIFFS INC.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-1.48B | $-760.0M | $385.0M | $1.34B | $2.99B | $-122.0M | $293.0M | $1.13B |
| Depreciation & Amortization | $1.24B | $951.0M | $973.0M | $1.03B | $897.0M | $308.0M | $85.0M | $89.0M |
| Depreciation | $1.15B | $903.0M | $932.0M | $988.0M | $848.0M | $298.0M | $77.0M | $66.0M |
| Amortization | $81.0M | $24.0M | $13.0M | $13.0M | $10.0M | $8.0M | $1.0M | — |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $-462.0M | $105.0M | $2.27B | $2.42B | $2.79B | $-258.0M | $568.0M | $479.0M |
| Investing Activities | ||||||||
| Capital Expenditures | $561.0M | $695.0M | $646.0M | $943.0M | $705.0M | $525.0M | $656.0M | $296.0M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-479.0M | $-3.21B | $-591.0M | $-936.0M | $-1.38B | $-2.04B | $-644.0M | $-273.0M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | $41.0M | $72.0M | $0 |
| Stock Repurchases | $0 | $733.0M | $152.0M | $240.0M | $0 | $0 | $253.0M | $48.0M |
| Net Cash from Financing Activities | $942.0M | $2.97B | $-1.50B | $-1.51B | $-1.47B | $2.06B | $-394.0M | $-376.0M |
| Net Change in Cash | — | — | $172.0M | $-22.0M | $-64.0M | $-241.0M | $-470.6M | $-155.1M |
| Free Cash Flow | $-1.02B | $-590.0M | $1.62B | $1.48B | $2.08B | $-783.0M | $-88.0M | $183.0M |