CLEVELAND-CLIFFS INC.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Sep 2025 | Jun 2025 | Mar 2025 | Sep 2024 | Jun 2024 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-145.0M | $-237.0M | $-251.0M | $-486.0M | $-498.0M | $-244.0M | $2.0M | $-67.0M |
| Depreciation & Amortization | $262.0M | $259.0M | $288.0M | $393.0M | $282.0M | $235.0M | $228.0M | $230.0M |
| Depreciation | $244.0M | $239.0M | $268.0M | $374.0M | $264.0M | $233.0M | $227.0M | $227.0M |
| Amortization | $20.0M | $21.0M | $21.0M | $21.0M | $19.0M | $3.0M | $3.0M | $4.0M |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $230.0M | $-325.0M | $-143.0M | $45.0M | $-351.0M | $-84.0M | $519.0M | $142.0M |
| Investing Activities | ||||||||
| Capital Expenditures | $157.0M | $152.0M | $157.0M | $112.0M | $152.0M | $151.0M | $157.0M | $182.0M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | — | $-140.0M | — | — | $-145.0M | — | — | $-179.0M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | $0 | — | — | $608.0M |
| Net Cash from Financing Activities | — | $454.0M | — | — | $499.0M | — | — | $-131.0M |
| Net Change in Cash | — | — | — | — | — | — | — | $-168.0M |
| Free Cash Flow | $73.0M | $-477.0M | $-300.0M | $-67.0M | $-503.0M | $-235.0M | $362.0M | $-40.0M |