Cleveland Cliffs
Metals & Mining
Financial Summary
| 2022 | 2023 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | 2Q25 | 3Q25 | LTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OPERATING METRICS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Overall Organic Growth | 14.4% | 18.1% | 23.5% | 16.1% | 14.6% | 12.2% | 16.2% | 6.6% | 6.9% | 6.3% | |
| Commercial OEM Organic Growth | 23.8% | 23.1% | 17.4% | 24.4% | 23.2% | 13.0% | 20.4% | -4.2% | -0.2% | -7.0% | |
| Commercial Aftermarket Organic Growth | 44.8% | 31.4% | 21.7% | 5.4% | 11.1% | 8.0% | 12.0% | 12.7% | 13.3% | 0.3% | |
| Defense Organic Growth | -2.2% | 10.4% | 24.5% | 12.7% | 13.3% | 16.0% | 18.9% | 7.6% | 9.5% | 10.1% | |
| INCOME STATEMENT | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Revenue | $5,429 | $6,585 | $1,789 | $1,919 | $2,046 | $2,186 | $7,940 | $2,006 | $2,150 | $2,237 | $8,579 |
| COGS | 2,330 | 2,743 | 747 | 767 | 826 | 928 | 3,268 | 771 | 876 | 905 | 3,480 |
| Gross Profit | 3,099 | 3,842 | 1,042 | 1,152 | 1,220 | 1,258 | 4,672 | 1,235 | 1,274 | 1,332 | 5,099 |
| SG&A | 748 | 780 | 220 | 248 | 248 | 264 | 980 | 211 | 236 | 242 | 953 |
| Other Opex | 136 | 139 | 35 | 37 | 38 | 51 | 161 | 50 | 47 | 51 | 199 |
| Operating Income | 2,215 | 2,923 | 787 | 867 | 934 | 943 | 3,531 | 974 | 991 | 1,039 | 3,947 |
| D&A | 251 | 277 | 78 | 73 | 83 | 104 | 338 | 87 | 88 | 95 | 374 |
| EBITDA | $2,466 | $3,200 | $865 | $940 | $1,017 | $1,047 | $3,869 | $1,061 | $1,079 | $1,134 | $4,321 |
| Adjustments | 180 | 195 | 47 | 81 | 74 | 102 | 304 | 0 | 83 | 83 | 268 |
| Adj. EBITDA | $2,646 | $3,395 | $912 | $1,021 | $1,091 | $1,149 | $4,173 | $1,061 | $1,162 | $1,217 | $4,589 |
| Interest | 1,076 | 1,164 | 300 | 326 | 316 | 344 | 1,286 | 378 | 378 | 397 | 1,497 |
| FREE CASH FLOW | |||||||||||
| Change in NWC | -291 | -431 | 111 | -326 | -3 | -84 | -302 | 188 | -477 | -37 | -410 |
| All Other CFO | 1,239 | 1,806 | 525 | 555 | 611 | 656 | 2,347 | 564 | 625 | 668 | 2,513 |
| CF From Ops | 948 | 1,375 | 636 | 229 | 608 | 572 | 2,045 | 752 | 148 | 631 | 2,103 |
| Capex | -119 | -139 | -36 | -48 | -40 | -41 | -165 | -42 | -56 | -58 | -197 |
| Free Cash Flow | 829 | 1,236 | 600 | 181 | 568 | 531 | 1,880 | 710 | 92 | 573 | 1,906 |
| Dividends & Share Repurchases | -2,003 | -38 | -2,038 | 0 | 0 | 0 | -2,038 | -4,712 | -53 | -131 | -4,896 |
| Cash Flow | -1,174 | 1,198 | -1,438 | 181 | 568 | 531 | -158 | -4,002 | 39 | 442 | -2,990 |
| GROWTH | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Sales Growth | 13.2% | 21.3% | 28.1% | 20.5% | 17.3% | 18.0% | 263.2% | 12.1% | 12.0% | 9.3% | 12.8% |
| Adj. EBITDA Growth | 20.9% | 28.3% | 30.5% | 25.0% | 19.2% | 19.3% | 263.2% | 16.3% | 13.8% | 11.5% | 15.1% |
| MARGINS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Gross Margin % | 57.1% | 58.3% | 58.2% | 60.0% | 59.6% | 57.5% | 58.8% | 61.6% | 59.3% | 59.5% | 59.4% |
| Adj. EBITDA Margin % | 48.7% | 51.6% | 51.0% | 53.2% | 53.3% | 52.6% | 52.6% | 52.9% | 54.0% | 54.4% | 53.5% |
| COVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| LTM EBITDA / LTM Interest | 2.5x | 2.9x | 3.1x | 3.2x | 3.2x | 3.2x | 3.2x | 3.2x | 3.2x | 3.1x | 3.1x |
| BALANCE SHEET | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Cash | 3,001 | 3,472 | 4,135 | 4,288 | 3,360 | 6,261 | 6,261 | 2,459 | 2,426 | 2,792 | 2,792 |
| Total Debt | $19,445 | $19,401 | $21,517 | $21,956 | $21,442 | $24,394 | $24,394 | $24,400 | $24,400 | $24,362 | $24,362 |
| LEVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Total Leverage | 7.3x | 5.7x | 6.0x | 5.8x | 5.4x | 5.8x | 5.8x | 5.6x | 5.5x | 5.3x | 5.3x |
| Net Leverage | 6.2x | 4.7x | 4.8x | 4.6x | 4.5x | 4.3x | 4.3x | 5.1x | 4.9x | 4.7x | 4.7x |
Cap Table
As of: 06/30/2025
| Instrument | Balance | Total Leverage |
|---|---|---|
| ABL Facility | $1,377 | — |
| Total Secured Debt | $1,377 | 0.3x |
| 7.000% 2027 Senior Notes | $73 | — |
| 7.000% 2027 AK Senior Notes | $56 | — |
| 5.875% 2027 Senior Notes | $556 | — |
| 4.625% 2029 Senior Notes | $368 | — |
| 6.875% 2029 Senior Notes | $900 | — |
| 6.750% 2030 Senior Notes | $750 | — |
| 4.875% 2031 Senior Notes | $325 | — |
| 7.500% 2031 Senior Notes | $850 | — |
| 7.000% 2032 Senior Notes | $1,425 | — |
| 7.375% 2033 Senior Notes | $900 | — |
| 6.250% 2040 Senior Notes | $235 | — |
| Total Debt | $7,815 | 1.7x |
| Total Traded Bonds | 6,438 | — |
| Total Traded Loans | — | — |
| Total Traded Debt | 6,438 | — |
Vital Signs
- Leverage: 5.3x
- Free Cash Flow: 1,906
Company Info
Website: https://www.clevelandcliffs.com/investors
Industry
- Metals & Mining
Key Drivers
- TBD
- TBD
- TBD
Customers
- TBD
- TBD
- TBD
Notes
TBD;TBD;TBD