Annual report [Section 13 and 15(d), not S-K Item 405]

Statements Of Consolidated Operations

v3.25.4
Statements Of Consolidated Operations - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenues $ 18,610 $ 19,185 $ 21,996
Operating costs:      
Cost of goods sold (19,470) (19,122) (20,623)
Selling, general and administrative expenses (543) (486) (577)
Restructuring and other charges (86) (129) 0
Acquisition-related costs (1) (44) (12)
Asset impairment (39) (79) 0
Goodwill impairment 0 0 (125)
Miscellaneous – net (50) (88) 0
Total operating costs (20,189) (19,948) (21,337)
Operating income (loss) (1,579) (763) 659
Other income (expense):      
Interest expense, net (594) (370) (289)
Loss on extinguishment of debt (10) (27) 0
Net periodic benefit credits other than service cost component 223 247 204
Changes in fair value of derivatives, net (45) (41) 0
Other non-operating income 1 4 5
Total other expense (425) (187) (80)
Income (loss) from continuing operations before income taxes (2,004) (950) 579
Income tax benefit (expense) 581 236 (144)
Income (loss) from continuing operations (1,423) (714) 435
Income (loss) from discontinued operations, net of tax (5) 0 1
Net income (loss) (1,428) (714) 436
Net income attributable to noncontrolling interests (50) (46) (51)
Net income (loss) attributable to Cliffs shareholders $ (1,478) $ (760) $ 385
Earnings (loss) per common share attributable to Cliffs shareholders - basic      
Continuing operations (in dollars per share) $ (2.90) $ (1.58) $ 0.75
Discontinued operations (in dollars per share) (0.01) 0 0
Earnings (loss) per common share attributable to Cliffs common shareholders - basic (in dollars per share) (2.91) (1.58) 0.75
Earnings (loss) per common share attributable to Cliffs shareholders - diluted      
Continuing operations (in dollars per share) (2.90) (1.58) 0.75
Discontinued operations (in dollars per share) (0.01) 0 0
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted (in dollars per share) $ (2.91) $ (1.58) $ 0.75