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NOTE 17 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted EPS:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
| (In millions, except per share amounts) |
2026 |
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2025 |
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2026 |
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2025 |
| Loss from continuing operations |
$ |
(132) |
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$ |
(473) |
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$ |
(358) |
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$ |
(959) |
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| Net income from continuing operations attributable to noncontrolling interest |
(11) |
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(13) |
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(19) |
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(25) |
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| Net loss from continuing operations attributable to Cliffs shareholders |
(143) |
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(486) |
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(377) |
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(984) |
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| Loss from discontinued operations, net of tax |
(2) |
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— |
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(5) |
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— |
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| Net loss attributable to Cliffs shareholders |
$ |
(145) |
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$ |
(486) |
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$ |
(382) |
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$ |
(984) |
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| Weighted average number of shares: |
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| Basic |
571
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495 |
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571 |
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495 |
Employee stock plans1
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—
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— |
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— |
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— |
| Diluted |
571
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495 |
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571 |
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495 |
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| Loss per common share attributable to Cliffs shareholders - basic: |
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| Continuing operations |
$ |
(0.25) |
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$ |
(0.98) |
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$ |
(0.66) |
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$ |
(1.99) |
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| Discontinued operations |
—
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— |
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(0.01) |
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— |
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$ |
(0.25) |
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$ |
(0.98) |
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$ |
(0.67) |
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$ |
(1.99) |
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| Loss per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
$ |
(0.25) |
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$ |
(0.98) |
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$ |
(0.66) |
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$ |
(1.99) |
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| Discontinued operations |
—
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— |
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(0.01) |
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— |
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$ |
(0.25) |
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$ |
(0.98) |
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$ |
(0.67) |
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$ |
(1.99) |
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1 For the three and six months ended June 30, 2026, 6 million and 5 million, respectively, potentially dilutive shares were excluded from the computation of diluted EPS because their effect would have been anti-dilutive. For the three and six months ended June 30, 2025, 4 million and 2 million, respectively, potentially dilutive shares were excluded from the computation of diluted EPS because their effect would have been anti-dilutive.
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