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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
September 30, |
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Nine Months Ended
September 30, |
| (In millions, except per share amounts) |
2026 |
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2025 |
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2026 |
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2025 |
| Income (loss) from continuing operations |
$ |
167
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$ |
(231) |
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$ |
(191) |
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$ |
(1,190) |
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| Net income from continuing operations attributable to noncontrolling interest |
(13) |
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(17) |
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(32) |
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(42) |
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| Net income (loss) from continuing operations attributable to Cliffs shareholders |
154
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(248) |
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(223) |
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(1,232) |
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| Loss from discontinued operations, net of tax |
(2) |
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(3) |
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(7) |
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(3) |
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| Net income (loss) attributable to Cliffs shareholders |
$ |
152
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$ |
(251) |
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$ |
(230) |
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$ |
(1,235) |
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| Weighted average number of shares: |
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| Basic |
572
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495 |
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571 |
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495 |
Employee stock plans1
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2
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— |
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— |
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— |
| Diluted |
574
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495 |
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571 |
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495 |
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| Income (loss) per common share attributable to Cliffs shareholders - basic: |
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| Continuing operations |
$ |
0.27
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$ |
(0.51) |
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$ |
(0.39) |
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$ |
(2.49) |
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| Discontinued operations |
—
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— |
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(0.01) |
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— |
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$ |
0.27
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$ |
(0.51) |
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$ |
(0.40) |
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$ |
(2.49) |
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| Income (loss) per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
$ |
0.26
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$ |
(0.51) |
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$ |
(0.39) |
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$ |
(2.49) |
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| Discontinued operations |
—
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— |
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(0.01) |
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— |
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$ |
0.26
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$ |
(0.51) |
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$ |
(0.40) |
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$ |
(2.49) |
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1 For the three and nine months ended September 30, 2026, an immaterial amount and 5 million, respectively, potentially dilutive shares were excluded from the computation of diluted EPS because their effect would have been anti-dilutive. For both the three and nine months ended September 30, 2025, 3 million potentially dilutive shares were excluded from the computation of diluted EPS because their effect would have been anti-dilutive.
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