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Cleveland-Cliffs cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$72.0M in Q3 2026 · −$485M over twelve months

Operating cash flow$224M
Capital spending−$152M
Free cash flow+$72.0M
Cash / net income1.4×
Cash conversion cycle77 days

Analysis

In Q3 2026, Cleveland-Cliffs generated $224M of operating cash flow and spent $152M on capital projects, leaving free cash flow of $72.0M. That is $372M more than in Q3 2025 (−$300M).

Over the twelve months to Sep 30, 2026, operating cash flow was $116M; the largest uses were capital spending ($601M); besides operations, cash came from net borrowing (+) / repaid (−) ($270M), other investing ($129M); the cash balance rose by $4.0M.

Operating cash flow was $224M against net income of $165M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$259M, inventory −$170M, payables +$135M.

Its cash conversion cycle was 77 days (receivables 34 + inventory 82 − payables 40).

Free cash flow

Cleveland-Cliffs: free cash flow by quarterCleveland-Cliffs: free cash flow by quarter−$677MQ4 2024−$503MQ1 2025−$67.0MQ2 2025−$300MQ3 2025−$153MQ4 2025−$477MQ1 2026$73.0MQ2 2026$72.0MQ3 2026
Operating cash flow less capital spending.
Cleveland-Cliffs: operating cash flow against capital spendingCleveland-Cliffs: operating cash flow against capital spendingOperating cash flowCapital spending−$472M$205MQ4 2024−$351M$152MQ1 2025$45.0M$112MQ2 2025−$143M$157MQ3 2025−$13.0M$140MQ4 2025−$325M$152MQ1 2026$230M$157MQ2 2026$224M$152MQ3 2026
Latest (Q3 2026): Operating cash flow $224M, Capital spending $152M.

Capital allocation, year by year

Cleveland-Cliffs: where the cash came from (up) and went (down), by fiscal yearCleveland-Cliffs: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $2.8BFY2021: Net borrowing −$393MFY2021: Shares issued $322MFY2021: Capital spending −$705M$3.1BFY2021FY2022: Operating cash flow $2.4BFY2022: Net borrowing −$1.1BFY2022: Capital spending −$943MFY2022: Buybacks −$240M$2.4BFY2022FY2023: Operating cash flow $2.3BFY2023: Net borrowing −$3.1BFY2023: Asset sales $35.0MFY2023: Capital spending −$646MFY2023: Buybacks −$152M$2.3BFY2023FY2024: Operating cash flow $105MFY2024: Net borrowing $3.9BFY2024: Capital spending −$695MFY2024: Buybacks −$733M$4.0BFY2024FY2025: Operating cash flow −$462MFY2025: Net borrowing $122MFY2025: Shares issued $951MFY2025: Asset sales $53.0MFY2025: Capital spending −$561M$1.1BFY2025
Over these 5 years operating cash flow totalled $7.1B; the largest uses were net borrowing ($4.6B) and capital spending ($3.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$77.0M
Debt$7.6B
Net debt$7.6B

Cleveland-Cliffs's operations bring cash in ($116M over twelve months), and it spends more than that on capital projects: a gap of $485M funded from its $77.0M of cash and investments and from borrowing ($7.6B of debt). That is a choice to invest, not a cash runway running down.

Cleveland-Cliffs: debt maturities by year (FY2025)Cleveland-Cliffs: debt maturities by year (FY2025)$452MYear 3$1.3BYear 4$750MYear 5$4.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $77.0M of cash and investments now.

Where the cash came from and went

Cleveland-Cliffs: sources (+) and uses (−) of cash, Q3 2026Cleveland-Cliffs: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$224MCapital spending−$152MNet borrowing (+) / repaid (−)−$61.0MOther financing−$41.0MOther investing$31.0MCash drawn (+) / kept (−)−$1.0M
Cleveland-Cliffs: sources (+) and uses (−) of cash, TTM to Q3 2026Cleveland-Cliffs: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$601MNet borrowing (+) / repaid (−)$270MOther investing$129MOperating cash flow$116MOther financing$92.0MCash drawn (+) / kept (−)−$4.0MExchange rates−$2.0M

From profit to cash

Cleveland-Cliffs: net income to operating cash flow, Q3 2026Cleveland-Cliffs: net income to operating cash flow, Q3 2026Net income$165MDepreciation & amortization$259MDeferred taxes$45.0MOther non-cash$36.0MReceivables−$116MInventory−$170MPayables$135MIncome taxes payable−$2.0MOther operating capital−$31.0MOperating cash flow$224M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202634824077
Q2 202634813778
Q1 202630843579
Q4 202535963992
Q3 202535903788
Q2 202533853583
Q1 202533893686
Q4 202434934087

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$224M−$152M−$61.0M−$1.0M$72.0M
Q2 2026$230M−$157M−$63.0M−$24.0M$73.0M
Q1 2026−$325M−$152M$507M$11.0M−$477M
Q4 2025−$13.0M−$140M−$798M$10.0M−$153M
Q3 2025−$143M−$157M$320M−$5.0M−$300M
Q2 2025$45.0M−$112M$122M−$5.0M−$67.0M
Q1 2025−$351M−$152M$545M−$3.0M−$503M
Q4 2024−$472M−$205M$3.3B−$21.0M−$677M

Cleveland-Cliffs: income statement and cash flow

Cleveland-Cliffs, Q3 2026: revenue $5.6B (+18% year over year), operating margin 5.5%. The chart follows the revenue to costs, profit and cash.

Cleveland-Cliffs: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.