Cleveland-Cliffs Inc. (CLF) stock
CLFNYSEMetal MiningFiscal year ends December 31
$13.07−0.07 (-0.53%)
Close on Nov 12, 2026Market cap $7.46BP/E –Yield –
Cleveland-Cliffs operating margin
Operating margin is operating income as a percentage of revenue.
Cleveland-Cliffs's operating margin for the twelve months ending Sep 30, 2026 was -1.4%. For fiscal 2025 it was -8.5%, against -4.0% the year before. The highest annual figure on record is 35.5% in fiscal 2013.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | -8.5% | −4.5 |
| FY2024 | Dec 31, 2024 | -4.0% | −7.0 |
| FY2023 | Dec 31, 2023 | 3.0% | −5.4 |
| FY2022 | Dec 31, 2022 | 8.4% | −11.2 |
| FY2021 | Dec 31, 2021 | 19.6% | +22.3 |
| FY2020 | Dec 31, 2020 | -2.7% | −24.2 |
| FY2019 | Dec 31, 2019 | 21.6% | −7.3 |
| FY2018 | Dec 31, 2018 | 28.9% | +7.9 |
| FY2017 | Dec 31, 2017 | 20.9% | +12.5 |
| FY2016 | Dec 31, 2016 | 8.4% | +0.9 |
| FY2015 | Dec 31, 2015 | 7.5% | +3.7 |
| FY2014 | Dec 31, 2014 | 3.9% | −31.6 |
| FY2013 | Dec 31, 2013 | 35.5% | +40.7 |
| FY2012 | Dec 31, 2012 | -5.3% | −40.2 |
| FY2011 | Dec 31, 2011 | 35.0% | +7.5 |
| FY2010 | Dec 31, 2010 | 27.5% | +17.4 |
| FY2009 | Dec 31, 2009 | 10.1% | −15.9 |
| FY2008 | Dec 31, 2008 | 26.0% | +9.2 |
| FY2007 | Dec 31, 2007 | 16.8% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 5.5% | +9.9 |
| Q2 FY2026 | Jun 30, 2026 | -0.9% | +9.2 |
| Q1 FY2026 | Mar 31, 2026 | -4.3% | +7.4 |
| Q4 FY2025 | Dec 31, 2025 | -7.7% | +3.1 |
| Q3 FY2025 | Sep 30, 2025 | -4.3% | +1.4 |
| Q2 FY2025 | Jun 30, 2025 | -10.2% | −10.3 |
| Q1 FY2025 | Mar 31, 2025 | -11.7% | −11.0 |
| Q4 FY2024 | Dec 31, 2024 | -10.8% | −8.4 |
| Q3 FY2024 | Sep 30, 2024 | -5.7% | −11.5 |
| Q2 FY2024 | Jun 30, 2024 | 0.1% | −8.0 |
| Q1 FY2024 | Mar 31, 2024 | -0.7% | −0.1 |
| Q4 FY2023 | Dec 31, 2023 | -2.3% | +1.3 |
| Q3 FY2023 | Sep 30, 2023 | 5.8% | +2.5 |
| Q2 FY2023 | Jun 30, 2023 | 8.1% | −5.2 |
| Q1 FY2023 | Mar 31, 2023 | -0.6% | −19.0 |
| Q4 FY2022 | Dec 31, 2022 | -3.6% | −24.5 |
| Q3 FY2022 | Sep 30, 2022 | 3.3% | −24.2 |
| Q2 FY2022 | Jun 30, 2022 | 13.3% | −7.9 |
| Q1 FY2022 | Mar 31, 2022 | 18.4% | +14.0 |
| Q4 FY2021 | Dec 31, 2021 | 20.9% | +16.2 |
| Q3 FY2021 | Sep 30, 2021 | 27.5% | +25.2 |
| Q2 FY2021 | Jun 30, 2021 | 21.1% | +40.2 |
| Q1 FY2021 | Mar 31, 2021 | 4.4% | +26.4 |
| Q4 FY2020 | Dec 31, 2020 | 4.7% | −10.5 |
| Q3 FY2020 | Sep 30, 2020 | 2.3% | −19.6 |
| Q2 FY2020 | Jun 30, 2020 | -19.0% | −49.5 |
| Q1 FY2020 | Mar 31, 2020 | -22.0% | −21.5 |
| Q4 FY2019 | Dec 31, 2019 | 15.2% | −8.2 |
| Q3 FY2019 | Sep 30, 2019 | 21.9% | −8.5 |
| Q2 FY2019 | Jun 30, 2019 | 30.5% | −5.1 |
| Q1 FY2019 | Mar 31, 2019 | -0.5% | −17.3 |
| Q4 FY2018 | Dec 31, 2018 | 23.4% | +1.4 |
| Q3 FY2018 | Sep 30, 2018 | 30.4% | +8.8 |
| Q2 FY2018 | Jun 30, 2018 | 35.6% | +11.1 |
| Q1 FY2018 | Mar 31, 2018 | 16.8% | −11.2 |
| Q4 FY2017 | Dec 31, 2017 | 22.1% | +19.2 |
| Q3 FY2017 | Sep 30, 2017 | 21.6% | – |
| Q2 FY2017 | Jun 30, 2017 | 24.4% | – |
| Q1 FY2017 | Mar 31, 2017 | 28.0% | – |
| Q4 FY2016 | Dec 31, 2016 | 2.9% | – |
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