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Cleveland-Cliffs CLF Steelmaking — Goodwill

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Other Businesses
$49M0.0%

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Other financials

Income statement

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Revenue$5.2B+5.9%
Gross profit$132.0M+162%
Operating income-$49.0M+90.2%
Net income-$134.0M+71.7%
EPS (diluted)-$0.25+74.5%

Balance sheet

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Cash & equivalents$70.0M+14.8%
Total debt$7.7B-0.3%
Total equity$5.6B-3.7%
Total assets$20.1B-1.7%

Cash flow

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Operating cash flow-$325.0M+7.4%
CapEx$157.0M+40.2%
Free cash flow-$477.0M+5.2%

Valuation

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Market cap$7.22B+55.7%
Enterprise value$14.85B+20.7%
P/S0.4×+0.1×

Profitability

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Gross margin-1.1%
Operating margin-4.2%-1.5pp
Net margin-4.3%-1.5pp
FCF margin-5.3%-0.3pp

Returns & leverage

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Return on equity-14.6%-4.3pp
Debt / equity1.4×0.0×
Current ratio1.9×-0.2×

Where this comes from

Reported directly by Cleveland-Cliffs in its filing.

Tagged under the XBRL concept us-gaap:Goodwill.

The source filing: Cleveland-Cliffs’s 10-Q, filed July 23, 2026.

Filed
Jul 23, 2026, 4:08 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000764065-26-000100
(In millions)SteelmakingOther BusinessesTotal
Beginning balance January 1, 2026$1,765$49$1,814
Foreign currency translation(30)(30)
Ending balance June 30, 2026$1,735$49$1,784

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Cleveland-Cliffs's steelmaking — goodwill?
Cleveland-Cliffs (CLF) reported steelmaking — goodwill of $1.74B in Q2 2026.
How has Cleveland-Cliffs's steelmaking — goodwill changed year-over-year?
Cleveland-Cliffs's steelmaking — goodwill decreased by 1.7% year-over-year, from $1.77B to $1.74B.
What is the long-term trend for Cleveland-Cliffs's steelmaking — goodwill?
Over 4 years (2021 to 2025), Cleveland-Cliffs's steelmaking — goodwill has grown at a 18.4% compound annual growth rate (CAGR), from $3.56B to $7B.
What does steelmaking — goodwill mean?
Represents the intangible asset value arising from the acquisition of steelmaking-related businesses, reflecting the premium paid over the fair value of net identifiable assets. It serves as an indicator of past inorganic growth strategies and is subject to periodic impairment testing.

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