What is Cleveland-Cliffs's net debt?

Cleveland-Cliffs (CLF) reported net debt of $7.72B in Q1 2026.

How has Cleveland-Cliffs's net debt changed year-over-year?

Cleveland-Cliffs's net debt increased by 2.3% year-over-year, from $7.54B to $7.72B.

What is the long-term trend for Cleveland-Cliffs's net debt?

Over 5 years (2020 to 2025), Cleveland-Cliffs's net debt has grown at a 5.9% compound annual growth rate (CAGR), from $5.91B to $7.88B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Cleveland-Cliffs CLF Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

Cleveland-CliffsCLF

40×—

Armstrong World IndustriesAWI

0.9×-0.1×

LAD

Lithia MotorsLAD

0.4×0.0×

Albertsons CompaniesACI

4.1×+0.4×

Karman Holdings Inc.KRMN

5.9×+2.7×

Pilgrim's Pride CorporationPPC

1.5×+0.9×

Other financials

Income statement

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Revenue$4.9B+6.3%

Gross profit-$82.0M+79.3%

Operating income-$213.0M+60.8%

Net income-$229.0M+52.9%

EPS (diluted)-$0.42+58.4%

Balance sheet

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Cash & equivalents$45.0M-21.1%

Total debt$7.8B+2.1%

Total equity$5.8B-6.9%

Total assets$20.1B-3.5%

Cash flow

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Operating cash flow-$325.0M+7.4%

CapEx$152.0M0.0%

Free cash flow-$477.0M+5.2%

Valuation

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Market cap$7B+18.6%

Enterprise value$14.72B+8.0%

P/S0.4×+0.1×

Profitability

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Gross margin-2.9%—

Operating margin-6.6%-0.2pp

Net margin-6.2%0.0pp

FCF margin-5.3%-0.3pp

Returns & leverage

See full

Return on equity-19.3%+3.1pp

Debt / equity1.3×+0.1×

Current ratio2×-0.1×

Where this comes from

Calculated from Cleveland-Cliffs’s reported figures.

$7.8Btotal debt−$45.0Mcash and equivalents=$7.72B

The official record: Cleveland-Cliffs’s 10-Q, filed April 21, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Cleveland-Cliffs's net debt?: Cleveland-Cliffs (CLF) reported net debt of $7.72B in Q1 2026.
How has Cleveland-Cliffs's net debt changed year-over-year?: Cleveland-Cliffs's net debt increased by 2.3% year-over-year, from $7.54B to $7.72B.
What is the long-term trend for Cleveland-Cliffs's net debt?: Over 5 years (2020 to 2025), Cleveland-Cliffs's net debt has grown at a 5.9% compound annual growth rate (CAGR), from $5.91B to $7.88B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.