CLEVELAND-CLIFFS INC. (CLF) FY2026 YTD Q3 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2026-01-01 to 2026-09-30

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CLEVELAND-CLIFFS INC. cash flow reconciliation, Jan 1, 2026 through Sep 30, 2026One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Depreciation, depletion and amortization → operating reconciliation: $780,000,000.00Payables, accrued employment and accrued expenses → operating reconciliation: $412,000,000.00Other → operating reconciliation: $166,000,000.00Inventories → operating reconciliation: $59,000,000.00Restructuring and other charges → operating reconciliation: $4,000,000.00operating reconciliation → Net cash from operating activities: $129,000,000.00operating reconciliation → Net income (loss): $198,000,000.00operating reconciliation → Accounts receivable, net: $723,000,000.00operating reconciliation → Pension and OPEB credits: $166,000,000.00operating reconciliation → Pension and OPEB payments and contributions: $116,000,000.00operating reconciliation → Deferred income taxes: $57,000,000.00operating reconciliation → Other, net: $32,000,000.00Borrowings (repayments) under ABL Facility, net → financing reconciliation: $383,000,000.00financing reconciliation → Net cash from financing activities: $273,000,000.00financing reconciliation → Other financing activities: $110,000,000.00Net cash used in investing activities → investing reconciliation: $387,000,000.00Other investing activities → investing reconciliation: $74,000,000.00investing reconciliation → Purchase of property, plant and equipment: $461,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $63,000,000.00Net cash from operating activities → Cash sources and uses: $129,000,000.00Net cash from financing activities → Cash sources and uses: $273,000,000.00Cash sources and uses → Exchange-rate effect: $1,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $77,000,000.00Cash sources and uses → Net cash used in investing activities: $387,000,000.00Net income (loss): -$198,000,000.00Net income (loss)−$198.00 MDepreciation, depletion and amortization: $780,000,000.00Depreciation & amortization+$780.00 MPension and OPEB credits: -$166,000,000.00Pension & benefit plans, net−$166.00 MDeferred income taxes: -$57,000,000.00Deferred income taxes−$57.00 MRestructuring and other charges: $4,000,000.00Restructuring charges+$4.00 MAsset impairment: $0.00Other: $166,000,000.00Other non-cash items+$166.00 MAccounts receivable, net: -$723,000,000.00Receivables & other assets−$723.00 MInventories: $59,000,000.00Inventories+$59.00 MIncome taxes: $0.00Pension and OPEB payments and contributions: -$116,000,000.00Pension & retiree contributions−$116.00 MPayables, accrued employment and accrued expenses: $412,000,000.00Payables & accrued liabilities+$412.00 MOther, net: -$32,000,000.00Other working capital, net−$32.00 MNet cash from operating activities: $129,000,000.00Operating cash+$129.00 Moperating reconciliation: $1,421,000,000.00Proceeds from issuance of senior notes: $0.00Borrowings (repayments) under ABL Facility, net: $383,000,000.00Credit lines, net+$383.00 MDebt issuance costs: $0.00Other financing activities: -$110,000,000.00Other financing, net−$110.00 MNet cash from financing activities: $273,000,000.00Financing cash+$273.00 Mfinancing reconciliation: $383,000,000.00Purchase of property, plant and equipment: -$461,000,000.00PP&E purchases−$461.00 MOther investing activities: $74,000,000.00Other investing, net+$74.00 MNet cash used in investing activities: -$387,000,000.00. Cash required to fund net payments.Investing cash−$387.00 Minvesting reconciliation: $461,000,000.00Cash sources and uses: $465,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $63,000,000.00Beginning cash$63.00 MEnding cash: Cash, cash equivalents, and restricted cash: $77,000,000.00Ending cash$77.00 MExchange-rate effect: -$1,000,000.00FX effect−$1.00 MCASH RECONCILIATIONOperatingflowsFinancingflowsInvestingflowsNet loss −$198.00M + net operating adjustments $327.00M = operating cash +$129.00MFree cash flow−$332.00 MOperating cash − cash spent on PP&ECash flow / Net incomeNot meaningfulOperating cash flow ÷ net incomeNet cash change+$14.00 MEnding cash − beginning cash
Chart details

CLEVELAND-CLIFFS INC. cash flow reconciliation, Jan 1, 2026 through Sep 30, 2026

Cash flows for Jan 1, 2026 through Sep 30, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2025. Ending cash: Sep 30, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2025
63,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
129,000,000 US dollars. Net cash provided.
Net income (loss)
negative 198,000,000 US dollars
Depreciation, depletion and amortization
780,000,000 US dollars
Pension and OPEB credits
negative 166,000,000 US dollars
Deferred income taxes
negative 57,000,000 US dollars
Restructuring and other charges
4,000,000 US dollars
Asset impairment
0 US dollars
Other
166,000,000 US dollars
Accounts receivable, net
negative 723,000,000 US dollars
Inventories
59,000,000 US dollars
Income taxes
0 US dollars
Pension and OPEB payments and contributions
negative 116,000,000 US dollars
Payables, accrued employment and accrued expenses
412,000,000 US dollars
Other, net
negative 32,000,000 US dollars
Investing activities
negative 387,000,000 US dollars. Net cash used.
Purchase of property, plant and equipment
negative 461,000,000 US dollars
Other investing activities
74,000,000 US dollars
Financing activities
273,000,000 US dollars. Net cash provided.
Proceeds from issuance of senior notes
0 US dollars
Borrowings (repayments) under ABL Facility, net
383,000,000 US dollars
Debt issuance costs
0 US dollars
Other financing activities
negative 110,000,000 US dollars
Operating adjustment reconciliation
1,421,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
383,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
461,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
negative 1,000,000 US dollars
Ending cash on Sep 30, 2026
77,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
465,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
14,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
Not meaningful. Operating cash flow divided by reconciliation net income for the same period. The ratio is not meaningful when net income is zero or negative.
Operating cash flow
129,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
461,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
negative 332,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net loss −$198.00M + net operating adjustments $327.00M = operating cash +$129.00M. The loss reduces the earnings basis of the reconciliation; it is not a cash payment. The signed loss remains a deduction at the operating reconciliation junction.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 129,000,000 US dollars minus 461,000,000 US dollars equals negative 332,000,000 US dollars.
CLEVELAND-CLIFFS INC. (CLF) FY2026 YTD Q3 Statement of Cash Flows Sankey chart
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