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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.23B | $4.92B | $4.31B | $4.73B | $4.93B | $4.63B | $4.33B | $4.57B |
| Cost of revenue | $5.09B | $5.00B | $4.52B | $4.78B | $5.15B | $5.03B | $4.60B | $4.68B |
| Gross profit | $132.00M | −$82.00M | −$206.00M | −$46.00M | −$212.00M | −$396.00M | −$273.00M | −$106.00M |
| Gross margin | 2.5% | -1.7% | -4.8% | -1.0% | -4.3% | -8.6% | -6.3% | -2.3% |
| Selling, general and administrative | $154.00M | $125.00M | $144.00M | $130.00M | $137.00M | $133.00M | $139.00M | $112.00M |
| Operating expenses | $181.00M | $61.00M | $345.00M | $76.00M | $289.00M | $79.00M | $439.00M | $66.00M |
| Operating income | −$49.00M | −$143.00M | −$551.00M | −$122.00M | −$501.00M | −$475.00M | −$712.00M | −$172.00M |
| Operating margin | -0.9% | -2.9% | -12.8% | -2.6% | -10.2% | -10.3% | -16.5% | -3.8% |
| EBITDA | $216.00M | $116.00M | −$285.00M | $169.00M | $17.00M | −$190.00M | −$426.00M | $79.00M |
| Interest income | $0 | −$148.00M | −$152.00M | −$153.00M | $0 | −$140.00M | −$135.00M | −$102.00M |
| Interest expense | −$156.00M | $0 | $0 | — | −$149.00M | $0 | $0 | — |
| Income before taxes | −$152.00M | −$307.00M | −$439.00M | −$309.00M | −$621.00M | −$635.00M | −$570.00M | −$308.00M |
| Income taxes | −$20.00M | −$81.00M | −$206.00M | −$78.00M | −$148.00M | −$149.00M | −$136.00M | −$76.00M |
| Net income | −$134.00M | −$229.00M | −$235.00M | −$234.00M | −$473.00M | −$486.00M | −$434.00M | −$232.00M |
| Net margin | -2.6% | -4.7% | -5.4% | -4.9% | -9.6% | -10.5% | -10.0% | -5.1% |
| EPS, basic | −$0.25 | −$0.42 | −$0.44 | −$0.51 | −$0.98 | −$1.01 | −$0.92 | −$0.52 |
| EPS, diluted | −$0.25 | −$0.42 | −$0.44 | −$0.51 | −$0.98 | −$1.01 | −$0.92 | −$0.52 |
| Diluted shares | 571.00M | 570.00M | 547.00M | 495.00M | 495.00M | 495.00M | 486.00M | 468.00M |
Figures describe Cleveland-Cliffs shares, not any token. As of Jul 23, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.