CLEVELAND-CLIFFS INC. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| (In millions, except per share amounts) | 2025 | 2024 | 2023 | ||||||||||||||
| Income (loss) from continuing operations | $ | (1,423) | $ | (714) | $ | 435 | |||||||||||
| Income from continuing operations attributable to noncontrolling interest | (50) | (46) | (51) | ||||||||||||||
| Net income (loss) from continuing operations attributable to Cliffs shareholders | (1,473) | (760) | 384 | ||||||||||||||
| Income (loss) from discontinued operations, net of tax | (5) | — | 1 | ||||||||||||||
| Net income (loss) attributable to Cliffs shareholders | $ | (1,478) | $ | (760) | $ | 385 | |||||||||||
| Weighted average number of shares: | |||||||||||||||||
| Basic | 508 | 480 | 510 | ||||||||||||||
| Employee stock plans | — | — | 1 | ||||||||||||||
| Diluted | 508 | 480 | 511 | ||||||||||||||
| Earnings (loss) per common share attributable to Cliffs common shareholders - basic: | |||||||||||||||||
| Continuing operations | $ | (2.90) | $ | (1.58) | $ | 0.75 | |||||||||||
| Discontinued operations | (0.01) | — | — | ||||||||||||||
| $ | (2.91) | $ | (1.58) | $ | 0.75 | ||||||||||||
| Earnings (loss) per common share attributable to Cliffs common shareholders - diluted: | |||||||||||||||||
| Continuing operations | $ | (2.90) | $ | (1.58) | $ | 0.75 | |||||||||||
| Discontinued operations | (0.01) | — | — | ||||||||||||||
| $ | (2.91) | $ | (1.58) | $ | 0.75 | ||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Employee stock plans | 4 | 2 | 2 | ||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 9, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 14, 2018 | |
| 2016 | Feb 9, 2017 | |
| 2015 | Feb 24, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.