EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 19 - EARNINGS PER SHARE

The following table summarizes the computation of basic and diluted EPS:

	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

The following table summarizes the potentially dilutive shares that were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive:

	Year Ended December 31,
(In millions)	2025	2024	2023
Employee stock plans	4	2	2