Arcelormittal Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Arcelormittal (MT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MT FY2025 2026-04-22

Earnings recovered faster than cash at ArcelorMittal, while inventory-heavy working capital remained the main operating constraint behind liquidity.

Between FY2024 and FY2025, net income more than doubled even though operating cash flow was essentially flat, so the rebound appeared much more in accounting profit than in cash. Because revenue also edged down to $61.4B, the improvement likely came from margin recovery or other non-cash factors rather than from a broad increase in activity moving through the business.

Liquidity is adequate but not especially loose: the current ratio was 1.4x, and inventory at $18.6B absorbed much of current assets. That means short-term flexibility depends heavily on turning inventory into sales, because receivables are a much smaller part of the cushion than stock on hand.

Balance-sheet growth was not purely cash accumulation: assets reached $97.7B while cash fell to $5.4B, and long-term debt also moved higher. Even so, debt to equity stayed at 0.2x and buybacks were trimmed to $262M, showing the company can adjust shareholder returns without leaning hard on leverage when conditions soften.

Financial Health Signals

Financial Profile 27/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Arcelormittal's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Arcelormittal's revenue declined 1.7% year-over-year, from $62.4B to $61.4B. This contraction results in a growth score of 25/100.

Leverage

Arcelormittal carries a low D/E ratio of 0.24, meaning only $0.24 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Arcelormittal's current ratio of 1.36 is below the typical benchmark, resulting in a score of 23/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

Arcelormittal generates a 5.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 20/100. This is up from 2.7% the prior year.

Piotroski F-Score Neutral

6/9

Arcelormittal passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.48x

For every $1 of reported earnings, Arcelormittal generates $1.48 in operating cash flow ($4.8B OCF vs $3.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$61.4B

YoY-1.7%

5Y CAGR+2.9%

10Y CAGR-0.4%

Arcelormittal generated $61.4B in revenue in fiscal year 2025. This represents a decrease of 1.7% from the prior year.

EBITDA

N/A

Net Income

$3.2B

YoY+135.0%

Arcelormittal reported $3.2B in net income in fiscal year 2025. This represents an increase of 135.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$5.4B

YoY-15.8%

5Y CAGR-0.8%

10Y CAGR+3.0%

Arcelormittal held $5.4B in cash against $13.4B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

761M

YoY-1.0%

5Y CAGR-6.8%

Arcelormittal had 761M shares outstanding in fiscal year 2025. This represents a decrease of 1.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

5.3%

YoY+3.1pp

5Y CAGR+6.4pp

10Y CAGR+18.5pp

Arcelormittal's net profit margin was 5.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.1 percentage points from the prior year.

Return on Equity

5.7%

YoY+3.0pp

5Y CAGR+7.2pp

10Y CAGR+36.3pp

Arcelormittal's ROE was 5.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$262.0M

YoY-79.8%

5Y CAGR-12.1%

Arcelormittal spent $262.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 79.8% from the prior year.

Capital Expenditures

N/A

MT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$61.4B-1.7%	$62.4B-8.5%	$68.3B-14.5%	$79.8B+4.3%	$76.6B+43.7%	$53.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$60.0M+9.1%	$55.0M0.0%	$55.0M+61.8%	$34.0M+3.0%	$33.0M-50.0%	$66.0M
Income Tax	$359.0M-76.6%	$1.5B+545.0%	$238.0M-86.1%	$1.7B-30.2%	$2.5B+47.7%	$1.7B
Net Income	$3.2B+135.0%	$1.4B+35.0%	$1.0B-89.3%	$9.5B-38.7%	$15.6B+2792.9%	-$578.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$97.7B+9.3%	$89.4B-4.8%	$93.9B-0.7%	$94.5B+4.5%	$90.5B+10.3%	$82.1B
Current Assets	$30.6B+4.2%	$29.4B-11.6%	$33.2B-10.4%	$37.1B+6.2%	$34.9B+24.9%	$28.0B
Cash & Equivalents	$5.4B-15.8%	$6.4B-16.7%	$7.7B-17.4%	$9.3B+120.6%	$4.2B-24.7%	$5.6B
Inventory	$18.6B+12.7%	$16.5B-12.0%	$18.8B-6.6%	$20.1B+1.2%	$19.9B+61.1%	$12.3B
Accounts Receivable	$3.5B+3.0%	$3.4B-7.8%	$3.7B-4.6%	$3.8B-25.4%	$5.1B+67.4%	$3.1B
Goodwill	$5.3B+17.9%	$4.5B-12.7%	$5.1B+4.1%	$4.9B+10.8%	$4.4B+2.6%	$4.3B
Total Liabilities	$41.2B+8.1%	$38.1B+0.7%	$37.8B-2.8%	$39.0B-0.5%	$39.2B-6.3%	$41.8B
Current Liabilities	$22.5B+3.2%	$21.8B+0.3%	$21.8B-2.8%	$22.4B-7.3%	$24.2B+6.6%	$22.7B
Long-Term Debt	$13.4B+16.0%	$11.6B+8.3%	$10.7B-8.3%	$11.7B+38.7%	$8.4B-31.8%	$12.3B
Total Equity	$56.5B+10.2%	$51.3B-8.5%	$56.1B+0.9%	$55.6B+8.3%	$51.3B+27.6%	$40.2B
Retained Earnings	$49.9B+5.6%	$47.3B+2.1%	$46.3B+1.8%	$45.4B+23.8%	$36.7B+66.1%	$22.1B

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$97.7B-1.2%	$98.9B+10.6%	$89.4B-1.6%	$90.8B-3.3%	$93.9B-1.6%	$95.4B+0.9%	$94.5B-2.6%	$97.0B
Current Assets	$30.6B-7.2%	$33.0B+12.2%	$29.4B-5.2%	$31.0B-6.7%	$33.2B-3.3%	$34.4B-7.4%	$37.1B-9.4%	$41.0B
Cash & Equivalents	$5.4B+0.6%	$5.4B-16.3%	$6.4B+9.6%	$5.8B-24.0%	$7.7B+31.9%	$5.8B-37.4%	$9.3B+108.7%	$4.5B
Inventory	$18.6B-2.8%	$19.1B+15.9%	$16.5B-6.7%	$17.7B-5.7%	$18.8B-6.4%	$20.0B-0.3%	$20.1B-13.8%	$23.3B
Accounts Receivable	$3.5B-24.9%	$4.6B+37.1%	$3.4B-19.4%	$4.2B+14.3%	$3.7B-23.3%	$4.8B+24.4%	$3.8B-35.3%	$5.9B
Goodwill	$5.3B-1.7%	$5.3B+20.0%	$4.5B-10.0%	$4.9B-3.0%	$5.1B+0.6%	$5.1B+3.5%	$4.9B+13.8%	$4.3B
Total Liabilities	$41.2B-2.9%	$42.4B+11.3%	$38.1B+4.2%	$36.5B-3.4%	$37.8B+0.9%	$37.5B-3.7%	$39.0B-4.0%	$40.6B
Current Liabilities	$22.5B-4.6%	$23.6B+8.1%	$21.8B+7.5%	$20.3B-6.7%	$21.8B+3.4%	$21.1B-6.0%	$22.4B-13.8%	$26.0B
Long-Term Debt	$13.4B	N/A	$11.6B	N/A	$10.7B	N/A	$11.7B	N/A
Total Equity	$56.5B+0.1%	$56.5B+10.1%	$51.3B-5.5%	$54.3B-3.2%	$56.1B-3.2%	$57.9B+4.2%	$55.6B-1.5%	$56.4B
Retained Earnings	$49.9B	N/A	$47.3B	N/A	$46.3B	N/A	$45.4B	N/A

MT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$4.8B-0.9%	$4.9B-36.5%	$7.6B-25.1%	$10.2B+3.0%	$9.9B+142.7%	$4.1B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$4.6B+8.7%	-$5.0B+14.7%	-$5.8B-30.4%	-$4.5B-1218.5%	-$340.0M+83.1%	-$2.0B
Financing Cash Flow	-$1.8B-159.7%	-$680.0M+81.5%	-$3.7B-668.6%	-$477.0M+95.6%	-$10.9B-627.5%	-$1.5B
Dividends Paid	$542.0M-6.6%	$580.0M+9.2%	$531.0M-19.9%	$663.0M+15.9%	$572.0M+216.0%	$181.0M
Share Buybacks	$262.0M-79.8%	$1.3B+7.6%	$1.2B-58.9%	$2.9B-43.2%	$5.2B+934.0%	$500.0M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	5.3%+3.1pp	2.2%+0.7pp	1.5%-10.4pp	11.9%-8.4pp	20.3%+21.4pp	-1.1%
Return on Equity	5.7%+3.0pp	2.7%+0.9pp	1.8%-15.3pp	17.2%-13.2pp	30.3%+31.8pp	-1.4%
Return on Assets	3.3%+1.8pp	1.5%+0.5pp	1.1%-9.0pp	10.1%-7.1pp	17.2%+17.9pp	-0.7%
Current Ratio	1.36+0.0	1.35-0.2	1.53-0.1	1.66+0.2	1.45+0.2	1.23
Debt-to-Equity	0.24+0.0	0.23+0.0	0.19-0.0	0.21+0.0	0.16-0.1	0.31
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.36-0.0	1.40+0.1	1.35-0.2	1.530.0	1.53-0.1	1.63-0.0	1.66+0.1	1.58
Debt-to-Equity	0.24-0.5	0.75+0.5	0.23-0.4	0.67+0.5	0.19-0.5	0.65+0.4	0.21-0.5	0.72
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Arcelormittal's annual revenue?

Arcelormittal (MT) reported $61.4B in total revenue for fiscal year 2025. This represents a -1.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Arcelormittal's revenue growing?

Arcelormittal (MT) revenue declined by 1.7% year-over-year, from $62.4B to $61.4B in fiscal year 2025.

Is Arcelormittal profitable?

Yes, Arcelormittal (MT) reported a net income of $3.2B in fiscal year 2025, with a net profit margin of 5.3%.

How much debt does Arcelormittal have?

As of fiscal year 2025, Arcelormittal (MT) had $5.4B in cash and equivalents against $13.4B in long-term debt.

What is Arcelormittal's net profit margin?

Arcelormittal (MT) had a net profit margin of 5.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Arcelormittal's return on equity (ROE)?

Arcelormittal (MT) has a return on equity of 5.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Arcelormittal's operating cash flow?

Arcelormittal (MT) generated $4.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Arcelormittal's total assets?

Arcelormittal (MT) had $97.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Arcelormittal buy back shares?

Yes, Arcelormittal (MT) spent $262.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Arcelormittal have outstanding?

Arcelormittal (MT) had 761M shares outstanding as of fiscal year 2025.

What is Arcelormittal's current ratio?

Arcelormittal (MT) had a current ratio of 1.36 as of fiscal year 2025, which is considered adequate.

What is Arcelormittal's debt-to-equity ratio?

Arcelormittal (MT) had a debt-to-equity ratio of 0.24 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Arcelormittal's return on assets (ROA)?

Arcelormittal (MT) had a return on assets of 3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Arcelormittal's Piotroski F-Score?

Arcelormittal (MT) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Arcelormittal's earnings high quality?

Arcelormittal (MT) has an earnings quality ratio of 1.48x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Arcelormittal?

Arcelormittal (MT) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.