ArcelorMittal S.A. (MT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.71	$0.75	+5.6%	—	$15.5B	—
Q4 25	$0.55	$0.86	+56.4%	—	$15B	—
Q3 25	$0.55	$0.62	+12.7%	—	$15.7B	—
Q2 25	$1.81	$1.32	-27.1%	—	$15.9B	—
Q1 25	$0.73	$1.04	+42.5%	—	$14.8B	—
Q4 24	$0.73	$0.52	-28.8%	—	$14.7B	—
Q3 24	$0.48	$0.63	+31.3%	—	$15.2B	—
Q2 24	$0.81	$0.63	-22.2%	—	$16.2B	—
Q1 24	$0.83	$1.16	+39.8%	—	$16.3B	—
Q4 23	-$2.05	$1.18	+157.6%	—	$14.6B	—
Q3 23	$0.96	$1.1	+14.6%	—	$16.6B	—
Q2 23	$1.9	$2.2	+15.8%	—	$18.6B	—
Q1 23	$0.75	$1.27	+69.3%	—	$18.5B	—
Q4 22	$0.28	$1.37	+389.3%	—	$16.9B	—
Q3 22	$1.25	$1.42	+13.6%	—	$19B	—
Q2 22	$3.9	$4.24	+8.7%	—	$22.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.13	—	—	$61.4B	—
FY24	—	$1.7	—	—	$62.4B	—
FY23	—	$1.09	—	—	$68.3B	—
FY22	—	$10.2	—	—	$79.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$56.8B	$68.7B	$76B	$70.6B	$53.3B	$76.6B	$79.8B	$68.3B	$62.4B	$61.4B
YoY change	-10.7%	+20.9%	+10.7%	-7.13%	-24.6%	+43.7%	+4.27%	-14.5%	-8.54%	-1.74%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	56.8B	68.7B	76B	70.6B	53.3B	76.6B	79.8B	68.3B	62.4B	61.4B
Cost of revenue	50.4B	60.9B	67B	68.9B	49.1B	57.3B	67.3B	63.5B	56.7B	57B
Gross profit	6.4B	7.8B	9B	1.7B	4.1B	19.2B	12.5B	4.7B	5.8B	4.4B
Gross margin	11.2%	11.4%	11.8%	2.45%	7.76%	25.1%	15.7%	6.94%	9.27%	7.13%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.2B	2.4B	2.5B	2.4B	2B	2.3B	2.3B	2.4B	2.5B	2.6B
Operating expenses	2.6B	2.7B	2.8B	2.8B	2.3B	2.4B	2.3B	2.6B	2.7B	2.9B
Operating income	3.7B	5.1B	6.2B	-1B	1.8B	16.8B	10.2B	2.1B	3.1B	1.5B
Operating margin	6.56%	7.4%	8.14%	-1.46%	3.35%	22%	12.8%	3.07%	4.98%	2.38%
Non-operating income, net	351M	1.2B	-259M	-40M	78M	1.7B	1.5B	-269M	214M	2.8B
Pretax income	2.7B	5B	5B	-1.9B	1.1B	18B	11.3B	1.3B	2.9B	3.6B
Income tax	986M	432M	-349M	459M	1.7B	2.5B	1.7B	238M	1.5B	359M
Net income	1.7B	4.6B	5.3B	-2.4B	-578M	15.6B	9.5B	1B	1.4B	3.2B
Net margin	3.05%	6.66%	7.01%	-3.39%	-1.09%	20.3%	11.9%	1.5%	2.21%	5.29%
EBITDA	6.5B	8B	9.3B	2.1B	4.9B	21.3B	13.9B	6.1B	6.6B	5.1B
EPS	1.86	4.48	5.07	-2.42	-0.64	13.5	10.2	1.09	1.7	4.13
Diluted EPS	1.86	4.46	5.04	-2.42	-0.64	13.5	10.2	1.09	1.69	4.11

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	16.6B	14.6B	16.3B	16.2B	15.2B	14.7B	14.8B	15.9B	15.7B	15B	15.5B	16.8B
Cost of revenue	662M	61.6B	—	—	—	—	—	—	—	—	—	—
Gross profit	16B	-47B	—	—	—	—	—	—	—	—	—	—
Gross margin	96%	-323.1%	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	1.2B	-2.2B	1.1B	1B	663M	327M	825M	74M	544M	-1.8B	753M	1.1B
Operating margin	7.24%	-15.3%	6.58%	6.44%	4.36%	2.22%	5.58%	0.46%	3.47%	-12.3%	4.87%	6.29%
Non-operating income, net	61M	-791M	—	—	—	—	—	—	—	—	—	—
Pretax income	1.2B	-3.4B	1.2B	787M	614M	343M	991M	2.1B	505M	-8M	717M	862M
Income tax	272M	-454M	197M	275M	315M	748M	-169M	623M	106M	-201M	136M	175M
Net income	961M	-3B	974M	512M	299M	-405M	822M	1.8B	399M	193M	581M	687M
Net margin	5.78%	-20.5%	5.98%	3.15%	1.97%	-2.75%	5.55%	11.5%	2.55%	1.29%	3.76%	4.1%
EBITDA	1.9B	-2.2B	1.9B	1.9B	1.3B	1.4B	1.7B	557M	1.3B	1.2B	1.6B	2.1B
EPS	1.11	-3.57	1.16	—	0.37	-0.51	1.06	—	0.5	0.23	0.76	0.9
Diluted EPS	1.1	-3.57	1.16	—	0.37	-0.51	1.04	—	0.49	0.23	0.76	0.89

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	33B	21B	17.8B	—	35.2B	—	23.9B	18.2B	34.8B	51.1B
Enterprise value	—	43.3B	31.3B	27.2B	—	39.4B	—	26.9B	23.4B	42.8B	118.2B
Shares outstanding	953.3M	1B	1B	1B	1.1B	1.1B	911M	842M	788M	763M	763M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	7.2	3.94	—	—	2.26	—	23.4	13.2	10.7	29.3
P/S	—	0.48	0.28	0.25	—	0.46	—	0.35	0.29	0.57	0.84
P/B	—	0.81	0.48	0.44	—	0.69	—	0.43	0.36	0.62	1.92
EV/EBITDA	—	5.41	3.37	12.8	—	1.84	—	4.41	3.54	8.35	21.7
EV/Sales	—	0.63	0.41	0.39	—	0.51	—	0.39	0.37	0.7	1.88
Earnings yield	—	13.9%	25.4%	—	—	44.3%	—	4.28%	7.57%	9.33%	3.41%
FCF yield	—	5.29%	4.25%	13.8%	—	19.6%	—	12.7%	2.45%	1.35%	-1.52%
PEG	—	—	—	—	—	—	—	—	—	—	9.42

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	11.2%	11.4%	11.8%	2.45%	7.76%	25.1%	15.7%	6.94%	9.27%	7.13%	7.13%
Operating margin	6.56%	7.4%	8.14%	-1.46%	3.35%	22%	12.8%	3.07%	4.98%	2.38%	6.29%
Net margin	3.05%	6.66%	7.01%	-3.39%	-1.09%	20.3%	11.9%	1.5%	2.21%	5.29%	2.88%
ROE	5.36%	11.2%	12.1%	-5.91%	-1.44%	30.3%	17.2%	1.82%	2.69%	5.74%	3.28%
ROA	2.31%	5.36%	5.84%	-2.72%	-0.7%	17.2%	10.1%	1.09%	1.54%	3.32%	1.63%
ROIC	5.46%	9.07%	11.4%	-2.07%	0%	26.1%	14.9%	2.88%	2.61%	2.04%	0.69%
Return on tangible assets	2.72%	6.2%	6.68%	-3.1%	-0.79%	19.1%	11.3%	1.22%	1.71%	3.72%	1.99%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.23	1.25	1.38	1.34	1.23	1.45	1.66	1.53	1.35	1.36	1.43
Quick ratio	0.41	0.41	0.5	0.53	0.69	0.62	0.76	0.67	0.59	0.53	0.57
Debt / equity	0.42	0.32	0.28	0.35	0.31	0.16	0.21	0.19	0.23	0.24	0.25
Debt / assets	0.18	0.15	0.14	0.16	0.15	0.09	0.12	0.11	0.13	0.14	0.15
Net debt / EBITDA	1.73	1.29	1.11	4.46	1.38	0.2	0.17	0.49	0.78	1.56	1.52
Interest coverage	3.32	6.7	8.25	-1.78	3.28	51.5	29.1	2.76	6.72	7.24	2.9
Effective tax rate	36.3%	8.63%	0%	0%	100%	13.6%	15.3%	18.9%	52.7%	9.97%	10.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	59.6	67.3	74.9	69.7	46.7	69.3	87.6	81.1	79.2	80.4	41.3
EPS (basic)	1.86	4.48	5.07	-2.42	-0.64	13.5	10.2	1.09	1.7	4.13	4.13
EPS (diluted)	1.86	4.46	5.04	-2.42	-0.64	13.5	10.2	1.09	1.69	4.11	2.38
Book value per share	33.9	40.1	43.5	40	35.3	46.5	61	66.6	65.1	74.1	36.4
FCF per share	0.28	1.71	0.88	2.41	1.44	6.24	7.39	3.6	0.57	0.62	-0.21
Cash per share	2.62	2.52	2.14	4.8	4.91	3.81	10.2	9.13	8.12	7.07	3.21
Capex per share	2.56	2.76	3.26	3.53	2.14	2.63	3.7	4.63	4.87	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.3%	4.1%	4.35%	5.06%	4.58%	3.79%	4.22%	5.7%	6.15%	—	—
Capex / operating cash flow	61.6%	48.9%	116.2%	97.1%	44.6%	21.7%	26.6%	66.9%	76.3%	—	—
Payout ratio	3.52%	3.08%	4.13%	-8.49%	-31.3%	2%	3.48%	36.1%	28.5%	13%	24.2%
Dividend yield	—	0.43%	1.05%	1.14%	—	0.89%	—	1.54%	2.16%	1.21%	0.44%

Yield

0.44%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.15

ex-dividend Aug 7, 2026

Payout ratio

24%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 7, 2026	$0.15
May 13, 2026	$0.15
Feb 20, 2026	$0.15

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$16.6B	$14.6B	$16.3B	$16.2B	$15.2B	$14.7B	$14.8B	$15.9B	$15.7B	$15B	$15.5B	$16.8B
YoY change	-12.4%	-13.8%	-12%	-12.7%	-8.55%	+1.11%	-9.11%	-1.99%	+3.03%	+1.75%	+4.45%	+5.24%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.5B	2.6B	2.2B	4.9B	5.6B	4.2B	9.3B	7.7B	6.4B	5.4B
Receivables	3B	3.9B	4.4B	3.6B	3.1B	5.1B	3.8B	3.7B	3.4B	3.5B
Inventory	14.7B	18B	20.7B	17.3B	12.3B	19.9B	20.1B	18.8B	16.5B	18.6B
Total current assets	22.2B	26.7B	32.5B	28.6B	28B	34.9B	37.1B	33.2B	29.4B	30.6B
Property, plant & equipment	31.1B	33.1B	31.7B	32.1B	27.3B	26.7B	26.7B	30.6B	29.9B	36.9B
Goodwill & intangibles	11.3B	11.5B	11.5B	10.9B	8.6B	8.8B	9.8B	10.2B	8.9B	10.5B
Total assets	75.1B	85.3B	91.2B	87.9B	82.1B	90.5B	94.5B	93.9B	89.4B	97.7B
Accounts payable	11.6B	13.4B	14B	12.6B	11.5B	14.7B	13.2B	13.2B	12.6B	13B
Short-term debt	1.9B	2.8B	3.2B	2.9B	2.5B	1.9B	2.6B	2.3B	2.7B	2.7B
Total current liabilities	18.1B	21.4B	23.5B	21.3B	22.7B	24.2B	22.4B	21.8B	21.8B	22.5B
Long-term debt	11.8B	10.1B	9.3B	11.5B	9.8B	6.5B	9.1B	8.4B	8.8B	10.7B
Total liabilities	42.8B	44.4B	47.1B	47.4B	41.8B	39.2B	39B	37.8B	38.1B	41.2B
Shareholders' equity	32.3B	40.9B	44.1B	40.5B	40.2B	51.3B	55.6B	56.1B	51.3B	56.5B
Total debt	13.7B	12.9B	12.5B	14.3B	12.3B	8.4B	11.7B	10.7B	11.6B	13.4B
Net debt	11.2B	10.4B	10.3B	9.5B	6.7B	4.2B	2.4B	3B	5.2B	8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	6.3B	7.7B	5.4B	5.8B	5.1B	6.4B	5.3B	5.4B	5.7B	5.4B	4.4B	4.8B
Receivables	4.5B	3.7B	4.4B	3.8B	4.2B	3.4B	4.1B	4.3B	4.5B	3.5B	4.1B	4.5B
Inventory	18.9B	18.8B	18.4B	17.7B	18.5B	16.5B	16.9B	19.1B	18.9B	18.6B	18.7B	19.3B
Total current assets	33.1B	33.2B	31.7B	31B	31.1B	29.4B	29.7B	33B	32.5B	30.6B	30.5B	32B
Property, plant & equipment	—	30.6B	—	—	—	29.9B	—	—	—	28.3B	—	—
Goodwill & intangibles	4.9B	10.2B	5B	4.9B	4.8B	8.9B	4.6B	5.3B	5.1B	10.5B	5.5B	5.5B
Total assets	93.7B	93.9B	91.9B	90.8B	93.2B	89.4B	91.5B	98.9B	98.8B	97.7B	98.3B	99.2B
Accounts payable	12.3B	13.2B	12.7B	12.5B	13.2B	12.6B	11.9B	12.5B	12.1B	13B	12.3B	12.9B
Short-term debt	2.3B	2.3B	1.9B	2.4B	2.4B	2.7B	3.5B	3.2B	4.4B	2.7B	2.7B	2.7B
Total current liabilities	20.5B	21.8B	20.4B	20.3B	21.3B	21.8B	22B	23.6B	23.5B	22.5B	22B	22.4B
Long-term debt	8.2B	8.4B	8.3B	8.8B	8.9B	8.8B	8.6B	10.6B	10.5B	10.7B	10.9B	11.7B
Total liabilities	36.2B	37.8B	36.3B	36.5B	37.8B	38.1B	38.2B	42.4B	42.1B	41.2B	41.1B	42.3B
Shareholders' equity	57.5B	56.1B	55.7B	54.3B	55.4B	51.3B	53.3B	56.5B	56.7B	56.5B	57.2B	56.8B
Total debt	10.5B	10.7B	10.2B	11.1B	11.3B	11.6B	12B	13.7B	14.9B	13.4B	13.7B	14.4B
Net debt	4.3B	3B	4.8B	5.3B	6.2B	5.2B	6.7B	8.4B	9.1B	8B	9.3B	9.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.7B	4.6B	5.3B	-2.4B	-578M	15.6B	9.5B	1B	1.4B	3.2B
Depreciation & amortization	2.7B	2.8B	2.8B	3.1B	3B	2.5B	2.6B	2.7B	2.6B	2.9B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-1.4B	-2.2B	-4.3B	2.1B	932M	-7.1B	-615M	2B	-185M	-267M
Operating cash flow	4B	5.8B	2.8B	3.7B	5.5B	13.4B	12.7B	5.8B	5B	4.8B
Capital expenditure	-2.4B	-2.8B	-3.3B	-3.6B	-2.4B	-2.9B	-3.4B	-3.9B	-3.8B	—
Investing cash flow	-1.1B	-2.8B	-3.8B	-3.8B	-2B	-340M	-4.5B	-5.8B	-5.2B	-295M
Dividends paid	-61M	-141M	-220M	-203M	-181M	-312M	-332M	-369M	-393M	-421M
Share repurchases	0	0	-226M	-90M	-500M	-5.2B	-2.9B	-1.2B	-1.3B	-262M
Financing cash flow	-5.6B	-3.8B	-3.7B	-1.3B	-3B	-12.6B	-1.5B	-5.3B	-1.9B	-1.8B
Net change in cash	-2.8B	-893M	-4.6B	-1.4B	411M	452M	6.7B	-5.4B	-2B	2.7B
Free cash flow	264M	1.7B	891M	2.4B	1.6B	6.9B	6.7B	3B	447M	471M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	929M	-2.9B	938M	548M	287M	-349M	805M	1.8B	377M	268M	575M	693M
Depreciation & amortization	662M	703M	642M	635M	682M	673M	656M	697M	736M	856M	749M	780M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	1.8B	-2.3B	1.9B	1.3B	1.4B	740M	1.5B	1.4B	751M	3B	-9M	961M
Capital expenditure	-1.2B	-732M	-1.2B	-985M	-1.1B	-565M	-967M	—	—	—	—	—
Investing cash flow	-978M	797M	-962M	-1.1B	-1.9B	18M	-1B	32M	-274M	87M	-53M	-99M
Dividends paid	0	-184M	0	-284M	0	-193M	0	-256M	0	-211M	-114M	-186M
Share repurchases	-38M	-466M	-597M	-293M	-277M	-133M	-94M	-168M	0	0	0	-483M
Financing cash flow	-160M	-2.4B	-1.1B	-979M	-424M	-1.5B	-174M	-1.6B	-113M	-3.2B	-234M	-1.2B
Net change in cash	697M	-4B	-161M	-745M	-848M	-763M	254M	-172M	364M	-81M	-296M	-355M
Free cash flow	116M	1.9B	-1.3B	88M	360M	1.3B	-1.3B	530M	-486M	1.7B	-1.3B	-141M

ArcelorMittal S.A. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history