$MT

ArcelorMittal

CIK:0001243429|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Sales	$ 61,352	$ 62,441	$ 68,275
Cost of sales	56,976	56,653	63,538
Gross margin	4,376	5,788	4,737
Selling, general and administrative expenses	2,606	2,478	2,397
Acquisition gain of Calvert	1,858	0	0
Operating income	3,628	3,310	2,340
Income from investments in associates, joint ventures and other investments	806	779	1,184
Impairment of investments in associates, joint ventures and other investments	(123)	0	(1,405)
Financing costs - net	(709)	(1,174)	(859)
Income before taxes	3,602	2,915	1,260
Income tax expense	359	1,535	238
Net income (including non-controlling interests)	3,243	1,380	1,022
Net income (including non-controlling interests)
Net income attributable to equity holders of the parent	3,152	1,339	919
Net income attributable to non-controlling interests	$ 91	$ 41	$ 103
Earnings per common share (in U.S. dollar)
Basic (USD per share)	$ 4.13	$ 1.70	$ 1.09
Diluted (USD per share)	$ 4.11	$ 1.69	$ 1.09
Weighted average common shares outstanding (in millions)
Basic (in shares)	763	788	842
Diluted (in shares)	766	791	845

Consolidated Statements of Cash Flows € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Operating activities:
Net income (including non-controlling interests)	$ 3,243	$ 1,380	$ 1,022
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	2,945	2,632	2,675
Impairment charges	204	116	1,038
Goodwill/(bargain purchase gain)	(1,858)	0	0
Interest expense	577	510	715
Interest income	(281)	(400)	(570)
Income tax expense	359	1,535	238
Net loss on disposal of subsidiaries	63	0	1,469
Income from investments in associates, joint ventures and other investments	(806)	(779)	(1,184)
Impairment on investments in associates, joint ventures and other investments	123	0	1,405
Provision on pensions and other post-employment benefits	232	166	249
Unrealized foreign exchange effects	114	639	409
Votorantim settlement expense	420	0	0
Write-downs of inventories to net realizable value, provisions and other non-cash operating expenses net	576	592	(400)
Changes in assets and liabilities that provided (required) cash, net of acquisitions and disposals:
Trade accounts receivable and other	597	(192)	307
Inventories	820	238	1,568
Trade accounts payable and other	(942)	56	(271)
VAT and other amounts (paid) received to/from public authorities	232	(204)	9
Other working capital and provisions movements	(742)	(287)	110
Interest paid	(828)	(799)	(788)
Interest received	308	358	553
Income taxes paid	(633)	(763)	(977)
Dividends received from associates, joint ventures and other investments	362	295	316
Cash contributions to plan assets and benefits paid for pensions and other post-employment benefits	(277)	(241)	(248)
Net cash provided by operating activities	4,808	4,852	7,645
Investing activities:
Purchase of property, plant and equipment and intangibles	(4,337)	(4,405)	(4,613)
Disposals of net assets of subsidiaries, net of cash disposed of 10, nil and 24 in 2025, 2024 and 2023, respectively	(10)	0	254
Acquisitions of net assets of subsidiaries, net of cash acquired of 369, 249 and 4 in 2025, 2024 and 2023, respectively	47	(184)	(2,524)
Disposals of property, plant and equipment and intangibles	100	568	718
Acquisition of and capital increase in associates and joint ventures	(206)	(1,168)	(73)
Settlement of Votorantim put option liability	(202)	0	0
Proceeds from repayment of a loan in connection with the sale of ArcelorMittal Temirtau	301	111	0
(Acquisitions) disposals of financial assets	(19)	216	560
Other investing activities net	(225)	(125)	(170)
Net cash provided by / (used in) investing activities	(4,551)	(4,987)	(5,848)
Financing activities:
Payments from mandatorily convertible subordinated notes/ mandatorily convertible bonds	0	0	(340)
Transactions with non-controlling interests	(88)	172	0
Proceeds from short-term debt	32	257	218
Proceeds from long-term debt	2,107	2,227	134
Payments of short-term debt	(2,359)	(1,192)	(1,670)
Payments of long-term debt	(420)	(61)	(16)
Share buyback	(262)	(1,300)	(1,208)
Dividends paid (includes 121, 187 and 162 of dividends paid to non-controlling shareholders in 2025, 2024 and 2023, respectively)	(542)	(580)	(531)
Payment of principal portion of lease liabilities and other financing activities	(234)	(203)	(253)
Net cash provided by / (used in) financing activities	(1,766)	(680)	(3,666)
Net (decrease) in cash and cash equivalents	(1,509)	(815)	(1,869)
Effect of exchange rate changes on cash	504	(471)	255
Cash and cash equivalents:
At the beginning of the year	6,400	7,686	9,300
Reclassification of the period-end cash and cash equivalents to held for sale	(3)	0	0
At the end of the year	$ 5,392	$ 6,400	$ 7,686

Consolidated Statements of Financial Position - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 5,392	$ 6,400
Restricted cash	84	84
Trade accounts receivable and other (including 272 and 322 from related parties at December 31, 2025 and 2024, respectively)	3,476	3,375
Inventories	18,589	16,501
Prepaid expenses and other current assets	3,027	3,022
Assets held for sale	37	0
Total current assets	30,605	29,382
Non-current assets:
Goodwill and intangible assets	5,252	4,453
Property, plant and equipment and biological assets	41,041	33,311
Investments in associates and joint ventures	10,393	11,420
Other investments	353	299
Deferred tax assets	8,860	8,942
Other assets	1,199	1,578
Total non-current assets	67,098	60,003
Total assets	97,703	89,385
Current liabilities:
Short-term debt and current portion of long-term debt	2,739	2,748
Trade accounts payable and other (including 352 and 291 to related parties at December 31, 2025 and 2024, respectively)	13,008	12,921
Short-term provisions	1,039	938
Accrued expenses and other liabilities	5,168	4,738
Income tax liabilities	547	480
Liabilities held for sale	19	0
Total current liabilities	22,520	21,825
Non-current liabilities:
Long-term debt, net of current portion	10,671	8,815
Deferred tax liabilities	2,294	2,338
Deferred employee benefits	2,526	2,338
Long-term provisions	1,616	1,361
Other long-term obligations	1,540	1,422
Total non-current liabilities	18,647	16,274
Total liabilities	41,167	38,099
Equity:
Common shares (no par value, 1,033,608,827 and 1,111,418,599 shares authorized, 775,000,000 and 852,809,772 shares issued, and 761,125,819 and 768,546,622 shares outstanding at December 31, 2025 and 2024, respectively)	275	303
Treasury shares (13,874,181 and 84,263,150 common shares at December 31, 2025 and 2024, respectively, at cost)	(355)	(2,117)
Additional paid-in capital	25,250	27,190
Retained earnings	49,918	47,254
Reserves	(20,622)	(23,407)
Equity attributable to the equity holders of the parent	54,466	49,223
Non-controlling interests	2,070	2,063
Total equity	56,536	51,286
Total liabilities and equity	$ 97,703	$ 89,385