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Dec 31, 2025
ArcelorMittal Q4 2025 Earnings Report
ArcelorMittal reported resilient fourth-quarter results with positive net income, higher EBITDA versus the prior quarter, and strong mining performance.
Key Takeaways
In Q4 2025, ArcelorMittal generated $14971000000 in revenue and $177000000 in net income attributable to equity holders, with EBITDA of $1593000000. Results were supported by improved mining performance and stable steel operations despite pricing and cost headwinds.
Q4 revenue totaled $14971000000 despite lower steel shipments.
EBITDA reached $1593000000, up sequentially driven by Mining.
Net income attributable to equity holders was $177000000 in Q4.
Free cash flow totaled $1725000000 supported by working capital release.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ArcelorMittal expects global ex-China steel demand to grow in 2026, supported by trade protections, improving utilization rates, and continued strategic investments.
Positive Outlook
- Expected growth in global ex-China steel demand in 2026.
- Improving utilization rates in Europe supported by CBAM and trade measures.
- Mining segment expected to benefit from higher iron ore capacity.
- Strategic projects expected to add incremental EBITDA from 2026 onward.
- Strong liquidity position supporting capital returns and investments.
Challenges Ahead
- Steel pricing remains sensitive to macroeconomic conditions.
- Higher depreciation from new assets may pressure earnings.
- Exposure to foreign exchange volatility.
- Capital-intensive investment program increases execution risk.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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