CLF earnings analysis
What we found in CLF's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Revenue improved to $4,922M in Q1 2026 (from $4,629M in Q1 2025) and segment-level strength was concentrated in Steelmaking ($4,757M). Loss per share narrowed to $(0.42) from $(1.01), and operating loss declined to $(213)M from $(543)M. However the company remains loss-making, used $325M of operating cash, and increased long-term debt to $7,763M.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue increased year-over-year
- Total revenues were $4,922M in Q1 2026 versus $4,629M in Q1 2025 (increase of $293M), as reported on the Statements of Operations.
- EPS and operating loss improved
- Loss per diluted share narrowed to $(0.42) in Q1 2026 from $(1.01) in Q1 2025, and operating loss improved to $(213)M from $(543)M.
- Steelmaking segment drove growth
- Steelmaking revenue was $4,757M in Q1 2026 compared with $4,467M in Q1 2025 (increase of $290M).
- Strong product-level pickup in hot-rolled steel
- Hot-rolled steel sales rose to $1,410M in Q1 2026 from $1,166M in Q1 2025 (increase of $244M).
- Operating cash outflow moderated
- Net cash used by operating activities improved to $(325)M in Q1 2026 from $(351)M in Q1 2025 (improvement of $26M).
- Liquidity via ABL borrowing capacity
- Available borrowing capacity under the ABL Facility was $3,096M as of March 31, 2026 and the available borrowing base was $4,103M (maximum base $4.75B noted).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Gross margin negative
- Cost of goods sold exceeded revenue (COGS $5,004M vs revenues $4,922M), producing a negative gross margin and contributing to an operating loss of $(213)M.
- Continued net loss and equity erosion
- Net loss was $(229)M in Q1 2026 (net loss attributable to Cliffs shareholders $(237)M) and retained deficit widened to $(766)M from $(529)M at December 31, 2025.
- Operating cash use plus capex = ongoing cash drain
- Net cash used by operating activities was $(325)M and cash paid for capital expenditures was $152M in Q1 2026, with cash and cash equivalents down to $45M from $57M at year-end.
- Rising leverage and interest expense
- Total long-term debt (principal less unamortized discounts) increased to $7,763M at March 31, 2026 from $7,253M at December 31, 2025 (increase of $510M); interest expense, net was $148M for the quarter.
- Working capital pressure from receivables growth
- Accounts receivable, net increased to $1,882M at March 31, 2026 from $1,442M at December 31, 2025 (increase of $440M).
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.42
- Gross margin
- -1.67%
- Operating margin
- -4.33%
- Segment
- Steelmaking: $4,757M in Q1 2026 vs $4,467M in Q1 2025 (increase of $290M)
- Segment
- Other Businesses (Tubular, Tooling & Stamping, European Ops combined): $165M in Q1 2026 vs $162M in Q1 2025 (increase of $3M)
- Segment
- Total revenues: $4,922M in Q1 2026 vs $4,629M in Q1 2025 (increase of $293M)
What they said about what is next.
The MD&A in this 10-Q does not provide explicit numeric revenue or EPS guidance. Management disclosures included estimated future amortization (e.g., $61M for remainder of 2026 and $81M annually for 2027–2030) and liquidity metrics (available ABL borrowing capacity of $3,096M), but no forward-looking revenue or EPS ranges; outlook appears deferred to earnings release/call.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 9, 2026
- Cleveland-Cliffs positions itself as a vertically integrated North American steel producer focused on automotive-grade flat-rolled steel, electrical steels and HBI, and highlights strategic moves (Stelco acquisition,…
- 10-Q · October 22, 2025
- Q3 2025 revenue rose to $4.734B while the company reported a $0.51 loss per diluted share. Gross margin was slightly negative (COGS exceeded sales by $46M) and Cliffs recorded an operating loss of $204M. Balance sheet…
- 10-Q · July 23, 2025
- Cleveland‑Cliffs reported Q2 revenue of $4,934 million, down $158 million versus Q2 2024 ($5,092 million) and produced an operating loss of $498 million. The company recorded a net loss attributable to Cliffs…
- 10-Q · May 8, 2025
- Cleveland-Cliffs reported Q1 2025 revenue of $4,629 million and a net loss of $483 million (diluted EPS $(1.00)), driven by higher cost of goods sold of $5,020 million and elevated interest expense. Steelmaking revenue…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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