10-Q · April 21, 2026
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…
Earnings analysis · 10-Q
CLF earnings analysis
Filed October 20, 2026 · Our reading of the company's report
The latest report
Cleveland-Cliffs delivered strong sequential and year-over-year improvement, with revenue of $5.612 billion and diluted EPS of $0.28 versus losses of $(0.25) and $(0.51) in the prior quarter and prior-year quarter,…
Read full summary
Cleveland-Cliffs delivered strong sequential and year-over-year improvement, with revenue of $5.612 billion and diluted EPS of $0.28 versus losses of $(0.25) and $(0.51) in the prior quarter and prior-year quarter, respectively. The adjusted EBITDA outlook also improved to approximately $715 million for Q4 2026 and above $4 billion for 2027. However, the provided 10-Q excerpt does not include the detailed financial statements, segment data, balance-sheet changes, or cash-flow figures needed for a complete quarterly assessment, and the filing does not provide new quantified risk-factor disclosures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.28
What stood out
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Revenue and EPS improved materially
Revenue was $5.612 billion, up from $5.23 billion in Q2 2026 and $4.73 billion in Q3 2025, increases of approximately 7.3% sequentially and 18.7% year over year. Diluted EPS was $0.28 versus $(0.25) in Q2 and $(0.51) in the prior-year quarter.
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EPS exceeded consensus
Reported EPS of $0.28 exceeded the $0.24 consensus estimate by $0.04, or 16.7%, based on the earnings data accompanying the filing.
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Adjusted EBITDA outlook raised
Management’s quantitative outlook calls for approximately $715 million of Q4 2026 adjusted EBITDA versus prior guidance of $575 million, and 2027 adjusted EBITDA is expected to exceed $4 billion.
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No material control deterioration
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no internal-control change during the quarter that materially affected, or was reasonably likely to materially affect, financial reporting.
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Large unused repurchase authorization
The company had $1,375,931,379 remaining under its share-repurchase authorization, which permits up to $1.5 billion of purchases; only 5,811 shares were acquired during the quarter for tax-withholding purposes, at an average price of $10.79.
What to watch
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Potential director share sales
Director John Baldwin adopted a Rule 10b5-1 arrangement on July 30, 2026, providing for potential sales of up to 130,000 shares beginning November 2, 2026 and ending November 2, 2027, creating a potential source of selling pressure.
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Buyback execution is discretionary
The company is not obligated to repurchase shares, and the $1.5 billion authorization may be suspended or discontinued at any time. The remaining authorization was $1,375,931,379 at quarter-end, so capital allocation may differ from the headline authorization.
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Environmental and legal exposure
The 10-Q states that environmental proceedings are disclosed when potential monetary sanctions exceed $1 million and refers readers to the 2025 Form 10-K for other material proceedings. The filing does not identify a new quantified legal exposure in the provided excerpt.
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No updated risk-factor detail
The filing’s Item 1A states that the significant risks remain those described in the 2025 Form 10-K; it does not identify a new risk-factor change in this quarter’s filing.
Management's outlook
No quantitative EPS or revenue guidance is provided in the 10-Q excerpt. Earnings materials indicate Q4 2026 adjusted EBITDA of approximately $715 million versus prior guidance of $575 million, while 2027 adjusted EBITDA is expected to exceed $4 billion; these figures are not EPS or revenue guidance.
Earlier filings 4
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.