Companies /Basic Materials
Cleveland-Cliffs Inc
NYSE: CLF Steel
$13.90
▲ $0.52 (+3.89%) today
Markets closed · 7:53pm ET

Cleveland-Cliffs (CLF) Q3 2026 Earnings

Reported Oct 19, 2026, 6:52am ET · SEC source
$0.28
Beat +17.25%
EPS · est. $0.24 Adjusted
$5.6B
Miss −1.85%
Revenue · est. $5.7B
5 quarters
Consecutive EPS beats

How Did CLF Stock React to Q3 2026 Earnings?

% change · around the report
−10%−5%0+5%Oct 19Oct 20report 6:52am ETearnings+0.1%−1.3%
−10%−5%0+5%Oct 19Oct 20earnings+0.1%−1.3%
CLF −1.3%S&P 500 +0.1%
−10%−5%0+5%Oct 19Oct 20report 6:52am ETearnings−0.1%−1.3%
−10%−5%0+5%Oct 19Oct 20earnings−0.1%−1.3%
CLF −1.3%NASDAQ −0.1%
−8%−4%0+4%Oct 19Oct 27report 6:52am ETearnings−0.1%−1.4%
−8%−4%0+4%Oct 19Oct 27earnings−0.1%−1.4%
CLF −1.4%S&P 500 −0.1%
−8%−4%0+4%Oct 19Oct 27report 6:52am ETearnings−0.6%−1.4%
−8%−4%0+4%Oct 19Oct 27earnings−0.6%−1.4%
CLF −1.4%NASDAQ −0.6%
+16.34%
Day of report
−3.19%
Next session
−5.11%
One week

Did CLF Beat Earnings? Q3 2026 Results

Yes. Cleveland-Cliffs reported Q3 2026 earnings of $0.28 a share on Oct 19, 2026, beating the $0.24 consensus estimate by 17.3%. Revenue was $5.6B against a $5.7B estimate.

Cleveland-Cliffs Inc. delivered a strong earnings beat in Q3 2026, posting adjusted EPS of $0.28 against the $0.24 consensus estimate, a 17.25% positive surprise that extended the steelmaker's streak to four consecutive quarters of beating EPS expectations. Revenue came in at $5.61 billion, up 18.6% year over year but marginally below the $5.72 billion consensus, as a favorable pricing environment more than offset the modest top-line shortfall. The quarter's primary driver was a meaningful recovery in steel pricing and shipments, with average net selling price per ton climbing to $1,177 from $1,124 sequentially, while the company swung to GAAP net income of $165 million from a net loss of $134 million in Q2 2026. Adjusted EBITDA of $612 million cleared the company's own $575 million guidance, a sharp contrast to just $143 million in Q3 2025. Ahead of the results, at least one major Wall Street firm upgraded the stock and raised its price target, reflecting growing confidence in the steel cycle. Looking ahead, management guided Q4 adjusted EBITDA of approximately $715 million and projected full-year 2027 adjusted EBITDA exceeding $4 billion.

Key Takeaways
  • Higher average selling price per net ton of $1,177 vs $1,124 in Q2 2026
  • Increased steel shipment volumes of 4.2 million net tons vs 4.025 million in Q2
  • Improved unit costs relative to Q2
  • Favorable trade environment with imports well below historical levels
  • Extended lead times supporting pricing
  • Stelco turning into a positive EBITDA contributor in Q3 as Canadian hot-rolled market improved

“Third quarter was our strongest quarter in three years, with adjusted EBITDA of $612 million, a number above the $575 million guidance we provided three months ago. Average selling price, sales volumes, and unit costs all moved in the right direction relative to Q2 performance. We expect fourth quarter adjusted EBITDA to further increase, even with typical fourth-quarter seasonality and planned maintenance outages. We continued to reduce debt in Q3 and, with amplified free cash flow in Q4 and property sale proceeds, we expect a major debt reduction in the fourth quarter. With all that, we remain on track to reach our leverage target of under 2.5x net debt to EBITDA by the middle of next year.”

Cleveland-Cliffs CEO, on the earnings call

What Is Cleveland-Cliffs's Outlook?

Cleveland-Cliffs expects Q4 2026 adjusted EBITDA of approximately $715 million, an increase from Q3, driven by increased pricing, partially offset by seasonality, increased maintenance outages, input costs, and incentive compensation accruals. For 2027, based on new contract signings and prevailing index price forecasts, the company expects adjusted EBITDA to exceed $4 billion. The company expects a major debt reduction in Q4 2026 through amplified free cash flow and property sale proceeds, targeting a leverage ratio of under 2.5x net debt to EBITDA by mid-2027.

CLF YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$2.0B$4.0B$6.0B$4.7B$5.6BRevenue$38.4M$465.0MGross Profit$82.6M$311.0MOperating Income$58.3M$152.0MNet Income
$0$2.0B$4.0B$6.0BRevenueGross ProfitOperating IncomeNet Income
CLF income statement, Q3 2026 versus Q3 2025
Metric Q3 2026 Q3 2025 Year over year
Revenue $5.6B $4.7B +18.6%
Gross Profit $465.0M $38.4M +1,110.9%
Operating Income $311.0M $82.6M +276.7%
Net Income $152.0M $58.3M +160.6%

CLF Revenue by Segment

Steelmaking$5.4B+19.4%

Figures from SEC filings and company reports. Not investment advice.