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Cleveland-Cliffs

Cleveland-Cliffs (CLF) Q2 2025 Earnings

Reported Jul 21, 2025 at 6:47 AM ET · SEC Source

Q2 25 EPS

$-0.50

BEAT +20.32%

Est. $-0.63

Q2 25 Revenue

$4.93B

BEAT +0.77%

Est. $4.90B

vs S&P Since Q2 25

-29.7%

TRAILING MARKET

CLF -10.9% vs S&P +18.8%

Market Reaction

Did CLF Beat Earnings? Q2 2025 Results

Cleveland-Cliffs delivered a better-than-feared second quarter, posting an adjusted loss of $0.50 per diluted share against a consensus estimate of $0.63, a beat of 20.32%, while revenue of $4.93 billion edged ahead of the $4.90 billion Wall Street e… Read more Cleveland-Cliffs delivered a better-than-feared second quarter, posting an adjusted loss of $0.50 per diluted share against a consensus estimate of $0.63, a beat of 20.32%, while revenue of $4.93 billion edged ahead of the $4.90 billion Wall Street expected, though it still fell 3.1% from a year ago. The clearest driver of the sequential improvement was the company's footprint optimization push, which helped swing adjusted EBITDA to positive $97 million from a loss of $174 million in Q1, even as $323 million in non-recurring charges tied to idled facilities weighed heavily on GAAP results, producing a net loss of $483 million. Record steel shipments of 4.3 million net tons provided volume support, though average net selling price declined to $1,015 per net ton from $1,125 in Q2 2024. Looking ahead, management trimmed full-year capital expenditure guidance to roughly $600 million and is actively exploring sales of noncore assets, including idled mills, to accelerate debt reduction and sharpen its operational focus into the back half of 2025.

Key Takeaways

  • • Record steel shipments of 4.3 million net tons in Q2 2025
  • • Steel unit cost reductions of $15 per net ton compared to Q1 2025
  • • Footprint optimization initiatives generating positive cost and revenue impact
  • • Inventory reductions drove meaningful working capital release
  • • Adjusted EBITDA improvement of $271 million quarter-over-quarter
24/7 Wall St

CLF YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

CLF Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Our second quarter results demonstrate that the footprint optimization initiatives announced a few months ago are already generating a positive impact on both costs and revenues. Our good cost performance in Q2 will be even further amplified into Q3 and Q4, with further expected improvements in adjusted EBITDA as a result. In Q2 we also further reduced inventories, which drove a meaningful release in working capital during the quarter.”

— Lourenco Goncalves, Q2 2025 Earnings Press Release

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