Cleveland-Cliffs (CLF) Q4 2025 Earnings
Reported Feb 9, 2026 at 6:19 AM ET · SEC Source
Q4 25 EPS
$-0.43
BEAT +30.14%
Est. $-0.62
Q4 25 Revenue
$4.31B
MISS 6.13%
Est. $4.59B
vs S&P Since Q4 25
-28.1%
TRAILING MARKET
CLF -20.5% vs S&P +7.6%
Full Year 2025 Results
FY 25 EPS
$-2.48
BEAT +1.30%
Est. $-2.51
FY 25 Revenue
$18.61B
MISS 1.46%
Est. $18.89B
Market Reaction
Did CLF Beat Earnings? Q4 2025 Results
Cleveland-Cliffs delivered a mixed fourth quarter for fiscal 2025, posting a smaller-than-feared loss that nonetheless failed to reassure investors on the top line. The steelmaker reported an adjusted loss of $0.43 per diluted share, ahead of the con… Read more Cleveland-Cliffs delivered a mixed fourth quarter for fiscal 2025, posting a smaller-than-feared loss that nonetheless failed to reassure investors on the top line. The steelmaker reported an adjusted loss of $0.43 per diluted share, ahead of the consensus estimate of $0.56 by 23.21%, but revenue of $4.31 billion fell short of the $4.59 billion analysts had expected, a 6.00% miss, even as sales held essentially flat versus the prior-year quarter's $4.33 billion, down just 0.3% year over year. The shortfall reflected a full year of pressure from weak automotive production volumes, a value-destructive expiring slab contract, and headwinds in the Canadian market, three factors that weighed on adjusted EBITDA, which remained negative at $21 million in Q4, though improved from a $81 million loss a year ago. Shares fell sharply following the report, with at least one analyst firm cutting its rating to neutral. Looking ahead, Cliffs guided for 2026 steel shipments of 16.5 to 17.0 million net tons and unit cost reductions of roughly $10 per net ton, with management arguing all three key headwinds have eased entering the new year.
Key Takeaways
- • Persistently weak automotive production levels throughout 2025
- • Expiring five-year slab contract becoming value-destructive in its final year
- • Adverse dynamics in the Canadian market
- • Average net selling price per net ton of $993 in Q4 2025 vs $976 in Q4 2024
- • Steel shipments of 3.8 million net tons in Q4 2025 vs 3.8 million in Q4 2024
- • Unit cost reductions achieved year-over-year
CLF YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
CLF Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our performance in 2025 was negatively affected by persistently weak production levels from the automotive sector throughout the entire year, an expiring five-year slab contract becoming value-destructive during its last year, and a newly adverse dynamic in the Canadian market. Fortunately, as we started 2026, these negative situations have all improved. At the same time, the trade environment in the United States continues to move in a very constructive direction, setting the stage for dramatically improved results this year.”
— Lourenco Goncalves, Q4 2025 Earnings Press Release
CLF Earnings Trends
CLF vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CLF EPS Trend
Earnings per share: estimate vs actual
CLF Revenue Trend
Quarterly revenue: estimate vs actual
CLF Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.42 | $-0.40 | +3.85% | $4.92B | +2.67% |
| Q4 25 BEAT FY | $-0.62 | $-0.43 | +30.14% | $4.31B | -6.13% |
| FY Full Year | $-2.51 | $-2.48 | +1.30% | $18.61B | -1.46% |
| Q3 25 BEAT | $-0.45 | $-0.45 | +0.55% | $4.73B | -3.31% |
| Q2 25 BEAT | $-0.63 | $-0.50 | +20.32% | $4.93B | +0.77% |