S&P 500
7,488.00
-0.15%
Dow Jones
52,258.40
-0.14%
Nasdaq 100
30,231.70
-0.18%
Russell 2000
3,017.02
-0.23%
FTSE 100
10,500.20
-0.33%
Nikkei 225
70,757.30
-0.35%
Cleveland-Cliffs

Cleveland-Cliffs (CLF) Q1 2026 Earnings

Reported Apr 20, 2026 at 6:47 AM ET · SEC Source

Q1 26 EPS

$-0.40

BEAT +3.85%

Est. $-0.42

Q1 26 Revenue

$4.92B

BEAT +2.67%

Est. $4.79B

vs S&P Since Q1 26

-5.4%

TRAILING MARKET

CLF 0.0% vs S&P +5.4%

Market Reaction

Did CLF Beat Earnings? Q1 2026 Results

Cleveland-Cliffs delivered a narrower-than-expected loss in Q1 2026, beating Wall Street estimates on both the top and bottom lines as the steelmaker showed meaningful signs of recovery from a bruising prior year. The company posted an adjusted loss … Read more Cleveland-Cliffs delivered a narrower-than-expected loss in Q1 2026, beating Wall Street estimates on both the top and bottom lines as the steelmaker showed meaningful signs of recovery from a bruising prior year. The company posted an adjusted loss of $0.40 per share, edging past the consensus estimate of $0.42 by 3.85%, while revenue climbed 6.3% year over year to $4.92 billion, clearing the $4.79 billion estimate by 2.67%. The headline improvement was driven by higher average steel selling prices of $1,048 per net ton, up from $980 a year ago, and a sequential volume increase to 4.1 million net tons, helping adjusted EBITDA swing to a positive $95 million from a loss of $179 million in Q1 2025. Results were held back, however, by an estimated $80 million one-time energy cost spike tied to extreme cold weather. Management, noting that U.S. Steel imports have fallen to their lowest levels since the global financial crisis, maintained full-year shipment guidance of 16.5 to 17.0 million net tons and projected positive free cash flow in Q2.

Key Takeaways

  • • Average net selling price per net ton increased to $1,048 from $980 year-over-year and $993 sequentially
  • • Steel shipments of 4.1 million net tons, up 338,000 from Q4 2025
  • • $80 million one-time energy cost impact from extreme cold weather suppressed Adjusted EBITDA
  • • Price realization lags negatively impacted Q1 results
  • • Steel imports at lowest levels since the global financial crisis due to trade enforcement

CLF Forward Guidance & Outlook

Cleveland-Cliffs maintains full-year 2026 guidance: steel shipment volumes of approximately 16.5–17.0 million net tons, capital expenditures of approximately $700 million, SG&A expenses of approximately $575 million, DD&A of approximately $1.1 billion, and cash pension and OPEB payments/contributions of approximately $125 million. Management expects each quarter to improve sequentially, with healthy positive free cash flow anticipated in Q2 2026. The company continues to negotiate a potential transaction with POSCO under their Memorandum of Understanding.

24/7 Wall St

CLF YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

CLF Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Q1 results reflected the impact of short-term headwinds like energy prices and price realization lags. As we move through the year, each quarter is expected to improve sequentially, as the momentum already visible in both our order book and pricing continues to translate into earnings and cash flow. Importantly, we expect to generate healthy positive free cash flow in the second quarter, marking a return to the earnings and cash-generation profile this company is capable of delivering.”

— Lourenco Goncalves, Q1 2026 Earnings Press Release

Back to CLF Stock Page