Cleveland-Cliffs Reports Third-Quarter 2026 Results
Cleveland-Cliffs reported Q3 2026 revenues of $5.6 billion and GAAP net income of $165 million ($0.26 diluted EPS), a sharp swing from the prior quarter's $134 million net loss. Adjusted EBITDA of $612 million was the strongest quarter in three years and beat the $575 million guidance set three months earlier, with steel shipments of 4.2 million net tons and average selling price up to $1,177 per net ton. Management guided Q4 2026 adjusted EBITDA to approximately $715 million and said 2027 adjusted EBITDA should exceed $4 billion on new contracts and favorable steel pricing, with a leverage target of under 2.5x net debt/EBITDA by mid-2027.
Key figures
- Eps
- 0.26
- Revenue
- 5612000000
- Guidance
- Q4 2026 adjusted EBITDA ~$715 million; 2027 adjusted EBITDA expected to exceed $4 billion
- Revenue Yoy
- 18.6% vs Q3 2025 revenue of $4,734M
- Liquidity
- 3200000000
- Adjusted eps
- 0.28
- Adjusted ebitda
- 612000000
- Gaap net income
- 165000000
- Prior quarter ebitda
- 286000000
- Ebitda beat own guidance
- $612M vs $575M guided
- Steel shipments net tons
- 4.2 million
- Net debt to ebitda target
- under 2.5x by mid-2027
- Avg selling price per net ton
- 1177
AI analysis
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