CLEVELAND-CLIFFS INC. (CLF) Form 8-K — Oct 19, 2026
Cleveland-Cliffs reported Q3 2026 revenues of $5.6 billion, GAAP net income of $165 million ($0.26 per diluted share), and adjusted EBITDA of $612 million, its strongest quarter in three years. Adjusted EBITDA beat the company's own $575 million guidance by $37 million and swung sharply from a Q2 GAAP net loss of $134 million and $286 million adjusted EBITDA. Steel shipments were 4.2 million net tons at an average selling price of $1,177 per ton, up from $1,032 a year earlier. Management guided Q4 2026 adjusted EBITDA to approximately $715 million and said 2027 adjusted EBITDA should exceed $4 billion, with the company on track for net debt/EBITDA under 2.5x by mid-2027.
Key figures
- Eps
- 0.26
- Revenue
- 5612000000
- Guidance
- Q4 2026 adjusted EBITDA of approximately $715 million; 2027 adjusted EBITDA expected to exceed $4 billion; on track for net debt/EBITDA under 2.5x by mid-2027
- Net Income
- 165000000
- Total Debt
- 7645000000
- Revenue Yoy
- up from $4,734 million in Q3 2025 (~18.5%)
- Total Assets
- 20342000000
- Cash Position
- 77000000
- Adjusted ebitda
- $612 million
- Leverage target
- under 2.5x net debt to EBITDA by mid-2027
- Total liquidity
- $3.2 billion
- Adjusted eps diluted
- $0.28
- Q2 2026 gaap net loss
- -$134 million
- Ebitda beat vs guidance
- $612 million vs. $575 million guidance
- Q2 2026 adjusted ebitda
- $286 million
- Steel shipments net tons
- 4.2 million
- Avg selling price per net ton
- $1,177
AI analysis
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