CLEVELAND-CLIFFS INC. (CLF) Form 10-Q — Oct 20, 2026
Cleveland-Cliffs reported a dramatic Q3 2026 turnaround: net income of $152 million ($0.27 diluted EPS) versus a $251 million loss ($-0.51) in Q3 2025, on revenues of $5.6 billion, up 19% year over year. Adjusted EBITDA surged to $612 million from $143 million as domestic HRC prices averaged $1,195 per net ton, a 42% increase and the highest quarterly average since Q2 2022. The improvement was driven by higher steel pricing (~$500 million revenue benefit), a 3% shipment increase, and favorable mix after the low-margin ArcelorMittal USA slab contract ended in December 2025.
Key figures
- Eps
- 0.27
- Revenue
- 5612000000
- Guidance
- Company expects domestic steel demand to grow on Section 232 tariffs; expects HRC-supportive conditions and improved Stelco margins from Canadian tariff-rate quotas
- Net Income
- 152000000
- Revenue Yoy
- 19% (Q3 2026 vs Q3 2025)
- Cash Position
- 77000000
- Shares Outstanding
- 570584966
- Ytd revenue
- 15760000000
- Total liquidity
- 3200000000
- Hrc yoy increase pct
- 42
- Hrc avg price q3 2026
- 1195
- Adjusted ebitda q3 2025
- 143000000
- Adjusted ebitda q3 2026
- 612000000
- Steel shipments q3 2026 nt
- 4150000
- Repurchase capacity remaining
- 1375931379
- Avg selling price per ton q3 2026
- 1177
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