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Cleveland-Cliffs CLF Q1 2025 earnings

Reported May 7, 2025 · Before market open

Revenue$4.6BBeat by $3.3M
EPS-$0.92Miss by $0.09
Revenue estimate$4.6B
EPS estimate-$0.83

Next report

Oct 19, 2026 (in 2 months)
Revenue estimate$5.7B
EPS estimate$0.25

Financials

Q1 2025

Income statement

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Revenue$4.6B-11.0%
Gross profit-$396.0M-239%
Operating income-$543.0M-1,329%
Net income-$486.0M-817%
EPS (diluted)-$1.01-621%

Balance sheet

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Cash & equivalents$57.0M+90.0%
Total debt$7.6B+107%
Total equity$6.3B-13.2%
Total assets$20.8B+20.9%

Cash flow

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Operating cash flow-$351.0M-347%
CapEx$152.0M-16.5%
Free cash flow-$503.0M-1,158%

Valuation & ratios

Valuation

as of 03/31/25
See full
Market cap$4.06B-64.1%
Enterprise value$11.61B-22.4%
P/S0.2×-0.3×

Profitability

See full
Operating margin-6.8%—
Net margin-6.1%—
FCF margin-5.7%-13.9pp

Returns & leverage

See full
Return on equity-17%—
Debt / equity1.2×+0.7×
Current ratio2.1×+0.2×

Segments

By product

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Coated steel$1.4B-16.1%
Hot-rolled steel$1.2B+3.4%
Cold-rolled steel$591.0M-21.1%
Other$573.0M+0.5%
Stainless and electrical steel$444.0M-3.7%

By segment

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Steelmaking$4.5B-11.0%
Other Businesses$162.0M-5.8%
Eliminations-$28.0M-7.7%

By geography

See full
United States$4.0B-8.4%
Canada$517.8M+94.1%

FAQ

When did Cleveland-Cliffs report Q1 2025 earnings?
Cleveland-Cliffs (CLF) reported Q1 2025 earnings on May 7, 2025 before market open.
What were Cleveland-Cliffs's Q1 2025 revenue and EPS?
Cleveland-Cliffs reported revenue of $4.6B and eps of $-0.92 for Q1 2025.
Did Cleveland-Cliffs beat estimates in Q1 2025?
Revenue beat the consensus estimate of $4.6B by $3.3M. EPS missed the consensus estimate of $-0.83 by $0.09.
Where can I find Cleveland-Cliffs's Q1 2025 SEC filings?
You can read the 8-K earnings release (0000764065-25-000100) and the 10-Q periodic report (0000764065-25-000103) directly on SEC EDGAR. The filing index links above go to sec.gov.