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Cleveland-Cliffs CLF Q1 2026 earnings

Reported April 20, 2026 · Before market open

Revenue$4.9BBeat by $113.6MDiluted EPS-$0.40Beat by $0.04
Revenue estimate$4.8B
EPS estimate-$0.44

Next report

Jul 23, 2026 (In 1 week)
Revenue estimate$5.2B
EPS estimate-$0.18

Financials

Q1 2026

Income statement

See full
Revenue$4.9B+6.3%
Gross profit-$82.0M+79.3%
Operating income-$213.0M+60.8%
Net income-$229.0M+52.9%
EPS (diluted)-$0.42+58.4%

Balance sheet

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Cash & equivalents$45.0M-21.1%
Total debt$7.8B+2.1%
Total equity$5.8B-6.9%
Total assets$20.1B-3.5%

Cash flow

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Operating cash flow-$325.0M+7.4%
CapEx$152.0M0.0%
Free cash flow-$477.0M+5.2%

Valuation & ratios

Valuation

as of 07/09/26
See full
Market cap$5.44B+18.6%
Enterprise value$13.16B+8.0%
P/S0.3×0.0×

Profitability

See full
Gross margin-2.9%—
Operating margin-6.6%-0.2pp
Net margin-6.2%0.0pp
FCF margin-5.3%-0.3pp

Returns & leverage

See full
Return on equity-19.3%+3.1pp
Debt / equity1.3×+0.1×
Current ratio2×-0.1×

Segments

By product

See full
Coated steel$1.4B+5.1%
Hot-rolled steel$1.4B+20.9%
Cold-rolled steel$637.0M+7.8%
Other$617.0M+7.7%
Stainless and electrical steel$465.0M+4.7%

By segment

See full
Steelmaking$4.8B+6.7%
Other Businesses$167.0M+3.1%
Eliminations-$42.0M-50.0%

Versus estimates

Revenue

Q1 2026$4.9BBeat by $113.6M
Q4 2025$4.3BMiss by $252.4MQ3 2025$4.7BBeat by $76.7MQ2 2025$4.9BBeat by $38.3MQ1 2025$4.6BBeat by $3.3MQ4 2024$4.3BMiss by $135.7M

Diluted EPS

Q1 2026-$0.40Beat by $0.04
Q4 2025-$0.43Beat by $0.19Q3 2025-$0.45Beat by $0.03Q2 2025-$0.50Beat by $0.18Q1 2025-$0.92Miss by $0.09Q4 2024-$0.68Miss by $0.03

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Questions, answered.

When did Cleveland-Cliffs report Q1 2026 earnings?
Cleveland-Cliffs (CLF) reported Q1 2026 earnings on April 20, 2026 before market open.
What were Cleveland-Cliffs's Q1 2026 revenue and EPS?
Cleveland-Cliffs reported revenue of $4.9B and diluted EPS of $-0.40 for Q1 2026.
Did Cleveland-Cliffs beat estimates in Q1 2026?
Revenue beat the consensus estimate of $4.8B by $113.6M. EPS beat the consensus estimate of $-0.44 by $0.04.
How did Cleveland-Cliffs's Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 6.3% from $4.6B a year earlier and diluted EPS grew 56.5% from $-0.92.
Where can I find Cleveland-Cliffs's Q1 2026 SEC filings?
You can read the 8-K earnings release (0000764065-26-000067) and the 10-Q periodic report (0000764065-26-000070) directly on SEC EDGAR. The filing index links above go to sec.gov.