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Cleveland-Cliffs CLF Q2 2025 earnings

Reported July 21, 2025 · Before market open

Revenue$4.9BBeat by $38.3M
EPS-$0.50Beat by $0.18
Revenue estimate$4.9B
EPS estimate-$0.68

Next report

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

Financials

Q2 2025

Income statement

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Revenue$4.9B-3.1%
Gross profit-$212.0M-231%
Operating income-$501.0M-8,450%
Net income-$473.0M-5,356%
EPS (diluted)-$0.98—

Balance sheet

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Cash & equivalents$61.0M-44.5%
Total debt$7.7B+120%
Total equity$5.8B-18.2%
Total assets$20.5B+20.9%

Cash flow

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Operating cash flow--100%
CapEx$112.0M-28.7%
Free cash flow-$67.0M-119%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$3.55B-51.5%
Enterprise value$11.21B+4.6%
P/S0.2×-0.2×

Profitability

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Operating margin-9.6%—
Net margin-8.8%—
FCF margin-8%-14.8pp

Returns & leverage

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Return on equity-25.1%—
Debt / equity1.3×+0.8×
Current ratio2×+0.2×

Segments

By product

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Coated steel$1.4B-10.0%
Hot-rolled steel$1.3B+19.5%
Cold-rolled steel$645.0M-9.3%
Other$580.0M-4.1%
Stainless and electrical steel$434.0M-9.6%

By segment

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Steelmaking$4.8B-2.6%
Other Businesses$163.0M-7.9%
Eliminations-$37.0M-68.2%

By geography

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

FAQ

When did Cleveland-Cliffs report Q2 2025 earnings?
Cleveland-Cliffs (CLF) reported Q2 2025 earnings on July 21, 2025 before market open.
What were Cleveland-Cliffs's Q2 2025 revenue and EPS?
Cleveland-Cliffs reported revenue of $4.9B and eps of $-0.50 for Q2 2025.
Did Cleveland-Cliffs beat estimates in Q2 2025?
Revenue beat the consensus estimate of $4.9B by $38.3M. EPS beat the consensus estimate of $-0.68 by $0.18.
How did Cleveland-Cliffs's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 3.1% from $5.1B a year earlier.
Where can I find Cleveland-Cliffs's Q2 2025 SEC filings?
You can read the 8-K earnings release (0000764065-25-000121) and the 10-Q periodic report (0000764065-25-000124) directly on SEC EDGAR. The filing index links above go to sec.gov.