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Cleveland-Cliffs CLF Q2 2026 earnings

Reported July 23, 2026 · Before market open

Revenue$5.2BBeat by $80.1M
EPS-$0.20Beat by $0.01
Revenue estimate$5.1B
EPS estimate-$0.21
“The second quarter marked another step in returning to the earnings power this company is capable of and has demonstrated in the past. Even with extended maintenance outages in April and May, our second quarter adjusted EBITDA tripled from the Q1 level and Q3 adjusted EBITDA is expected to more than double Q2. As previously foreshadowed, we returned to positive free cash flow during Q2 and have begun reducing our debt, a trend that will continue in a more meaningful way for the foreseeable future.”
Lourenco Goncalves

Next report

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

Financials

Q2 2026

Income statement

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Revenue$5.2B+5.9%
Gross profit$132.0M+162%
Operating income-$49.0M+90.2%
Net income-$134.0M+71.7%
EPS (diluted)-$0.25+74.5%

Balance sheet

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Cash & equivalents$70.0M+14.8%
Total debt$7.7B-0.3%
Total equity$5.6B-3.7%
Total assets$20.1B-1.7%

Cash flow

See full
CapEx$157.0M+40.2%

Valuation & ratios

Valuation

as of 08/27/26
See full
Market cap$6.58B+23.3%
Enterprise value$14.22B+9.3%
P/S0.3×+0.1×

Profitability

See full
Gross margin-1.1%—
Operating margin-4.2%-1.5pp
Net margin-4.3%-1.5pp

Returns & leverage

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Return on equity-14.6%-4.3pp
Debt / equity1.4×0.0×
Current ratio1.9×-0.2×

Segments

By product

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Hot-rolled steel$1.5B+15.5%
Coated steel$1.5B+10.1%
Other$701.0M+20.9%
Cold-rolled steel$660.0M+2.3%
Stainless and electrical steel$525.0M+21.0%

By segment

See full
Steelmaking$5.1B+6.0%
Other Businesses$177.0M+8.6%
Eliminations-$47.0M-27.0%

FAQ

When did Cleveland-Cliffs report Q2 2026 earnings?
Cleveland-Cliffs (CLF) reported Q2 2026 earnings on July 23, 2026 before market open.
What were Cleveland-Cliffs's Q2 2026 revenue and EPS?
Cleveland-Cliffs reported revenue of $5.2B and eps of $-0.20 for Q2 2026.
Did Cleveland-Cliffs beat estimates in Q2 2026?
Revenue beat the consensus estimate of $5.1B by $80.1M. EPS beat the consensus estimate of $-0.21 by $0.01.
How did Cleveland-Cliffs's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 5.9% from $4.9B a year earlier and eps grew 60.0% from $-0.50.
Where can I find Cleveland-Cliffs's Q2 2026 SEC filings?
You can read the 8-K earnings release (0000764065-26-000097) and the 10-Q periodic report (0000764065-26-000100) directly on SEC EDGAR. The filing index links above go to sec.gov.