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Cleveland-Cliffs CLF Q3 2025 earnings

Reported October 20, 2025 · Before market open

Revenue$4.7BBeat by $76.7M
EPS-$0.45Beat by $0.03
Revenue estimate$4.7B
EPS estimate-$0.48

Next report

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

Financials

Q3 2025

Income statement

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Revenue$4.7B+3.6%
Gross profit-$46.0M+56.6%
Operating income-$204.0M+21.8%
Net income-$234.0M-0.9%
EPS (diluted)-$0.51+1.9%

Balance sheet

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Cash & equivalents$66.0M+69.2%
Total debt$8.0B+113%
Total equity$5.5B-20.3%
Total assets$20.3B+20.8%

Cash flow

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Operating cash flow-$143.0M—
CapEx$157.0M+4.0%
Free cash flow-$300.0M-27.7%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$6.04B+1.0%
Enterprise value$14.01B+44.2%
P/S0.3×0.0×

Profitability

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Operating margin-9.2%—
Net margin-8.7%—
FCF margin-8.3%-11.2pp

Returns & leverage

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Return on equity-26.4%—
Debt / equity1.5×+0.9×
Current ratio2×+0.2×

Segments

By product

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Coated steel$1.4B+4.7%
Hot-rolled steel$1.1B+11.9%
Cold-rolled steel$636.0M-5.2%
Other$578.0M+4.0%
Stainless and electrical steel$466.0M+3.8%

By segment

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Steelmaking$4.6B+3.3%
Other Businesses$173.0M+15.3%
Eliminations-$24.0M-20.0%

By geography

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

FAQ

When did Cleveland-Cliffs report Q3 2025 earnings?
Cleveland-Cliffs (CLF) reported Q3 2025 earnings on October 20, 2025 before market open.
What were Cleveland-Cliffs's Q3 2025 revenue and EPS?
Cleveland-Cliffs reported revenue of $4.7B and eps of $-0.45 for Q3 2025.
Did Cleveland-Cliffs beat estimates in Q3 2025?
Revenue beat the consensus estimate of $4.7B by $76.7M. EPS beat the consensus estimate of $-0.48 by $0.03.
How did Cleveland-Cliffs's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 3.6% from $4.6B a year earlier and eps declined 36.4% from $-0.33.
Where can I find Cleveland-Cliffs's Q3 2025 SEC filings?
You can read the 8-K earnings release (0000764065-25-000146) and the 10-Q periodic report (0000764065-25-000149) directly on SEC EDGAR. The filing index links above go to sec.gov.