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Cleveland-Cliffs CLF Q4 2025 Annual earnings

Reported February 9, 2026 · Before market open

Revenue$4.3BMiss by $252.4M
EPS-$0.43Beat by $0.19
Revenue estimate$4.6B
EPS estimate-$0.62

Next report

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

Financials

Q4 2025

Income statement

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Revenue$4.3B-0.3%
Gross profit-$206.0M—
Operating income-$331.0M+28.8%
Net income-$235.0M+45.9%
EPS (diluted)-$0.42+54.3%

Balance sheet

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Cash & equivalents$57.0M+5.6%
Total debt$7.9B+2.1%
Total equity$6.1B-7.8%
Total assets$20.0B-4.5%

Cash flow

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Operating cash flow-$13.0M—
CapEx$140.0M-31.7%
Free cash flow-$153.0M+77.4%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$7.57B+62.9%
Enterprise value$15.45B+25.0%
P/S0.4×+0.2×

Profitability

See full
Gross margin-4.6%—
Operating margin-8.5%-66.0pp
Net margin-7.7%-112pp
FCF margin-5.5%+20.4pp

Returns & leverage

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Return on equity-22.4%-99.5pp
Debt / equity1.3×+0.1×
Current ratio1.9×-0.1×

Segments

By product

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Coated steel$1.2B+0.7%
Hot-rolled steel$1.2B+11.7%
Other$568.0M-3.6%
Cold-rolled steel$530.0M-8.8%
Stainless and electrical steel$404.0M-3.1%

By segment

See full
Steelmaking$4.2B-0.4%
Other Businesses$159.0M+1.3%
Eliminations-$21.0M+8.7%

FAQ

When did Cleveland-Cliffs report Q4 2025 earnings?
Cleveland-Cliffs (CLF) reported Q4 2025 earnings on February 9, 2026 before market open.
What were Cleveland-Cliffs's Q4 2025 revenue and EPS?
Cleveland-Cliffs reported revenue of $4.3B and eps of $-0.43 for Q4 2025.
Did Cleveland-Cliffs beat estimates in Q4 2025?
Revenue missed the consensus estimate of $4.6B by $252.4M. EPS beat the consensus estimate of $-0.62 by $0.19.
How did Cleveland-Cliffs's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 0.3% from $4.3B a year earlier and eps grew 36.8% from $-0.68.
Where can I find Cleveland-Cliffs's Q4 2025 SEC filings?
You can read the 8-K earnings release (0000764065-26-000022) and the 10-K periodic report (0000764065-26-000025) directly on SEC EDGAR. The filing index links above go to sec.gov.