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Cleveland-Cliffs CLF Eliminations — Adjusted EBITDA

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Other financials

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

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Operating cash flow-$325.0M+7.4%
CapEx$157.0M+40.2%
Free cash flow-$477.0M+5.2%

Valuation

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Market cap$7.22B+55.7%
Enterprise value$14.85B+20.7%
P/S0.4×+0.1×

Profitability

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Gross margin-1.1%
Operating margin-4.2%-1.5pp
Net margin-4.3%-1.5pp
FCF margin-5.3%-0.3pp

Returns & leverage

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

Where this comes from

Reported directly by Cleveland-Cliffs in its filing.

Tagged under the XBRL concept clf:AdjustedEBITDAEarningsLoss.

The source filing: Cleveland-Cliffs’s 10-Q, filed July 23, 2026.

Filed
Jul 23, 2026, 4:08 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000764065-26-000100
(In millions)SteelmakingOther BusinessesEliminationsTotal
Net periodic benefit credits other than service cost component6464
Excluding depreciation, depletion and amortization2548262
Other segment items1(16)(2)(18)
Total Adjusted EBITDA$268$18$286
Interest expense, net(156)
Income tax benefit20
Depreciation, depletion and amortization(262)
EBITDA from noncontrolling interests216

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Cleveland-Cliffs's eliminations — adjusted EBITDA?
Cleveland-Cliffs (CLF) reported eliminations — adjusted EBITDA of $0 in Q2 2026.
How has Cleveland-Cliffs's eliminations — adjusted EBITDA changed year-over-year?
Cleveland-Cliffs's eliminations — adjusted EBITDA increased by 100.0% year-over-year, from -$2M to $0.
What is the long-term trend for Cleveland-Cliffs's eliminations — adjusted EBITDA?
Over 3 years (2022 to 2025), Cleveland-Cliffs's eliminations — adjusted EBITDA has grown at a -100.0% compound annual growth rate (CAGR), from $11M to $0.
What does eliminations — adjusted EBITDA mean?
This metric represents the consolidated impact of intercompany eliminations on the company's adjusted EBITDA. It reconciles the sum of individual segment EBITDA figures to the total consolidated EBITDA by removing the effects of internal transactions. It serves as a vital check for the accuracy of segment-level profitability reporting.

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