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Cleveland-Cliffs CLF Eliminations — Adjusted EBITDA

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Other financials

Income statement

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Revenue$4.9B+6.3%
Gross profit-$82.0M+79.3%
Operating income-$213.0M+60.8%
Net income-$229.0M+52.9%
EPS (diluted)-$0.42+58.4%

Balance sheet

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Cash & equivalents$45.0M-21.1%
Total debt$7.8B+2.1%
Total equity$5.8B-6.9%
Total assets$20.1B-3.5%

Cash flow

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Operating cash flow-$325.0M+7.4%
CapEx$152.0M0.0%
Free cash flow-$477.0M+5.2%

Valuation

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Market cap$7B+18.6%
Enterprise value$14.72B+8.0%
P/S0.4×+0.1×

Profitability

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Gross margin-2.9%
Operating margin-6.6%-0.2pp
Net margin-6.2%0.0pp
FCF margin-5.3%-0.3pp

Returns & leverage

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Return on equity-19.3%+3.1pp
Debt / equity1.3×+0.1×
Current ratio-0.1×

Where this comes from

Reported directly by Cleveland-Cliffs in its filing.

Tagged under the XBRL concept clf:AdjustedEBITDAEarningsLoss.

The official record: Cleveland-Cliffs’s 10-Q, filed April 21, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Cleveland-Cliffs's eliminations — adjusted EBITDA?
Cleveland-Cliffs (CLF) reported eliminations — adjusted EBITDA of $0 in Q1 2026.
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.