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Cleveland-Cliffs CLF Eliminations — Revenue

Other segment segments

Steelmaking
$5.1B+6.0%
Other Businesses
$177M+8.6%

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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 us-gaap:Revenues.

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
Revenues$5,096$177$(47)$5,226
Cost of goods sold(4,983)(158)47(5,094)
Selling, general and administrative expenses(147)(7)(154)
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)

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Cleveland-Cliffs's eliminations — revenue?
Cleveland-Cliffs (CLF) reported eliminations — revenue of -$47M in Q2 2026.
How has Cleveland-Cliffs's eliminations — revenue changed year-over-year?
Cleveland-Cliffs's eliminations — revenue decreased by 27.0% year-over-year, from -$37M to -$47M.
What is the long-term trend for Cleveland-Cliffs's eliminations — revenue?
Over 3 years (2022 to 2025), Cleveland-Cliffs's eliminations — revenue has grown at a 11.7% compound annual growth rate (CAGR), from -$79M to -$110M.
What does eliminations — revenue mean?
This metric represents the intersegment revenue adjustments required to reconcile individual business segment results to the consolidated financial statements. It reflects the elimination of transactions between internal business units to avoid double-counting of sales. Monitoring this helps investors understand the volume of internal trade within a vertically integrated organization.

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