Cleveland-Cliffs (CLF) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Cleveland-Cliffs published the results on October 19, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Cleveland-Cliffs reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Cleveland-Cliffs has one reportable segment, Steelmaking. Its Tubular, Tooling and Stamping, and European Operations businesses are combined as Other Businesses. Segment revenues are shown net of intersegment sales.
• The slab supply contract that came with the ArcelorMittal USA acquisition ended in December 2025, so Q3 2026 has no revenue from other steel products, against $204 million a year earlier.
• Cleveland-Cliffs sold 75 million common shares in a public offering on October 31, 2025, which raised the diluted share count used for Q3 2026 EPS.

Source: Cleveland-Cliffs Q3 2026 results, October 19, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Cleveland-Cliffs splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Cleveland-Cliffs's Steelmaking revenue was $5.4 billion in Q3 2026, up 19% from $4.6 billion in Q3 2025, 97% of total revenue.
• Cleveland-Cliffs's Other Businesses revenue was $165 million in Q3 2026, down 5% from $173 million in Q3 2025, 3% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Cleveland-Cliffs guides adjusted EBITDA, not revenue or EPS. Its release puts fourth-quarter 2026 adjusted EBITDA at approximately $715 million.

In its Q3 2026 release, Cleveland-Cliffs said:

“We expect fourth quarter adjusted EBITDA to further increase, even with typical fourth-quarter seasonality and planned maintenance outages.”

“We continued to reduce debt in Q3 and, with amplified free cash flow in Q4 and property sale proceeds, we expect a major debt reduction in the fourth quarter.”

“Based on 2027 contract changes and prevailing price forecasts, the Company would expect 2027 adjusted EBITDA to exceed $4 billion.”

Source: Cleveland-Cliffs Q3 2026 release, Oct 19, 2026.

This is the company's own guidance as of Oct 19, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the CLF forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Cleveland-Cliffs's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 19, 2026

Cleveland-Cliffs' Steelmaking segment brought in $5,447 million of the $5,612 million in Q3 2026 revenues, and Other Businesses (tubing, tooling and stamping) $165 million. Steel shipments were 4,150 thousand net tons, made up of 46% hot-rolled, 31% coated, 15% cold-rolled, 4% plate, and 4% stainless and electrical. (Cleveland-Cliffs Q3 2026 release, Oct 19, 2026; Cleveland-Cliffs Form 10-Q, Q3 2026, Oct 20, 2026)

By market, Steelmaking sold $1,829 million to distributors and converters, $1,541 million directly to the automotive market, $1,545 million to infrastructure and manufacturing, and $532 million to other steel producers. Distributors and converters grew 42% from $1,288 million a year earlier, while sales to steel producers fell 10% from $591 million. The 10-K says the majority of automotive sales are under annual or multi-year fixed price contracts. (Cleveland-Cliffs Form 10-Q, Q3 2026, Oct 20, 2026; Cleveland-Cliffs Form 10-K, 2025, Feb 9, 2026)

Cleveland-Cliffs said Steelmaking revenues rose about $890 million, or 19%, from Q3 2025. It attributes about $500 million to higher pricing, particularly for hot-rolled steel, which lifted the average selling price to $1,177 per net ton from $1,032; about $130 million to a 3% rise in shipments; and about $100 million to mix, after the slab supply contract tied to the ArcelorMittal USA acquisition concluded in December 2025. Non-steel revenue rose about $160 million, mainly from the scrap business. (Cleveland-Cliffs Form 10-Q, Q3 2026, Oct 20, 2026; Cleveland-Cliffs Q3 2026 release, Oct 19, 2026)

Hot-rolled steel revenue was $1,749 million, against $1,122 million a year earlier, on shipments of 1,899 thousand net tons, up 28%. Slab and other steel product shipments went from 375 thousand net tons to none. (Cleveland-Cliffs Form 10-Q, Q3 2026, Oct 20, 2026)

In Canada, Cleveland-Cliffs said Q3 2026 was Stelco's strongest quarter since the acquisition, with hot-rolled demand improved, but it indefinitely idled the Stelco galvanizing lines because of an oversupplied Canadian galvanized market. The 10-K puts imports of finished steel at 18% of US steel consumption in 2025, down from 23% in 2024. (Cleveland-Cliffs Q3 2026 release, Oct 19, 2026; Cleveland-Cliffs Form 10-K, 2025, Feb 9, 2026)

Cleveland-Cliffs reported GAAP diluted EPS of $0.26 and adjusted EPS of $0.28 for Q3 2026, against $(0.51) and $(0.45) a year earlier. Net income attributable to Cliffs shareholders was $152 million and adjusted net income $161 million. The adjustments include a $15 million charge for changes in the fair value of derivatives, which the 10-Q says is entirely the MinnTac option, $4 million of currency exchange, $4 million of idled facilities charges, and a $14 million net gain on disposal of assets. (Cleveland-Cliffs Q3 2026 release, Oct 19, 2026; Cleveland-Cliffs Form 10-Q, Q3 2026, Oct 20, 2026)

Diluted weighted average shares were 574 million, against 495 million in Q3 2025. The increase follows the October 31, 2025 sale of 75 million common shares at $12.69 per share, with proceeds used to repay ABL Facility borrowings. (Cleveland-Cliffs Form 10-Q, Q3 2026, Oct 20, 2026; Cleveland-Cliffs Form 10-K, 2025, Feb 9, 2026)

Below operating income of $311 million, Cleveland-Cliffs carried $148 million of net interest expense and $46 million of income tax expense, offset in part by $64 million of net periodic benefit credits. Net income attributable to noncontrolling interests was $13 million. (Cleveland-Cliffs Q3 2026 release, Oct 19, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Cleveland-Cliffs guides adjusted EBITDA, not revenue or EPS. For Q4 2026 it expects adjusted EBITDA of approximately $715 million, up from $612 million in Q3, citing higher pricing partly offset by seasonality, maintenance outages, input costs and incentive compensation accruals. Q3 came in above the $575 million guidance it had given three months earlier. (Cleveland-Cliffs Q3 2026 release, Oct 19, 2026)

For 2027 Cleveland-Cliffs said that, based on contract changes and prevailing price forecasts, it would expect adjusted EBITDA to exceed $4 billion. It also expects a major debt reduction in Q4 from free cash flow and property sale proceeds, and a leverage target of under 2.5x net debt to EBITDA by the middle of next year. (Cleveland-Cliffs Q3 2026 release, Oct 19, 2026)

A consensus figure is the average of the models published by the analysts who cover Cleveland-Cliffs, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Cleveland-Cliffs's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CLF is on is CLF a buy or a sell?, what analysts expect next is on the CLF forecast, and what the company does is on the Cleveland-Cliffs (CLF) stock page.

Every number on this page can be traced to a document Cleveland-Cliffs published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.