Flash FinanceUS
Market closed S&P 5007,376.86+0.31% Nasdaq24,579.42+1.09% Dow 3051,285.73-0.46% Russell 20002,754.11+0.89% Nasdaq-10026,989.99+1.35% MidCap 4003,602.50+0.56% SmallCap 6001,673.98+0.05% VIX25.64-9.01% 10Y Yield4.86+0.45% Close of Nov 06, 2026
AI brief of an SEC Form 8-K · Cleveland-Cliffs (CLF)

Cleveland-Cliffs Q2 GAAP net loss of $470 million; adjusted EBITDA $97 million

Mixed Impact 4 of 5 earnings Written later

Cleveland-Cliffs reported second-quarter 2025 revenue of $4.9 billion, up from $4.6 billion in the first quarter, but posted a GAAP net loss of $470 million that included $323 million of non-recurring charges tied to idled facilities. Adjusted EBITDA swung to $97 million from a loss of $174 million in the first quarter, and the company updated several full-year 2025 expectations.

Key points

  • Revenue of $4.9 billion for Q2 2025, compared with $4.6 billion in Q1 2025 and $5.1 billion in Q2 2024.
  • GAAP net loss of $470 million; adjusted net loss of $247 million, or $0.50 per diluted share.
  • Adjusted EBITDA of $97 million, versus a $174 million loss in Q1 2025.
  • Full-year 2025 outlook: capital expenditures cut to about $600 million from $625 million; depreciation, depletion and amortization raised to about $1.2 billion from about $1.1 billion.

The filing

CompanyCleveland-Cliffs (CLF)
Form8-K, current report
Filed with the SECJul 21, 2025, 6:47 AM ET
Accession number0000764065-25-000121

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 12:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 21, 2025.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.