Cleveland-Cliffs Q3 adjusted loss narrows to $0.45 a share; revenue falls to $4.7 billion
Cleveland-Cliffs reported third-quarter 2025 results with revenue of $4.7 billion, down from $4.9 billion in the second quarter. The GAAP net loss narrowed to $234 million from $473 million, and adjusted EBITDA rose to $143 million from $94 million, which shows the steelmaker's losses shrinking even as sales declined. The company also lowered its full-year 2025 capital expenditure and SG&A expectations.
Key points
- Revenue was $4.7 billion in Q3 2025, compared with $4.9 billion in Q2 2025.
- Adjusted net loss was $223 million, or $0.45 per diluted share, versus $250 million, or $0.51 per share, in Q2 2025.
- Adjusted EBITDA was $143 million, up from $94 million in Q2 2025.
- Full-year 2025 capital expenditure expectation was cut to approximately $525 million from $600 million; SG&A expectation was cut to approximately $550 million from $575 million.
The filing
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 October 20, 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.