Cleveland-Cliffs Q1 2026 net loss narrows to $229 million; revenue rises to $4.9 billion
Cleveland-Cliffs reported first-quarter 2026 results on April 20, 2026, with revenue of $4.9 billion and a GAAP net loss of $229 million, or $0.42 per diluted share. Both figures improved from the first quarter of 2025, but the company still posted a loss and cited an $80 million one-time energy cost from cold weather. The company maintained its previously guided full-year 2026 outlook.
Key points
- Revenue of $4.9 billion, up from $4.6 billion in Q1 2025 and $4.3 billion in Q4 2025
- GAAP net loss of $229 million, or $0.42 per diluted share, versus $486 million, or $1.01 per share, in Q1 2025
- Adjusted EBITDA of $95 million, including an $80 million negative one-time energy cost impact; Q1 2025 was a loss of $179 million
- Full-year 2026 outlook maintained, including steel shipments of 16.5-17.0 million net tons and capital expenditures of approximately $700 million
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:59 AM ET, from the text of the filing and its press-release exhibits 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 April 20, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.