Cleveland-Cliffs reported third-quarter 2026 revenues of $5.6 billion, up from $5.2 billion in the second quarter, and GAAP net income of $165 million, or $0.26 per diluted share, compared with a second-quarter net loss of $134 million. The company also said it expects fourth-quarter adjusted EBITDA of about $715 million and 2027 adjusted EBITDA above $4 billion, and it will indefinitely idle its Stelco galvanizing lines.
Q3 adjusted EBITDA was $612 million, up from $286 million in Q2 2026 and above the $575 million guidance given three months earlier
Fourth-quarter 2026 adjusted EBITDA is expected to be approximately $715 million
2027 adjusted EBITDA is expected to exceed $4 billion, based on new contracts and prevailing index price forecasts
Liquidity was $3.2 billion as of September 30, 2026; Stelco's galvanizing lines are idled indefinitely
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.
From Cleveland-Cliffs's 10-Q and 10-K filings (SEC XBRL). YoY compares each quarter with the same quarter a year earlier; it is blank when the year-ago figure is missing or negative.
Annual results
Fiscal year
Revenue
Growth
EPS (diluted)
Growth
Net margin
FY2025
$18.61B
-3.0%
$-2.91
—
-7.9%
FY2024
$19.18B
-12.8%
$-1.58
-310.7%
-4.0%
FY2023
$22.00B
-4.3%
$0.75
-70.6%
1.8%
FY2022
$22.99B
+12.4%
$2.55
-52.4%
5.8%
FY2021
$20.44B
+281.8%
$5.36
—
14.6%
Frequently asked questions
When is Cleveland-Cliffs's next earnings date?
Cleveland-Cliffs has not announced a report date within the next three weeks. US companies usually report three to six weeks after each quarter ends; this page updates as soon as the date is on the calendar.
What did Cleveland-Cliffs earn last quarter?
For the quarter ended Sep 2026, Cleveland-Cliffs reported diluted EPS of $0.26 on revenue of $5.61B (+18.5%).
Where do these numbers come from?
Reported revenue, net income and EPS come from the company's own 10-Q and 10-K filings with the SEC (XBRL data). The report date and consensus estimate come from the Nasdaq earnings calendar.
Not investment advice. Figures can be restated by the company in later filings.