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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Cleveland-Cliffs
Cleveland-Cliffs (CLF) investor relations material
Cleveland-Cliffs Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary19 Oct, 2026
Executive summary
Q3 revenue was $5.612B and Adjusted EBITDA was $612M, the highest quarterly results in three years; results improved with stronger pricing, shipments and costs.
Management forecast Q4 Adjusted EBITDA of $715M and said 2027 Adjusted EBITDA could exceed $4B under prevailing market conditions and signed contract changes.
Financial highlights
Q3 Adjusted EBITDA was $612M, up $326M QoQ and $469M YoY; revenue was $5.612B versus $4.734B YoY.
GAAP net income was $165M, or $0.26 diluted EPS; net income attributable to shareholders was $152M, versus a $251M loss YoY.
Average selling price was $1,177 per ton, up $53 QoQ; unit costs declined $17 per ton QoQ.
Nine-month revenue was $15.760B and Adjusted EBITDA was $993M, versus $14.297B and $58M, respectively, in the prior-year period.
Outlook and guidance
Q4 Adjusted EBITDA is forecast at $715M, with ASP expected to rise $45–$55 per ton; maintenance, seasonal effects and higher input costs are expected to offset some pricing benefit.
Management said 2027 Adjusted EBITDA could exceed $4B based on signed contract changes and prevailing price forecasts; a separate illustrative estimate was $2.7B, with $850M of free cash flow.
2026 CapEx remains guided at $700M; 2027 CapEx is projected just above $1B, while expected cash CapEx over the next 12 months is ~$1.0B.
Management expects healthy free cash flow and intends to use it to reduce debt; net leverage below 2.5x is targeted by mid-2027.
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Latest events from Cleveland-Cliffs
- Q2 2026 revenues hit $5.2B, adjusted EBITDA tripled, and guidance signals record earnings ahead.CLF
Q2 2026 - Federal policy and trade reforms are fueling job growth, union strength, and local prosperity.CLFStatus Update
- Board, compensation, and auditor votes passed; focus on steel markets and debt reduction.CLFAGM 2026
- Revenue up 6% to $4.92B, EBITDA positive, and free cash flow expected in Q2.CLFQ1 2026
- Strategic restructuring, robust governance, and ESG focus position the company for 2026 growth.CLFProxy filing
- 2026 outlook is strong, with higher shipments, cost cuts, and gains from restructuring and tariffs.CLFQ4 2025
- Q3 net loss on weak demand; Stelco deal expands footprint and targets $120M synergies.CLFQ3 2024
- $150M Weirton plant to create 600 union jobs and address U.S. transformer shortage.CLFStatus Update
- Q1 2025 loss deepened, but facility idling and cost cuts set up for H2 2025 recovery.CLFQ1 2025
Next Cleveland-Cliffs earnings date
Q4 20268 Feb, 2027
Cleveland-Cliffs
Next Cleveland-Cliffs earnings date
Q4 20268 Feb, 2027
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Frequently asked questions
Cleveland-Cliffs Inc. produces iron ore pellets, lump and fines iron ore, and metallurgical coal products. It sells its products to integrated steel companies and steel producers in the United States, Canada, and Mexico, as well as Asia. The company was formerly known as Cliffs Natural Resources Inc. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.