Cleveland-Cliffs (CLF) Q3 2026 earnings summary

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.