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Cleveland-Cliffs (CLF) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 20, 2026 · Cleveland-Cliffs (CLF) Q3 2026 earnings results →

Q3 2026 Revenue up 18% year over year to $5.6B · 3¢ of every $1 of revenue kept as net profit · operating margin 5.5%

Cleveland-Cliffs made $5.6B in Q3 2026 (+18% Y/Y). Operating margin 5.5%, net earnings $152M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 20, 2026.

Revenue$5.6B
Year over year+18%
Operating margin5.5%
Net earnings$152M
Operating cash flow$224M

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Cleveland-Cliffs Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Cleveland-Cliffs Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $5.6B in Q3 2026, up 19% year over year and up 7% from the previous quarter.

Operating profit was $0.31B, a 5.5% margin (up 9.9 points year over year). Total costs grew 7% against revenue growth of 19%. The fastest-growing cost line was SG&A (+18%). Net earnings were $0.15B. The effective tax rate was 21.8%.

Operating cash flow was $0.22B, 136% of net income including minority interests. Non-cash charges added back $0.26B of depreciation and amortization. Working capital and other items used $0.20B. Capital expenditures of $0.15B left free cash flow of $0.07B.

Quarterly history

Cleveland-Cliffs revenue by quarterCleveland-Cliffs revenue by quarter$4.6BQ1 2025$4.9BQ2 2025$4.7BQ3 2025$4.3BQ4 2025$4.9BQ1 2026$5.2BQ2 2026$5.6BQ3 2026
Cleveland-Cliffs net earnings by quarterCleveland-Cliffs net earnings by quarter−$486MQ1 2025−$473MQ2 2025−$234MQ3 2025−$235MQ4 2025−$229MQ1 2026−$134MQ2 2026$152MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 20, 2026$5.6B+18%5.5%$152M$224M
Q2 202610-QJul 23, 2026$5.2B+6%-0.9%−$134M$230M
Q1 202610-QApr 21, 2026$4.9B+6%-4.3%−$229M−$325M
Q4 202510-KFeb 9, 2026$4.3B-0.3%-7.7%−$235M−$13.0M
Q3 202510-QOct 22, 2025$4.7B+4%-4.3%−$234M−$143M
Q2 202510-QJul 23, 2025$4.9B-3%-10.2%−$473M$45.0M
Q1 202510-QMay 8, 2025$4.6B-11%-11.7%−$486M−$351M

Charts

Cleveland-Cliffs: revenue growth, year over year and quarter over quarterCleveland-Cliffs: revenue growth, year over year and quarter over quarterY/YQ/Q-11%Q1 2025-3%+7%Q2 2025+4%-4%Q3 20250%-9%Q4 2025+6%+14%Q1 2026+6%+6%Q2 2026+18%+7%Q3 2026
Latest (Q3 2026): Y/Y +18%, Q/Q +7%.
Cleveland-Cliffs: where the cash came from (+) and went (−), TTM to Q3 2026Cleveland-Cliffs: where the cash came from (+) and went (−), TTM to Q3 2026Capital spending−$601MNet borrowing (+) / repaid (−)$270MOther investing$129MOperating cash flow$116MOther financing$92.0MCash drawn (+) / kept (−)−$4.0MExchange rates−$2.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Cleveland-Cliffs: profit against cash, quarter by quarterCleveland-Cliffs: profit against cash, quarter by quarterNet incomeOperating cash flow−$434M−$472MQ4 2024−$486M−$351MQ1 2025−$473M$45.0MQ2 2025−$234M−$143MQ3 2025−$235M−$13.0MQ4 2025−$229M−$325MQ1 2026−$134M$230MQ2 2026$165M$224MQ3 2026
Latest (Q3 2026): Net income $165M, Operating cash flow $224M.
Cleveland-Cliffs: diluted shares by fiscal yearCleveland-Cliffs: diluted shares by fiscal year379MFY2020558MFY2021524MFY2022511MFY2023480MFY2024508MFY2025
+34.0% since FY2020: more shares outstanding (issuance, stock pay).
Cleveland-Cliffs: long-term debt falling due (FY2025)Cleveland-Cliffs: long-term debt falling due (FY2025)$452M2028$1.3B2029$750M2030$4.9BLater
Cash $57.0M, short-term investments —, long-term debt $7.3B at 2025-12-31.
Cleveland-Cliffs in its industry: growth against margin (8 companies, SIC 1000)Cleveland-Cliffs in its industry: growth against margin (8 companies, SIC 1000)revenue growth, year over year →↑ operating marginmedian +30%median -10%FCXSCCOMPDYNRALOYIEMINRCLF (+18%, 6%)
Metal Mining; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🔄Rotation against the market and its industry (RRG)interactive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Cleveland-Cliffs

Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 peo ple across its operations in the United States and Canada.

In its own words, from its 8-K, filed Jul 23, 2026.

Cleveland-Cliffs against its Metal Mining peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +30%. Operating margin: 5.5% against the peers' median -14.9%.

CompanyQuarterRevenueY/YOp. margin
CLF Cleveland-CliffsQ3 2026$5.6B+18%5.5%
FCX Freeport-McMoRanQ3 2026$7.5B+8%31.2%
SCCO Southern CopperQ3 2026$4.7B+39%59.9%
MP MP MaterialsQ3 2026$148M+176%-14.9%
DYNR DynaresourceQ2 2026$11.4M-28%-10.1%
USAR USA Rare EarthQ2 2026$5.8M—-795.6%
ALOY RealloysQ2 2026$804K+55%n/m
IE Ivanhoe ElectricQ3 2026$708K+30%n/m
MINR Minerva GoldQ1 FY27$9K-25%-24.7%

Source: Cleveland-Cliffs 10-Q on SEC EDGAR · CIK 764065 · Metal Mining

Guidance and outlook

Cleveland-Cliffs: what its forward-looking statements are about (10-Q filed 2026-10-20)Cleveland-Cliffs: what its forward-looking statements are about (10-Q filed 2026-10-20)Demand7Other6Supply chain5Costs4Margins4Financing2Capital spending2Deals2People1The economy1
35 statements; tone +0.11 (−1 all cautious, +1 all confident); 6 hedged.
Cleveland-Cliffs: outlook statements against the filing beforeCleveland-Cliffs: outlook statements against the filing beforeNew4Dropped3Confident10Cautious6

13F: who owns CLF and who is buying

Largest holders of CLF (13F)Largest holders of CLF (13F)Vanguard Group$722MBlackRock$523MState Street$312MSlate Path Capital LP$267MVanguard Capital Management LLC$242MVanguard Portfolio Management LLC$237MD. E. Shaw$144MTwo Sigma Investments, LP$143MFairfax Financial Holdings$140MDimensional Fund Advisors LP$117M
Funds' net buying of CLF by quarter (13F)Funds' net buying of CLF by quarter (13F)$79.1M2024-09$159M2024-12$69.0M2025-03$141M2025-06$22.7M2025-09$958M2025-12$76.7M2026-03$108M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CLF

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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