Filing Flows › Cleveland-Cliffs (CLF) › Q2 2025
Cleveland-Cliffs (CLF) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 23, 2025
Cleveland-Cliffs (CLF) reported revenue of $4.9B for the second quarter 2025 (Q2 2025), -3% from a year earlier and +7% from the quarter before. Operating margin was -10.2%, net loss $473M (9.6% of revenue).
Cleveland-Cliffs, Q2 2025: revenue $4.9B (-3% year over year), operating margin -10.2%, net loss $473M, operating cash flow $45.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.9B | +7% | -3% |
| Operating profit | −$501M | — | — |
| Net earnings | −$473M | — | — |
| Operating cash flow | $45.0M | — | -91% |
What changed
Revenue was $4.9B in Q2 2025, down 3% year over year and up 7% from the previous quarter.
Operating costs exceeded revenue by $0.50B, an operating margin of -10.2%. Total costs grew 7% against a revenue fall of 3%. The fastest-growing cost line was Other operating costs (+187%). The quarter ended with a net loss of $0.47B, narrower than the previous quarter's $0.49B loss.
Operating cash flow was $0.04B (down 91% year over year). Non-cash charges added back $0.39B of depreciation and amortization. Working capital and other items added $0.12B. Capital expenditures of $0.11B exceeded it, leaving free cash flow of −$0.07B.
Questions
What was Cleveland-Cliffs' revenue in the second quarter 2025?
Cleveland-Cliffs (CLF) reported revenue of $4.9B for the second quarter 2025 (Q2 2025), -3% from a year earlier and +7% from the quarter before.
Was Cleveland-Cliffs profitable in the second quarter 2025?
Operating loss was $501M (-10.2% of revenue) and net loss $473M.
Source: Cleveland-Cliffs 10-Q on SEC EDGAR.