Filing Flows › Cleveland-Cliffs (CLF) › Q2 2026 › vs Q1 2026
Cleveland-Cliffs (CLF) Q2 2026 vs Q1 2026 (quarter over quarter)
Cleveland-Cliffs's revenue rose $304M (+6%) from $4.9B in Q1 2026 to $5.2B in Q2 2026.
Cleveland-Cliffs, Q2 2026: revenue $5.2B (+6% year over year), operating margin -0.9%, net loss $134M, operating cash flow $230M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 1.4% | -9.7% | +11.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $5.2B | $4.9B | $304M | +6% |
| Income tax benefit | $20.0M | $81.0M | −$61.0M | -75% |
| Net loss | $134M | $229M | −$95.0M | -41% |
| Costs & expenses | $5.4B | $5.2B | $148M | +3% |
| Operating costs | $5.3B | $5.1B | $140M | +3% |
| Interest & other, net | $105M | $97.0M | $8.0M | +8% |
| Cost of revenue | $5.1B | $5.0B | $90.0M | +2% |
| SG&A | $154M | $125M | $29.0M | +23% |
| Operating cash sources | $364M | −$96.0M | $460M | — |
| Depreciation & amortization | $262M | $259M | $3.0M | +1% |
| Working capital & other | $102M | −$355M | $457M | — |
| Net loss absorbed | $134M | $229M | −$95.0M | -41% |
| Operating cash flow | $230M | −$325M | $555M | — |
| Free cash flow (OCF − capex) | $73.0M | −$477M | $550M | — |
| Capital expenditures | $157M | $152M | $5.0M | +3% |
Questions
How much did Cleveland-Cliffs's revenue grow quarter over quarter in Q2 2026?
Cleveland-Cliffs's revenue rose $304M (+6%) from $4.9B in Q1 2026 to $5.2B in Q2 2026.