Filing Flows › Cleveland-Cliffs (CLF) › Q2 2026 › vs Q2 2025
Cleveland-Cliffs (CLF) Q2 2026 vs Q2 2025 (year over year)
Cleveland-Cliffs's revenue rose $292M (+6%) from $4.9B in Q2 2025 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 1.4% | -1.4% | +2.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $5.2B | $4.9B | $292M | +6% |
| Income tax benefit | $20.0M | $148M | −$128M | -86% |
| Net loss | $134M | $473M | −$339M | -72% |
| Costs & expenses | $5.4B | $5.6B | −$175M | -3% |
| Operating costs | $5.3B | $5.4B | −$160M | -3% |
| Interest & other, net | $105M | $120M | −$15.0M | -12% |
| Cost of revenue | $5.1B | $5.1B | −$52.0M | -1% |
| SG&A | $154M | $137M | $17.0M | +12% |
| Other operating costs | $27.0M | $152M | −$125M | -82% |
| Operating cash sources | $364M | $518M | −$154M | -30% |
| Depreciation & amortization | $262M | $393M | −$131M | -33% |
| Working capital & other | $102M | $125M | −$23.0M | -18% |
| Net loss absorbed | $134M | $473M | −$339M | -72% |
| Operating cash flow | $230M | $45.0M | $185M | +411% |
| Free cash flow (OCF − capex) | $73.0M | −$67.0M | $140M | — |
| Capital expenditures | $157M | $112M | $45.0M | +40% |
Questions
How much did Cleveland-Cliffs's revenue grow year over year in Q2 2026?
Cleveland-Cliffs's revenue rose $292M (+6%) from $4.9B in Q2 2025 to $5.2B in Q2 2026.