Filing Flows › Cleveland-Cliffs (CLF) › Q3 2025
Cleveland-Cliffs (CLF) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 22, 2025
Cleveland-Cliffs (CLF) reported revenue of $4.7B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -4% from the quarter before. Operating margin was -4.3%, net loss $234M (4.9% of revenue).
Cleveland-Cliffs, Q3 2025: revenue $4.7B (+4% year over year), operating margin -4.3%, net loss $234M, operating cash flow −$143M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.7B | -4% | +4% |
| Operating profit | −$204M | — | — |
| Net earnings | −$234M | — | — |
| Operating cash flow | −$143M | -418% | — |
What changed
Revenue was $4.7B in Q3 2025, up 4% year over year and down 4% from the previous quarter.
Operating costs exceeded revenue by $0.20B, an operating margin of -4.3%. Total costs grew 2% against revenue growth of 4%. The fastest-growing cost line was SG&A (+16%). The quarter ended with a net loss of $0.23B, narrower than the previous quarter's $0.47B loss.
Operating cash flow was −$0.14B. Non-cash charges added back $0.29B of depreciation and amortization. Working capital and other items used $0.20B. Capital expenditures of $0.16B exceeded it, leaving free cash flow of −$0.30B.
Questions
What was Cleveland-Cliffs' revenue in the third quarter 2025?
Cleveland-Cliffs (CLF) reported revenue of $4.7B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -4% from the quarter before.
Was Cleveland-Cliffs profitable in the third quarter 2025?
Operating loss was $204M (-4.3% of revenue) and net loss $234M.
Source: Cleveland-Cliffs 10-Q on SEC EDGAR.