Filing Flows › Cleveland-Cliffs (CLF) › Q3 2026 › vs Q2 2026
Cleveland-Cliffs (CLF) Q3 2026 vs Q2 2026 (quarter over quarter)
Cleveland-Cliffs's revenue rose $386M (+7%) from $5.2B in Q2 2026 to $5.6B in Q3 2026. Operating margin 5.5% against -0.9% (+6.5 pts).
Cleveland-Cliffs, Q3 2026: revenue $5.6B (+18% year over year), operating margin 5.5%, net earnings $152M, operating cash flow $224M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 5.5% | -0.9% | +6.5 pts |
| Net margin | 2.7% | -2.8% | +5.5 pts |
| Free cash flow margin | 1.3% | 1.4% | -0.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $5.6B | $5.2B | $386M | +7% |
| Operating profit | $311M | −$49.0M | $360M | — |
| Costs & expenses | $5.3B | $5.3B | $26.0M | +0.5% |
| Pre-tax earnings | $211M | −$154M | $365M | — |
| Other expense, net | $100M | $105M | −$5.0M | -5% |
| Cost of revenue | $5.1B | $5.1B | $53.0M | +1% |
| SG&A | $153M | $154M | −$1.0M | -0.6% |
| Net earnings | $152M | −$145M | $297M | — |
| Minority interests | $13.0M | $11.0M | $2.0M | +18% |
| Income tax | $46.0M | −$20.0M | $66.0M | — |
| Operating cash sources | $411M | $117M | $294M | +251% |
| Depreciation & amortization | $259M | $262M | −$3.0M | -1% |
| Working capital & other | $187M | −$113M | $300M | — |
| Operating cash flow | $224M | $230M | −$6.0M | -3% |
| Free cash flow (OCF − capex) | $72.0M | $73.0M | −$1.0M | -1% |
| Capital expenditures | $152M | $157M | −$5.0M | -3% |
Questions
How much did Cleveland-Cliffs's revenue grow quarter over quarter in Q3 2026?
Cleveland-Cliffs's revenue rose $386M (+7%) from $5.2B in Q2 2026 to $5.6B in Q3 2026. Operating margin 5.5% against -0.9% (+6.5 pts).