Filing Flows › Cleveland-Cliffs (CLF) › Q3 2026 › vs Q3 2025
Cleveland-Cliffs (CLF) Q3 2026 vs Q3 2025 (year over year)
Cleveland-Cliffs's revenue rose $878M (+19%) from $4.7B in Q3 2025 to $5.6B in Q3 2026. Operating margin 5.5% against -4.3% (+9.9 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 5.5% | -4.3% | +9.9 pts |
| Net margin | 2.7% | -5.3% | +8.0 pts |
| Free cash flow margin | 1.3% | -6.3% | +7.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $5.6B | $4.7B | $878M | +19% |
| Operating profit | $311M | −$204M | $515M | — |
| Costs & expenses | $5.3B | $4.9B | $363M | +7% |
| Pre-tax earnings | $211M | −$312M | $523M | — |
| Other expense, net | $100M | $108M | −$8.0M | -7% |
| Cost of revenue | $5.1B | $4.8B | $367M | +8% |
| SG&A | $153M | $130M | $23.0M | +18% |
| Net earnings | $152M | −$251M | $403M | — |
| Minority interests | $13.0M | $17.0M | −$4.0M | -24% |
| Income tax | $46.0M | −$78.0M | $124M | — |
| Operating cash sources | $411M | $37.0M | $374M | 11× |
| Depreciation & amortization | $259M | $288M | −$29.0M | -10% |
| Working capital & other | $187M | $180M | $7.0M | +4% |
| Operating cash flow | $224M | −$143M | $367M | — |
| Free cash flow (OCF − capex) | $72.0M | −$300M | $372M | — |
| Capital expenditures | $152M | $157M | −$5.0M | -3% |
Questions
How much did Cleveland-Cliffs's revenue grow year over year in Q3 2026?
Cleveland-Cliffs's revenue rose $878M (+19%) from $4.7B in Q3 2025 to $5.6B in Q3 2026. Operating margin 5.5% against -4.3% (+9.9 pts).