Filing Flows › Cleveland-Cliffs (CLF) › Q4 2025
Cleveland-Cliffs (CLF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 9, 2026
Cleveland-Cliffs (CLF) reported revenue of $4.3B for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier and -9% from the quarter before. Operating margin was -7.7%, net loss $235M (5.4% of revenue).
Cleveland-Cliffs, Q4 2025: revenue $4.3B (-0.3% year over year), operating margin -7.7%, net loss $235M, operating cash flow −$13.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | -9% | -0.3% |
| Operating profit | −$331M | — | — |
| Net earnings | −$235M | — | — |
| Operating cash flow | −$13.0M | — | — |
What changed
Revenue was $4.3B in Q4 2025, roughly flat year over year and down 9% from the previous quarter.
Operating costs exceeded revenue by $0.33B, an operating margin of -7.7%. Total costs fell 3% while revenue was flat. The quarter ended with a net loss of $0.23B, wider than the previous quarter's $0.23B loss.
Operating cash flow was −$0.01B. Non-cash charges added back $0.27B of depreciation and amortization. Working capital and other items used $0.05B. Capital expenditures of $0.14B exceeded it, leaving free cash flow of −$0.15B.
Questions
What was Cleveland-Cliffs' revenue in the fourth quarter 2025?
Cleveland-Cliffs (CLF) reported revenue of $4.3B for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier and -9% from the quarter before.
Was Cleveland-Cliffs profitable in the fourth quarter 2025?
Operating loss was $331M (-7.7% of revenue) and net loss $235M.
Source: Cleveland-Cliffs 10-K on SEC EDGAR.