Filing Flows › Cleveland-Cliffs (CLF) › How it makes money
How Cleveland-Cliffs (CLF) makes money
Cleveland-Cliffs (CLF) made $5.6B of revenue in the third quarter 2026 (Q3 2026), +19% from a year earlier. Of every dollar of revenue, 6¢ was left as operating profit, 3¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $5.6B | 100.0% |
| Operating profit | $311M | 5.5% |
| Income tax | $46.0M | 0.8% |
| Net earnings | $152M | 2.7% |
| Operating cash flow | $224M | 4.0% |
| Free cash flow | $72.0M | 1.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $5.6B | +18% |
| Q2 2026 | $5.2B | +6% |
| Q1 2026 | $4.9B | +6% |
| Q4 2025 | $4.3B | -0.3% |
| Q3 2025 | $4.7B | +4% |
| Q2 2025 | $4.9B | -3% |
| Q1 2025 | $4.6B | -11% |
From Cleveland-Cliffs' 10-Q filed Oct 20, 2026 (on EDGAR).
Questions
How does Cleveland-Cliffs make money?
Cleveland-Cliffs (CLF) made $5.6B of revenue in the third quarter 2026 (Q3 2026), +19% from a year earlier. Of every dollar of revenue, 6¢ was left as operating profit, 3¢ was left as net earnings.
What is Cleveland-Cliffs' profit margin?
Net earnings were $152M, 2.7% of revenue, in the third quarter 2026; the operating margin was 5.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.