Cleveland-Cliffs Inc. (CLF) financials
NYSE · Basic Materials · Steel · 25,000 employees · CEO C. Lourenco Goncalves
- Price
- $14.25 -0.07%
- Market cap
- $8.13B
- Enterprise value
- $15.7B
- Last report
- Q3 '26 filed 2026-10-20
- Next report
- 2027-02-08 EPS est. $0.42
Revenue (TTM)$20.1B+7.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-1.0%+8.0 pp vs a year agoOperating income -$203M
Net income (TTM)-$473M+71.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$485M+68.6% vs a year agoCapex $601M
Diluted EPS (TTM)-$0.90+73.5% vs a year agoSum of the last 4 quarters
Net cash-$7.57B+5.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $8.13B EV $15.7B
- Revenue
- $20.1B Trailing 12 months
- Revenue growth
- +15% FY2026 consensus
- Profit margin
- -2.4% Net income / revenue, TTM
- P/E
- -16.0× Forward 354.3× (FY2026)
- P/S
- 0.4× Price / sales, TTM
- EV / EBITDA
- 15.9× TTM
- Free cash flow
- -$485M Trailing 12 months
- Net income
- -$473M Trailing 12 months
- Revenue estimate
- $21.4B FY2026 consensus
- Earnings
- 2027-02-08 Revenue est. $5.62B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-19): revenue missed by 1.5%, EPS beat by 30.8%Revenue $5.61B vs $5.69B expected (-1.5%); EPS $0.28 vs $0.21 (+30.8%).
- Revenue growth accelerating: 18.5% year on yearQ3 '26 revenue $5.61B, against an average of 3.9% over the four quarters before.
- Operating margin -1.0% (TTM), +8.0 pp on a year agoOperating income grew 87.9% while revenue grew 7.8%.
- Capex 3.0% of revenue (a year ago 3.4%)$601M invested in the last 4 quarters (-4.0% on a year earlier). Free cash flow -$485M.
- Diluted share count up 18.8% in a year585M diluted shares in Q3 '26, 492M a year earlier.
- Net debt $7.57BCash + short-term investments $77M, debt incl. leases $7.65B; a year ago net debt $7.97B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $5.61B | $4.73B | +18.5% |
| Gross margin | 8.3% | -1.0% | +9.3 pp |
| Operating income | $312M | -$176M | +277.3% |
| Operating margin | 5.6% | -3.7% | +9.3 pp |
| Net income | $152M | -$251M | +160.6% |
| Diluted EPS | $0.26 | -$0.51 | +151.0% |
| Operating cash flow | $224M | -$143M | +256.6% |
| Capex | $152M | $157M | -3.2% |
| Free cash flow | $72M | -$300M | +124.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-10-19| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $5.61B | $5.69B | -1.5% |
| EPS (as estimated) | $0.28 | $0.21 | +30.8% |
From the report of 2026-10-19 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Steelmaking | $5.45B | +19.4% | 91.5% | $19.4B | -34.0% | |
| Other Businesses | $504M | +191.3% | 8.5% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $116M
- Capex
- -$601M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- $53M
- Net debt issued
- $25M
- Stock-based compensation
- $0
- Free cash flow
- -$485M
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -16.0× | 12.2× 3 of 5 years | 4.1× – 26.2× |
| EV / EBITDA | 15.9× | 11.9× 4 of 5 years | 3.5× – 32.4× |
| EV / Sales | 0.8× | 0.7× | 0.6× – 0.9× |
| Price / FCF | -16.8× | 6.0× 3 of 5 years | 5.6× – 6.6× |
| Price / Book | 1.4× | 1.3× | 0.7× – 2.2× |
| FCF yield | -6.0% | 4.3% | -15.7% – 17.7% |
| Return on invested capital | -0.8% | 5.0% | -5.7% – 20.5% |
| Return on equity | -8.1% | 8.2% | -24.2% – 54.4% |
Analysts
Consensus target $14.00 (-1.8%)
range $11.50 – $17.48 · rating Hold
Strong buy0
Buy11
Hold22
Sell11
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $21.4B | +15.1% | $0.04 | +101.3% | 354.3× | 4 |
| FY2027 | $23.2B | +8.3% | $1.42 | +3,420.6% | 10.1× | 6 |
| FY2028 | $22.8B | -1.8% | $0.76 | -46.6% | 18.8× | 5 |
| FY2029 | $22.8B | +0.1% | $1.60 | +111.7% | 8.9× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 316 figures Cleveland-Cliffs Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $2.33B | $1.91B | +21.6% | $1.89B | $2.01B | -5.7% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.16B | $1.8B | +20.1% | $1.44B | $1.58B | -8.5% |
| Accrual for Environmental Loss Contingencies | $114M | $112M | +1.8% | $112M | $114M | -1.8% |
| Accrued Environmental Loss Contingencies, Current | $14M | $15M | -6.7% | $11M | $14M | -21.4% |
| Accrued Environmental Loss Contingencies, Noncurrent | $100M | $97M | +3.1% | $101M | $100M | +1.0% |
| Accrued Liabilities, Current | $310M | $339M | -8.6% | $396M | $375M | +5.6% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $6.44B | $5.62B | +14.5% | $5.83B | $4.81B | +21.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $1.25B | $1.56B | -20.0% | $1.49B | $1.54B | -2.9% |
| Additional Paid in Capital | $5.76B | $4.78B | +20.4% | $5.74B | $4.76B | +20.6% |
| Amortization of Intangible Assets | $20M | $21M | -4.8% | $81M | $24M | +237.5% |
| Asset Impairment Charges | $0 | $0 | – | $29M2022-12-31 | $1M | +2,800.0% |
| Asset Retirement Obligation | $616M | $535M | +15.1% | $599M | $526M | +13.9% |
| Asset Retirement Obligation, Accretion Expense | $8M | $6M | +33.3% | $30M | $22M | +36.4% |
| Asset Retirement Obligation, Current | $18M | $18M | 0.0% | $18M | $25M | -28.0% |
| Asset Retirement Obligation, Liabilities Settled | $3M | $4M | -25.0% | $19M | $33M | -42.4% |
| Asset Retirement Obligation, Revision of Estimate | $0 | -$1M | +100.0% | -$44M | -$58M | +24.1% |
| Asset Retirement Obligations, Noncurrent | $598M | $517M | +15.7% | $581M | $501M | +16.0% |
| Assets | $20.3B | $20.3B | +0.3% | $20B | $20.9B | -4.5% |
| Assets for Plan Benefits, Defined Benefit Plan | $589M | $469M | +25.6% | $469M | $427M | +9.8% |
| Assets, Current | $7.1B | $6.69B | +6.2% | $6.44B | $6.91B | -6.8% |
| Business Acquisition, Transaction Costs | $1M2025-12-31 | $42M | -97.6% | $1M | $42M | -97.6% |
| Business Combination, Acquisition Related Costs | $02025-12-31 | $30M | -100.0% | $1M | $44M | -97.7% |
| Capital Expenditures Incurred but Not yet Paid | $1M2026-06-30 | -$15M | +106.7% | -$15.3M2019-12-31 | -$93.6M | +83.7% |
| Cash | $77M | $66M | +16.7% | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $77M | $66M | +16.7% | $57M | $54M | +5.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $77M | $73M | +5.5% | $63M | $60M | +5.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $1M | $5M | -80.0% | $1M | -$137M | +100.7% |
| Common Stock, Par or Stated Value Per Share | $0.13 | $0.13 | 0.0% | $0.13 | $0.13 | 0.0% |
| Common Stock, Shares Authorized | 1.2B | 1.2B | 0.0% | 1.2B | 1.2B | 0.0% |
| Common Stock, Shares, Issued | 606M | 531M | +14.1% | 606M | 531M | +14.1% |
| Common Stock, Shares, Outstanding | 571M | 495M | +15.3% | 570M | 494M | +15.3% |
| Common Stock, Value, Outstanding | $76M | $66M | +15.2% | $76M | $66M | +15.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $13M | $17M | -23.5% | $50M | $46M | +8.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $67M | -$332M | +120.2% | -$1.52B | -$880M | -73.1% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $80M | -$315M | +125.4% | -$1.47B | -$834M | -76.6% |
| Cost of Goods and Services Sold | $5.15B | $4.78B | +7.7% | $19.5B | $19.1B | +1.8% |
| Costs and Expenses | $5.3B | $4.94B | +7.4% | $20.2B | $19.9B | +1.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$70M | -$38M | -84.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $0 | $3M | -100.0% |
| Current Income Tax Expense (Benefit) | – | – | – | -$75M | -$41M | -82.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$5M | -$6M | +16.7% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $67M | $96M | -30.2% | $77M | $83M | -7.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$324M | -$153M | -111.8% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$124M | -$9M | -1,277.8% |
| Deferred Income Tax Expense (Benefit) | $45M | -$78M | +157.7% | -$506M | -$196M | -158.2% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$58M | -$33M | -75.8% |
| Deferred Tax and Other Liabilities, Noncurrent | $300M | $506M | -40.7% | $375M | $849M | -55.8% |
| Deferred Tax Assets, Gross | $1.7B2025-12-31 | $1.12B | +51.2% | $1.7B | $1.12B | +51.2% |
| Deferred Tax Assets, Inventory | $62M2025-12-31 | $53M | +17.0% | $62M | $53M | +17.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.3B2025-12-31 | $734M | +77.5% | $1.3B | $734M | +77.5% |
| Deferred Tax Assets, Operating Loss Carryforwards | $778M2025-12-31 | $589M | +32.1% | $778M | $589M | +32.1% |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $4.83B2025-12-31 | $3.55B | +36.0% | $4.83B | $3.55B | +36.0% |
| Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $1.67B2025-12-31 | $1.51B | +11.0% | $1.67B | $1.51B | +11.0% |
| Deferred Tax Assets, State Taxes | $93M2025-12-31 | $36M | +158.3% | $93M | $36M | +158.3% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $71M2025-12-31 | $71M | 0.0% | $71M | $71M | 0.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | $154M2025-12-31 | $129M | +19.4% | $154M | $129M | +19.4% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Asset Retirement Obligations | $77M2025-12-31 | $69M | +11.6% | $77M | $69M | +11.6% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $107M2025-12-31 | $69M | +55.1% | $107M | $69M | +55.1% |
| Deferred Tax Assets, Valuation Allowance | $394M2025-12-31 | $388M | +1.5% | $394M | $388M | +1.5% |
| Deferred Tax Liabilities, Gross | $1.62B2025-12-31 | $1.58B | +2.2% | $1.62B | $1.58B | +2.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02