Cleveland-Cliffs Q3 2026 Earnings Jump on Strong Results
Cleveland-Cliffs Q3 2026 earnings show $612 million adjusted EBITDA and a 2027 guide above $4 billion, reshaping trader positioning on earnings momentum.
KEY TAKEAWAYS
- Adjusted EBITDA rose to $612 million, driven by higher volumes, stronger selling prices, and lower unit costs.
- Management expected 2027 adjusted EBITDA to exceed $4 billion, citing signed contracts and index-price forecasts.
- Fourth-quarter adjusted EBITDA was forecast at approximately $715 million, and total liquidity was $3.2 billion at quarter-end.
HIGH POTENTIAL TRADES SENT DIRECTLY TO YOUR INBOX
Add your email to receive our free daily newsletter. No spam, unsubscribe anytime.
Cleveland-Cliffs Q3 2026 earnings showed a swing to profitability and a stronger margin profile in results released Oct. 19. Management said signed contracts and prevailing index-price forecasts underpin a materially improved 2027 outlook.
Quarterly Results and Outlook
Cleveland-Cliffs Inc. (CLF) reported consolidated revenue of $5.612 billion for the three months ended Sept. 30, 2026. Adjusted EBITDA rose to $612 million, while GAAP net income reached $165 million, or $0.26 per diluted share. Adjusted net income was $0.28 per diluted share. Steel shipments totaled 4.2 million net tons. The company attributed the improvement to higher steel volumes, stronger selling prices, and lower unit costs.
Adjusted EBITDA increased significantly from $286 million in the second quarter and $143 million a year earlier, reflecting a substantial sequential and year-over-year gain in operating profitability.
The company expects fourth-quarter adjusted EBITDA of approximately $715 million, driven mainly by higher pricing. This increase will be partially offset by seasonality, increased maintenance outages, input-cost pressures, and incentive-compensation accruals. Total liquidity stood at $3.2 billion at quarter-end.
For fiscal 2027, management forecast adjusted EBITDA would exceed $4 billion, citing signed contract changes and prevailing index-price forecasts as the basis for the projection. The company said its 2027 outlook had improved materially since the prior earnings call, reflecting several earnings-growth initiatives developing more favorably than expected.
Wall Street expectations were roughly $601 million for adjusted EBITDA and $5.7 billion for revenue. Cleveland-Cliffs’ adjusted EBITDA exceeded that estimate, while revenue fell short.
The company framed the results and contract-backed forward assumptions as evidence of a stronger earnings profile heading into next year. Management said this shift reflects operational momentum and favorable developments in key initiatives.
"Our 2027 outlook has improved materially since our last earnings call," the company said in its third-quarter results release.
