Cleveland-Cliffs Narrows Q2 Loss, Guides Q3 EBITDA to $575M
CLF sits 31% above its 52-week low of $7.73.
Summary
Cleveland-Cliffs reported Q2 2026 revenue of $5.2 billion and an adjusted loss of $0.20 per share, beating estimates, and guided for Q3 adjusted EBITDA of approximately $575 million, more than double Q2's $286 million.
Key Events · Earnings and Guidance · CLF
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Q2 Revenue Beats, Loss Narrows
Revenue of $5.2 billion edged past the $5.19 billion consensus, while the adjusted net loss of $0.20 per share improved from $0.40 in Q1 2026 and $0.51 a year ago.
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Adjusted EBITDA Triples Sequentially
Adjusted EBITDA reached $286 million, up $191 million from Q1 2026, driven by higher steel selling prices ($1,124/ton vs. $1,048/ton) and improved cost absorption.
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Q3 EBITDA Guidance of ~$575M
The company expects Q3 2026 adjusted EBITDA to approximately double Q2's level, with further improvement in Q4, positioning second-half earnings as the strongest since 2021.
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Full-Year 2026 Outlook Maintained
Steel shipment volumes of 16.5–17.0 million net tons, capex of ~$700 million, and other cost guidance were reaffirmed; the leverage target of under 2.5x debt/EBITDA is expected by mid-2027.
Analysis · CLF · Energy & Transportation
A narrower adjusted loss of $0.20 per share on $5.2 billion in revenue beat the $5.19 billion consensus, while adjusted EBITDA tripled sequentially to $286 million. The company guided for a further doubling to approximately $575 million in Q3, signaling a meaningful earnings recovery driven by improving steel demand, higher selling prices, and cost absorption. With $3.1 billion in liquidity and a path to its leverage target by mid-2027, the update reduces near-term financial stress and supports the CEO's assertion that the company is returning to its historical earnings power.
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At the time of this filing, CLF was trading at $10.10 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.4B. The 52-week trading range was $7.73 to $16.70. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.