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Cleveland-Cliffs Inc (CLF)
NYSE:CLF
Earnings Data
Report Date
Apr 17, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.34Last Year’s EPS
-0.92Same Quarter Last Year
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a constructive and optimistic view for 2026: management highlights meaningful operational fixes completed in 2025 (asset rationalization, labor reductions, coal hedges), improving market dynamics (spot steel at a two‑year high, Canadian import restrictions), a sizeable one‑time benefit from ending the slab contract (~$500M EBITDA estimate), strong liquidity ($3.3B) and multi‑year OEM contracts that underpin a recovery. Near‑term headwinds include 2025 demand weakness, Stelco underperformance, temporary utility/scrap cost pressure, and elevated leverage. Overall, the positives — expected price recovery, cost reductions, order book strength, capacity ready to absorb reshored automotive volumes, and strategic partnership momentum (POSCO) — outweigh the lowlights, supporting a positive outlook for 2026.Company Guidance
Improving Shipments and 2026 Volume Guidance
Q4 shipments were 3.8 million tons; management expects Q1 shipments to return to ~4.0 million tons and full year 2026 shipments of 16.5–17.0 million tons, indicating higher utilizations versus 2025.
Price Realization Outlook
Q4 price realization was $993 per net ton (down ~ $40/ton vs. prior period). Management expects realized prices to improve starting in 2026 by roughly $60/ton versus 2025 and ASP up ~$60/ton in Q1 2026.
Substantial EBITDA Upside from Slab Contract Termination
Termination of the ArcelorMittal index-based slab contract is expected to materially benefit results — management cited an approximate $500 million EBITDA improvement estimate (Celso characterized as ~ $700 million revenue improvement at current HRC prices with ~$150 million higher conversion costs).
Sustained Unit Cost Reductions and Coal Savings
2025 represented the third straight year of unit cost reductions with another ~$40/ton reduction in 2025. Management locked coal contracts that generate over $100 million of year‑over‑year savings and expects a further ~ $10/ton full‑year cost decline in 2026 (apples‑to‑apples with richer mix the effective reduction is larger).
Strong Liquidity and Balance Sheet Improvements
Total liquidity was $3.3 billion at year-end 2025; debt refinancings moved nearest bond maturity to 2029 and all outstanding bonds are unsecured. ABL draw is the lowest since the Stelco acquisition, providing runway and flexibility.
Operational and Commercial Wins — Automotive Contracts & Capacity
Signed multi‑year fixed‑price contracts with all major OEMs, increasing market share and securing high‑margin business to flow through in 2026. Cleveland‑Cliffs emphasized available installed capacity (no new plants required) to absorb incremental automotive volumes at attractive margins.
Strategic Partnership Momentum (POSCO MOU)
Announced a memorandum of understanding with POSCO; due diligence ongoing with both parties targeting a definitive agreement in 2026. Management described the partnership as the top strategic priority and potentially highly accretive.
Safety Progress
Total recordable incident rate (TRIR), including contractors, was 0.8 per 200,000 hours in 2025, representing a 43% improvement versus 2021 — the lowest TRIR since Cleveland‑Cliffs became a steel producer.
Asset Sale Program and Expected Proceeds
Asset sale process ongoing: $60 million received to date, sale of FPT Florida closed, and management expects $425 million in proceeds from marketed idle assets (with additional larger asset sale opportunities available if needed).
Product Development — Steel Replacing Aluminum
Successfully demonstrated stamping Cleveland‑Cliffs steel into exposed automotive components on existing aluminum forming equipment at production scale with three OEMs, creating a meaningful addressable market opportunity to replace aluminum.
CLF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CLF Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 09, 2026 | $14.73 | $12.31 | -16.43% |
Oct 20, 2025 | $13.32 | $16.18 | +21.47% |
Jul 21, 2025 | $9.48 | $10.66 | +12.45% |
May 07, 2025 | $8.49 | $7.15 | -15.78% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Cleveland-Cliffs Inc (CLF) report earnings?
Cleveland-Cliffs Inc (CLF) is schdueled to report earning on Apr 17, 2026, Before Open (Confirmed).
What is Cleveland-Cliffs Inc (CLF) earnings time?
Cleveland-Cliffs Inc (CLF) earnings time is at Apr 17, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CLF EPS forecast?
CLF EPS forecast for the fiscal quarter 2026 (Q1) is -0.34.
