Want to see CLF full AI Analyst Report?

Cleveland-Cliffs (CLF) Earnings Dates, Call Summary & Reports

5,225 Followers

Earnings Data

Report Date

Jul 23, 2026

Before Open (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

-0.19

Last Year’s EPS

-0.5

Same Quarter Last Year

Analyst Consensus

Hold

Based on 8 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Apr 20, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents a constructive outlook: clear signs of market strength (rising realized prices, recovering shipments, full order book, solid liquidity and expected positive free cash flow in Q2) outweigh several identifiable near-term headwinds (an $80M energy-related EBITDA hit in Q1, working capital build, higher scrap/fuel costs, Stelco pricing discount and Q2 outages). Management positions most negatives as transitory, highlights multiple levers for improved profitability (pricing realization lag easing over coming quarters, operational optimizations, asset sales, DOE modernization), and remains confident in execution and cash generation over the remainder of the year.

Company Guidance

Management said results should steadily improve through 2026: Q1 adjusted EBITDA was $95 million (up $274 million YoY) on shipments just over 4.1 million tons (a >300k ton sequential recovery), and they expect Q2 shipments to rise and remain above 4.1M with selling prices roughly $60/ton higher Q1→Q2 (Q1 prices were +$68/ton YoY and +$55/ton sequential); U.S. mix is ~45% HRC-linked and contract mix ~43% fixed, 23% monthly-indexed, 7% quarter-lag, 12% U.S. spot and 15% Stelco spot (Canadian selling prices are ~40% below U.S.); Q1 bore an $80M energy-related EBITDA hit and a ~$130M working-capital build, but management expects Q2 to be the best quarter in nearly two years and a return to meaningful positive free cash flow, with costs expected to tick up ~ $15/ton in Q2 (outages) before falling meaningfully in the back half and Q3 (an outage-light quarter) showing full operating leverage as full-year shipments target ~16.5–17.0 million tons; diesel/freight pressures add roughly $50M/year to mining costs (~$6/ton, ~25M gallons diesel/year), natural gas in mining is ~20% of usage, liquidity remains above $3 billion, and management continues to expect $425M of idle-property sale proceeds (≈$70M received to date, with ~ $50M expected in Q2, ~$100M in Q3 and the remainder in Q4).

Adjusted EBITDA Recovery

Adjusted EBITDA was $95 million in Q1, a year-over-year improvement of $274 million, driven primarily by increased pricing and operating leverage.

Shipments and Volume Recovery

First quarter shipments totaled just over 4.1 million tons, a sequential recovery of more than 300,000 tons (roughly +8% quarter-on-quarter); management expects Q2 shipments to increase further and remain above the 4.1 million ton level.

Pricing Momentum

Average selling prices rose $68/ton year-over-year and $55/ton sequentially in Q1; company expects prices to increase ~ $60/ton from Q1 to Q2 and continued realization of market price strength into Q2 and Q3 due to extended lead times and strong order book.

Strong Market Position & Demand

Order book described as full with tight production schedules and extended lead times; automotive OEM demand increasing and evidence of meaningful steel-for-aluminum substitution across automotive, building products, appliances and truck trailers.

Liquidity and Cash/Asset Plan

Liquidity remains above $3.0 billion. Management reiterates a $425 million target from idle property sales (two additional properties under contract) and has received $70 million so far, with a suggested cadence of ~$50M in Q2, ~$100M in Q3 and the remainder in Q4.

Operational and Strategic Progress

DOE-funded modernization projects (Butler electrical steel expansion and Middletown Works modernization) progressing on schedule (Butler & Middletown targeted for 2028 completion); footprint optimization (consolidation to 160-inch mill at Burns Harbor; idling Gary plate finishing) with no layoffs; SG&A at near all-time low post-acquisitions indicating strong cost discipline.

Customer & Quality Recognition

Received Toyota Quality Excellence Award in February, confirming high quality, consistency and reliability which supports share gains and OEM relationships.

Near-Term Cash Flow Outlook

Q1 free cash flow was negative as expected due to working capital timing, but management expects Q2 to deliver meaningful positive free cash flow (Q2 called the best quarter in nearly two years) and Q3 to show the company's earnings power as outages are light and utilization improves.

Cleveland-Cliffs (CLF) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

CLF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 23, 2026	2026 (Q2)	-0.19 / -	-0.5	―	―	―
Apr 20, 2026	2026 (Q1)	-0.42 / -0.40	-0.92	56.52% (+0.52)
Feb 09, 2026	2025 (Q4)	-0.62 / -0.43	-0.68	36.76% (+0.25)
Oct 20, 2025	2025 (Q3)	-0.45 / -0.45	-0.33	-36.36% (-0.12)
Jul 21, 2025	2025 (Q2)	-0.71 / -0.50	0.11	-554.55% (-0.61)
May 07, 2025	2025 (Q1)	-0.82 / -0.92	0.18	-611.11% (-1.10)
Feb 24, 2025	2024 (Q4)	-0.61 / -0.68	-0.05	-1260.00% (-0.63)
Nov 04, 2024	2024 (Q3)	-0.30 / -0.33	0.52	-163.46% (-0.85)
Jul 22, 2024	2024 (Q2)	>-0.01 / 0.11	0.67	-83.58% (-0.56)
Apr 22, 2024	2024 (Q1)	0.22 / 0.18	-0.11	263.64% (+0.29)	―

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
Apr 20, 2026	$9.94	$9.73	-2.11%
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%

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.