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CLF reported Q3 2026 (three months ended September 30, 2026) results. The stock moved +16.3% on the print.
CLFearnings

Cleveland-Cliffs Inc. (CLF) Q3 FY2026 earnings

October 19, 2026 · SharpeIQ Research Desk

Reported results

  • Revenues of $5.6 billion for Q3 2026
  • Steel shipments of 4.2 million net tons
  • GAAP net income of $165 million, or $0.26 per diluted share
  • Adjusted EBITDA of $612 million
  • Adjusted net income of $0.28 per diluted share
  • Liquidity of $3.2 billion as of September 30, 2026

Guidance

  • Fourth-quarter 2026 adjusted EBITDA expected to be approximately $715 million
  • 2027 adjusted EBITDA expected to exceed $4 billion based on 2027 contract changes and prevailing price forecasts

Notes

Company expects to reach leverage target of under 2.5x net debt to EBITDA by mid-2027. Company announced indefinite idling of galvanizing lines at Stelco.

Price and volatility reaction

The stock moved +16.3% on the print. No front-expiry chain was on file, so there is no straddle expected move.

MeasureValueBasis
Close before release12.122026-10-16
Close after release14.12026-10-19
Realised move+16.3%close to close
Price and volatility reaction. Closes either side of the release. No front-expiry chain on file for a straddle expected move. SharpeIQ — listed option chain and price_history

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-19 (8-K, Item 2.02). Read the original filing on sec.gov.

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