Cleveland-Cliffs reported third-quarter adjusted earnings of $0.28 per share, beating the $0.22 analyst estimate.
Revenue came in at $5.6B, up 18% from $4.7B a year earlier, though just under the $5.71B consensus.
Adjusted earnings before interest, taxes, depreciation, and amortization reached $612M, ahead of the company's own $575M guidance issued three months earlier. The same figure more than quadrupled from a year earlier and topped the $591.5M average analyst estimate.
The year-ago quarter produced a loss of $0.45 per share, making the swing to profit the clearest marker of the turnaround.
Cleveland-Cliffs Q3 2026 results vs estimates and year-ago quarter (as of Q3 2026 report)
| Metric | Q3 2026 | Analyst estimate | Year-ago (Q3 2025) |
|---|---|---|---|
| Adjusted EPS | $0.28 | $0.22 | -$0.45 |
| Revenue | $5.6B | $5.71B | $4.73B |
| Adjusted EBITDA | $612M | $591.5M | n/a |
| Steel shipments | 4.2M net tons | n/a | n/a |
| Average selling price per net ton | $1,177 | n/a | $1,032 |
Tariffs lifted domestic steel prices
Steel shipments totaled 4.2M net tons at an average selling price of $1,177 per net ton, up from $1,032 a year ago.
Higher American steel prices, supported by Trump administration tariffs that cut into imports, drove much of the gain. Hot-rolled coil prices sit at their highest level since 2022.
Management guided higher for 2027
Fourth-quarter adjusted EBITDA is expected at roughly $715M, and the company projects 2027 adjusted EBITDA above $4B.
Management also reaffirmed its target of net debt below 2.5x adjusted EBITDA by mid-2027.
Chief executive Lourenco Goncalves called it the company’s strongest quarter in three years and said key metrics moved in the right direction relative to the second quarter.
Analysts currently model $0.37 per share on $5.47B in revenue for the coming quarter, and $0.10 per share on $21.13B for the full fiscal year.
The gap between that full-year figure and the 2027 EBITDA guidance leaves the next two quarters as the test of whether tariff-supported pricing holds.
