Cleveland-Cliffs Inc. Q2 2026 Earnings Recap

CLF Q2 2026 July 25, 2026

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Shares surged 26.2% as the company demonstrated marked operational progress and raised forward EBITDA guidance, driven by recovering automotive volumes, better-than-expected pricing, and margin expansion.

Earnings Per Share Beat

$-0.20 vs $-0.21 est.

+4.0% surprise

Revenue Beat

5226000000 vs 5145881000 est.

+1.6% surprise

Market Reaction

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Key Takeaways

Returned to positive free cash flow and tripled adjusted EBITDA from Q1 to Q2.
Third-quarter adjusted EBITDA guidance set at $575 million, implying more than doubling Q2 EBITDA.
Automotive steel shipments hit the highest level in two years, benefiting from reshoring and trade policies.
Margin improvements supported by higher prices, lower costs, and improved finishing line utilization.
Stelco contribution expected to support H2 results despite some finishing line weaknesses.

This summary was generated by AI from the official earnings call transcript and is provided for informational purposes only. It does not constitute financial advice. For the complete transcript and financial data, visit CLF on AllInvestView.

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