Monitor the next earnings call for commentary on energy cost normalization and sequential improvement in profitability, as the company expects to generate positive free cash flow in Q2. The stock may remain under pressure until consistent profitability is demonstrated.
Price Chart
Executive Summary
Cleveland-Cliffs reported Q1 2026 results with a net loss of $0.42 per share on $4.9 billion in revenue, missing consensus EPS by 5.8% but beating revenue estimates. Adjusted EBITDA was $95 million, including an $80 million one-time energy cost impact, and the company maintained its full-year 2026 guidance. The stock is likely to move lower due to the earnings miss and persistent losses, despite sequential improvement and maintained guidance.
Key Financial Metrics
Key Facts
- GAAP net loss of $229 million, or $0.42 per diluted share
- Revenue of $4.9 billion, up from $4.3 billion in Q4 2025
- Adjusted EBITDA of $95 million, inclusive of an $80 million onetime energy cost impact
- Maintained full-year 2026 guidance for steel shipment volumes of 16.5-17.0 million net tons and capital expenditures of $700 million
- Liquidity of $3.1 billion as of March 31, 2026
Financial Impact
Net loss of $229 million on $4.9 billion revenue, missing EPS consensus by 5.8%
Risk Factors
- Persistent net losses and negative adjusted EBITDA excluding one-time costs
- Exposure to volatile energy prices and steel market demand
- Execution risk on the POSCO strategic partnership
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000764065-26-000067 |
| Document: clf-20260420.htm | 0000764065-26-000067 |
| Document: 0000764065-26-000067-index-headers.html | 0000764065-26-000067 |
| Document: 0000764065-26-000067-index.html | 0000764065-26-000067 |
| Document: 0000764065-26-000067.txt | 0000764065-26-000067 |
| 8-K Data (Synthetic) | 0000764065-26-000067 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 24, 2026 10w ago | ANALYST-UPGRADE | $11.93 $11.27 | ▼ −5.53% | ▼ −9.16% | $11.32 (−5.11%) |
Jul 23, 2026 10w ago | 8-K | $10.96 $10.74 | ▼ −2.01% | ▼ −5.32% | $11.32 (+3.28%) |
Jun 22, 2026 14w ago | ANALYST-DOWNGRADE | $11.89 $9.28 | ▲ +21.95% | ▲ +21.80% | $11.32 (+4.79%) |
Jun 12, 2026 16w ago | Institutional Cluster | $13.78 $9.40 | ▼ −31.79% | ▼ −33.56% | $11.32 (−17.85%) |
Jun 11, 2026 16w ago | Institutional Cluster | $13.71 $9.40 | ▼ −31.44% | ▼ −33.33% | $11.32 (−17.43%) |
Jun 9, 2026 16w ago | ANALYST-UPGRADE | $12.72 $9.54 | ▼ −25.00% | ▼ −26.45% | $11.32 (−11.01%) |
May 22, 2026 19w ago | ANALYST-UPGRADE | $11.23 $11.34 | ▼ −0.94% | ▼ −2.35% | $11.32 (−0.80%) |
Apr 20, 2026 23w ago | 8-K | $9.73 $10.66 | ▼ −9.56% | ▼ −5.36% | $11.32 (−16.34%) |
US Market Status
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