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Dec 31, 2025
Cleveland-Cliffs Q4 2025 Earnings Report
Reported a narrower loss with stable revenue and improved EBITDA versus the prior year quarter.
Key Takeaways
Cleveland-Cliffs delivered flat revenue year over year in Q4 2025 while significantly reducing losses, supported by improved cost control and a smaller Adjusted EBITDA loss despite weak automotive demand.
Revenue remained flat year over year at just over $4.3 billion
Net loss narrowed substantially compared with the prior year quarter
Adjusted EBITDA loss improved meaningfully versus Q4 2024
Steel shipments totaled 3.8 million net tons during the quarter
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management expects improved performance in 2026 driven by higher shipments, lower unit costs, and a more constructive trade environment.
Positive Outlook
- Expected steel shipment volumes of 16.5 to 17.0 million net tons
- Planned steel unit cost reductions of approximately $10 per net ton
- Expiration of value-destructive slab contract improves mix
- Lower planned capital expenditures of about $700 million
- Improved trade environment in the United States
Challenges Ahead
- Automotive sector demand uncertainty
- Exposure to steel price volatility
- Ongoing competitive global steel market
- High capital intensity of operations
- Macroeconomic and geopolitical risks
Historical Earnings Impact
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Avg. Return Before/After Earnings
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