Cleveland-Cliffs' Q4 Earnings Beat, Revenues Miss Estimates

Cleveland-Cliffs Inc.’s CLF fourth-quarter 2025 adjusted loss was 43 cents per share. The figure was narrower than the Zacks Consensus Estimate of a loss of 62 cents. It reported an adjusted loss of 68 cents per share in the prior-year quarter. 

Revenues remained essentially flat year over year at $4,313 million in the quarter. The top line missed the Zacks Consensus Estimate of $4,620.9 million. 

Cleveland-Cliffs Inc. Price, Consensus and EPS Surprise

Cleveland-Cliffs Inc. price-consensus-eps-surprise-chart | Cleveland-Cliffs Inc. Quote

CLF’s Operational Highlights

The company reported Steelmaking revenues of roughly $4.15 billion for the fourth quarter, down around 0.3% year over year. 

The average net selling price per net ton of steel products was $993 in the quarter, up around 2% year over year. However, the metric missed the consensus estimate of $1,004.

External sales volumes for steel products were roughly 3.77 million net tons, down around 1.5% year over year. The figure fell short of the consensus estimate of 4.01 million net tons. 

Financial Position of CLF

Cleveland-Cliffs ended the fourth quarter with cash and cash equivalents of $57 million, down around 14% from the prior quarter. Long-term debt decreased 10% sequentially to $7,253 million. 

As of Dec. 31, 2025, the company had $3.3 billion in total liquidity. 

CLF’s Outlook

The company issued full-year 2026 guidance. Capital expenditures are expected to be approximately $700 million. Selling, general and administrative (SG&A) expenses are forecast be around $575 million. 

CLF targets steel unit cost reductions of about $10 per net ton from 2025. Depreciation, depletion and amortization expenses have been projected at roughly $1.1 billion. Cash pension and Other Post-Employment Benefits payments and contributions are expected to be approximately $125 million. 

Price Performance of CLF

Shares of CLF have gained 8.9% over the past year compared with a 58.6% rise in its industry. 

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CLF’s Zacks Rank & Key Picks

CLF currently carries a Zacks Rank #3 (Hold). 

Some better-ranked stocks worth a look in the basic materials space are Avino Silver & Gold Mines Ltd. ASM, Compania de Minas Buenaventura S.A.A. BVN and Centerra Gold, Inc. CGAU.

Avino Silver is slated to report fourth-quarter results on March 11. The Zacks Consensus Estimate for ASM’s fourth-quarter earnings is pegged at 6 cents per share. ASM’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average surprise being 150%. Avino Silver flaunts a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Buenaventura is scheduled to report fourth-quarter results on Feb. 26. The Zacks Consensus Estimate for BVN’s fourth-quarter earnings is pegged at 59 cents per share. BVN’s earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing once, with the average surprise being 28%. Buenaventura currently sports a Zacks Rank #1. 

Centerra Gold is expected to report fourth-quarter results on Feb. 18. The Zacks Consensus Estimate for CGAU’s fourth-quarter earnings is pegged at 33 cents per share. CGAU carries a Zacks Rank #1 at present. Centerra Gold’s earnings beat the consensus estimate in three of the last four quarters and missed once, with the average surprise being 22%. 

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This article originally published on Zacks Investment Research (zacks.com).

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