Cleveland-Cliffs (NYSE: CLF) Q3 2026 Earnings Preview

• Wall Street and analyst estimates for Q3 2026 earnings per share range from $0.21 to $0.24, with revenue forecasts between $5.58 billion and $5.72 billion.
• The expected $0.24 earnings per share marks a significant turnaround from a loss of $0.45 per share in the prior year, alongside projected revenue growth from $4.73 billion to $5.72 billion.
• Cleveland-Cliffs anticipates Q3 EBITDA of $575 million, a substantial increase from Q2's $286 million, though concerns about slow debt reduction persist.

Cleveland-Cliffs (NYSE: CLF) is scheduled to report third-quarter 2026 earnings before the market opens on October 19. The U.S. steel producer supplies products used in cars and other manufactured goods. Wall Street estimates in the initial forecast call for earnings of $0.21 per share and revenue of about $5.71 billion.

Other forecasts differ. As highlighted by Zacks Investment Research, analysts expect earnings of $0.24 per share on revenue of $5.58 billion. Zacks says its earnings estimate has risen 8.8% over the past 30 days. Another estimate also calls for $0.24 per share but puts revenue at $5.72 billion.

The $0.24 earnings estimate compares with a loss of $0.45 per share a year earlier. Revenue of $5.72 billion would compare with $4.73 billion a year earlier. For investors, the report shows whether stronger sales translate into profit after Cleveland-Cliffs pays for production, operating costs and interest.

Cleveland-Cliffs forecasts third-quarter EBITDA of $575 million, following $286 million in the second quarter. EBITDA measures earnings before interest, taxes, depreciation and amortization; it does not show how much debt the company repays. As highlighted by Seeking Alpha, slow debt reduction remains a concern despite potential gains from higher-value steel products and expiring loss-making contracts.