Cleveland-Cliffs' Q4 Earnings Beat, Revenues Miss Estimates

Core Insights - Cleveland-Cliffs Inc. (CLF) reported a narrower adjusted loss of 43 cents per share for Q4 2025, compared to a loss of 68 cents per share in the same quarter last year, and better than the Zacks Consensus Estimate of a loss of 62 cents [1][7] - Revenues for the quarter were approximately $4,313 million, remaining flat year over year, but missing the Zacks Consensus Estimate of $4,620.9 million [1][7] Operational Highlights - Steelmaking revenues were around $4.15 billion for Q4, reflecting a decrease of about 0.3% year over year [2] - The average net selling price per net ton of steel products was $993, which is an increase of approximately 2% year over year, but fell short of the consensus estimate of $1,004 [2] - External sales volumes for steel products were approximately 3.77 million net tons, down around 1.5% year over year, and also below the consensus estimate of 4.01 million net tons [3] Financial Position - As of the end of Q4, the company had cash and cash equivalents of $57 million, a decrease of about 14% from the prior quarter [4] - Long-term debt decreased by 10% sequentially to $7,253 million, with total liquidity standing at $3.3 billion as of December 31, 2025 [4] Outlook - For the full year 2026, the company expects capital expenditures to be approximately $700 million and SG&A expenses to be around $575 million [5] - CLF aims for steel unit cost reductions of about $10 per net ton from 2025 levels, with projected depreciation, depletion, and amortization expenses of roughly $1.1 billion [5] Price Performance - Over the past year, CLF shares have increased by 8.9%, while the industry has seen a rise of 58.6% [6]