Cleveland-Cliffs Inc. Reports Fourth Quarter 2025 Results

By Chris Stiles • Monday, February 09 12:29 • Permanent Link

Cleveland-Cliffs Inc. (NYSE: CLF) reported its fourth-quarter and full-year results for the period ended December 31, 2025. The company's fourth-quarter 2025 consolidated revenues were consistent with the prior-year fourth-quarter at $4.3 billion. The GAAP net loss for the fourth quarter of 2025 was $235 million, or $0.44 per diluted share, compared to a net loss of $434 million, or $0.92 per diluted share in the prior-year fourth quarter.

The adjusted net loss for the fourth quarter of 2025 was $0.43 per diluted share, an improvement from the adjusted net loss of $0.68 per diluted share in the fourth quarter of 2024. Additionally, the company reported an adjusted EBITDA loss of $21 million for the fourth quarter of 2025, compared to an adjusted EBITDA loss of $81 million in the fourth quarter of 2024.

For the full-year 2025, Cleveland-Cliffs recorded consolidated revenues of $18.6 billion, down from the prior year's $19.2 billion. The company reported a GAAP net loss of $1.4 billion, or $2.91 per diluted share, compared to a net loss of $714 million, or $1.58 per diluted share in 2024. The adjusted net loss for the full-year 2025 was $2.48 per diluted share, a significant increase from the adjusted net loss of $0.74 per diluted share in 2024. Furthermore, adjusted EBITDA for the full-year 2025 was $37 million, a substantial decrease from $773 million in 2024.

The company provided expectations for the full-year 2026, including steel shipment volumes of approximately 16.5 * 17.0 million net tons, steel unit cost reductions of approximately $10 per net ton compared to 2025, capital expenditures of approximately $700 million, selling, general and administrative expenses of approximately $575 million, and depreciation, depletion, and amortization of approximately $1.1 billion.

Cleveland-Cliffs Inc. is a leading North America-based steel producer, with a focus on value-added sheet products, particularly for the automotive industry. The company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Today the company's shares have moved -2.1% to a price of $14.00. Check out the company's full 8-K submission here.

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