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Cleveland-Cliffs

CLF · Metals & mining sector group
Guidance from Cleveland-Cliffs’s last 8 earnings releases. Every value links to its sentence in the filing. See something wrong? Tell us.
Current guidance
13 items
Releases tracked
8
Latest release
Oct 19, 2026
Data checked
Oct 19, 2026
On this page:Latest changes·Current guidance·Your sector group·History

What changed in the Oct 19, 2026 release

Each item compared with the same item in the previous release (Jul 23, 2026). Values in quotation marks are the company’s words.

New — first stated in this releaseRaised / Lowered / Narrowed / Widened — changed from the prior releaseRevised — wording changed, direction not determinableChanged — value changed; the comparison couldn’t be parsed to a directionReiterated — restated unchangedNot restated — stated before, absent nowRaised and lowered describe the number, not whether the change is favorable.
ChangeMetricPeriodPreviousNowSource
NewAdjusted EBITDAfor FY2027—“exceed $4 billion”Filing ↗
NewLeverage target (net debt to EBITDA)for FY2027—“under 2.5x net debt to EBITDA”Filing ↗
NewAdjusted EBITDAfor FY2026—“approximately $715 million”Filing ↗
Show 7 items not restated in this release
ChangeMetricPeriodPreviousNowSource
Not restatedEBITDAfor Q4 FY2026“even further exceed our Q3 guidance”—Filing ↗
Not restatedSlab contract termination benefit to annualized EBITDAfor FY2026“approximate $500 million benefit to our annualized EBITDA from today's levels”—Filing ↗
Not restatedCapital expendituresfor FY2026“approximately $700 million”—Filing ↗
Not restatedCash Pension and OPEB payments and contributionsfor FY2026“approximately $125 million”—Filing ↗
Not restatedDepreciation, depletion and amortizationfor FY2026“approximately $1.1 billion”—Filing ↗
Not restatedQuarterly performancefor FY2026“each quarter is expected to improve sequentially”—Filing ↗
Not restatedSteel shipment volumesfor FY2026“approximately 16.5-17.0 million net tons”—Filing ↗

Current guidance

Guidance for periods that have not yet ended, at its most recent value, grouped by horizon.

Current fiscal year
MetricCurrent valuePeriodMeasureFirst statedTimes statedSource
Adjusted EBITDA“approximately $715 million”for FY2026Company-definedOct 19, 20261Filing ↗
EBITDA“even further exceed our Q3 guidance”for Q4 FY2026Company-definedJul 23, 20261Filing ↗
Slab contract termination benefit to annualized EBITDA“approximate $500 million benefit to our annualized EBITDA from today's levels”for FY2026Company-definedMay 7, 20251Filing ↗
Capital expenditures“approximately $700 million”for FY2026Company-definedFeb 9, 20263Filing ↗
Cash Pension and OPEB payments and contributions“approximately $125 million”for FY2026Company-definedFeb 9, 20263Filing ↗
Depreciation, depletion and amortization“approximately $1.1 billion”for FY2026GAAP-tiedFeb 9, 20263Filing ↗
Quarterly performance“each quarter is expected to improve sequentially”for FY2026Company-definedApr 20, 20261Filing ↗
Selling, general and administrative expenses“approximately $575 million”for FY2026GAAP-tiedFeb 9, 20263Filing ↗
Steel shipment volumes“approximately 16.5-17.0 million net tons”for FY2026Company-definedFeb 9, 20263Filing ↗
Steel unit cost reductions“approximately $10 per net ton compared to 2025, inclusive of richer mix impact from expiration of slab contract”for FY2026Company-definedFeb 9, 20261Filing ↗
Next year and medium term
MetricCurrent valuePeriodMeasureFirst statedTimes statedSource
Adjusted EBITDA“exceed $4 billion”for FY2027Company-definedOct 19, 20261Filing ↗
Leverage target (debt to EBITDA)“under 2.5x debt to EBITDA”for FY2027Company-definedJul 23, 20261Filing ↗
Leverage target (net debt to EBITDA)“under 2.5x net debt to EBITDA”for FY2027Company-definedOct 19, 20261Filing ↗

How one item moved

Capital expenditures, for FY2025 — every statement across the year, each linked to its filing.

May 7, 2025
New
“approximately $625 million”
Filing ↗
Jul 21, 2025
Lowered
“approximately $600 million”
Filing ↗
Oct 20, 2025
Lowered
“approximately $525 million”
Filing ↗

How your Metals & mining sector group guides

12 companies in Metals & mining. What they guide on, and who reported this season.

Most-guided metric families
Production volumes
11
Revenue
10
Dividends
8
Capex
6
Interest expense
5
GAAP EPS
4
Adjusted EBITDA
4
Buybacks
4
This season’s releases
Cleveland-CliffsOct 19, 20263 changes
AlcoaOct 15, 20266 changes
Coeur MiningAug 5, 202647 changes
Royal GoldAug 5, 20266 changes
Warrior Met CoalAug 5, 20264 changes
Hecla MiningAug 4, 202637 changes
Peabody EnergyJul 29, 202641 changes
Alliance Resource PartnersJul 27, 202614 changes
Get this for your own peer set — Peer Guidance Briefing, $3,000.

Full history

Every metric, every release, eight quarters — the complete record as one table.

MetricFY2027FY2026FY2025No period
Adjusted EBITDA1 statement4 statements——
EBITDA—1 statement——
Leverage target (debt to EBITDA)2 statements———
Slab contract termination benefit to annualized EBITDA—1 statement——
Annualized savings from facility idles———1 statement
The full record for Cleveland-Cliffs and its Metals & mining peers, delivered as a Peer Guidance Briefing — PDF and Excel, every value linked to its filing.

Filings

The 8 earnings releases this page is built from.

FiledFiscal periodAccessionGuidance items
Oct 19, 2026FY2026 Q30000764065-26-0001123Open filing ↗
Jul 23, 2026FY2026 Q20000764065-26-00009710Open filing ↗
Apr 20, 2026FY2026 Q10000764065-26-0000677Open filing ↗
Feb 9, 2026FY2025 Q40000764065-26-0000226Open filing ↗
Oct 20, 2025FY2025 Q30000764065-25-0001465Open filing ↗
Jul 21, 2025FY2025 Q20000764065-25-0001215Open filing ↗
May 7, 2025FY2025 Q10000764065-25-0001009Open filing ↗
Feb 3, 2025FY2024 Q40000764065-25-0000330Open filing ↗
Values in quotation marks are the company’s words; the classification and filing links are HighGravityData’s. HighGravityData does not score or rank companies or give investment advice.
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