Cleveland-Cliffs (NYSE: CLF) Earnings Preview: Q1 2026 Forecast and Financial Health

Font: Financial Modeling Prep  • Apr 17, 2026

• Analysts anticipate Cleveland-Cliffs to report a net loss for Q1 2026, but project significant year-over-year improvements in both revenue and earnings per share.
• Analyst sentiment is improving, with consensus EPS estimates revised upward and indications of better cash flow management for the steel producer.
• While Cleveland-Cliffs' financial health shows a negative Price-to-Earnings ratio, its strong current ratio suggests adequate short-term liquidity.

Cleveland-Cliffs (NYSE: CLF) is a major player in the North American steel industry. The company is the largest flat-rolled steel producer in the region. Its operations include mining iron ore and producing a wide range of steel products for markets like automotive and construction. Cleveland-Cliffs is preparing to release its next quarterly financial results.

Cleveland-Cliffs is scheduled to report its quarterly earnings on April 20, 2026, before the market opens. Wall Street analysts are forecasting an earnings per share (EPS) of -$0.40. EPS is a company's profit divided by its number of common shares. A negative number indicates a net loss for the period. Revenue is estimated to be around $4.81 billion.

Despite the expected loss, analysts project significant year-over-year improvements. Revenue is anticipated to reach approximately $4.86 billion, a 4.9% increase from the prior year's quarter. The forecasted quarterly loss of $0.39 per share represents a 57.6% improvement from the same period last year, as highlighted by Zacks.

Analyst sentiment appears to be improving. The consensus EPS estimate has been revised upward by 27.3% over the past 30 days. An analysis from Seeking Alpha notes that Cleveland-Cliffs' cash flow burn has improved, increasing the chance of positive cash flow. This suggests analysts are becoming more optimistic about the company's performance.

Looking at its financial health, Cleveland-Cliffs has a negative Price-to-Earnings (P/E) ratio of -3.25, which reflects its recent negative earnings. Its Debt-to-Equity ratio is 1.34, meaning it uses more debt than shareholder equity to fund its assets. However, its current ratio of 1.95 shows it has enough short-term assets to cover its short-term liabilities.