The Numbers
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| EPS | $0.28 | $0.24 | ✅ Beat |
| Revenue | $5.61B | Slightly below est. | ⚠️ Modest miss on top line |
| Revenue growth (YoY) | +18.5% | — | ✅ Strong |
Revenue came in just shy of consensus, but the EPS beat and forward commentary overwhelmed that nuance — shares still surged double digits.
Guidance Update
Management raised its 2027 EBITDA outlook, citing improved steel pricing and cost discipline. Benzinga and company commentary described it as the steelmaker’s strongest quarter in three years.
What Happened
✅ EPS beat by ~17% vs. consensus ($0.28 vs. $0.24) ✅ Revenue up 18.5% year-over-year to $5.61B ✅ Raised forward EBITDA guidance into 2027 ⚠️ Revenue itself landed slightly below Street estimates despite the YoY growth ⚠️ Steel pricing/tariff environment remains a swing factor for sustaining the beat
Market Reaction
Shares opened sharply higher and ran as much as +16% intraday to around $14.10, with premarket prints as high as $13.58 (+12% from the prior close of $12.12). CLF was one of the most-active names on the tape Monday, alongside CoreWeave, Intel and Nvidia.
Bottom Line
Cleveland-Cliffs delivered the clearest “beat-and-raise” story of Monday’s earnings slate — the market rewarded the improved forward outlook far more than it penalized the modest top-line miss, and the stock’s 16% pop makes it the single biggest single-name mover of the session.