Cleveland-Cliffs stock heads toward an October 19 earnings test

Published on 10/01/2026 at 03:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Cleveland-Cliffs stock enters October with a USD 575 million Q3 adjusted EBITDA guide dated July 23, 2026. Q2 revenue reached USD 5.2 billion.

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Cleveland-Cliffs (ISIN US1858991011) stock enters October with a Q3 2026 adjusted EBITDA guide of USD 575 million, according to the company's July 23, 2026 earnings call transcript published by Fortune. MarketBeat lists October 19, 2026 as the company's next earnings date, putting that forecast at the center of the next major test for the steelmaker.

Q3 guide sets the bar

Cleveland-Cliffs reported Q2 2026 adjusted EBITDA of USD 286 million, making the Q3 guide USD 575 million, or 101.05 percent above the preceding quarter's result, according to Fortune. Management also linked the outlook to higher steel prices, lower costs and increased shipping volumes.

The operating base improved in Q2 2026. Cleveland-Cliffs reported consolidated revenue of USD 5.2 billion and steel product sales volumes of 4.0 million net tons for the quarter ended June 30, 2026. Revenue and shipments give investors two concrete markers for judging whether the projected earnings recovery is broadening beyond pricing.

Analyst target moves higher

GLJ Research raised its Cleveland-Cliffs price target from USD 15.60 to USD 17.48 on September 21, 2026, while keeping a Buy rating, as reported by Markets Insider. The revision reflects the analyst firm's view that Q3 adjusted EBITDA could reach the company guide and that fourth-quarter profitability could improve further.

Balance-sheet execution remains part of the earnings story. The Q2 transcript said Cleveland-Cliffs expects USD 400 million of property-sale proceeds, with the bulk expected in the second half of 2026, and management has made debt reduction its main capital-allocation priority.

October earnings mark the checkpoint

Cleveland-Cliffs was last at USD 11.01 on the NYSE on September 30, 2026 at 4:00 p.m. EDT. Its market capitalization was USD 6.3 billion, and the 52-week range was USD 7.73 to USD 16.70 on that date, leaving the October 19 report as the next dated operating checkpoint.

Euro reference remains dated

At Lang & Schwarz, the prior close was EUR 9.75 on September 29, 2026. The NYSE value and the euro reference use separate venues and currencies, so the figures are not combined into one daily performance measure.