Cleveland-Cliffs (CLF) Operating Margin (2009 - 2026)
Cleveland-Cliffs (CLF) posted Operating Margin of -0.94% for Q2 2026, up 9.22 percentage points from -10.15% a year earlier and up 3.39 percentage points from the prior quarter.
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Analysis
Cleveland-Cliffs (CLF) Operating Margin (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Margin at Cleveland-Cliffs was -4.15%, up 5.44 percentage points year-over-year; for FY2025, it came in at -8.48%, down 4.51 percentage points from FY2024.
- Annual Operating Margin has declined for four consecutive years, with a five-year change of -5.83 percentage points (FY2020 to FY2025).
- In prior years, Cleveland-Cliffs' Operating Margin was -3.98% in FY2024 (-6.97 pp), 3.00% in FY2023 (-5.44 pp), 8.43% in FY2022 (-11.19 pp) and 19.62% in FY2021 (+22.28 pp).
- The Q2 2026 figure stands as the highest quarterly Operating Margin since Q2 2024.
- On a year-over-year basis, Operating Margin has increased in each of the last four quarters, with an average year-over-year change of -2.52 percentage points over the last eight quarters.
- The strongest year-over-year quarter for Operating Margin in the past five years was Q3 2021, with a gain of 25.16 percentage points; the weakest was Q4 2022, with a drop of 24.54 percentage points.
- According to Business Quant data, Operating Margin for the three prior quarters was -4.33% (Q1 2026), -7.67% (Q4 2025) and -4.31% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Rio Tinto | 179.45 Bn | 145.58 Bn | - | - |
| 2 | Southern Copper | 169.08 Bn | 147.94 Bn | 2.90 Bn | 61.16% |
| 3 | Newmont | 122.31 Bn | 90.49 Bn | 4.03 Bn | 16.48% |
| 4 | Ternium | 109.20 Bn | 74.25 Bn | 941.02 Mn | 12.17% |
| 5 | Freeport-Mcmoran | 103.31 Bn | 99.46 Bn | 2.19 Bn | 28.50% |
| 6 | Agnico Eagle Mines | 92.04 Bn | 92.04 Bn | 2.43 Bn | - |
| 7 | Barrick Mining | 68.84 Bn | 53.58 Bn | 2.90 Bn | 51.63% |
| 8 | Nucor | 55.48 Bn | 46.02 Bn | 2.03 Bn | 15.67% |
| 9 | ArcelorMittal | 53.16 Bn | 34.19 Bn | - | 6.29% |
| 10 | Cleveland-Cliffs | 6.40 Bn | 6.38 Bn | 132.00 Mn | -0.94% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -0.94% |
| Mar 31, 2026 | -4.33% |
| Dec 31, 2025 | -7.67% |
| Sep 30, 2025 | -4.31% |
| Jun 30, 2025 | -10.15% |
| Mar 31, 2025 | -11.73% |
| Dec 31, 2024 | -10.75% |
| Sep 30, 2024 | -5.71% |
| Jun 30, 2024 | 0.12% |
| Mar 31, 2024 | -0.73% |
| Dec 31, 2023 | -2.31% |
| Sep 30, 2023 | 5.80% |
| Jun 30, 2023 | 8.07% |
| Mar 31, 2023 | -0.59% |
| Dec 31, 2022 | -3.61% |
| Sep 30, 2022 | 3.31% |
| Jun 30, 2022 | 13.26% |
| Mar 31, 2022 | 18.37% |
| Dec 31, 2021 | 20.93% |
| Sep 30, 2021 | 27.47% |
API Access
Cleveland-Cliffs Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=CLF&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "CLF", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=CLF&period=max&api_key=YOUR_API_KEY");
const data = await res.json();