CLFNYSEMetal Mining

Cleveland-Cliffs Inc. (CLF) earnings date, market-implied expected move, and options open interest by expiry

14.22

Closed17:37 ET

Open14.12Volume14.7MMkt cap$8.1BEPS-0.81

Day13.83 – 14.2593%52-wk7.73 – 15.3585%

CLF

Cleveland-Cliffs Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

No implied move.

Expected move

Inputs

Next report

Feb 8

before open · in 100 days

est.Q4 FY26

Calendar

Next report

Last report

+16.34%

vs ±10.3% implied · ×1.58

shaded = implied · ▲▼ = realized

Oct 19 '26 · confirmed

Implied vs realized

Linked news

1dCNI · supplierCanadian National Railway posts Q3 diluted EPS C$2.00; revenues C$4,771 million
3dJPM · supplierJPMorganChase Updates 2027 Earnings Release Date Information
4dSXC · supplierSunCoke Energy Q3 net income $23.8 million, consolidated Adjusted EBITDA $76.9 million

News

Largest filed tie

13F top-10 QoQ

−0.09%

shares held · 10 largest managers

13F · Jun 30 '26123d lag

586 managers

Top fund weight

0.15%

CLF weight · MDY

N-PORTJun 30 '26

3 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Cleveland-Cliffs (CLF) is expected to report on Feb 8 before open (estimated date).

Implied vs realized

2 reports

—≥ implied

Q2 FY26Jul 23 '26confirmed—▲+8.85%—

Q3 FY26Oct 19 '26confirmed±10.3%▲+16.34%×1.58

quarterimplied−20%0+20%realized×

Q3 FY26±10.3%▲+16.34%×1.58

Q2 FY26—▲+8.85%—

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 9 expiries · Oct 26 close

0.42OI · 9 expiries · Oct 26 closeP/C open interest · Mar 19 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

5 nearer expiries

9,069+392%Nov 66d0.969,484+153%0.96

1,744+94%Nov 1313d0.364,898+89%0.36

32,099+229%Nov 2020d0.4571,165+202%0.45

572+16%Nov 2727d0.92620+187%0.92

86—Dec 434d1.0284—1.02

35,741+8%Dec 1848d0.34106,375−10%0.34

45,5500%Jan 1576d0.39115,616+1%0.39

report · Feb 8 · before open · est.

10,129+10%Mar 19139d23,879+11%

4,934+2%Apr 16167d0.707,036+3%0.70

ExpiryPutsCallsP/C

5 nearer expiries

Nov 66d9,069+392%9,484+153%0.96

Nov 1313d1,744+94%4,898+89%0.36

Nov 2020d32,099+229%71,165+202%0.45

Nov 2727d572+16%620+187%0.92

Dec 434d86—84—1.02

Dec 1848d35,741+8%106,375−10%0.34

Jan 1576d45,5500%115,616+1%0.39

report · Feb 8 · before open · est.

Mar 19139d10,129+10%23,879+11%0.42

Apr 16167d4,934+2%7,036+3%0.70

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

No implied move.

Linked exposure

Revenue flow

as filedQ3 FY26

2.94%as filednet margin · revenue +7.39% QoQ · +18.55% YoY

Revenue

$5.6B+7.39% QoQ

Gross profit

$465M+252.27% QoQ

8.29% margin

Operating income

$311M+734.69% QoQ

5.54% margin

Pre-tax income

$213M+240.13% QoQ

Net income

$165M+223.13% QoQ

2.94% margin

Cost of revenue

$5.1B+1.04% QoQ

Operating expenses

$154M−14.92% QoQ

SG&A $153M

Other operating $1M

Other expense

$98M

Tax

$46M+330.00% QoQ

Revenue$5.6B+7.39%

Gross profit

$465M+252.27%

8.29% margin

Operating income

$311M+734.69%

5.54% margin

Pre-tax income

$213M+240.13%

Net income

$165M+223.13%

2.94% margin

Cost of revenue

$5.1B+1.04%

Operating expenses

$154M−14.92%

SG&A $153M

Other operating $1M

Other expense

$98M

Tax$46M+330.00%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Sep 30 '26 · width = $

Revenue flow

Intraday

15m bars

Hatch = extended hours · ▯ up · ▮ downSource: market data · 17:30 ET

Intraday

Event sensitivity

NFP ×1.20· ±3.3% vs ±2.7% · 10 releases

eventrelease day|move|up · n×base

NFPjobs report±3.3%7 of 10×1.20

PPIproducer prices±3.0%5 of 10×1.11

FOMCrate decision±2.3%7 of 24×0.84

CPIconsumer prices±2.3%4 of 10×0.83

PCEpersonal income & outlays±2.2%8 of 19×0.82

GDPgross domestic product±2.2%12 of 19×0.80

CPROFcorporate profits±1.9%9 of 12×0.70

Bar = avg |move| to ±4% · tick = ±2.7% avg day · ×base = |move| ÷ ±2.7% · min 6 releases

Earnings history

EPS 0.26 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	Oct 19 '26 · confirmed	0.26	—
Q2 FY26	Jul 23 '26 · confirmed	-0.25	—
Q1 FY26	—	-0.42	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod