Vale S.A. income statement VALE

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, Vale S.A. reported revenue of $38.4 billion, up 0.9% from the year before. Net income was $2.0 billion, a profit margin of 5.2%. Operating income came to $5.9 billion, an operating margin of 15.4%. Across the 10 fiscal years shown, revenue shrank from $48.8 billion in fiscal 2012 to $38.4 billion in fiscal 2025, about 2.6% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

FY 2025
Dec 31, 2025
FY 2024
Dec 31, 2024
FY 2023
Dec 31, 2023
FY 2022
Dec 31, 2022
FY 2021
Dec 31, 2021
FY 2020
Dec 31, 2020
FY 2019
Dec 31, 2019
FY 2018
Dec 31, 2018
FY 2017
Dec 31, 2017
FY 2012
Dec 31, 2012
Revenue
38,403
+0.9%
38,056
-8.9%
41,784
-4.7%
43,839
-19.6%
54,502
+37.8%
39,545
+8.2%
36,549
-0.1%
36,575
+7.7%
33,967
48,753
-21.8%
Cost of revenue
24,947
+2.8%
24,265
+0.7%
24,089
+0.3%
24,028
+10.6%
21,729
+23.7%
17,564
-9.1%
19,312
-12.7%
22,109
+5.1%
21,039
—
Gross profit
13,456
-2.4%
13,791
-22.1%
17,695
-10.7%
19,811
-39.6%
32,773
+49.1%
21,981
+27.5%
17,237
+19.2%
14,466
+11.9%
12,928
—
Research and development
693
-12.3%
790
+9.3%
723
+9.5%
660
+20.2%
549
+32.3%
415
+0.5%
413
+10.7%
373
+9.7%
340
1,478
-11.7%
Selling, general and administrative
641
+3.1%
622
+12.5%
553
+7.4%
515
+7.1%
481
-2.0%
491
+3.6%
474
-9.4%
523
-1.5%
531
2,240
-4.0%
Operating income
5,897
-45.3%
10,788
-24.1%
14,205
-17.5%
17,208
-37.9%
27,693
+116.0%
12,823
+229.4%
3,893
-67.4%
11,955
+9.4%
10,930
—
Pretax income
4,653
-30.5%
6,696
-40.0%
11,151
-43.6%
19,781
-33.0%
29,541
+322.6%
6,990
+4580.8%
-156
-102.3%
6,816
-12.9%
7,829
5,422
-79.8%
Income tax
2,670
+270.3%
721
-76.3%
3,046
+2.5%
2,971
-36.7%
4,697
+539.0%
735
+223.5%
-595
-245.9%
-172
-111.5%
1,495
—
Net income
1,983
-66.8%
5,975
-26.3%
8,105
-57.0%
18,870
-16.0%
22,468
+395.9%
4,531
+307.8%
-2,180
-131.6%
6,896
+24.9%
5,521
5,254
-76.8%
Weighted average shares, basic
4
-0.1%
4
-2.1%
4
-5.9%
5
-7.5%
5
-2.3%
5
+0.0%
5
-1.0%
5
-0.4%
5
—
Other measures
Depreciation and amortization
2,916
+3.7%
2,813
-1.0%
2,842
+6.5%
2,669
+201.6%
-2,626
-195.6%
2,746
-21.6%
3,503
+9.1%
3,211
-8.5%
3,509
4,396
+6.6%
EBITDA
8,813
-35.2%
13,601
-20.2%
17,047
-14.2%
19,877
-20.7%
25,067
+61.0%
15,569
+110.5%
7,396
-51.2%
15,166
+5.0%
14,439
—
Interest coverage
4.50x
7.69x
9.40x
13.36x
22.17x
11.07x
1.06x
5.17x
3.34x
—
Margins
Gross margin
35.04%
36.24%
42.35%
45.19%
60.13%
55.58%
47.16%
39.55%
38.06%
—
Operating margin
15.36%
28.35%
34.00%
39.25%
50.81%
32.43%
10.65%
32.69%
32.18%
—
Pretax margin
12.12%
17.60%
26.69%
45.12%
54.20%
17.68%
-0.43%
18.64%
23.05%
11.12%
Profit margin
5.16%
15.70%
19.40%
43.04%
41.22%
11.46%
-5.96%
18.85%
16.25%
10.78%
EBITDA margin
22.95%
35.74%
40.80%
45.34%
45.99%
39.37%
20.24%
41.47%
42.51%
—
Effective tax rate
57.38%
10.77%
27.32%
15.02%
15.90%
10.52%
—
-2.52%
19.10%
—
How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. More on our methodology.

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Company profile

Industry
Metal Mining (SIC 1000)
Listed as
VALE (NYSE)
Fiscal year ends
December 31
Headquarters
Rio De Janeiro
SEC filer status
Large accelerated filer
SEC CIK
917851
Former names
Vale S.A. (until Oct 30, 2026); Companhia Vale do Rio Doce (until May 22, 2009); VALLEY OF THE RIO DOCE CO (until Nov 7, 2005); VALLEY OF THE DOCE RIVER CO (until Jan 25, 2002)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.