Vale (VALE) Financial Statements & Analysis

Vale (VALE) Income Statement

Vale reported revenue of $38.40B in fiscal 2025 (fiscal year ended Dec 31, 2025), down 81.4% from $206.00B a year earlier. Net income was $2.35B, down 61.9% year over year, a net margin of 6.1%. Gross margin was 35.0% and operating margin 29.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was BRL 53.01B, up 502.1% from the same quarter a year earlier.

Vale Income Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Vale S.A. income statement - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	38.40	206.01	208.07	43.84	54.50	39.55	35.98	36.58	33.97
Cost of Revenue	24.95	131.32	120.02	24.03	21.73	17.56	19.02	22.11	21.04
Gross Profit	13.46	13.79	17.70	19.81	32.77	21.98	16.97	14.47	12.93
Operating Expenses
Research & Development	0.69	0.79	0.72	0.66	0.55	0.42	0.41	0.37	0.34
Selling, General & Administrative	0.57	3.40	2.76	0.47	0.44	0.44	1.60	0.46	0.53
Operating Expenses	2.11	3.61	3.49	2.60	5.08	9.16	13.14	1.61	1.70
Operating Income	11.34	10.79	14.21	17.21	27.69	12.82	3.83	11.96	10.93
Other Income/Expense
Interest Income	0.07	0.42	0.43	0.44	0.23	0.13	0.25	0.42	0.48
Interest Expense	2.04	-2.39	-3.07	1.19	1.94	2.75	3.64	1.54	3.28
Other Income/Expense	-4.42	-4.09	-3.05	2.57	1.85	-5.83	-3.97	-5.14	-3.10
Income
Income Before Tax	4.65	34.22	55.55	19.78	29.54	6.99	-0.14	6.82	7.83
Income Tax Expense	2.67	0.72	3.05	2.97	4.70	0.74	-0.62	-0.17	1.50
Net Income	2.35	6.17	7.98	18.79	22.45	4.88	-1.66	6.86	5.51
Net Income - Continuous Operations	1.98	5.98	8.11	18.79	22.45	4.88	-1.66	6.86	5.51
Net Income - Discontinued Operations	-	-	-	2.06	-	-	-	-	-
EBITDA	9.80	73.27	92.67	23.74	34.13	12.56	17.91	12.50	14.31
EBIT	6.69	58.05	77.37	85.65	151.30	-	-	-	-
Depreciation & Amortization	0.07	2.46	3.15	3.17	3.03	3.22	3.44	3.35	3.71
Earnings Per Share
Basic EPS	1.00	7.00	9.00	4.00	4.00	1.00	-	1.00	1.00
Diluted EPS	1.00	1.00	2.00	4.00	4.00	1.00	-	1.00	1.00
Basic Shares Outstanding	4.27	4.27	4.37	4.64	5.01	5.13	5.13	5.18	5.20
Diluted Shares Outstanding	4.27	4.28	4.37	4.64	5.01	5.13	5.13	5.20	5.20

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Vale Financial Statements

What was Vale's revenue in fiscal 2025?

Vale reported revenue of $38.40B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 81.4% from $206.00B a year earlier.

Is Vale profitable?

Yes. Vale earned net income of $2.35B in fiscal 2025, a net margin of 6.1%. In fiscal 2024 it earned $6.17B.

What is Vale's operating margin?

Vale's operating income was $11.34B on revenue of $38.40B in fiscal 2025, an operating margin of 29.5%, compared with 5.2% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition