Vale S.A. (VALE) quarterly cash flow statement — complete operating, investing & financing history
Vale S.A. (VALE) cash flow statement — 26-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 2.5B | 1.89B | 2.9B | 2.59B | 1.92B | 1.68B | 2.91B | 1.56B | 1.21B | 3.58B | 4.79B | 2.87B | 1.9B | 3.61B | 1.91B | 3.4B | 3.57B | 2.61B | 1.88B | 9.05B |
| Operating CF Margin % | 23.85% | 20.38% | 26.18% | 24.89% | 21.76% | 20.72% | 30.32% | 16.36% | 12.21% | 42.27% | 36.78% | 26.98% | 19.64% | 42.8% | 16.11% | 34.21% | 31.99% | 24.11% | 14.3% | 73.41% |
| Operating CF Growth % | 30.63% | 12.21% | -0.55% | 65.7% | 58.16% | -52.95% | -39.18% | -45.45% | -36.26% | -0.94% | 150.41% | -15.63% | -46.76% | 38.47% | 1.7% | -62.47% | -53.81% | -62.87% | -71.15% | 89.19% |
| Net Income | 1.35B | 1.89B | -3.9B | 2.68B | 2.13B | 1.4B | -901M | 2.41B | 2.73B | 2.13B | 2.42B | 2.98B | 2.72B | 2.3B | 2.91B | 5.25B | 5.06B | 6.57B | 9.05B | 5.97B |
| Depreciation & Amortization | 785.83M | 811.79M | 952.55M | 693.38M | 714.86M | 683.15M | 802M | 725.62M | 793M | 714M | 818M | 780M | 779M | 656M | 900M | 775M | 810M | 686M | 754M | 649M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 687.64M | 230.96M | 6.83B | -89.35M | -516.81M | 23.09M | 2.29B | -618.49M | -1.1B | -651M | 3.05B | -712M | -1B | -81M | -94M | -3.4B | -2.73B | -3.93B | -5.67B | -988M |
| Working Capital Changes | -326.53M | -1.05B | -982.15M | -696.37M | -414.59M | -419.81M | 726M | -957.63M | -1.22B | 1.38B | -1.5B | -186M | -598M | 739M | -1.8B | 777M | 429M | -720M | -2.25B | 3.42B |
| Change in Receivables | -254.17M | -125.75M | 168.9M | -192M | -140.99M | 327.3M | 572M | -779.05M | -167M | 1.94B | -790.5M | -410M | -247M | 1.69B | -2.11B | 3M | 902M | 877M | -3.16B | 3.87B |
| Change in Inventory | -252.96M | -215.93M | -346.17M | -352.98M | -149.75M | -242.99M | 57M | -136.24M | 165M | -626M | 392.27M | -97M | -157M | -363M | 941M | -287M | -305M | -304M | 433M | -588M |
| Change in Payables | 734.14M | -291.84M | 55.86M | 104.15M | 705.47M | -38.99M | -681M | 503.15M | -528M | 378M | -315.02M | 480M | 570M | -105M | -434M | 1.17B | 432M | -672M | -122M | 322M |
| Cash from Investing | -1.87B | -1.3B | -2.43B | -1.35B | -2.05B | -1.39B | -3.76B | -1.42B | 1.24B | -1.52B | -2.28B | -1.7B | -1.07B | -1.33B | -1.86B | -1.01B | -1.14B | -670M | -376M | -801M |
| Capital Expenditures | -1.26B | -1.19B | -2.17B | -1.39B | -1.18B | -1.26B | -2.33B | -1.37B | -1.33B | -1.4B | -2.15B | -1.46B | -1.21B | -1.13B | -1.79B | -1.23B | -1.29B | -1.14B | -1.64B | -1.2B |
| CapEx % of Revenue | 12.03% | 12.83% | 19.65% | 13.39% | 13.44% | 15.5% | 24.22% | 14.31% | 13.39% | 16.49% | 16.5% | 13.78% | 12.49% | 13.4% | 15.06% | 12.39% | 11.59% | 10.51% | 12.45% | 9.72% |
| Acquisitions | 0 | 0 | 1.15B | -1.15B | 0 | 0 | -838M | -7.89M | 2.61B | 0 | 0 | 0 | -1M | -74M | -577M | 140M | 0 | 437M | 2.35B | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -667.79M | -170.27M | -2.29B | 1.13B | -970.65M | -161.25M | -597M | -60.51M | -70M | -80M | -545.65M | -235M | 75M | -67M | -125M | 28M | 54M | 27M | -2.33B | -26M |
| Cash from Financing | -194.43M | -3.02B | 926.85M | -930.65M | 1.54B | -1.31B | 1.44B | -2.38B | 402M | -1.84B | -2.18B | -2.13B | -622M | -2.35B | -570M | -4.16B | -3.89B | -5.29B | -562M | -10.4B |
| Debt Issued (Net) | 73.15M | -161.33M | 417.2M | 601.25M | 1.6B | 661.26M | 1.44B | -714.25M | 516M | 767M | -29.73M | 90M | 874M | 214M | 398M | -346M | -1.29B | -11M | 173M | -166M |
| Equity Issued (Net) | -139.89M | -73.44M | 0 | 0 | 0 | 0 | 5.21M | -5.81M | -114M | -275M | -34.08M | -546M | -1.36B | -763M | -966M | -686M | -2.6B | -1.79B | -701M | -2.84B |
| Dividends Paid | -76.45M | -2.75B | -132.61M | -1.49B | -28.07M | -1.94B | 52.37M | -1.61B | 38.5M | -2.33B | -2.04B | -1.68B | 0 | -1.79B | 0 | -3.12B | 0 | -3.48B | 0 | -7.39B |
| Share Repurchases | -139.89M | -73.44M | 0 | 0 | 0 | 0 | 5.21M | -5.81M | -114M | -275M | -34.08M | -546M | -1.36B | -763M | -966M | -686M | -2.6B | -1.79B | -701M | -2.84B |
| Other Financing | -51.24M | -35.39M | 642.26M | -42.33M | -32.87M | -29.75M | -57.57M | -47.08M | -38.5M | 0 | -83.8M | 0 | -135M | -3M | -2M | -3M | -4M | -14M | -34M | -6M |
| Net Change in Cash | 495.52M | -2.32B | 1.51B | 380.71M | 1.55B | -999.7M | 357M | -1.89B | 2.69B | 181M | 237.11M | -1.02B | 278M | -31M | -446M | -2B | -1.88B | -2.66B | 864M | -2.79B |
| Free Cash Flow | 1.24B | 699.93M | 722.98M | 1.2B | 732.45M | 423.91M | 586M | 196.64M | -117M | 2.18B | 2.64B | 1.4B | 692M | 2.48B | 125M | 2.17B | 2.28B | 1.47B | 243M | 7.85B |
| FCF Margin % | 11.81% | 7.56% | 6.54% | 11.5% | 8.32% | 5.22% | 6.1% | 2.06% | -1.18% | 25.78% | 20.29% | 13.2% | 7.15% | 29.4% | 1.05% | 21.82% | 20.4% | 13.61% | 1.85% | 63.68% |
| FCF Growth % | 69.21% | 65.11% | 23.38% | 508.53% | 726.03% | -80.56% | -77.81% | -85.97% | -116.91% | -12.06% | 2012.31% | -35.3% | -69.6% | 68.59% | -48.56% | -72.4% | -65.63% | -75.65% | -95.19% | 100.72% |
| FCF per Share | 0.29 | 0.16 | 0.17 | 0.28 | 0.17 | 0.10 | 0.14 | 0.05 | -0.03 | 0.51 | 0.61 | 0.32 | 0.16 | 0.56 | 0.03 | 0.48 | 0.49 | 0.31 | 0.05 | 1.54 |
| FCF Conversion (FCF/Net Income) | 1.85x | 1.00x | -0.74x | 0.97x | 0.90x | 1.21x | -3.85x | 0.65x | 0.44x | 2.13x | 1.98x | 1.01x | 2.13x | 1.97x | 0.52x | 0.76x | 0.58x | 0.58x | 0.35x | 2.33x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |