Revenue growth is highly volatile, swinging from -26.2% to +19.2% over the last ten quarters, while net margin has been severely compressed to a trailing 6.47% due to significant non-operational provisions.
Vale S.A. (VALE) annual income statement — 26-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 41.22B | 38.23B | 38.06B | 41.78B | 43.84B | 54.5B | 39.55B | 35.98B | 36.58B | 33.97B | 27.49B | 25.61B | 38.24B | 46.77B | 47.69B | 58.99B | 45.29B | 27.8B | 37.43B | 32.24B | 19.65B | 14.55B | 8.07B | 5.35B | 4.12B | 3.99B | 3.94B |
| Revenue Growth % | 14.24% | 0.46% | -8.92% | -4.69% | -19.56% | 37.82% | 9.9% | -1.62% | 7.68% | 23.57% | 7.34% | -33.02% | -18.24% | -1.94% | -19.15% | 30.24% | 62.93% | -25.72% | 16.08% | 64.07% | 35.07% | 80.37% | 50.77% | 29.76% | 3.33% | 1.4% | - |
| Cost of Goods Sold | 27.07B | 25.09B | 24.27B | 24.09B | 24.03B | 21.73B | 17.56B | 19.02B | 22.11B | 21.04B | 17.65B | 20.51B | 25.76B | 24.25B | 26.48B | 23.57B | 18.81B | 15.89B | 17.64B | 16.46B | 10.15B | 6.98B | 4.08B | 3.13B | 2.26B | 2.33B | 2.43B |
| COGS % of Revenue | - | 65.63% | 63.76% | 57.65% | 54.81% | 39.87% | 44.42% | 52.85% | 60.45% | 61.94% | 64.21% | 80.1% | 67.37% | 51.84% | 55.52% | 39.96% | 41.54% | 57.16% | 47.14% | 51.06% | 51.64% | 47.98% | 50.6% | 58.47% | 54.89% | 58.32% | 61.73% |
| Gross Profit | 14.15B | 13.14B | 13.79B | 17.7B | 19.81B | 32.77B | 21.98B | 16.97B | 14.47B | 12.93B | 9.84B | 5.1B | 12.47B | 22.52B | 21.21B | 35.42B | 26.48B | 11.91B | 19.79B | 15.78B | 9.5B | 7.57B | 3.98B | 2.22B | 1.86B | 1.66B | 1.51B |
| Gross Margin % | 34.32% | 34.37% | 36.24% | 42.35% | 45.19% | 60.13% | 55.58% | 47.15% | 39.55% | 38.06% | 35.79% | 19.9% | 32.63% | 48.16% | 44.48% | 60.04% | 58.46% | 42.84% | 52.86% | 48.94% | 48.36% | 52.02% | 49.4% | 41.53% | 45.11% | 41.68% | 38.27% |
| Gross Profit Growth % | - | -4.73% | -22.06% | -10.68% | -39.55% | 49.1% | 29.55% | 17.29% | 11.9% | 31.41% | 93.05% | -59.15% | -44.61% | 6.18% | -40.11% | 33.76% | 122.34% | -39.81% | 25.39% | 66.02% | 25.58% | 89.91% | 79.34% | 19.46% | 11.85% | 10.42% | - |
| Operating Expenses | 2.47B | 2.06B | 3B | 3.49B | 2.6B | 5.08B | 9.16B | 13.14B | 1.61B | 1.7B | 1.65B | 2.48B | 3.98B | 5.01B | 7.25B | 5.3B | 2.58B | 4.35B | 2.83B | 1.98B | 1.3B | 1.34B | 862M | 578M | 431M | 734M | 580M |
| OpEx % of Revenue | - | 5.38% | 7.89% | 8.35% | 5.94% | 9.32% | 23.16% | 36.51% | 4.41% | 5.02% | 6% | 9.7% | 10.4% | 10.71% | 15.21% | 8.99% | 5.69% | 15.66% | 7.57% | 6.13% | 6.6% | 9.2% | 10.69% | 10.8% | 10.45% | 18.4% | 14.74% |
| Selling, General & Admin | 626.24M | 566.7M | 566M | 506M | 474M | 439M | 442M | 1.6B | 461M | 531M | 374M | 503M | 1.1B | 1.08B | 1.97B | 2.33B | 1.7B | 1.36B | 1.75B | 1.25B | 816M | 693M | 709M | 297M | 381M | 691M | 225M |
| SG&A % of Revenue | - | 1.48% | 1.49% | 1.21% | 1.08% | 0.81% | 1.12% | 4.45% | 1.26% | 1.56% | 1.36% | 1.96% | 2.87% | 2.32% | 4.13% | 3.96% | 3.76% | 4.88% | 4.67% | 3.86% | 4.15% | 4.76% | 8.79% | 5.55% | 9.24% | 17.32% | 5.72% |
| Research & Development | 860.86M | 688.77M | 790M | 720.34M | 660M | 549M | 415M | 409.02M | 373M | 340M | 319M | 477M | 734M | 801M | 1.48B | 1.67B | 878M | 1.13B | 1.08B | 733M | 481M | 288M | 153M | 82M | 50M | 43M | 48M |
| R&D % of Revenue | - | 1.8% | 2.08% | 1.72% | 1.51% | 1.01% | 1.05% | 1.14% | 1.02% | 1% | 1.16% | 1.86% | 1.92% | 1.71% | 3.1% | 2.84% | 1.94% | 4.05% | 2.9% | 2.27% | 2.45% | 1.98% | 1.9% | 1.53% | 1.21% | 1.08% | 1.22% |
| Other Operating Expenses | 4M | 802.26M | 1.65B | 2.26B | 1.47B | 4.09B | 8.3B | 11.13B | -187M | -149M | -66M | 61M | -19M | -239M | -37M | 2.33B | 0 | 1.13B | 0 | 0 | 0 | 1.05B | 0 | 496M | 0 | 0 | 532M |
| Operating Income | 11.67B | 11.08B | 10.79B | 14.21B | 17.21B | 27.69B | 12.82B | 3.83B | 11.96B | 10.93B | 7.05B | -6.13B | 7.18B | 15.06B | 9.32B | 30.11B | 21.7B | -7.56B | 14.75B | 13.19B | 7.64B | 6.23B | 3.12B | 1.64B | 1.43B | 929M | 926M |
| Operating Margin % | 28.32% | 28.98% | 28.35% | 34% | 39.25% | 50.81% | 32.43% | 10.64% | 32.69% | 32.18% | 25.65% | -23.94% | 18.77% | 32.21% | 19.55% | 51.05% | 47.9% | -27.18% | 39.41% | 40.92% | 38.86% | 42.82% | 38.72% | 30.73% | 34.66% | 23.28% | 23.53% |
| Operating Income Growth % | - | 2.72% | -24.05% | -17.45% | -37.86% | 115.96% | 235.01% | -67.98% | 9.38% | 54.99% | 215.02% | -185.41% | -52.35% | 61.53% | -69.03% | 38.8% | 387.13% | -151.23% | 11.78% | 72.76% | 22.58% | 99.49% | 89.96% | 15.05% | 53.82% | 0.32% | - |
| EBITDA | 14.92B | 14.12B | 13.85B | 17.27B | 20.38B | 30.73B | 16.04B | 7.26B | 15.3B | 14.64B | 10.53B | -2.1B | 11.47B | 19.21B | 13.61B | 34.23B | 24.95B | -4.43B | 17.55B | 15.38B | 8.63B | 7.08B | 3.8B | 1.88B | 1.64B | 1.14B | 1.12B |
| EBITDA Margin % | 36.19% | 36.93% | 36.38% | 41.34% | 46.49% | 56.38% | 40.56% | 20.19% | 41.84% | 43.1% | 38.29% | -8.21% | 29.99% | 41.08% | 28.54% | 58.03% | 55.1% | -15.95% | 46.91% | 47.7% | 43.94% | 48.68% | 47.07% | 35.18% | 39.85% | 28.6% | 28.49% |
| EBITDA Growth % | 30.91% | 1.97% | -19.86% | -15.24% | -33.67% | 91.59% | 120.77% | -52.53% | 4.53% | 39.09% | 600.72% | -118.33% | -40.32% | 41.14% | -60.24% | 37.18% | 662.89% | -125.25% | 14.14% | 78.13% | 21.9% | 86.54% | 101.75% | 14.55% | 44% | 1.78% | - |
| D&A (Non-Cash Add-back) | 3.24B | 3.04B | 3.06B | 3.07B | 3.17B | 3.03B | 3.21B | 3.44B | 3.35B | 3.71B | 3.47B | 4.03B | 4.29B | 4.15B | 4.29B | 4.12B | 3.26B | 3.12B | 2.81B | 2.19B | 997M | 853M | 674M | 238M | 214M | 212M | 195M |
| EBIT | 6.81B | 6.33B | 8.01B | 12.49B | 20.57B | 31.09B | 9.35B | 14.47B | 8.55B | 10.6B | 10.03B | -16.79B | 4.25B | 8.96B | 5.81B | 29.52B | 22.96B | 8.68B | 14.98B | 17.75B | 9.17B | 5.98B | 3.67B | 1.64B | 1.43B | 929M | 926M |
| Net Interest Income | -1.13B | -1.13B | -981M | -1.51B | -752.05M | -1.72B | -2.63B | -3.39B | -2.62B | -3.18B | -2.06B | -957M | -2.69B | -2.15B | -2.22B | -2.01B | -2.11B | -1.18B | -1.16B | -2.22B | -1.01B | -437M | -589M | 0 | 0 | 0 | 0 |
| Interest Income | 450.67M | 431.2M | 155M | -176M | 439.93M | 226.46M | 125.24M | 248.94M | 423M | 481M | 96.39M | 965M | 401M | 103.73M | 124.81M | 718M | 290M | 381M | 602M | 295M | 327M | 123M | 82M | 0 | 0 | 0 | 0 |
| Interest Expense | 1.58B | 1.56B | 1.14B | 1.34B | 1.19B | 1.94B | 2.75B | 3.64B | 1.54B | 3.28B | 2.15B | 891M | 2.94B | 2.25B | 2.34B | 2.46B | 2.65B | 1.12B | 1.76B | 1.59B | 1.34B | 560M | 671M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -7B | -6.3B | -4.09B | -3.05B | 2.57B | 1.85B | -5.83B | -3.97B | -5.14B | -3.1B | -398.56M | -11.59B | -5.58B | -7.82B | -9.94B | -2.2B | -1.38B | 1.64B | -1.53B | 2.04B | -1.08B | -303M | -41.54M | 10M | -828M | 191M | -195M |
| Pretax Income | 4.67B | 4.78B | 6.7B | 11.15B | 19.78B | 29.54B | 6.99B | -143.06M | 6.82B | 7.83B | 7.98B | -17.72B | 1.55B | 7.24B | 3.92B | 26.8B | 20.31B | -8.79B | 13.22B | 15.23B | 7.83B | 5.93B | 3B | 1.65B | 601M | 1.12B | 731M |
| Pretax Margin % | 11.34% | 12.5% | 17.6% | 26.69% | 45.12% | 54.2% | 17.68% | -0.4% | 18.64% | 23.05% | 29.05% | -69.19% | 4.06% | 15.48% | 8.22% | 45.43% | 44.85% | -31.64% | 35.32% | 47.25% | 39.84% | 40.74% | 37.23% | 30.92% | 14.58% | 28.07% | 18.58% |
| Income Tax | 2.95B | 2.66B | 721M | 3.05B | 2.97B | 4.7B | 735M | -624.22M | -172M | 1.5B | 2.78B | -5.1B | 1.2B | 6.83B | -1.19B | 5.28B | 3.71B | 2.82B | 535M | 3.2B | 1.43B | 1.01B | 749M | 297M | -149M | -218M | -32M |
| Effective Tax Rate % | 63.15% | 55.75% | 10.77% | 27.32% | 15.02% | 15.9% | 10.52% | 436.35% | -2.52% | 19.1% | 34.83% | 28.78% | 77.27% | 94.37% | -30.44% | 19.71% | 18.24% | -32.1% | 4.05% | 21.01% | 18.29% | 17.11% | 24.94% | 17.96% | -24.79% | -19.46% | -4.38% |
| Net Income | 2.03B | 2.47B | 6.17B | 7.98B | 18.79B | 22.45B | 4.88B | -1.66B | 6.86B | 5.51B | 3.98B | -12.13B | 657M | 584M | 5.37B | 22.89B | 17.26B | 5.88B | 13.22B | 11.82B | 6.53B | 4.47B | 2.57B | 1.55B | 680M | 1.29B | 1.09B |
| Net Margin % | 4.92% | 6.47% | 16.2% | 19.11% | 42.86% | 41.18% | 12.34% | -4.61% | 18.76% | 16.21% | 14.49% | -47.36% | 1.72% | 1.25% | 11.27% | 38.79% | 38.12% | 21.13% | 35.32% | 36.68% | 33.22% | 30.72% | 31.9% | 28.93% | 16.49% | 32.26% | 27.6% |
| Net Income Growth % | -60.71% | -59.9% | -22.76% | -57.51% | -16.29% | 359.84% | 394.05% | -124.2% | 24.57% | 38.3% | 132.83% | -1946.12% | 12.5% | -89.13% | -76.52% | 32.56% | 193.85% | -55.55% | 11.78% | 81.14% | 46.04% | 73.73% | 66.21% | 127.65% | -47.16% | 18.51% | - |
| Net Income (Continuing) | 1.72B | 2.11B | 5.97B | 8.11B | 16.81B | 24.84B | 6.25B | 481.17M | 6.99B | 6.33B | 5.2B | -12.43B | 1.19B | 408M | 5.26B | 22.65B | 17.6B | 5.21B | 11.83B | 12.63B | 6.68B | 4.72B | 2.46B | 1.56B | 680M | 1.29B | 1.08B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -2.38B | -1.72B | -2.64B | -84.79M | 0 | 0 | 214.48M | 0 | -533.61M | -560.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 933.55M | 844.38M | 1.12B | 1.52B | 1.49B | 834M | -923M | -1.07B | 847M | 1.31B | 1.98B | 2.12B | 1.2B | 1.61B | 1.59B | 2.4B | 3.54B | 3.33B | 2.49B | 2.56B | 2.81B | 1.26B | 765M | 329M | 27M | 5M | 9M |
| EPS (Diluted) | 0.48 | 0.58 | 1.37 | 1.83 | 4.05 | 4.48 | 1.01 | -0.43 | 1.32 | 1.05 | 0.77 | -2.33 | 0.13 | 0.11 | 1.06 | 4.34 | 3.23 | 0.97 | 2.58 | 2.41 | 1.35 | 1.05 | 0.56 | 0.34 | 0.15 | 0.84 | 0.71 |
| EPS Growth % | -60.33% | -57.66% | -25.14% | -54.81% | -9.6% | 343.56% | 334.88% | -132.58% | 25.71% | 36.36% | 133.05% | -1892.31% | 18.18% | -89.62% | -75.58% | 34.37% | 232.99% | -62.4% | 7.05% | 78.52% | 28.57% | 87.5% | 64.71% | 126.67% | -82.14% | 18.31% | - |
| EPS (Basic) | - | 0.58 | 1.37 | 1.83 | 4.05 | 4.48 | 1.01 | -0.43 | 1.32 | 1.05 | 0.77 | -2.35 | 0.13 | 0.11 | 1.06 | 4.34 | 3.23 | 0.97 | 2.58 | 2.41 | 1.35 | 1.05 | 0.56 | 0.34 | 0.15 | 0.84 | 0.71 |
| Diluted Shares Outstanding | 4.27B | 4.27B | 4.27B | 4.37B | 4.64B | 5.01B | 5.13B | 5.13B | 5.2B | 5.2B | 5.2B | 5.2B | 5.15B | 5.15B | 5.11B | 5.25B | 5.25B | 5.36B | 5.06B | 4.89B | 4.85B | 4.61B | 4.61B | 4.61B | 4.62B | 4.62B | 4.62B |
| Basic Shares Outstanding | 4.26B | 4.27B | 4.23B | 4.37B | 4.64B | 5.01B | 5.13B | 5.13B | 5.18B | 5.2B | 5.2B | 5.15B | 5.15B | 5.15B | 5.11B | 5.25B | 5.25B | 5.36B | 5.06B | 4.89B | 4.85B | 4.61B | 4.61B | 4.61B | 4.62B | 4.62B | 4.62B |
| Dividend Payout Ratio | - | 144.57% | 62.16% | 70.14% | 35.14% | 60.07% | 68.63% | - | 48.29% | 26.44% | 6.28% | - | 639.27% | 770.55% | 111.67% | 39.33% | 17.38% | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VALE stock.
For fiscal year 2025, Vale S.A. (VALE) reported total revenue of $38.23B. This represents a 871.6% increase compared to $3.94B in 2000.
Vale S.A. (VALE) is profitable, generating $2.47B in net income for the fiscal year ending 2025 with a net profit margin of 6.5%.
Vale S.A. (VALE) reported an operating income of $11.08B, resulting in an operating profit margin of 29.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Vale S.A. (VALE) generated $13.14B in gross profit for the year, representing a gross profit margin of 34.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Chinese demand and legal overhang
Revenue Growth Volatile Amid Price Sensitivity
Vale's revenue growth has been highly erratic, swinging from -26.2% in 2024Q4 to +19.2% in 2026Q2, indicating that top-line performance is overwhelmingly driven by volatile iron ore prices rather than consistent volume growth.
The pattern of sharp decelerations followed by rebounds, such as the -11.2% contraction in 2025Q2 followed by an 8.9% recovery, underscores the company's extreme sensitivity to Chinese steel demand and benchmark pricing. This volatility makes durable growth forecasting challenging and highlights the cyclical nature of the core Iron Solutions business.
Gross Margin Resilience vs. Net Margin Erosion
Despite maintaining a structurally strong gross margin above 30% in most quarters, Vale's net margin has been severely compressed, falling to 6.47% on a trailing basis, suggesting significant non-operational costs are eroding profitability.
The persistent gap between the 28.98% operating margin and the 6.47% net margin points to substantial below-the-line items, likely related to legal provisions for the Renova Foundation and Brumadinho remediation. This indicates that while the core mining operation remains highly profitable, the company's earnings quality is heavily impacted by legacy liabilities.
Operating Leverage Demonstrated in Downturns
Vale exhibits strong operating leverage, as evidenced by operating income scaling from $1.8B to $3.4B on a 28% revenue increase between 2025Q1 and 2025Q3, reflecting the high fixed-cost nature of its mining and logistics infrastructure.
This leverage works both ways; during periods of revenue contraction, such as 2025Q2, operating income fell disproportionately. The efficiency of the fixed-cost base is a key driver of profitability during upcycles, but it also amplifies earnings volatility when commodity prices soften.
Net Income Distorted by Provisions and Non-Operational Items
The reported net income is of low quality due to massive, non-cash charges, exemplified by the $3.9 billion net loss in 2025Q4 despite a $4.1 billion gross profit, which appears to stem from large legal or environmental provisions.
Investors should treat the statutory net income and EPS figures with caution, as they are frequently distorted by multi-billion dollar adjustments related to Brazilian tax disputes and disaster-related settlements. The true operational earnings power is better reflected in the operating income and EBITDA metrics.
Cost Discipline Tested by Logistics and Legacy Liabilities
While Vale demonstrates control over direct mining costs, its cost structure is dominated by freight and logistics, and the bottom line is burdened by recurring, non-operational provisions that appear as significant expenses.
The company's reported COGS includes the variable cost of production, but the primary cost pressure comes from the C3 freight route and fixed overhead. Furthermore, the significant non-operational expenses that separate operating income from net income represent a persistent, structural cost that management must navigate.
Margin Compression Risk from Freight and Liabilities
The strongest challenge to Vale's income statement narrative is the risk of permanent margin compression from rising C3 freight rates and the potential for further large-scale legal provisions, which could sustain the gap between operating and net profitability.
A sustained increase in maritime freight costs would directly erode Vale's competitive advantage against Australian peers with shorter shipping distances. Additionally, the history of multi-billion dollar provisions suggests that the current net margin may not represent a floor, and further settlements could continue to suppress reported earnings.