Vale S.A. (VALE) Cash Flow Statement
Where VALE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $9.04B −3.8% vs 2024
- Capital expenditures
- $5.98B 15.6% of revenue
- Free cash flow
- $3.06B 8.0% margin
- Returned to shareholders
- $3.57B 117% of free cash flow
- Change in cash
- $2.44B cash at year-end $7.40B
Drawn to scale: where the cash came from and how it was used. Hover for values.
VALE operating cash flow, capex and free cash flow
VALE cash flow trends, 2024–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $9.39B2024 | $9.04B2025 | −3.8%/yr | |
| Capital expenditures | $6.51B2024 | $5.98B2025 | −8.2%/yr | |
| Free cash flow | $2.88B2024 | $3.06B2025 | +6.1%/yr | |
| Free cash flow margin | 7.6%2024 | 8.0%2025 | +0.4 pts | |
| Operating cash flow / net income | 1.602024 | 3.652025 | +2.05 | |
| Dividends paid | $3.83B2024 | $3.57B2025 | −6.7%/yr | |
| Share buybacks (net) | $381.0M2024 | $02025 | −100.0% | |
| Capex / revenue | 17.1%2024 | 15.6%2025 | −1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VALE cash flow by activity
VALE net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VALE cash flow statement
| 2025 | 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | $2.47B | $5.86B |
| Depreciation & amortization | $3.04B | $2.79B |
| Stock-based compensation | — | $9.2M |
| Change in working capital | −$2.50B | −$1.42B |
| Other non-cash items | $6.03B | $2.15B |
| Cash from operating activities | $9.04B | $9.39B |
| Investing activities | ||
| Capital expenditures | −$5.98B | −$6.51B |
| Investments (net) | $337.0M | −$5.37B |
| Acquisitions & other investing | −$1.55B | $6.09B |
| Cash from investing activities | −$7.19B | −$5.79B |
| Financing activities | ||
| Dividends paid | −$3.57B | −$3.83B |
| Share repurchases & issuance (net) | $0 | −$381.0M |
| Net borrowing (repayment) | $3.83B | $2.05B |
| Shares issued | $0 | $0 |
| Other financing | −$34.5M | $38.5M |
| Cash from financing activities | $221.8M | −$2.13B |
| Summary | ||
| Net change in cash | $2.44B | $758.9M |
| Cash at end of period | $7.40B | $4.96B |
| Free cash flow | $3.06B | $2.88B |
| Free cash flow margin | 8.0% | 7.6% |
| Capex / revenue | 15.6% | 17.1% |
| Operating cash flow / net income | 3.65 | 1.60 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $1.35B | $1.89B | −$3.90B | $2.68B | $2.13B | $1.40B | −$901.0M |
| Depreciation & amortization | $785.8M | $811.8M | $952.6M | $693.4M | $780.0M | $704.0M | $802.0M |
| Stock-based compensation | — | — | — | — | — | — | $9.2M |
| Change in working capital | −$326.5M | −$1.05B | −$982.1M | −$696.4M | −$414.6M | −$419.8M | $726.0M |
| Other non-cash items | $687.6M | $231.0M | $6.83B | −$89.3M | −$582.0M | $2.2M | $2.28B |
| Cash from operating activities | $2.50B | $1.89B | $2.90B | $2.59B | $1.92B | $1.68B | $2.91B |
| Investing activities | |||||||
| Capital expenditures | −$1.26B | −$1.19B | −$2.17B | −$1.39B | −$1.18B | −$1.26B | −$2.33B |
| Investments (net) | $59.0M | $58.0M | $143.0M | −$1.24B | −$2.00B | −$1.37B | −$3.76B |
| Acquisitions & other investing | −$669.2M | −$170.1M | −$404.0M | $1.28B | $1.13B | $1.24B | $2.33B |
| Cash from investing activities | −$1.87B | −$1.30B | −$2.43B | −$1.35B | −$2.05B | −$1.39B | −$3.76B |
| Financing activities | |||||||
| Dividends paid | −$76.5M | −$2.75B | −$132.6M | −$1.49B | −$28.1M | −$1.94B | −$52.4M |
| Share repurchases & issuance (net) | −$139.9M | −$73.4M | $0 | $0 | $0 | $0 | $5.2M |
| Net borrowing (repayment) | $31.0M | −$189.0M | $1.07B | $508.0M | $1.61B | $641.0M | $1.44B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$9.1M | −$7.7M | −$9.5M | $50.9M | −$46.3M | −$9.5M | $47.2M |
| Cash from financing activities | −$194.4M | −$3.02B | $926.8M | −$930.6M | $1.54B | −$1.31B | $1.44B |
| Summary | |||||||
| Net change in cash | $495.5M | −$2.32B | $1.51B | $380.7M | $1.55B | −$999.7M | $357.0M |
| Cash at end of period | $5.58B | $5.08B | $7.40B | $5.89B | $5.51B | $3.96B | $4.95B |
| Free cash flow | $1.24B | $699.9M | $723.0M | $1.20B | $732.5M | $423.9M | $586.0M |
| Free cash flow margin | 11.8% | 7.6% | 6.5% | 11.5% | 8.3% | 5.2% | 6.1% |
| Capex / revenue | 12.0% | 12.8% | 19.6% | 13.4% | 13.4% | 15.5% | 24.2% |
| Operating cash flow / net income | 1.85 | 1.00 | — | 0.97 | 0.90 | 1.21 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
VALE cash generation
In fiscal 2025 (ended December 31, 2025), Vale generated $9.0 billion of cash from operations (down 3.8%) and spent $6.0 billion on capital expenditures, leaving free cash flow of $3.1 billion, 8.0% of revenue. It returned $3.6 billion to shareholders through dividends ($3.6 billion) and net share buybacks ($0). Cash and equivalents rose by $2.4 billion over the year.
Related: VALE income statement, VALE balance sheet, VALE dividend history. See the VALE stock overview for the latest quote and news.
VALE cash flow FAQ
What is Vale's free cash flow?
Vale's free cash flow was $3.1 billion in fiscal 2025: $9.0 billion of operating cash flow minus $6.0 billion of capital expenditures It was $2.9 billion a year earlier..
How much cash does Vale generate from operations?
Vale generated $9.0 billion of cash from operating activities in fiscal 2025, 3.65 times its net income of $2.5 billion.
How much does Vale spend on capital expenditures?
Vale spent $6.0 billion on capital expenditures in fiscal 2025, 15.6% of revenue, compared with $6.5 billion the year before.
How much does Vale pay in dividends?
Vale paid $3.6 billion in dividends in fiscal 2025, 116.8% of free cash flow.