Vale S.A. (VALE) Income Statement
VALE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVALE revenue and net income
Where VALE's revenue goes
2025Each bar shows an amount and its share of revenue. VALE kept 6.5% of revenue as net income.
VALE profit margins
VALE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +0.5% | — | — | — |
| Gross profit | −4.7% | — | — | — |
| Operating income | +2.7% | — | — | — |
| Net income | −59.9% | — | — | — |
| EPS (diluted) | −62.7% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VALE quarterly EPS vs estimates
Vale beat the analyst EPS estimate in 2 of the last 7 quarters. Next report: October 29, 2026 (estimate $0.37).
VALE income statement
| 2025 | 2024 | |
|---|---|---|
| Revenue | $38.23B | $38.06B |
| Cost of revenue | $25.09B | $24.27B |
| Gross profit | $13.14B | $13.79B |
| Research & development | $688.8M | $790.0M |
| Sales, general & admin | $569.0M | $566.0M |
| Total operating expenses | $2.06B | $3.00B |
| Operating income | $11.08B | $10.79B |
| Interest income | $68.0M | $94.0M |
| Interest expense | $1.56B | $1.14B |
| Income before taxes | $4.78B | $6.70B |
| Income taxes | $2.66B | $721.0M |
| Net income | $2.47B | $6.17B |
| EBITDA | $9.37B | $10.81B |
| EPS (diluted) | $0.59 | $1.58 |
| Gross margin | 34.4% | 36.2% |
| Operating margin | 29.0% | 28.3% |
| Net margin | 6.5% | 16.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Revenue | $10.49B | $9.26B | $11.06B | $10.41B | $8.80B | $8.12B | $9.60B |
| Cost of revenue | $7.27B | $6.20B | $6.98B | $6.61B | $6.08B | $5.45B | $5.94B |
| Gross profit | $3.22B | $3.06B | $4.08B | $3.79B | $2.72B | $2.67B | $3.66B |
| Research & development | $185.2M | $130.3M | $394.8M | $150.5M | $159.0M | $123.0M | $253.0M |
| Sales, general & admin | $159.0M | $142.0M | $182.0M | $142.0M | $124.0M | $121.0M | $183.0M |
| Total operating expenses | $547.2M | $385.6M | $1.17B | $374.4M | $715.0M | $869.0M | $2.67B |
| Operating income | $2.67B | $2.67B | $2.91B | $3.42B | $2.00B | $1.80B | $990.5M |
| Interest income | $219.0M | $18.0M | $5.0M | $28.0M | $17.0M | $56.0M | $20.0M |
| Interest expense | $356.6M | $406.4M | $442.8M | $373.7M | $379.2M | $330.4M | $508.0M |
| Income before taxes | $1.76B | $2.45B | −$2.15B | $2.61B | $2.10B | $2.04B | −$901.0M |
| Income taxes | $366.7M | $509.9M | $2.16B | −$81.5M | −$32.0M | $647.0M | −$29.0M |
| Net income | $1.35B | $1.89B | −$3.90B | $2.68B | $2.12B | $1.39B | −$756.2M |
| EBITDA | $3.46B | $3.67B | $3.86B | $3.68B | $3.31B | $3.03B | $3.55B |
| EPS (diluted) | $0.36 | $0.44 | −$0.90 | $0.64 | $0.50 | $0.35 | $0.20 |
| Gross margin | 30.7% | 33.0% | 36.9% | 36.4% | 30.9% | 32.9% | 38.1% |
| Operating margin | 25.5% | 28.8% | 26.3% | 32.8% | 22.8% | 22.2% | 10.3% |
| Net margin | 12.9% | 20.4% | −35.3% | 25.8% | 24.0% | 17.2% | −7.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VALE's financial statements (latest annual report filed March 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VALE financial results
In fiscal year 2025 (ended December 31, 2025), Vale reported revenue of $38.2 billion, up 0.5% from the year before. It had net income of $2.5 billion (down 59.9%), a net profit margin of 6.5%. Diluted earnings per share came to $0.59.
See the VALE stock overview for the latest quote and news, or the VALE chart for price history and technical indicators.
VALE income statement FAQ
What is Vale's annual revenue?
Vale reported total revenue of $38.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 0.5% from $38.1 billion the previous year.
Is Vale profitable?
Yes. Vale reported net income of $2.5 billion in fiscal 2025, a net profit margin of 6.5%; its operating margin was 29.0%.
What is Vale's gross margin?
Vale's gross margin was 34.4% in fiscal 2025: for every $100 of revenue, Vale kept $34 after the direct cost of its products and services.
How much does Vale spend on research and development?
Vale spent $688.8 million on research and development in fiscal 2025, 1.8% of revenue.
What are Vale's earnings per share?
Vale earned $0.59 per diluted share in fiscal 2025, compared with $1.58 a year earlier.
When will Vale report its next earnings?
Vale is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does Vale's fiscal year end?
Vale's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 27, 2026.