VALE
Vale S.A.
Stock
$13.76+0.31 (+2.30%)Close Oct 2, 2026
Income statement
| Line | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.4B | $38.1B | $41.8B | $43.8B | $54.5B | $39.5B | $36.5B | $36.6B | $34.0B | $27.5B | $23.4B | $48.8B | $62.3B | $48.2B | $23.9B | $38.5B | $33.1B |
| Cost of revenue | $24.9B | $24.3B | $24.1B | $24.0B | $21.7B | $17.6B | $19.3B | $22.1B | $21.0B | $17.7B | $18.8B | — | — | — | — | — | — |
| Gross profit | $13.5B | $13.8B | $17.7B | $19.8B | $32.8B | $22.0B | $17.2B | $14.5B | $12.9B | $9.8B | $4.6B | — | — | — | — | — | — |
| R&D | $693M | $790M | $723M | $660M | $549M | $415M | $413M | $373M | $340M | $319M | $395M | $1.5B | $1.7B | $878M | $981M | $1.1B | $733M |
| SG&A | $641M | $622M | $553M | $515M | $481M | $491M | $474M | $523M | $531M | $507M | $612M | $2.2B | $2.3B | $1.7B | $1.1B | $1.7B | $1.2B |
| Other operating expenses | $6.2B | $1.6B | $2.2B | $1.4B | $4.1B | $8.3B | $12.5B | $1.6B | $1.1B | $2.0B | $9.9B | — | — | — | — | — | — |
| Operating income | $5.9B | $10.8B | $14.2B | $17.2B | $27.7B | $12.8B | $3.9B | $12.0B | $10.9B | $7.1B | −$6.2B | $9.2B | $30.1B | $21.7B | $6.1B | $14.7B | $13.2B |
| Non-operating income | −$1.2B | −$4.1B | −$3.1B | $2.6B | $1.8B | −$5.8B | −$4.0B | −$5.1B | −$3.1B | $932M | −$11.4B | −$3.8B | −$3.3B | −$1.4B | $1.1B | −$1.5B | $2.0B |
| Pretax income | $4.7B | $6.7B | $11.2B | $19.8B | $29.5B | $7.0B | −$156M | $6.8B | $7.8B | $8.0B | −$17.7B | $5.4B | $26.8B | $20.3B | $7.1B | $13.2B | $15.2B |
| Taxes | $2.3B | $530M | $3.2B | $993M | $7.1B | $2.1B | $1.5B | −$44M | $2.3B | $4.0B | −$5.6B | −$89M | $3.9B | $3.1B | $1.8B | −$1.0M | $3.4B |
| Net income | $2.4B | $6.2B | $8.0B | $18.8B | $22.4B | $4.9B | −$1.7B | $6.9B | $5.5B | $4.0B | −$12.1B | $5.5B | $22.9B | $17.3B | $5.3B | $13.2B | $11.8B |
| Diluted shares | 4.3M | 4.3M | 4.4M | 4.6M | 5.0M | 5.1M | 5.1M | 5.2M | 5.2M | 5.2M | 5.2M | — | 5.2M | 5.3M | 5.4M | 5.1M | — |
| Revenue growth | +0.9% | −8.9% | −4.7% | −19.6% | +37.8% | +8.2% | −0.1% | +7.7% | +23.6% | +17.6% | — | −21.8% | +29.3% | +101.4% | −37.8% | +16.3% | — |
| Gross margin | 35.0% | 36.2% | 42.3% | 45.2% | 60.1% | 55.6% | 47.2% | 39.6% | 38.1% | 35.8% | 19.8% | — | — | — | — | — | — |
| Operating margin | 15.4% | 28.3% | 34.0% | 39.3% | 50.8% | 32.4% | 10.7% | 32.7% | 32.2% | 25.7% | −26.6% | 18.9% | 48.3% | 45.0% | 25.3% | 38.3% | 39.8% |
| Net margin | 6.1% | 16.2% | 19.1% | 42.9% | 41.2% | 12.3% | −4.6% | 18.8% | 16.2% | 14.5% | −51.9% | 11.3% | 36.7% | 35.8% | 22.3% | 34.3% | 35.7% |