Vale S.A. (BVMF:VALE3)

Vale S.A. Income Statement

Financials in millions BRL. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	214,864	213,595	206,005	208,066	226,508	293,524
Revenue Growth (YoY)	1.58%	3.68%	-0.99%	-8.14%	-22.83%	42.42%
Cost of Revenue	139,499	138,887	131,318	120,016	124,195	117,267
Gross Profit	75,365	74,708	74,687	88,050	102,313	176,257
Selling, General & Admin	3,256	3,566	3,397	2,758	2,658	2,601
Research & Development	-34	-	-	-	3,411	2,964
Other Operating Expenses	10,820	10,567	13,241	7,921	8,131	15,922
Operating Expenses	14,042	14,133	16,638	10,679	16,666	24,954
Operating Income	61,323	60,575	58,049	77,371	85,647	151,303
Interest Expense	-15,526	-15,349	-14,753	-14,885	-4,296	-7,875
Interest & Investment Income	2,415	2,409	1,776	1,547	2,272	1,222
Earnings From Equity Investments	-1,325	-1,170	-1,570	-5,434	1,616	-6,947
Currency Exchange Gain (Loss)	1,201	-	-	-	3,058	25,085
Other Non Operating Income (Expenses)	5,997	7,998	-7,983	3,726	10,912	-815
EBT Excluding Unusual Items	54,085	54,463	35,519	62,325	99,209	161,973
Merger & Restructuring Charges	-	-	-	-	-	-49
Gain (Loss) on Sale of Assets	-25,147	-25,147	510	-1,317	-	-1,071
Asset Writedown	828	-	-	-	3,833	-583
Legal Settlements	105	-	-	-	-793	-531
Other Unusual Items	-2,367	-2,623	-1,805	-5,454	-568	-592
Pretax Income	27,504	26,693	34,224	55,554	101,704	159,147
Income Tax Expense	13,667	14,882	3,793	15,000	15,185	25,320
Earnings From Continuing Operations	13,837	11,811	30,431	40,554	86,519	133,827
Earnings From Discontinued Operations	-	-	-	-	9,818	-12,484
Net Income to Company	13,837	11,811	30,431	40,554	96,337	121,343
Minority Interest in Earnings	1,766	2,003	1,161	-614	-413	-115
Net Income	15,603	13,814	31,592	39,940	95,924	121,228
Net Income to Common	15,603	13,814	31,592	39,940	95,924	121,228
Net Income Growth	-50.41%	-56.27%	-20.90%	-58.36%	-20.87%	353.82%
Shares Outstanding (Basic)	4,269	4,269	4,275	4,366	4,638	5,012
Shares Outstanding (Diluted)	4,275	4,275	4,280	4,370	4,642	5,017
Shares Change (YoY)	-0.02%	-0.12%	-2.06%	-5.87%	-7.46%	-2.20%
EPS (Basic)	3.66	3.24	7.39	9.15	20.68	24.19
EPS (Diluted)	3.65	3.23	7.38	9.15	20.68	24.18
EPS Growth	-50.40%	-56.23%	-19.32%	-55.77%	-14.46%	364.32%
Free Cash Flow	16,542	15,375	15,101	36,459	30,017	109,465
Free Cash Flow Per Share	3.87	3.60	3.53	8.34	6.47	21.82
Dividend Per Share	5.477	5.477	4.757	6.987	5.691	14.094
Dividend Growth	15.13%	15.13%	-31.92%	22.78%	-59.62%	111.33%
Gross Margin	35.08%	34.98%	36.25%	42.32%	45.17%	60.05%
Operating Margin	28.54%	28.36%	28.18%	37.19%	37.81%	51.55%
Profit Margin	7.26%	6.47%	15.34%	19.20%	42.35%	41.30%
Free Cash Flow Margin	7.70%	7.20%	7.33%	17.52%	13.25%	37.29%
EBITDA	77,895	76,864	73,268	92,671	102,033	167,682
EBITDA Margin	36.25%	35.99%	35.57%	44.54%	45.05%	57.13%
D&A For EBITDA	16,572	16,289	15,219	15,300	16,386	16,379
EBIT	61,323	60,575	58,049	77,371	85,647	151,303
EBIT Margin	28.54%	28.36%	28.18%	37.19%	37.81%	51.55%
Effective Tax Rate	49.69%	55.75%	11.08%	27.00%	14.93%	15.91%
Advertising Expenses	-	-	-	-	114	145

Source: S&P Global Market Intelligence. Standard template. Financial Sources.