Vale S.A. (VALE) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 9.26B | 11.06B | 10.41B | 8.8B | 8.12B | 9.6B | 9.55B | 9.92B | 8.46B | 13.02B | 10.62B | 9.67B | 8.43B | 11.87B | 9.93B | 11.16B | 10.81B | 13.15B | 12.33B | 16.51B |
| Revenue Growth % | 14.07% | 15.17% | 8.93% | -11.25% | -4.02% | -26.21% | -10.07% | 2.55% | 0.3% | 9.68% | 6.99% | -13.3% | -21.99% | -9.76% | -19.47% | -32.44% | -13.87% | -10.96% | 14.57% | 119.66% |
| Cost of Goods Sold | 6.2B | 6.98B | 6.61B | 6.08B | 5.45B | 5.94B | 6.28B | 6.35B | 5.37B | 6.91B | 6.31B | 5.94B | 4.95B | 7.11B | 6.3B | 5.95B | 4.62B | 6.51B | 5.47B | 5.46B |
| COGS % of Revenue | 66.99% | 63.12% | 63.56% | 69.12% | 67.14% | 61.89% | 65.75% | 64% | 63.45% | 53.08% | 59.39% | 61.41% | 58.68% | 59.94% | 63.46% | 53.33% | 42.75% | 49.5% | 44.38% | 33.09% |
| Gross Profit | 3.06B | 4.08B | 3.79B | 2.72B | 2.67B | 3.66B | 3.27B | 3.57B | 3.09B | 6.11B | 4.31B | 3.73B | 3.48B | 4.75B | 3.63B | 5.21B | 6.19B | 6.64B | 6.86B | 11.05B |
| Gross Margin % | 33.01% | 36.88% | 36.44% | 30.88% | 32.86% | 38.11% | 34.25% | 36% | 36.55% | 46.92% | 40.61% | 38.59% | 41.32% | 40.06% | 36.54% | 46.67% | 57.25% | 50.5% | 55.62% | 66.91% |
| Gross Profit Growth % | 14.58% | 11.44% | 15.89% | -23.86% | -13.71% | -40.06% | -24.15% | -4.34% | -11.28% | 28.45% | 18.91% | -28.31% | -43.7% | -28.42% | -47.1% | -52.87% | -25.02% | -26.5% | 15.34% | 234.21% |
| Operating Expenses | 385.63M | 1.17B | 374.41M | 715M | 869M | 2.67B | -403M | -304M | 644M | 939.87M | 1.04B | 861M | 604M | 1.28B | 805M | 916M | -410M | 2.81B | 669M | 763M |
| OpEx % of Revenue | 4.16% | 10.55% | 3.6% | 8.12% | 10.7% | 27.8% | -4.22% | -3.06% | 7.61% | 7.22% | 9.78% | 8.9% | 7.16% | 10.83% | 8.11% | 8.21% | -3.79% | 21.37% | 5.43% | 4.62% |
| Selling, General & Admin | 141.74M | 183.32M | 141.69M | 124M | 121M | 183M | 452.21M | 128M | 130M | 136M | 138M | 125M | 118M | 271.25M | 110M | 115M | 110M | 361.4M | 103M | 122M |
| SG&A % of Revenue | 1.53% | 1.66% | 1.36% | 1.41% | 1.49% | 1.91% | 4.73% | 1.29% | 1.54% | 1.04% | 1.3% | 1.29% | 1.4% | 2.29% | 1.11% | 1.03% | 1.02% | 2.75% | 0.84% | 0.74% |
| Research & Development | 130.32M | 394.81M | 150.5M | 159M | 123M | 253M | 192M | 189M | 156M | 230.43M | 188M | 165M | 139M | 216.96M | 170M | 151M | 121M | 531.61M | 135M | 139M |
| R&D % of Revenue | 1.41% | 3.57% | 1.45% | 1.81% | 1.52% | 2.63% | 2.01% | 1.91% | 1.84% | 1.77% | 1.77% | 1.71% | 1.65% | 1.83% | 1.71% | 1.35% | 1.12% | 4.04% | 1.09% | 0.84% |
| Other Operating Expenses | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K |
| Operating Income | 2.67B | 2.91B | 3.42B | 2B | 1.8B | 990.52M | 3.67B | 3.88B | 2.45B | 5.17B | 3.27B | 2.87B | 2.88B | 3.47B | 2.82B | 4.29B | 6.6B | 3.83B | 6.19B | 10.29B |
| Operating Margin % | 28.84% | 26.33% | 32.84% | 22.76% | 22.16% | 10.31% | 38.47% | 39.06% | 28.94% | 39.7% | 30.83% | 29.69% | 34.16% | 29.24% | 28.43% | 38.46% | 61.04% | 29.14% | 50.19% | 62.29% |
| Operating Income Growth % | 48.49% | 193.98% | -7.01% | -48.28% | -26.51% | -80.83% | 12.21% | 34.92% | -15.03% | 48.92% | 16.01% | -33.07% | -56.35% | -9.45% | -54.39% | -58.28% | -13.85% | 113.46% | 23.76% | 393.57% |
| EBITDA | 3.48B | 3.86B | 4.11B | 2.78B | 2.5B | 1.68B | 4.42B | 3.88B | 3.16B | 5.98B | 4.04B | 3.65B | 3.54B | 4.31B | 3.6B | 5.1B | 7.29B | 4.62B | 6.84B | 11.12B |
| EBITDA Margin % | 37.61% | 34.94% | 39.5% | 31.62% | 30.83% | 17.54% | 46.3% | 39.15% | 37.38% | 45.98% | 38% | 37.74% | 41.94% | 36.31% | 36.24% | 45.72% | 67.39% | 35.14% | 55.46% | 67.32% |
| EBITDA Growth % | 39.16% | 129.35% | -7.06% | -28.32% | -20.84% | -71.85% | 9.56% | 6.38% | -10.6% | 38.92% | 12.2% | -28.43% | -51.45% | -6.76% | -47.38% | -54.12% | -13.18% | 75.49% | 18.41% | 284.57% |
| D&A (Non-Cash Add-back) | 811.79M | 952.55M | 693.38M | 780M | 704M | 694.47M | 748M | 9M | 714M | 818M | 762.11M | 779M | 656M | 838.72M | 775M | 810M | 686M | 788.99M | 649M | 832M |
| EBIT | 2.67B | 2.91B | 2.98B | 2.52B | 2.33B | 2.75B | 3B | 3.26B | 2.39B | 4.63B | 3.28B | 3.01B | 2.62B | 2.95B | 5.44B | 5.37B | 7.01B | 6.02B | 6.14B | 10.68B |
| Net Interest Income | -296.03M | -323.82M | -253.27M | -284.46M | -232.22M | -355.72M | -265.26M | -266.07M | -244.17M | -282.49M | -249.67M | -276.32M | -193.56M | 175.73M | -78.35M | -205.58M | -415M | -187M | -168.45M | -216.29M |
| Interest Income | 110.34M | 119M | 120.4M | 94.76M | 98.16M | 152.28M | 86.74M | 74.81M | 80.99M | 63.96M | 74.96M | 82.01M | 88.21M | 175.73M | 118.57M | 121.36M | 29M | 0 | 70.36M | 40.46M |
| Interest Expense | 406.37M | 442.82M | 373.67M | 379.22M | 330.38M | 508M | 351.99M | 340.88M | 325.15M | 346.45M | 324.63M | 358.33M | 281.78M | 0 | 196.92M | 326.94M | 444M | 187M | 238.81M | 256.75M |
| Other Income/Expense | -221.07M | -5.06B | -806.44M | 99M | 244M | -1.89B | -948M | -1.14B | -313M | -2.02B | -291M | -152M | -585M | -579.2M | 2.42B | 765M | -31M | 1.94B | -222M | -54M |
| Pretax Income | 2.45B | -2.15B | 2.61B | 2.1B | 2.04B | -901M | 2.73B | 2.73B | 2.13B | 3.15B | 2.98B | 2.72B | 2.3B | 2.89B | 5.25B | 5.06B | 6.57B | 5.77B | 5.97B | 10.23B |
| Pretax Margin % | 26.46% | -19.42% | 25.09% | 23.89% | 25.16% | -9.38% | 28.55% | 27.57% | 25.24% | 24.21% | 28.09% | 28.12% | 27.22% | 24.36% | 52.86% | 45.32% | 60.76% | 43.88% | 48.39% | 61.96% |
| Income Tax | 509.87M | 2.16B | -81.49M | -32M | 647M | -29M | 336M | -34M | 448M | 709M | 127M | 1.79B | 418M | -828.7M | 804M | 911M | 2.09B | 346.34M | 461M | 2.07B |
| Effective Tax Rate % | 20.81% | -100.36% | -3.12% | -1.52% | 31.67% | 3.22% | 12.32% | -1.24% | 20.98% | 22.5% | 4.26% | 65.88% | 18.21% | -28.67% | 15.32% | 18.02% | 31.83% | 6% | 7.73% | 20.26% |
| Net Income | 1.89B | -3.9B | 2.68B | 2.12B | 1.39B | -756.23M | 2.41B | 2.77B | 1.68B | 2.42B | 2.84B | 892M | 1.84B | 3.7B | 4.46B | 6.15B | 4.46B | 5.45B | 3.89B | 7.59B |
| Net Margin % | 20.45% | -35.27% | 25.78% | 24.05% | 17.17% | -7.87% | 25.25% | 27.91% | 19.85% | 18.58% | 26.7% | 9.22% | 21.78% | 31.18% | 44.87% | 55.13% | 41.23% | 41.41% | 31.52% | 45.94% |
| Net Income Growth % | 35.84% | -415.9% | 11.22% | -23.55% | -16.97% | -131.28% | -14.95% | 210.43% | -8.6% | -34.64% | -36.34% | -85.5% | -58.79% | -32.07% | 14.64% | -18.92% | -19.62% | 636.99% | 33.63% | 662.41% |
| Net Income (Continuing) | 1.94B | -4.3B | 2.69B | 2.13B | 1.4B | -872M | 2.39B | 2.77B | 1.69B | 2.44B | 2.86B | 928M | 1.88B | 3.72B | 4.44B | 4.14B | 4.48B | 5.42B | 5.51B | 8.16B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | -1000K | -1000K | -1000K |
| Minority Interest | 899.86M | 844.38M | 1.24B | 1.25B | 1.16B | 1.12B | 1.42B | 1.41B | 1.52B | 1.52B | 1.5B | 1.48B | 1.53B | 1.49B | 1.47B | 1.48B | 854M | 834M | 767M | 698M |
| EPS (Diluted) | 0.44 | -0.91 | 0.63 | 0.50 | 0.33 | -0.18 | 0.56 | 0.65 | 0.39 | 0.56 | 0.66 | 0.21 | 0.41 | 0.83 | 0.98 | 0.89 | 0.93 | 1.55 | 0.76 | 1.49 |
| EPS Growth % | 33.33% | -405.56% | 12.5% | -23.08% | -15.38% | -132.14% | -15.15% | 209.52% | -4.88% | -32.53% | -32.65% | -76.4% | -55.91% | -46.45% | 28.95% | -40.27% | -13.89% | 1007.14% | 33.33% | 684.21% |
| EPS (Basic) | 0.44 | -0.91 | 0.63 | 0.50 | 0.33 | -0.18 | 0.57 | 0.65 | 0.39 | 0.56 | 0.66 | 0.21 | 0.41 | 0.83 | 0.98 | 0.89 | 0.93 | 1.55 | 0.76 | 1.49 |
| Diluted Shares Outstanding | 4.27B | 4.27B | 4.27B | 4.27B | 4.27B | 4.27B | 4.27B | 4.28B | 4.28B | 4.32B | 4.32B | 4.4B | 4.46B | 4.51B | 4.55B | 4.67B | 4.81B | 5.08B | 5.09B | 5.1B |
| Basic Shares Outstanding | 4.27B | 4.27B | 4.27B | 4.27B | 4.27B | 4.23B | 4.27B | 4.27B | 4.28B | 4.3B | 4.31B | 4.4B | 4.45B | 4.5B | 4.55B | 4.67B | 4.81B | 4.85B | 5.08B | 5.1B |
| Dividend Payout Ratio | 145.33% | - | 55.53% | 1.33% | 139.41% | - | 66.78% | 1.39% | 138.65% | 84.18% | 59.17% | - | 97.71% | - | 70.1% | - | 78.06% | - | 190.2% | 29.11% |