Vale S.A. (VALE)

Name: Vale S.A. (VALE) annual results, Dec 2025: the 20-F figures in US dollars
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

Vale S.A. files a 20-F with the SEC once a year, in US dollars. In the year to 31 December 2025 it reported revenue of USD 38,403 million, up 0.9% on the year before. Its profit attributable to shareholders was USD 2,352 million, down 61.9%.

Earnings per share are per ordinary share, in US dollars. The share that trades in the US can be a depositary share standing for more or fewer ordinary shares, so no price ratio is worked out on this page.

The public record on VALE

Planned insider sales	no Form 144 notice in twelve months
Options tape	put/call 1.01 by open interest on 26 September 2026; the straddle prices a 3.4% move to 2 October 2026
Holders	10 of the followed funds hold it; largest FMR LLC; 3 Schedule 13D or 13G filings in twelve months
Congress	0 House trades disclosed in six months
Short interest	46.1 million shares short, 1.43 days to cover at 15 September 2026

Profit and loss, 11 fiscal years

Year to	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017^*	Dec 2016^*	Dec 2015
Revenue	38,403	38,056	41,784	43,839	54,502	39,545	36,549	36,575	33,967	27,488	23,384
Cost of sales	24,947	24,265	24,089	24,028	21,729	17,564	19,312	22,109	21,039	17,650	18,751
Gross profit	13,456	13,791	17,695	19,811	32,773	21,981	17,237	14,466	12,928	9,838	4,633
Research and development	693	790	723	660	549	415	413	373	340	319	395
Selling, general and administrative	641	622	553	515	481	491	474	523	531	507	612
Operating profit	5,897	10,788	14,205	17,208	27,693	12,823	3,893	11,955	10,930	7,052	-6,231
Finance costs	1,647	1,473	1,459	1,179	1,249	1,158	3,684	2,314	3,273	2,677	18,446
Profit before tax	4,653	6,696	11,151	19,781	29,541	6,990	-156	6,816	7,829	7,984	-17,679
Income tax	2,670	721	3,046	2,971	4,697	735	-595	-172	1,495	2,781	-5,249
Profit for the year	1,983	5,975	8,105	18,870	22,468	4,531	-2,180	6,896	5,521	3,976	-12,620
Profit attributable to shareholders	2,352	6,166	7,983	18,788	22,445	4,881	-1,683	6,860	5,507	3,982	-12,129

USD million, from each year's annual report on the SEC's EDGAR, the year linked to its filing, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated. A year marked * shows the figure as the company restated it in a later annual report (Dec 2016, Dec 2017, Dec 2018, Dec 2019, Dec 2020, Dec 2021); the first-filed figure is in the CSV. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on.

Cash flow

Year to	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017^*	Dec 2016^*	Dec 2015
Cash from operations	n/a	n/a	n/a	n/a	25,679	14,322	12,110	12,901	12,450	6,401	n/a
Purchase of property, plant and equipment	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	3,831	4,951	8,114
Free cash flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	8,619	1,450	n/a
Dividends paid	3,561	3,914	5,513	6,603	13,483	3,350	n/a	3,313	1,456	250	1,500

USD million. Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines.

Balance sheet at year end

Year to	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017^*	Dec 2016^*	Dec 2015
Total assets	86,525	80,152	94,186	86,894	89,442	92,007	91,713	88,190	99,184	99,014	n/a
Equity attributable to shareholders	33,509	33,406	39,461	35,867	34,472	35,744	40,067	43,985	43,458	39,042	35,704
Cash and cash equivalents	7,372	4,953	3,609	4,736	11,721	13,487	7,350	5,784	5,784	4,328	3,591
Borrowings, as filed	n/a	n/a	n/a	12,712	13,782	15,027	13,056	15,466	22,489	29,322	n/a
Lease liabilities	668	713	1,452	1,531	1,602	1,667	1,791	n/a	n/a	n/a	n/a
Inventories	5,937	4,605	4,684	4,482	4,377	4,061	4,274	4,443	3,926	3,349	n/a
Goodwill	n/a	n/a	n/a	n/a	3,208	n/a	n/a	n/a	n/a	n/a	n/a

USD million, at each fiscal year end. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year to	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017^*	Dec 2016^*	Dec 2015
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%
Net margin	6.1%	16.2%	19.1%	42.9%	41.2%	12.3%	-4.6%	18.8%	16.2%	14.5%	-51.9%
Free cash flow margin	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	25.4%	5.3%	n/a
Return on year-end equity	7.0%	18.5%	20.2%	52.4%	65.1%	13.7%	-4.2%	15.6%	12.7%	10.2%	-34.0%
Effective tax rate	57.4%	10.8%	27.3%	15.0%	15.9%	10.5%	n/a	-2.5%	19.1%	34.8%	n/a

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Annual reports on EDGAR

Form	Year to	Filed
20-F	31 December 2025	27 March 2026	EDGAR
20-F	31 December 2024	28 March 2025	EDGAR
20-F	31 December 2023	19 April 2024	EDGAR
20-F	31 December 2022	13 April 2023	EDGAR
20-F	31 December 2021	14 April 2022	EDGAR

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