Vale S.A. (VALE) annual results, year to 31 December 2025: revenue USD 38,403 million, from the 20-F
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%.
The year to 31 December 2025, against the year before
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue | 38,056 | 38,403 |
| Cost of sales | 24,265 | 24,947 |
| Gross profit | 13,791 | 13,456 |
| Research and development | 790 | 693 |
| Selling, general and administrative | 622 | 641 |
| Operating profit | 10,788 | 5,897 |
| Finance costs | 1,473 | 1,647 |
| Profit before tax | 6,696 | 4,653 |
| Income tax | 721 | 2,670 |
| Profit for the year | 5,975 | 1,983 |
| Profit attributable to shareholders | 6,166 | 2,352 |
| Filing | 20-F | 20-F |
USD million, from the 20-F on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated.
Cash flow
USD million. Free cash flow is cash from operations less the purchase of property, plant and equipment, arithmetic on the two filed lines.
Balance sheet at year end
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Total assets | 80,152 | 86,525 |
| Equity attributable to shareholders | 33,406 | 33,509 |
| Cash and cash equivalents | 4,953 | 7,372 |
| Lease liabilities | 713 | 668 |
| Inventories | 4,605 | 5,937 |
| Filing | 20-F | 20-F |
USD million, at each fiscal year end.
Ratios on the filed lines
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Gross margin | 36.2% | 35.0% |
| Operating margin | 28.3% | 15.4% |
| Net margin | 16.2% | 6.1% |
| Return on year-end equity | 18.5% | 7.0% |
| Effective tax rate | 10.8% | 57.4% |
| Filing | 20-F | 20-F |
Arithmetic on the filed lines of the same year.
Every annual report here
- Year to 31 December 2025, this page
- Year to 31 December 2024
- Year to 31 December 2023
- Year to 31 December 2022
- Year to 31 December 2021
- Year to 31 December 2020
- Year to 31 December 2019
- Year to 31 December 2018
- Year to 31 December 2017
- Year to 31 December 2016
- Year to 31 December 2015
Source
20-F for the year to 31 December 2025, filed 27 March 2026, accession 0001292814-26-001844: the filing on EDGAR. All of Vale S.A.'s filings: EDGAR company page. The figures are in US dollars as filed.
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