Vale SA ADR (VALE) financial statements: income statement, balance sheet and cash flow
Vale SA ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Vale SA ADR reported revenue of $38.4B (+0.9% year on year) and net income of $2.4B (-61.9% year on year).
Income statement
Vale SA ADR income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net revenue
$38.4B
$38.1B
$41.8B
$43.8B
Cost of goods sold and services rendered
($24.9B)
($24.3B)
($24.1B)
($24.0B)
Gross profit
$13.5B
$13.8B
$17.7B
$19.8B
Selling and administrative
($641.0M)
($622.0M)
($553.0M)
($515.0M)
Research and development
($693.0M)
($790.0M)
($723.0M)
($660.0M)
Pre-operating and operational stoppage
($268.0M)
($403.0M)
($450.0M)
($479.0M)
Other operating expenses, net
($1.4B)
($1.5B)
($1.5B)
($1.7B)
Impairment and result on disposals of non-current assets, net
($4.6B)
$301.0M
($266.0M)
$773.0M
Operating income
$5.9B
$10.8B
$14.2B
$17.2B
Interest Income
$501.0M
$422.0M
$432.0M
$520.0M
Financial expenses
($1.6B)
($1.5B)
($1.5B)
($1.2B)
Other financial items, net
$120.0M
($2.8B)
($919.0M)
$2.9B
Equity results and other results in associates and joint ventures
($218.0M)
($269.0M)
($1.1B)
$305.0M
Income before income taxes
$4.7B
$6.7B
$11.2B
$19.8B
Income taxes
($2.7B)
($721.0M)
($3.0B)
($3.0B)
Net income
$2.0B
$6.0B
$8.1B
$18.9B
Net income (loss) attributable to noncontrolling interests
($369.0M)
($191.0M)
$122.0M
$82.0M
Net income attributable to Vale S.A.'s shareholders
$2.4B
$6.2B
$8.0B
$18.8B
Balance sheet
Vale SA ADR balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2021 · FY
Cash and Cash Equivalents
$7.4B
$5.0B
$3.6B
$11.7B
Short-Term Investments
$194.0M
$53.0M
$51.0M
$184.0M
Accounts receivable
$2.3B
$2.4B
$4.2B
$3.9B
Other Non-Operating Current Assets
$457.0M
$53.0M
$271.0M
$111.0M
Inventory
$5.9B
$4.6B
$4.7B
$4.4B
Recoverable taxes
$1.5B
$1.1B
$900.0M
$862.0M
Other Current Assets
$529.0M
$359.0M
$444.0M
$215.0M
Total current assets
$18.3B
$13.5B
$18.7B
$22.4B
Judicial deposits
$651.0M
$537.0M
$611.0M
$1.2B
Other financial assets
$482.0M
$82.0M
$593.0M
$143.0M
Recoverable taxes
$1.8B
$1.3B
$1.4B
$935.0M
Deferred Tax Assets, Non-Current
$6.3B
$8.2B
$9.6B
$11.4B
Other
$1.4B
$1.5B
$1.3B
$650.0M
Total non-current assets excluding investments, intangible assets and property, plant and equipment
$10.6B
$11.6B
$13.6B
$14.4B
Investments in associates and joint ventures
$5.0B
$4.5B
$1.9B
$1.8B
Intangibles
$9.0B
$10.5B
$11.6B
$9.0B
Property, plant, and equipment
$43.6B
$40.0B
$48.4B
$41.9B
Total non current assets
$68.2B
$66.7B
$75.5B
$67.1B
Total assets
$86.5B
$80.2B
$94.2B
$89.4B
Accounts Payable
$5.6B
$4.2B
$5.3B
$3.5B
Loans and borrowings
$518.0M
$1.0B
$824.0M
—
Leases
$160.0M
$147.0M
$197.0M
—
Railway concession
$570.0M
—
—
—
Other financial liabilities
$655.0M
$1.5B
$1.7B
$2.0B
Taxes payable
$687.0M
$574.0M
$1.3B
$2.2B
Settlement programs ("REFIS")
$423.0M
$353.0M
$428.0M
$324.0M
Liabilities related to Brumadinho
$758.0M
$714.0M
$1.1B
$1.2B
Liabilities related to associates and joint ventures
$1.1B
$1.8B
$837.0M
$1.8B
De-characterization of dams and asset retirement obligations
$868.0M
$833.0M
$1.0B
$621.0M
Provisions for litigation
$144.0M
$119.0M
$114.0M
$1.0B
Employee benefits
$1.1B
$1.0B
$964.0M
—
Dividends payable
$2.7B
$330.0M
—
—
Other
$656.0M
$367.0M
$376.0M
$1.1B
Total current liabilities
$15.9B
$13.1B
$14.7B
$15.2B
Loans and borrowings
$17.6B
$13.8B
$11.6B
—
Leases
$508.0M
$566.0M
$1.3B
—
Railway concession
$1.8B
—
—
—
Other financial liabilities
$3.0B
$2.3B
$3.4B
$2.6B
Settlement programs ("REFIS")
$784.0M
$1.0B
$1.7B
$2.0B
Deferred income taxes
$107.0M
$445.0M
$870.0M
$1.9B
Liabilities related to Brumadinho
$1.2B
$1.3B
$2.0B
$2.4B
Liabilities related to associates and joint ventures
$1.5B
$1.8B
$3.6B
$1.3B
De-characterization of dams and asset retirement obligations
$5.3B
$4.9B
$6.7B
$7.5B
Provisions for litigation
$899.0M
$894.0M
$885.0M
$3.4B
Employee benefits
$1.2B
$1.1B
$1.4B
—
Vale SA ADR balance sheet, quarters
Line item
Dec 31, 2022
Cash and Cash Equivalents
$4.7B
Short-Term Investments
$61.0M
Accounts receivable
$4.3B
Other Non-Operating Current Assets
$342.0M
Inventory
$4.5B
Recoverable taxes
$1.3B
Other Current Assets
$314.0M
Current assets excluding assets held for sale
$15.5B
Total current assets
$15.5B
Judicial deposits
$1.2B
Other financial assets
$280.0M
Recoverable taxes
$1.1B
Deferred Tax Assets, Non-Current
$10.8B
Other
$1.0B
Total non-current assets excluding investments, intangible assets and property, plant and equipment
$14.4B
Investments in associates and joint ventures
$1.8B
Intangible assets and goodwill
$10.2B
Balance at end of year
$44.9B
Total non current assets
$71.4B
Total assets
$86.9B
Accounts Payable
$4.5B
Loans, borrowings, and leases
$489.0M
Other financial liabilities
$1.7B
Taxes payable
$470.0M
Settlement program ("REFIS")
$371.0M
Liabilities related to associates and joint ventures
$1.9B
Provisions
$1.0B
Liabilities related to Brumadinho
$944.0M
De-characterization of dams and asset retirement obligations
$661.0M
Dividends payable
$1.4B
Other
$493.0M
Current liabilities excluding assets held for sale
$13.9B
Total current liabilities
$13.9B
Loans, borrowings, and leases
$12.2B
Participative shareholders' debentures
$2.7B
Other financial liabilities
$2.8B
Settlement program ("REFIS")
$1.9B
Deferred income taxes
$1.4B
Provisions
$2.4B
Liabilities related to Brumadinho
$2.4B
De-characterization of dams and asset retirement obligations
$6.5B
Liabilities related to associates and joint ventures
$1.4B
Streaming transactions
$1.6B
Other
$216.0M
Total non current liabilities
$35.6B
Cash flow statement
Vale SA ADR cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash generated from operations
$13.4B
$13.8B
$17.3B
$18.8B
Payment of interest on loans, financing and other financial liabilities
($1.0B)
—
—
—
Receipts from the settlement of derivatives, net
$579.0M
—
—
—
Payments related to the Brumadinho event
($874.0M)
($909.0M)
($1.3B)
($1.1B)
Payments related to de-characterization of dams
($378.0M)
($533.0M)
($458.0M)
($349.0M)
Payments related to participative shareholder's debentures partially repurchased and remuneration
($945.0M)
($243.0M)
($233.0M)
($371.0M)
Payments of income taxes (including refinancing programs)
($2.0B)
($1.9B)
($1.9B)
($4.6B)
Net cash generated by operating activities
$8.8B
$9.4B
$13.2B
$11.5B
Acquisition of property, plant and equipment and intangible assets
($6.0B)
($6.4B)
—
—
Payments related to the Samarco dam failure
($2.3B)
($808.0M)
($553.0M)
—
Cash received (paid) from disposal and acquisition of investments, net
$891.0M
$2.7B
—
—
Dividends received from associates and joint ventures
$313.0M
$81.0M
$204.0M
$219.0M
Short-term investment, net
$337.0M
($85.0M)
$127.0M
$260.0M
Other investing activities, net
($101.0M)
($140.0M)
($19.0M)
($202.0M)
Net cash used in investing activities
($6.9B)
($5.4B)
($6.3B)
($4.7B)
Loans and borrowings from third parties
$4.7B
$4.9B
$1.9B
$1.3B
Payments of loans and borrowings to third parties
($1.5B)
($2.6B)
($658.0M)
($2.3B)
Payments of leasing
($174.0M)
($202.0M)
($233.0M)
($224.0M)
Dividends and interest on capital paid to Vale S.A.’s shareholders
($3.6B)
($3.9B)
($5.5B)
($6.6B)
Issuance of subordinated notes
$741.0M
—
—
—
Net cash generated (used) in financing activities
$270.0M
($2.3B)
($7.3B)
($13.9B)
Net increase (decrease) in cash and cash equivalents
$2.2B
$1.7B
($493.0M)
($7.1B)
Cash and cash equivalents at the beginning of the year