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Vale S.A. (VALE) Annual Reports

Q: Where can I read Vale S.A. (VALE) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

Vale S.A. is listed on NYSE, classified by the SEC under Metal Mining (SIC 1000). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： NYSE
Fiscal year end： 12/31
SEC CIK： 917851 →

Website：Official site ↗

Financial Highlights

FY2025 Q2 (quarterly, ended 2025-06-30)
	Current	Prior year	YoY
Revenue	$8.8B	$9.9B	-11.3%
Operating income	$2.0B	$3.9B	-48.3%
Net income	$2.1B	$2.8B	-23.5%
EPS (diluted)	$0.50	$0.65	-23.1%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In bn (USD)

Revenue 21.5 bn Net income -1.16 bn

Show table：Income statement

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Revenue	5.42	5.08	6.89	6.54	6.85	9.93	14.5	15.2	13.6	15.3	16.7	14.8	11.3	12.2	11.0	37.4	23.4	27.5	34.0	36.6	9.19	20.2	7.52	25.5	16.7	25.2	11.2	21.9	9.67	23.7	9.92	19.7	8.80	21.5
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.63	9.84	12.9	14.5	4.01	8.87	3.31	15.0	10.9	13.9	5.21	8.41	3.73	10.5	3.57	7.13	2.72	8.07
Operating income	1.69	0.98	2.29	1.10	2.06	4.63	7.84	7.17	7.97	7.75	8.37	6.02	3.85	3.92	2.65	5.37	-6.23	7.05	10.9	12.0	1.80	1.20	2.08	6.80	9.71	10.6	4.29	6.32	2.87	8.45	3.88	4.47	2.00	2.09
Net income	1.36	0.79	1.68	1.52	1.60	3.71	6.04	5.92	6.83	6.45	4.93	4.67	3.83	2.66	1.67	1.68	-12.1	3.98	5.51	6.86	-0.13	0.09	1.00	3.65	7.59	9.31	6.15	8.18	0.89	5.25	2.77	1.72	2.12	-1.16

Balance sheet

Quarterly · In bn (USD)

Total assets 86.5 bn Total liabilities 52.2 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Current assets	—	—	—	21.3	22.8	25.0	31.5	31.8	27.9	31.7	26.8	21.7	22.7	20.8	25.3	22.9	—	22.6	18.9	15.3	—	17.0	20.3	24.4	25.4	22.4	—	15.5	—	18.7	14.8	13.5	17.6	18.3
Total assets	—	—	—	102	104	111	125	129	134	143	129	129	134	130	136	131	—	99.0	99.2	88.2	—	91.7	83.2	92.0	96.7	89.4	—	86.9	91.5	94.2	86.6	80.2	90.4	86.5
Current liabilities	—	—	—	9.18	10.1	12.2	15.0	17.9	12.7	15.6	12.0	11.0	10.9	9.22	10.3	12.6	—	11.2	13.1	9.11	—	13.8	11.2	14.6	14.3	15.2	—	13.9	—	14.7	13.7	13.1	14.5	15.9
Total liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	58.0	54.4	43.4	—	52.7	50.2	57.2	54.4	54.1	—	49.5	51.2	53.2	48.2	45.6	49.9	52.2
Equity	45.9	52.4	59.3	56.9	58.2	60.2	69.3	68.9	77.0	85.0	77.2	77.7	82.4	80.3	82.2	74.2	35.7	39.0	43.5	44.0	43.3	40.1	34.1	35.7	41.7	34.5	37.0	35.9	38.8	39.5	37.0	33.4	39.3	33.5

Cash flow

Quarterly · In bn (USD)

Operating 3.53 bn Investing -3.49 bn Financing 0 bn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Operating	2.17	1.07	2.49	1.41	1.41	3.68	6.88	7.19	6.01	7.07	4.21	7.51	3.26	4.38	5.67	13.3	—	6.40	12.4	12.9	2.96	6.96	1.34	11.3	7.73	10.9	—	—	—	—	4.79	—	3.53	—
Investing	-3.62	-2.19	-4.69	-2.66	1.74	-7.52	-4.91	-6.49	-0.77	-3.16	-3.91	-6.53	-3.23	-2.98	-5.39	-12.1	—	—	—	—	—	-6.99	—	-4.67	—	-6.61	-1.14	-2.88	-1.07	-3.93	-0.28	-5.09	-3.37	-3.49
Financing	0.03	-1.16	1.84	-0.08	0.8	-0.95	1.07	-2.97	-1.72	-2.26	-5.33	-5.06	1.34	-2.13	3.60	-0.17	—	—	—	—	—	-3.49	—	-2.68	—	-20.3	-3.89	-4.73	-0.62	-4.37	-1.43	-0.84	0.28	0
Cash at period end	9.00	8.19	8.46	7.29	11.1	6.24	9.72	7.58	11.3	13.2	7.57	3.53	4.99	4.08	7.95	5.83	3.59	4.26	4.33	5.78	6.05	7.35	12.1	13.5	13.7	11.7	7.19	4.74	4.98	3.61	6.48	4.95	5.51	7.37

Profitability

Quarterly · %

Gross margin 37.6% Operating margin 9.8% Net margin -5.4%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	19.8%	35.8%	38.1%	39.5%	43.7%	43.9%	44.0%	58.7%	65.2%	55.1%	46.7%	38.5%	38.6%	44.3%	36.0%	36.2%	30.9%	37.6%
Operating margin	31.1%	19.2%	33.3%	16.9%	30.1%	46.6%	54.1%	47.1%	58.8%	50.5%	50.0%	40.8%	34.0%	32.3%	24.1%	14.4%	-26.6%	25.6%	32.2%	32.7%	19.6%	6.0%	27.7%	26.6%	58.3%	42.1%	38.5%	28.9%	29.7%	35.7%	39.1%	22.7%	22.8%	9.8%
Net margin	25.1%	15.5%	24.3%	23.2%	23.4%	37.3%	41.6%	38.9%	50.4%	42.0%	29.5%	31.7%	33.8%	21.9%	15.2%	4.5%	-51.9%	14.5%	16.2%	18.8%	-1.4%	0.5%	13.2%	14.3%	45.5%	37.0%	55.1%	37.4%	9.2%	22.2%	27.9%	8.7%	24.1%	-5.4%

Returns & leverage

Quarterly · %

ROE 14.9% ROA 6.0% Debt ratio 60.3%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
ROE	—	—	—	9.4%	10.7%	15.1%	20.0%	27.4%	33.3%	34.8%	32.9%	31.2%	24.9%	19.5%	16.1%	12.9%	-10.3%	-8.0%	-1.5%	7.1%	41.0%	31.2%	20.1%	11.5%	29.0%	57.8%	75.1%	87.2%	61.0%	55.4%	46.2%	30.7%	30.4%	14.9%
ROA	—	—	—	5.2%	5.4%	7.7%	10.3%	14.9%	18.9%	19.9%	19.0%	17.8%	14.8%	11.8%	9.7%	7.6%	—	-4.2%	-0.8%	3.8%	—	12.9%	8.6%	5.1%	12.7%	23.8%	—	34.9%	26.1%	22.3%	19.7%	12.7%	13.0%	6.0%
Debt ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	58.6%	54.9%	49.2%	—	57.5%	60.4%	62.1%	56.2%	60.5%	—	57.0%	56.0%	56.5%	55.7%	56.9%	55.2%	60.3%

EPS

Quarterly · US$

EPS US$0.50

Show table：EPS

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
EPS（US$）	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.20	—	0.65	—	0.50	—

Revenue & profit

Year-to-date · In bn (USD)

Revenue 71.9 bn Net income 9.84 bn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In bn (USD)

Total assets 86.5 bn Total liabilities 52.2 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In bn (USD)

Operating 26.6 bn Investing -23.7 bn Financing 2.63 bn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Operating margin 22.0% Net margin 13.7%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 14.9% ROA 6.0% Debt ratio 60.3%

Revenue & profit

Annual · In bn (USD)

Revenue 71.9 bn Net income 9.84 bn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2009	2010	2011	2012
Revenue	23.9	46.5	60.4	71.9
Operating income	6.06	21.7	30.1	15.8
Net income	5.35	17.3	22.9	9.84

Balance sheet

Annual · In bn (USD)

Total assets 131 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009	2010	2011	2012
Current assets	21.3	31.8	21.7	22.9
Total assets	102	129	129	131
Current liabilities	9.18	17.9	11.0	12.6
Equity	56.9	68.9	77.7	74.2

Cash flow

Annual · In bn (USD)

Operating 26.6 bn Investing -23.7 bn Financing 2.63 bn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009	2010	2011	2012
Operating	7.14	19.1	24.8	26.6
Investing	-13.2	-17.2	-14.4	-23.7
Financing	0.63	-2.05	-14.4	2.63
Cash at period end	7.29	7.58	3.53	5.83

Profitability

Annual · %

Operating margin 22.0% Net margin 13.7%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009	2010	2011	2012
Operating margin	25.3%	46.7%	49.9%	22.0%
Net margin	22.3%	37.1%	37.9%	13.7%

Returns & leverage

Annual · %

ROE 12.9% ROA 7.6%

Show table：Returns & leverage

Item	2009	2010	2011	2012
ROE	9.4%	27.4%	31.2%	12.9%
ROA	5.2%	14.9%	17.8%	7.6%

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	20-F
2025	Open full text →
2024	Open full text →
2023	Open full text →

20-F: annual report of a foreign private issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read Vale S.A. (VALE) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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