NYSE$VALE
Vale SA-ADR · Q1 2025 earnings
Q1 2025 earnings · · After market close · Investor relations
Briefing
Vale nine-month net income $6.2B as iron ore volumes rise but realized prices fall
Vale reported interim results for the nine months ended September 30, 2025, with net operating revenue of $27.3 billion, down 2.1% year over year as a 6% drop in iron ore fines prices and a 15% decline in pellet prices weighed on the top line despite higher sales volumes. Net income was $6.2 billion versus $6.8 billion in the prior-year period, while Adjusted EBITDA totaled $10.9 billion compared with $11.0 billion. Gross profit fell 7.6% to $9.2 billion and operating income declined 34% to $6.6 billion, partly reflecting a $755 million net impairment loss versus a $2.1 billion gain on disposals a year earlier. Iron Solutions revenue was $21.8 billion (-6.6%) and Energy Transition Metals revenue rose 20.3% to $5.6 billion on higher nickel and copper volumes and prices.
- Nine-month net operating revenue was $27.3B (-2.1% YoY); net income $6.2B (-9.1%) and Adjusted EBITDA $10.9B.
- Iron ore fines sales volumes rose 4.8% to 199.5M tons but average realized fines price fell 6% to $90/ton.
- Iron Solutions segment revenue $21.8B (-6.6%); Energy Transition Metals revenue $5.6B (+20.3%).
- Operating cash flow was $6.1B; cash, equivalents and short-term investments totaled $6.1B at September 30.
- China accounted for 50.9% of net operating revenue; net income attributable to Vale shareholders was $6.2B.
Headline financials
Revenue & EPS history
Vale · Revenue · Quarterly
$27.3B
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2025
+0.4%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+4.1%
Avg return
30 days after
52%
29 / 56 earnings
Positive
+11.6%
Q4 2014
Best reaction
-6.4%
Q4 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2025 | -0.6% | -0.7% | -1.1% | |
| Q2 2024 | +1.8% | +0.2% | -2.2% | |
| Q1 2024 | -0.7% | -1.6% | +1.9% | |
| Q2 2023 | -5.7% | -6.3% | -15.6% | |
| Q1 2023 | +4.1% | +3.2% | -3.6% | |
| Q4 2022 | -0.2% | -0.1% | -7.4% | |
| Q2 2022 | -0.1% | -0.7% | -0.2% | |
| Q1 2022 | +8.9% | +5.0% | +15.9% | |
| Q4 2021 | +3.2% | +9.2% | +15.5% | |
| Q3 2020 | -2.4% | +5.0% | +21.8% | |
| Q3 2021 | -5.5% | -8.6% | -8.2% | |
| Q2 2021 | +3.2% | -4.3% | -12.3% | |
| Q1 2021 | +3.3% | +2.3% | +5.3% | |
| Q4 2020 | -1.9% | -1.6% | +14.3% | |
| Q2 2020 | +0.9% | +4.4% | +39.9% | |
| Q4 2019 | -0.5% | +0.5% | +24.5% | |
| Q1 2020 | +11.2% | +1.3% | +18.1% | |
| Q3 2019 | +3.3% | +4.2% | +2.1% | |
| Q2 2019 | -4.9% | -12.2% | -16.4% | |
| Q1 2019 | -1.9% | +4.8% | -13.5% | |
| Q4 2018 | -1.6% | +2.1% | +14.0% | |
| Q3 2018 | -3.3% | -6.3% | -12.9% | |
| Q2 2018 | +2.5% | +5.7% | -4.0% | |
| Q4 2017 | -6.3% | -1.0% | +2.6% | |
| Q1 2018 | +0.4% | -0.8% | +0.6% | |
| Q3 2017 | -3.1% | -5.2% | +6.3% | |
| Q2 2017 | +3.0% | -5.3% | -2.7% | |
| Q1 2017 | -1.7% | +1.0% | -2.3% | |
| Q4 2016 | -6.4% | -7.9% | -17.3% | |
| Q3 2016 | -0.1% | -0.1% | +21.9% | |
| Q2 2016 | -0.3% | -3.5% | +22.1% | |
| Q1 2016 | +1.4% | +13.3% | +24.9% | |
| Q4 2015 | +1.9% | — | — | |
| Q3 2015 | +5.7% | — | — | |
| Q2 2015 | -5.9% | — | — | |
| Q1 2015 | -3.6% | — | — | |
| Q4 2014 | +11.6% | — | — | |
| Q3 2014 | -0.1% | — | — | |
| Q2 2014 | +1.3% | — | — | |
| Q4 2013 | +3.6% | — | — | |
| Q1 2014 | +0.8% | — | — | |
| Q3 2013 | -0.3% | — | — | |
| Q2 2013 | +0.6% | — | — | |
| Q1 2013 | -3.2% | — | — | |
| Q4 2012 | -1.2% | — | — | |
| Q3 2012 | +2.4% | — | — | |
| Q2 2012 | +3.1% | — | — | |
| Q1 2012 | +2.1% | — | — | |
| Q4 2011 | +2.2% | — | — | |
| Q3 2011 | +3.3% | — | — | |
| Q1 2011 | +0.3% | — | — | |
| Q2 2011 | +0.3% | — | — | |
| Q4 2010 | -0.1% | — | — | |
| Q3 2010 | +0.2% | — | — | |
| Q2 2010 | +0.2% | — | — | |
| Q1 2010 | -1.2% | — | — |
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