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Net Revenue by Segment
Reveals revenue contributions from each business unit, indicating which areas are growing, stable, or declining, and providing insight into the company's strategic focus.
Vale is shifting revenue mix: iron ore fines remain the largest contributor but softened from 2021 peaks while copper and nickel revenues have materially lifted since 2023, reflecting VBM’s ramp-up and improving margins; management touts doubled VBM EBITDA and further cost declines, so base metals are becoming a meaningful earnings growth engine. Iron‑ore cash costs rose even as premiums improved, and provisional price adjustments and FX/oil exposure create near‑term volatility. Serra Sul’s H2 2026 start-up should boost iron volumes, but watch inventory/working‑capital timing and the negative “energy transition” items for earnings wiggles.
VALE Net Revenue by Segment
| Date | Other | Iron Ore Fines | ROM Iron Ore | Iron Ore Pellets | Other Ferrous | MN & Alloys | Nickel | Copper | Coal | Other Energy Transition Metals |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2026 | $0.00 | $6.64B | $0.00 | $1.06B | $185.00M | $0.00 | $1.24B | $1.55B | $0.00 | -$186.00M |
| Mar 31, 2026 | $0.00 | $5.69B | $0.00 | $1.03B | $153.00M | $0.00 | $1.18B | $1.41B | $0.00 | -$215.00M |
| Dec 31, 2025 | $0.00 | $7.02B | $0.00 | $1.19B | $164.00M | $0.00 | $1.33B | $1.56B | $0.00 | -$202.00M |
| Sep 30, 2025 | $0.00 | $7.08B | $0.00 | $1.15B | $198.00M | $0.00 | $1.01B | $1.09B | $0.00 | -$99.00M |
| Jun 30, 2025 | $0.00 | $5.76B | $0.00 | $1.00B | $197.00M | $0.00 | $1.01B | $958.00M | $0.00 | -$129.00M |
| Mar 31, 2025 | $0.00 | $5.15B | $0.00 | $1.05B | $166.00M | $0.00 | $969.00M | $900.00M | $0.00 | -$125.00M |
| Dec 31, 2024 | $0.00 | $6.50B | $0.00 | $1.44B | $208.00M | $0.00 | $1.07B | $964.00M | $0.00 | -$58.00M |
| Sep 30, 2024 | $0.00 | $6.28B | $0.00 | $1.50B | $187.00M | $0.00 | $904.00M | $759.00M | $0.00 | -$80.00M |
| Jun 30, 2024 | $0.00 | $6.73B | $0.00 | $1.39B | $175.00M | $0.00 | $879.00M | $779.00M | $0.00 | -$36.00M |
| Mar 31, 2024 | $0.00 | $5.29B | $0.00 | $1.58B | $148.00M | $0.00 | $836.00M | $639.00M | $0.00 | -$41.00M |
| Dec 31, 2023 | $42.00M | $9.21B | $0.00 | $1.68B | $138.00M | $0.00 | $1.18B | $855.00M | $0.00 | -$50.00M |
| Sep 30, 2023 | $42.00M | $7.33B | $0.00 | $1.39B | $143.00M | $0.00 | $1.02B | $660.00M | $0.00 | $35.00M |
| Jun 30, 2023 | $26.00M | $6.24B | $0.00 | $1.41B | $128.00M | $0.00 | $1.22B | $538.00M | $0.00 | $111.00M |
| Mar 31, 2023 | $0.00 | $4.98B | $0.00 | $1.32B | $107.00M | $0.00 | $1.51B | $524.00M | $0.00 | $0.00 |
| Dec 31, 2022 | $62.00M | $7.77B | $0.00 | $1.46B | $107.00M | $0.00 | $2.05B | $498.00M | $0.00 | $0.00 |
| Sep 30, 2022 | $60.00M | $6.05B | $0.00 | $1.66B | $118.00M | $0.00 | $1.56B | $479.00M | $0.00 | $0.00 |
| Jun 30, 2022 | $257.00M | $7.11B | $0.00 | $1.78B | $132.00M | $0.00 | $1.55B | $328.00M | $0.00 | $0.00 |
| Mar 31, 2022 | $146.00M | $7.25B | $0.00 | $1.36B | $100.00M | $15.00M | $1.46B | $474.00M | $448.00M | $0.00 |
| Dec 31, 2021 | $59.00M | $8.82B | $0.00 | $1.89B | $84.00M | $32.00M | $1.55B | $669.00M | $478.00M | $0.00 |
| Sep 30, 2021 | $78.00M | $8.53B | $0.00 | $2.01B | $94.00M | $45.00M | $896.00M | $678.00M | $352.00M | $0.00 |
| Jun 30, 2021 | $37.00M | $12.20B | $0.00 | $1.95B | $98.00M | $52.00M | $1.49B | $688.00M | $161.00M | $0.00 |
| Mar 31, 2021 | $60.00M | $9.15B | $24.00M | $1.21B | $73.00M | $46.00M | $1.43B | $554.00M | $92.00M | $0.00 |
| Dec 31, 2020 | $70.00M | $10.77B | $6.00M | $1.29B | $77.00M | $60.00M | $1.69B | $682.00M | $128.00M | $0.00 |
| Sep 30, 2020 | $71.00M | $7.36B | $5.00M | $1.20B | $76.00M | $51.00M | $1.32B | $587.00M | $103.00M | $0.00 |
| Jun 30, 2020 | $58.00M | $4.85B | $3.00M | $900.00M | $72.00M | $68.00M | $948.00M | $523.00M | $94.00M | $0.00 |
| Mar 31, 2020 | $98.00M | $4.31B | $6.00M | $852.00M | $81.00M | $46.00M | $1.04B | $383.00M | $148.00M | $0.00 |
