Vale SA (VALE)
NYSE:VALE
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Earnings Data
Report Date
Jul 23, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.5Last Year’s EPS
0.5Same Quarter Last Year
Moderate Buy
Based on 14 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed broadly positive operational and financial momentum: strong pro forma EBITDA growth (+21% YoY), VBM materially unlocking value (VBM EBITDA > doubled to $1.2B; copper 102 kt, +13% YoY; nickel +12% YoY), robust free cash flow (+61% YoY) and meaningful commercial/pricing gains (premiums +$2.6/ton QoQ, ~ $800M annualized). Management acknowledged cost pressures—C1 up 12% YoY, all-in costs up 8%—and macro/logistics risks (FX, oil, geopolitical events, distribution/royalty uncertainties) that temper near-term visibility and make delivery of guidance conditional on market curves. On balance, operational execution, cash generation and strategic initiatives (decarbonization, VBM optionality) outweigh the headwinds, though company performance remains sensitive to external price, FX and logistics dynamics.Company Guidance
Strong Pro Forma EBITDA Growth
Pro forma EBITDA of $3.9 billion in Q1 2026, up 21% year-on-year, driven by higher volumes and improved price realization across iron ore, copper and nickel.
Vale Base Metals (VBM) Value Unlock
VBM EBITDA more than doubled year-on-year to $1.2 billion in Q1; VBM production doubled in key metrics with copper at 102,000 tons (highest since 2017, +13% YoY) and nickel production up 12% YoY. Management highlighted asset reports, strategic transactions (Thompson consortium) and further growth optionality.
Iron Ore Operational Momentum
Iron ore production +3% YoY and sales volumes +4% YoY, supported by record output at S11D and Brucutu and successful ramp-ups at Capanema and Vargem Grande. Serra Sul +20 is 86% physically complete and on track to start up in H2 2026.
Improved Price Realization and Premiums
All linked premiums increased by $2.6 per ton quarter-on-quarter (translating to ~ $800 million in annualized revenue) and fines premiums improved materially (e.g., fines premium $4.1/ton vs $1.9/ton in Q4 2025).
Record and Efficient Base Metals Operations
Record performance at Salobo and Sossego; Voisey's Bay contributed strongly. Operational improvements drove copper and nickel cost reductions and production records across sites.
Material Cost Reductions in VBM
VBM all-in costs showed significant improvement: copper all-in costs declined by $1,800/ton YoY to negative $600/ton (driven by byproduct revenues and higher gold volumes); nickel all-in costs declined 48% YoY to $8,200/ton, aided by polymetallic byproducts and fixed-cost dilution from +12% production.
Strong Cash Generation and Shareholder Returns
Recurring free cash flow of $813 million (+61% YoY). Distributed $2.7 billion in dividends/interest on capital in Q1 and repurchased nearly 5 million shares; expanded net debt stood at $17.8 billion within the $10–$20 billion target range.
Decarbonization and Innovation Initiative
Announced agreement to deploy the world's first ethanol-powered ocean-going Guaibamax vessels (operations expected 2029) with potential to reduce carbon emissions by up to 90%, plus wind-assisted rotor sails—supporting Scope 3 reduction ambitions.
VALE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
VALE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 28, 2026 | $16.91 | $15.85 | -6.27% |
Feb 12, 2026 | $17.04 | $16.65 | -2.29% |
Oct 30, 2025 | $11.34 | $11.53 | +1.68% |
Jul 31, 2025 | $8.84 | $9.00 | +1.89% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Vale SA (VALE) report earnings?
Vale SA (VALE) is schdueled to report earning on Jul 23, 2026, After Close (Confirmed).
What is Vale SA (VALE) earnings time?
Vale SA (VALE) earnings time is at Jul 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is VALE EPS forecast?
VALE EPS forecast for the fiscal quarter 2026 (Q2) is 0.5.