The strong operational performance (revenue, EBITDA, FCF) is offset by a sharp net income decline from derivative losses and tax effects. Traders should watch iron ore and copper price trends, cost guidance revisions, and the execution of the new buyback program. The dividend announcement provides a floor for the stock.
Price Chart
Executive Summary
Vale reported strong 2Q26 results with net operating revenues up 19% y/y to $10.5B and Proforma EBITDA up 19% to $4.1B, driven by higher iron ore, copper, and nickel prices and volumes. However, attributable net income fell 35% y/y to $1.4B due to mark-to-market losses on derivatives and higher taxes. The Board approved $1.7B in dividends and a new buyback program for up to 100 million shares.
Key Facts
- Net operating revenues of $10,498 million in 2Q26, up 19% y/y from $8,804 million
- Proforma EBITDA of $4,066 million, up 19% y/y from $3,424 million
- Attributable net income of $1,375 million, down 35% y/y from $2,117 million
- Free cash flow of $1,505 million, up 49% y/y from $1,008 million
- Board approved $1.701 billion in dividends and interest on capital for September payment
- New share buyback program approved for up to 100 million common shares or ADRs over 18 months
- Iron ore fines realized price of $95.0/t, up 12% y/y; copper realized price of $14,062/t, up 57% y/y
- C1 cash cost for iron ore was $24.1/t, up 9% y/y; all-in cost guidance revised to $58-62/t
Financial Impact
Revenue +19% y/y, EBITDA +19% y/y, Net income -35% y/y, FCF +49% y/y
Risk Factors
- Further BRL appreciation pressuring costs
- Higher bunker fuel and freight costs
- Commodity price volatility, especially iron ore and copper
- Execution risk on growth projects (Serra Sul +20, Bacaba)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (VALE) — Batch item 1 | 0001292814-26-004002 |
| Document: 0001292814-26-004002-index-headers.html | 0001292814-26-004002 |
| Document: 0001292814-26-004002-index.html | 0001292814-26-004002 |
| Document: 0001292814-26-004002.txt | 0001292814-26-004002 |
| 6-K Filing (VALE) — Batch item 5 | 0001292814-26-004002 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 8, 2026 24d ago | 6-K | $15.56 $14.61 | ▼ −6.11% | ▼ −5.44% | $13.76 (−11.57%) |
Aug 5, 2026 8w ago | 6-K | $14.72 $13.80 | ▼ −6.25% | ▼ −7.46% | $13.76 (−6.52%) |
Jul 31, 2026 9w ago | 6-K | $15.06 $14.72 | ▼ −2.28% | ▼ −5.80% | $13.76 (−8.63%) |
Jul 31, 2026 9w ago | 6-K | $15.06 $14.72 | ▼ −2.28% | ▼ −5.80% | $13.76 (−8.63%) |
Jul 31, 2026 9w ago | 6-K | $15.06 $14.72 | ▼ −2.28% | ▼ −5.80% | $13.76 (−8.63%) |
Jul 27, 2026 9w ago | 6-K | $14.78 $15.06 | ▲ +1.89% | ▲ +0.82% | $13.76 (−6.90%) |
Jul 22, 2026 10w ago | 6-K | $14.85 $14.65 | ▼ −1.35% | ▲ +1.05% | $13.76 (−7.34%) |
Jul 22, 2026 10w ago | 6-K | $14.85 $14.65 | ▼ −1.35% | ▲ +1.05% | $13.76 (−7.34%) |
Jul 22, 2026 10w ago | 6-K | $14.85 $14.65 | ▲ +1.35% | ▼ −1.05% | $13.76 (+7.34%) |
Jul 21, 2026 10w ago | 6-K | $14.25 $14.78 | ▲ +3.72% | ▲ +4.95% | $13.76 (−3.44%) |
US Market Status
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