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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Vale
Vale (VALE3) investor relations material
Vale Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Priorities remained operational excellence, cost competitiveness, resilience and value over volume amid volatile markets.
Pro forma EBITDA was $3.508B, down 20% YoY, as weaker iron ore pricing and higher costs outweighed stronger copper prices.
Production guidance was reaffirmed across the portfolio; iron ore was expected at the lower end, with copper and nickel in the upper half of their ranges.
Financial highlights
Net operating revenue rose 2% YoY to $10.599B; gross profit was $2.659B, down 30%, and operating income fell 43% to $1.593B.
Adjusted EBITDA was $3.327B, down 24% YoY; attributable net income was $1.255B, down 53%, with EPS of $0.29 versus $0.63.
Recurring free cash flow was $1.373B and total free cash flow was $2.230B, including $857M of non-recurring events.
9M26 revenue was $30.355B, up 11% YoY; pro forma EBITDA rose 4% to $11.469B, while attributable net income declined 27% to $4.523B.
Base Metals adjusted EBITDA rose 61% YoY to $1.105B, partly offsetting weaker Iron Ore Solutions earnings.
Outlook and guidance
2026 iron ore production guidance of 335–345 Mt was reaffirmed, with output expected at the lower end; Q4 recovery was expected from higher Serra Norte output and the Fábrica restart.
Copper guidance of 360–380 kt and nickel guidance of 185–200 kt were reaffirmed, with both expected in the upper half of their ranges.
Pellet guidance of 30–34 Mt was reaffirmed at the midpoint; iron ore C1 and all-in cost guidance remained $22.5–$23.5/t and $58–$62/t.
Copper all-in cost guidance was $0.0–$0.5k/t and nickel guidance $10.0–$11.5k/t; 2026 CAPEX was expected toward the lower end of $5.4B–$5.7B.
Salobo CPF startup is planned for 1H28; Serra Sul +20 and Compact Crushing are expected to support operating flexibility from 2027.
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Latest events from Vale
- Strong 2025 results, portfolio growth in copper and nickel, and leading ESG and decarbonization initiatives.VALE3
Corporate presentation - Record EBITDA and revenue growth fueled by strong output and cash returns, despite lower net income.VALE3Q2 2026
- Record Q1 output and 21% EBITDA growth fueled strong cash flow and shareholder returns.VALE3Q1 2026
- Record output and EBITDA, but net income fell 56% on major nickel impairments.VALE3Q4 2025
- Record iron ore and copper output fueled EBITDA, cash flow, and shareholder returns.VALE3Q3 2025
- Record output, lower costs, and strong cash flow support positive outlook and returns.VALE3Q2 2025
- Targets $18-19.5/t iron ore C1 cost and 360 Mt output by 2030, with copper growth to 500 kt.VALE3Investor Day 2024
- Iron ore sales up 4%, costs down, and base metals growth offset lower prices and higher net debt.VALE3Q1 2025
- Record output, lower prices, and major impairments led to reduced EBITDA and net income.VALE3Q4 2024
Next Vale earnings date
Q4 202611 Feb, 2027
Vale
Next Vale earnings date
Q4 202611 Feb, 2027
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Frequently asked questions
Iron and Nickel Behemoth
Vale S.A. is a Brazilian mining company with multinational operations. The company is one of the world's leading mining companies, primarily known for being the largest producer of iron ore and nickel globally. Apart from mining, the Vale is involved in logistics operations, owning railways and ports, which are integral in transporting its mined materials. Its business activities span several continents, with major operations in Brazil, North America, Asia, and Africa. The company is headquartered in Rio de Janeiro, Brazil, and is listed in New York, Sao Paolo, Madrid, Jakarta, and Paris.
From Private to Public
Vale S.A. was established in 1942 by the Brazilian government and has since evolved into a privately owned global leader in iron ore and nickel production. Initially focused on iron ore extraction in Brazil, Vale expanded its operations over the decades to include minerals like nickel, copper, and coal. The company underwent significant changes in the 1990s when the Brazilian government privatized it, leading to a phase of international expansion. Today, the company owns and operates mines in several other countries besides Brazil, and is one of the leading mining companies globally.
Down in the Mines
The Vale of today operates as a diversified mining conglomerate with a focus on the extraction and production of iron ore and nickel, which are its primary focus. However, Vale also produces copper, potash, bauxite, and several other commodities. The company operates large-scale iron ore mines in Brazil, with additional mining operations spanning across Canada, Indonesia, and Mozambique. Vale is also a significant player in the coal industry. Beyond extraction, Vale's activities include processing these raw materials into higher-grade forms suitable for industrial use. As previously mentioned, the company is one of the largest mining companies globally together with companies such as Glencore, BHP, and Rio Tinto.
The Logistics
Vale S.A. operates a robust logistics network crucial to its mining operations, including railways, ports, and ships. The company's railway systems, notably in Brazil, are integral for transporting iron ore from mines to coastal ports. These ports, managed by Vale, facilitate the global distribution of their products. Vale also owns and operates a fleet of ore carriers, known as Valemax ships, which are among the largest in the world, to transport commodities to European and Asian ports.