GERDAU S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GERDAU S.A. files with the SEC in its annual reports.

In BRL millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	37,652	36,918	46,159	39,644	43,815	78,345	82,412	68,916	67,027	69,859
Cost of revenue	34,188	33,313	40,010	35,441	37,884	57,528	63,661	57,584	57,823	61,891
Gross profit	3,464	3,605	6,149	4,203	5,931	20,817	18,751	11,332	9,203	7,967
Selling, general and administrative	2,239	1,655	1,653	1,430	1,530	2,106	2,188	2,208	2,167	2,121
Selling and marketing	711	525	570	476	513	716	733	716	763	782
Operating income	-1,636	1,100	4,047	3,184	5,194	21,023	17,751	10,453	7,487	3,739
Interest expense	2,010	1,726	1,579	1,470	1,448	1,433	1,563	1,397	1,508	2,073
Interest income	252	227	204	223	194	249	606	903	726	694
Pre-tax income	-2,582	-43.3	2,157	1,675	3,496	20,273	15,859	9,347	5,464	2,524
Income tax	304	295	-169	458	1,108	4,714	4,379	1,810	865	1,106
Net income to minority interests	4.88	20.7	22.5	13.2	22.3	64.8	54	35.4	32.7	31.4
Net income	-2,891	-359	2,304	1,204	2,366	15,494	11,426	7,502	4,566	1,387
EBITDA	900	3,193	5,939	5,258	7,693	23,682	20,618	13,500	10,613	7,423
EPS, basic	-1.70	-0.21	1.35	0.71	1.39	9.09
EPS, diluted	-1.70	-0.21	1.34	0.70	1.38	9.04	6.50

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,063	2,555	2,890	2,642	4,617	4,161	2,476	3,006	7,768	5,929
Inventory	6,333	6,701	9,168	7,660	9,169	16,861
Total current assets	17,797	17,982	17,503	18,236	23,409	32,640	31,257	29,198	32,669	28,605
Property, plant and equipment	19,352	16,444	15,546	15,901	17,253	18,742	20,423	22,881	29,591	30,641
Lease right-of-use assets				777	815	862	961	1,183	1,169	1,271
Goodwill	9,470	7,891	9,112	9,469	12,104	12,428	11,634	10,825	13,853	11,996
Intangible assets	1,320	972	836	673	623	510	415	374	401	691
Total assets	54,635	50,302	51,281	54,003	63,123	73,815	73,799	74,885	86,814	81,688
Total current liabilities	8,622	7,714	8,504	7,425	11,482	14,037	13,463	11,285	10,851	9,887
Lease liabilities				602	625	643	755	904	850	1,003
Total liabilities	30,360	26,408	25,342	26,830	32,038	30,999	27,500	25,646	28,641	27,890
Retained earnings	3,763	3,315	4,806	5,645	7,292	17,838	22,173	25,915	24,238	23,055
Shareholders' equity	24,028	23,645	25,731	26,956	30,860	42,604	46,116	49,059	57,949	53,585
Minority interests	247	249	208	217	225	211	182	180	225	213
Total equity	24,275	23,862	25,939	27,173	31,085	42,816	46,298	49,239	58,174	53,798
Total liabilities and equity	54,635	50,302	51,281	54,003	63,123	73,815	73,799	74,885	86,814	81,688

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-2,886	-339	2,326	1,217	2,388	15,559	11,480	7,537	4,599	1,418
Depreciation and amortization	2,536	2,093	1,892	2,074	2,499	2,659	2,867	3,047	3,126	3,684
Cash from operations	3,516	2,076	2,000	1,643	6,408	12,517	11,150	11,139	11,381	7,987
Capital expenditures	-1,324	-873	-1,195	-1,747	-1,651	-3,026	-4,292	-5,209	-5,778	-6,682
Cash from investing	-1,069	-535	2,383	-1,899	-2,229	-2,996	-4,460	-5,773	-5,034	-7,574
Debt issued	2,455	3,266	2,561	5,586	3,121	610	2,263	1,777	3,918	9,221
Debt repaid	-4,605	-7,241	-6,000	-4,885	-5,084	-5,117	-3,201	-2,831	-3,270	-7,995
Share buybacks	-95.3		-243	0	0		-1,073		-1,195	-1,169
Dividends paid	-86	-86.4	-599	-484	-275	-5,339	-5,892	-2,683	-1,656	-1,286
Cash from financing	-2,338	-4,056	-4,256	-9.6	-2,494	-9,983	-8,256	-4,125	-2,687	-1,716
Exchange rate effect	-694	7.44	208	17.8	291	5.26	-119	-711	1,102	-536
Net change in cash	-585	-2,508	335	-248	1,976	-457	-1,685	530	4,762	-1,839
Free cash flow	2,192	1,203	805	-104	4,757	9,491	6,858	5,930	5,603	1,306
Interest paid	1,240	1,330	1,162	945	1,080	1,101	969	858	947	1,461
Income taxes paid	168	126	299	255	621	2,893	3,356	1,560	1,400	1,121

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	11.4%	Gross profit / revenue.
Operating margin	5.4%	Operating income / revenue.
EBITDA margin	10.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.6%	Pre-tax income / revenue.
Net margin	2.0%	Net income / revenue.
FCF margin	1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.4%	Cash from operations / revenue.
Effective tax rate	43.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.6%	Net income / average total assets.
Return on invested capital (ROIC)	4.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	3.0%	Selling, general and administrative expense / revenue.
Capex / revenue	9.6%	Capital expenditures / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-13.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-24.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-50.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-40.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-6.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-30.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-28.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-69.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-50.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-10.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-29.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-10.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-76.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-42.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-22.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-7.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.89x	Current assets / current liabilities.
Quick ratio	0.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.60x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	34.1%	Total liabilities / total assets.
Interest coverage	1.80x	Operating income / interest expense.
Working capital	R$18.72B	Current assets - current liabilities.
Goodwill and intangibles / assets	15.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	R$40.90B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.83x	Revenue / average total assets.
Fixed asset turnover	2.32x	Revenue / average property, plant and equipment.
FCF conversion	94.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	83.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	92.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	98.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	89.5%	Share buybacks / free cash flow, when free cash flow is positive.

What was GERDAU S.A.'s revenue in fiscal 2025?

GERDAU S.A. reported revenue of R$69.86B for fiscal 2025, 4.2% higher than the year before.

Was GERDAU S.A. profitable in fiscal 2025?

Yes. Net income was R$1.39B, a net margin of 2%.

How much free cash flow did GERDAU S.A. generate in fiscal 2025?

Cash from operations of R$7.99B minus capital expenditures of R$6.68B left free cash flow of R$1.31B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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