Gerdau
GGB · NYSESteel Works, Blast Furnaces & Rolling & Finishing Mills · Fiscal year ends Dec 31 · Reports in BRL
Gerdau reported revenue of BRL 69.9B in the fiscal year ended Dec 2025, up 4.2% from the year before. Operating income was BRL 3.7B, an operating margin of 5.4%, and net income was BRL 1.4B. Operating cash flow of BRL 8B less capital expenditure of BRL 6.7B left free cash flow of BRL 1.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | BRL 78.3B | BRL 82.4B | BRL 68.9B | BRL 67B | BRL 69.9B |
| Cost of revenue | BRL 57.5B | BRL 63.7B | BRL 57.6B | BRL 57.8B | BRL 61.9B |
| Gross profit | BRL 20.8B | BRL 18.8B | BRL 11.3B | BRL 9.2B | BRL 8B |
| Selling, general & admin | BRL 2.1B | BRL 2.2B | BRL 2.2B | BRL 2.2B | BRL 2.1B |
| Operating income | BRL 21B | BRL 17.8B | BRL 10.5B | BRL 7.5B | BRL 3.7B |
| Interest expense | BRL 1.4B | BRL 1.6B | BRL 1.4B | BRL 1.5B | BRL 2.1B |
| Pre-tax income | BRL 20.3B | BRL 15.9B | BRL 9.3B | BRL 5.5B | BRL 2.5B |
| Income tax | BRL 4.7B | BRL 4.4B | BRL 1.8B | BRL 865M | BRL 1.1B |
| Net income | BRL 15.6B | BRL 11.5B | BRL 7.5B | BRL 4.6B | BRL 1.4B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | BRL 4.2B | BRL 2.5B | BRL 3B | BRL 7.8B | BRL 5.9B |
| Inventory | BRL 16.9B | – | – | – | – |
| Current assets | BRL 32.6B | BRL 31.3B | BRL 29.2B | BRL 32.7B | BRL 28.6B |
| Net PP&E | BRL 18.7B | BRL 20.4B | BRL 22.9B | BRL 29.6B | BRL 30.6B |
| Goodwill | BRL 12.4B | BRL 11.6B | BRL 10.8B | BRL 13.9B | BRL 12B |
| Total assets | BRL 73.8B | BRL 73.8B | BRL 74.9B | BRL 86.8B | BRL 81.7B |
| Current liabilities | BRL 14B | BRL 13.5B | BRL 11.3B | BRL 10.9B | BRL 9.9B |
| Total liabilities | BRL 31B | BRL 27.5B | BRL 25.6B | BRL 28.6B | BRL 27.9B |
| Shareholders' equity | BRL 42.6B | BRL 46.1B | BRL 49.1B | BRL 57.9B | BRL 53.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | BRL 12.5B | BRL 11.2B | BRL 11.1B | BRL 11.4B | BRL 8B |
| Capital expenditure | BRL 3B | BRL 4.3B | BRL 5.2B | BRL 5.8B | BRL 6.7B |
| Free cash flow | BRL 9.5B | BRL 6.9B | BRL 5.9B | BRL 5.6B | BRL 1.3B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.2% | −16.4% | −2.7% | 4.2% |
| Operating income growth (YoY) | – | −15.6% | −41.1% | −28.4% | −50.1% |
| Gross margin | 26.6% | 22.8% | 16.4% | 13.7% | 11.4% |
| Operating margin | 26.8% | 21.5% | 15.2% | 11.2% | 5.4% |
| Net margin | 19.9% | 13.9% | 10.9% | 6.9% | 2.0% |
| Return on equityBlank when equity is negative | 36.5% | 24.9% | 15.4% | 7.9% | 2.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 35.2% | 29.4% | 16.4% | 9.9% | 5.2% |
| Free cash flow margin | 12.1% | 8.3% | 8.6% | 8.4% | 1.9% |
| Cash conversion (CFO ÷ net income) | 0.80x | 0.97x | 1.48x | 2.47x | 5.63x |
| Inventory days | 107 | – | – | – | – |
| Interest cover | 14.7x | 11.4x | 7.48x | 4.96x | 1.80x |
| Current ratio | 2.33x | 2.32x | 2.59x | 3.01x | 2.89x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.