Gerdau (NYSE: GGB) financial statements

The consolidated income statement, balance sheet and cash flow statement of Gerdau for its last 10 fiscal years, as filed with the regulator, in millions of Brazilian reais. At the end of fiscal 2025 it had BRL 81,688m in total assets and BRL 53,585m in equity.

Income statement

Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	BRL 69,859m	BRL 67,027m	BRL 68,916m	BRL 82,412m	BRL 78,345m	BRL 43,815m	BRL 39,644m	BRL 46,159m	BRL 36,918m	BRL 37,652m
Cost of sales	BRL 61,891m	BRL 57,823m	BRL 57,584m	BRL 63,661m	BRL 57,528m	BRL 37,884m	BRL 35,441m	BRL 40,010m	BRL 33,313m	BRL 34,188m
Gross profit	BRL 7,967m	BRL 9,203m	BRL 11,332m	BRL 18,751m	BRL 20,817m	BRL 5,931m	BRL 4,203m	BRL 6,149m	BRL 3,605m	BRL 3,464m
Operating profit	BRL 3,739m	BRL 7,487m	BRL 10,453m	BRL 17,751m	BRL 21,023m	BRL 5,194m	BRL 3,184m	BRL 4,047m	BRL 1,100m	−BRL 1,636m
Finance costs	BRL 1,274m	BRL 796.9m	BRL 840.1m	BRL 964.6m	BRL 1,060m	BRL 1,022m	BRL 938.1m	BRL 1,178m	BRL 1,323m	BRL 1,541m
Profit before tax	BRL 2,524m	BRL 5,464m	BRL 9,347m	BRL 15,859m	BRL 20,273m	BRL 3,496m	BRL 1,675m	BRL 2,157m	−BRL 43.3m	−BRL 2,582m
Income tax	BRL 1,106m	BRL 864.7m	BRL 1,810m	BRL 4,379m	BRL 4,714m	BRL 1,108m	BRL 457.8m	BRL 169.0m	BRL 295.4m	BRL 304.3m
Net profit	BRL 1,387m	BRL 4,566m	BRL 7,502m	BRL 11,426m	BRL 15,494m	BRL 2,366m	BRL 1,204m	BRL 2,304m	−BRL 359.4m	−BRL 2,891m
Earnings per share	—	—	—	—	BRL 9.09	BRL 1.39	BRL 0.71	BRL 1.35	−BRL 0.21	−BRL 1.70
Diluted earnings per share	—	—	—	BRL 6.50	BRL 9.04	BRL 1.38	BRL 0.70	BRL 1.34	−BRL 0.21	−BRL 1.70
Depreciation and amortisation	BRL 3,684m	BRL 3,126m	BRL 3,047m	BRL 2,867m	BRL 2,659m	BRL 2,499m	BRL 2,074m	BRL 1,892m	BRL 2,093m	BRL 2,536m

Balance sheet

Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Total assets	BRL 81,688m	BRL 86,814m	BRL 74,885m	BRL 73,799m	BRL 73,815m	BRL 63,123m	BRL 54,003m	BRL 51,281m	BRL 50,302m	BRL 54,635m
Current assets	BRL 28,605m	BRL 32,669m	BRL 29,198m	BRL 31,257m	BRL 32,640m	BRL 23,409m	BRL 18,236m	BRL 17,503m	BRL 17,982m	BRL 17,797m
Inventories	—	—	—	—	BRL 16,861m	BRL 9,169m	BRL 7,660m	BRL 9,168m	BRL 6,701m	BRL 6,333m
Property, plant and equipment	BRL 30,641m	BRL 29,591m	BRL 22,881m	BRL 20,423m	BRL 18,742m	BRL 17,253m	BRL 15,901m	BRL 15,546m	BRL 16,444m	BRL 19,352m
Goodwill	BRL 11,996m	BRL 13,853m	BRL 10,825m	BRL 11,634m	BRL 12,428m	BRL 12,104m	BRL 9,469m	BRL 9,112m	BRL 7,891m	BRL 9,470m
Cash	BRL 5,929m	BRL 7,768m	BRL 3,006m	BRL 2,476m	BRL 4,161m	BRL 4,617m	BRL 2,642m	BRL 2,890m	BRL 2,555m	BRL 5,063m
Total liabilities	BRL 27,890m	BRL 28,641m	BRL 25,646m	BRL 27,500m	BRL 30,999m	BRL 32,038m	BRL 26,830m	BRL 25,342m	BRL 26,408m	BRL 30,360m
Current liabilities	BRL 9,887m	BRL 10,851m	BRL 11,285m	BRL 13,463m	BRL 14,037m	BRL 11,482m	BRL 7,425m	BRL 8,504m	BRL 7,714m	BRL 8,622m
Equity	BRL 53,585m	BRL 57,949m	BRL 49,059m	BRL 46,116m	BRL 42,604m	BRL 30,860m	BRL 26,956m	BRL 25,731m	BRL 23,645m	BRL 24,028m
Equity including minorities	BRL 53,798m	BRL 58,174m	BRL 49,239m	BRL 46,298m	BRL 42,816m	BRL 31,085m	BRL 27,173m	BRL 25,939m	BRL 23,862m	BRL 24,275m
Minority interests	BRL 213.1m	BRL 225.0m	BRL 179.9m	BRL 182.0m	BRL 211.4m	BRL 224.9m	BRL 217.4m	BRL 208.0m	BRL 248.7m	BRL 246.5m

Cash flow statement

Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Operating cash flow	BRL 7,987m	BRL 11,381m	BRL 11,139m	BRL 11,150m	BRL 12,517m	BRL 6,408m	BRL 1,643m	BRL 2,000m	BRL 2,076m	BRL 3,516m
Investing cash flow	−BRL 7,574m	−BRL 5,034m	−BRL 5,773m	−BRL 4,460m	−BRL 2,996m	−BRL 2,229m	−BRL 1,899m	BRL 2,383m	−BRL 535.5m	−BRL 1,069m
Financing cash flow	−BRL 1,716m	−BRL 2,687m	−BRL 4,125m	−BRL 8,256m	−BRL 9,983m	−BRL 2,494m	−BRL 9.6m	−BRL 4,256m	−BRL 4,056m	−BRL 2,338m
Capital expenditure	−BRL 6,682m	−BRL 5,778m	−BRL 5,209m	−BRL 4,292m	−BRL 3,026m	−BRL 1,651m	−BRL 1,747m	−BRL 1,195m	−BRL 873.3m	−BRL 1,324m
Dividends paid	−BRL 1,286m	−BRL 1,656m	−BRL 2,683m	−BRL 5,892m	−BRL 5,339m	−BRL 274.8m	−BRL 484.2m	−BRL 599.1m	−BRL 86.4m	−BRL 86.0m

Where each figure comes from

From the annual report (Form 20-F) that Gerdau files with the SEC. The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the Gerdau page.

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Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.