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PBR

Petróleo Brasileiro S.A. - Petrobras

PBR

Petróleo Brasileiro S.A. - Petrobras • NYSE
$12.54 ▼ -0.99% (-0.13)
Market Cap $80.78 B
52w High $14.98
52w Low $11.03
Dividend Yield 1.67%
P/E 5.8
Volume 12.73M
Outstanding Shares 6.44B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $23.477B ▲ $3.485B ▼ $6.027B ▲ 25.672% ▲ $0.94 ▲ $13.47B ▲
Q2-2025 $21.037B ▼ $4.54B ▲ $4.734B ▼ 22.503% ▼ $0.72 ▼ $11.14B ▼
Q1-2025 $21.073B ▲ $3.019B ▼ $5.974B ▲ 28.349% ▲ $0.92 ▲ $13.311B ▲
Q4-2024 $20.815B ▼ $8.707B ▲ $-2.78B ▼ -13.356% ▼ $-0.46 ▼ $392M ▼
Q3-2024 $23.366B $3.195B $5.87B 25.122% $0.92 $12.022B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.658B ▲ $227.887B ▲ $147.986B ▲ $79.52B ▲
Q2-2025 $9.501B ▲ $215.296B ▲ $141.668B ▲ $73.158B ▲
Q1-2025 $7.669B ▲ $199.874B ▲ $130.633B ▲ $68.934B ▲
Q4-2024 $7.534B ▼ $181.645B ▼ $122.295B ▼ $59.106B ▼
Q3-2024 $14.287B $197.839B $125.327B $72.255B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $6.053B ▲ $9.856B ▲ $-4.765B ▼ $-3.218B ▼ $1.968B ▼ $4.969B ▲
Q2-2025 $4.757B ▼ $7.531B ▼ $-2.561B ▼ $-2.729B ▲ $2.301B ▲ $3.447B ▼
Q1-2025 $5.995B ▲ $8.498B ▲ $-1.767B ▲ $-5.432B ▲ $1.424B ▲ $4.536B ▲
Q4-2024 $-2.756B ▼ $8.204B ▼ $-3.271B ▲ $-9.654B ▼ $-5.423B ▼ $3.775B ▼
Q3-2024 $5.891B $11.307B $-4.742B $-5.895B $810M $6.864B

Five-Year Company Overview

Income Statement

Income Statement Petrobras has moved from a difficult period in 2020 to very strong profitability in 2021–2023, helped by higher oil prices, solid production, and tight cost control. Revenue and profits peaked in 2022, then eased as oil markets normalized and some costs and taxes rose. The most recent year shows a sharp drop in net profit compared with the previous two years, even though the core operating business is still generating healthy margins. That gap between strong operating profit and weaker bottom-line profit suggests the impact of items like taxes, financial charges, or one-off effects. Overall, the income statement still reflects a profitable, efficient producer, but with earnings now on a lower plateau than the boom years and more sensitive to external and political decisions on pricing and distribution of profits.

Balance Sheet

Balance Sheet The balance sheet shows a large, asset-heavy company that has been gradually repairing itself but with some recent backsliding. Total debt has come down from earlier in the decade, yet it remains substantial, which keeps leverage and refinancing risk relevant. Cash reserves were ample a couple of years ago but have since dropped noticeably, reducing the immediate liquidity cushion. Equity had been building up as profits accumulated, but it has declined recently, likely reflecting very high payouts and market volatility more than operational weakness. In short, Petrobras is financially stronger than it was in the early 2020s, but the balance sheet still carries meaningful debt and is sensitive to policy choices on dividends and investment.

Cash Flow

Cash Flow Cash flow is one of Petrobras’s main strengths. The business consistently generates very strong cash from operations, even in tougher years, thanks to scale, low production costs, and disciplined spending. After funding capital expenditures, there has been a solid surplus of free cash flow year after year, which has enabled debt reduction and large distributions to shareholders. Capital spending has been trending upward again as the company invests in new deepwater projects and refining, but not to the point of straining cash generation. Overall, Petrobras looks like a cash machine, with the main questions being how that cash is split between new projects, debt management, and returns to the state and other shareholders.

Competitive Edge

Competitive Edge Petrobras enjoys a powerful competitive position anchored in three elements: vast, high-quality pre-salt reserves; world-class deepwater engineering and operational know-how; and a fully integrated value chain in Brazil from wellhead to fuel pump. Its low production costs mean it can remain profitable even when global oil prices fall, which is a key strategic advantage versus many international peers. At home, it benefits from scale and government backing, but this also comes with political interference risk, especially around fuel pricing, capital allocation, and environmental priorities. Globally, Petrobras faces the same pressures as all oil majors: long-term demand uncertainty, competition from other low-cost producers, and rising environmental expectations. Despite these headwinds, its resource base and technical capabilities give it a durable, though politically exposed, moat.

Innovation and R&D

Innovation and R&D Petrobras is not just a volume player; it is also a technology leader, especially in deep and ultra-deepwater. Its large research center in Brazil supports advanced seismic imaging, complex offshore platforms, and subsea systems that few competitors can match. The company is pushing digital tools—such as artificial intelligence, digital twins, and cloud computing—to improve drilling success, reduce downtime, and cut administrative waste. On the environmental side, it is investing in carbon capture, methane reduction, and smarter flaring control, while exploring biofuels, renewable diesel, offshore wind, and hydrogen. These efforts are still small compared with its core oil and gas business, but they show a clear intent to keep its offshore edge while slowly repositioning towards a lower-carbon portfolio. Execution quality and regulatory stability will determine how much value these innovation projects ultimately create.

Summary

Petrobras today combines a very strong industrial franchise with meaningful financial and non-financial risks. The core business is highly profitable and cash generative, underpinned by low-cost pre-salt reserves and deepwater capabilities that few can rival. Cash flows have allowed the company to reduce debt and distribute large amounts of capital while still funding new projects. However, profits have normalized from their recent peak, the balance sheet, while improved, still carries considerable leverage, and the cash cushion has been drawn down. Above all, its state-controlled status means that political decisions—on pricing, dividends, investment priorities, and the pace of the energy transition—can materially influence financial outcomes. The long-term picture hinges on how well Petrobras can balance three goals: maintaining its low-cost oil advantage, managing its sizeable financial obligations, and successfully executing its strategy to decarbonize and diversify without eroding its strong cash engine.

NEWS

October 1, 2025 · 1:30 AM UTC

VALLOUREC SECURES A NEW ORDER WITH PETROBRAS FOR SUBMAGNÉTICO FREE FLOW®

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September 25, 2025 · 8:57 AM UTC

SLB Awarded Major Completions Contract for Ultra-Deepwater Project Offshore Brazil

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September 11, 2025 · 12:01 PM UTC

PETROBRAS CHOOSES VALLOUREC TO SUPPORT $1BN OFFSHORE OCTG PROJECTS

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