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PBR-A

Petróleo Brasileiro S.A. - Petrobras

PBR-A

Petróleo Brasileiro S.A. - Petrobras • NYSE
$11.90 ▼ -1.08% (-0.13)
Market Cap $76.69 B
52w High $13.68
52w Low $10.28
Dividend Yield 1.76%
P/E 5.51
Volume 3.62M
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% ▼ $0.73 ▼ $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% ▼ $-0.43 ▼ $392M ▼
Q3-2024 $23.366B $3.277B $5.87B 25.122% $0.91 $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 $-2.766B ▼ $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 Over the last few years Petrobras has swung from barely profitable to extremely profitable and then back to more moderate results. Revenue and profits surged as oil prices and production volumes improved after 2020, peaking around 2022. Since then, both sales and earnings have stepped down as the external environment normalized and costs or charges appear to have risen. Even so, the company remains clearly profitable, but far from the windfall levels seen at the peak. The pattern underlines how sensitive Petrobras’s earnings are to oil prices, government policy, and one‑off items.

Balance Sheet

Balance Sheet The balance sheet shows a large, industrial‑scale asset base backed by a meaningful, but not excessive, level of debt. Over time, Petrobras has chipped away at its debt load compared with the early part of the period, which reduces financial risk, even if progress has recently slowed. Cash on hand has fallen notably in the latest year, meaning the short‑term cushion is thinner than before and the company is relying more on ongoing cash generation. Shareholders’ equity rose during the boom years but then dropped back, suggesting heavy distributions, currency effects, or accounting charges. Overall, financial leverage looks manageable but leaves less room for major negative surprises than during the peak cash years.

Cash Flow

Cash Flow Cash generation from the core business is a key strength. Operating cash flow improved sharply from 2020 through the peak years and, while it has eased back more recently, it still sits clearly above the levels seen earlier in the decade. Capital spending has been rising, showing a willingness to reinvest in new projects and future production, including transition initiatives. Even after these higher investments, free cash flow has remained solidly positive, indicating that Petrobras is largely funding itself from internal resources rather than relying heavily on new borrowing. The trend, however, is downward from the peak, so the cushion is not as generous as it was a couple of years ago.

Competitive Edge

Competitive Edge Petrobras holds a powerful position in Brazil’s energy system and a notable role in global offshore oil. Its main edge lies in deep and ultra‑deepwater production, especially in the pre‑salt fields, where it has developed very low production costs and high well productivity. A large portfolio of patents, decades of offshore experience, and an integrated structure from production to refining and logistics all reinforce this advantage and raise barriers to entry. At the same time, concentration in Brazil and state control bring political and regulatory risks that can affect pricing, investment pace, and capital allocation. So the company combines strong industrial advantages with a more complex governance and country‑risk profile.

Innovation and R&D

Innovation and R&D Petrobras is not just a traditional oil producer; it is also a major technology developer, particularly through its research center in Rio. It has led advances in seismic imaging, complex offshore platforms, and digital tools that squeeze more value from deepwater reservoirs while lowering costs and emissions. On top of that, it is pushing into lower‑carbon areas: renewable diesel, sustainable aviation fuel, green hydrogen pilots, offshore wind and solar evaluations, and carbon capture hubs. Most of these newer businesses are still in early or pilot phases, so they will take time and disciplined execution to matter financially. But they show a clear intent to use today’s fossil‑fuel cash flows to build a broader, more climate‑aligned portfolio over the next decade.

Summary

Petrobras today reflects a classic resource company cycle: very strong results in the middle of the period, now normalizing as conditions change, yet still delivering healthy profits and cash flow. The balance sheet is stronger than it was a few years ago thanks to debt reduction, though lower cash and equity indicate less of a buffer and the impact of generous payouts or write‑downs. Competitively, the company remains a low‑cost deepwater heavyweight with unique technical capabilities and a dominant position in Brazil, tempered by political and country‑specific uncertainties. Its innovation pipeline is ambitious, with multiple low‑carbon and technology projects that could reshape the business mix over time but will require sustained investment and careful follow‑through. Overall, Petrobras looks like a mature oil and gas leader using strong, but cyclical, cash flows to manage debt, reward stakeholders, and selectively pivot toward a lower‑carbon future, all within a complex policy and market backdrop.

NEWS

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September 11, 2025 · 12:01 PM UTC

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