NYSE : PBR.A
Petróleo Brasileiro S.A. - Petrobras — Financial statements
Energy · Oil & Gas Integrated · Brazil
Last price 19.41 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 135.11B
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Financial statements
Petróleo Brasileiro S.A. - Petrobras (PBR.A) reported revenue of 548.49B BRL (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 548.49B | 497.55B | 490.83B | 511.99B | 641.26B | 452.67B |
| Cost of Revenue | 270.98B | 260.55B | 244.37B | 242.06B | 307.16B | 233.03B |
| Gross Profit | 277.51B | 237.00B | 246.46B | 269.93B | 334.10B | 219.64B |
| Selling, General & Admin | 42.98B | 39.76B | 36.06B | 33.12B | 32.33B | 29.15B |
| Research & Development | 5.35B | 4.81B | 4.28B | 3.62B | 4.09B | 3.03B |
| Other Operating Expenses | 24.10B | 21.84B | 40.09B | 22.83B | -10.92B | 6.20B |
| Operating Expenses | 79.77B | 75.20B | 90.58B | 66.00B | 30.57B | 32.30B |
| Operating Income | 197.74B | 161.79B | 155.88B | 203.94B | 303.53B | 187.33B |
| Interest Expense | -708.00M | -3.08B | -4.88B | -13.79B | -16.80B | |
| Interest & Investment Income | 6.81B | 6.05B | 8.07B | 8.26B | 5.96B | 1.71B |
| Earnings From Equity Investments | 1.15B | -242.00M | -3.47B | -1.48B | 1.29B | 8.43B |
| Currency Exchange Gain (Loss) | 11.91B | 27.07B | -46.50B | 11.21B | 5.64B | -39.73B |
| Other Non Operating Income (Expenses) | -16.22B | -20.09B | -35.60B | -22.17B | -14.38B | 5.49B |
| EBT Excluding Unusual Items | 201.39B | 173.88B | 75.30B | 194.88B | 288.24B | 146.43B |
| Gain (Loss) on Sale of Assets | 329.00M | 134.00M | 1.17B | 6.51B | 5.88B | 10.89B |
| Asset Writedown | -3.78B | -6.32B | -4.22B | -11.58B | -6.39B | 7.09B |
| Legal Settlements | -6.25B | -5.67B | -5.39B | -3.42B | -6.51B | -2.62B |
| Other Unusual Items | -10.80B | -11.43B | -12.12B | -8.91B | -6.22B | -10.22B |
| Pretax Income | 180.89B | 150.60B | 54.73B | 177.48B | 275.00B | 151.57B |
| Income Tax Expense | 47.13B | 39.99B | 17.72B | 52.31B | 85.99B | 44.31B |
| Earnings From Continuing Operations | 133.76B | 110.61B | 37.01B | 125.17B | 189.00B | 107.26B |
| Net Income to Company | 133.76B | 110.61B | 37.01B | 125.17B | 189.00B | 107.26B |
| Minority Interest in Earnings | -380.00M | -476.00M | -403.00M | -560.00M | -677.00M | -596.00M |
| Net Income | 133.38B | 110.13B | 36.61B | 124.61B | 188.33B | 106.67B |
| Net Income to Common | 133.38B | 110.13B | 36.61B | 124.61B | 188.33B | 106.67B |
| Shares Outstanding (Basic) | 12.89B | 12.89B | 12.90B | 13.02B | 13.04B | 13.04B |
| Shares Outstanding (Diluted) | 12.89B | 12.89B | 12.90B | 13.02B | 13.04B | 13.04B |
| EPS (Basic) | 10.35 | 8.54 | 2.84 | 9.57 | 14.44 | 8.18 |
| EPS (Diluted) | 10.35 | 8.54 | 2.84 | 9.57 | 14.44 | 8.18 |
| Free Cash Flow | 105.34B | 91.62B | 124.18B | 155.38B | 205.75B | 168.99B |
| Free Cash Flow Per Share | 8.17 | 7.11 | 9.63 | 11.93 | 15.77 | 12.96 |
| Dividend Per Share | 3.67 | 3.20 | 5.73 | 7.27 | 17.06 | 7.77 |
| Gross Margin | 50.59% | 47.63% | 50.21% | 52.72% | 52.10% | 48.52% |
| Operating Margin | 36.05% | 32.52% | 31.76% | 39.83% | 47.33% | 41.38% |
| Profit Margin | 24.32% | 22.13% | 7.46% | 24.34% | 29.37% | 23.56% |
| Free Cash Flow Margin | 19.20% | 18.41% | 25.30% | 30.35% | 32.09% | 37.33% |
| EBITDA | 243.04B | 208.14B | 197.40B | 247.00B | 352.31B | 218.58B |
| EBITDA Margin | 44.31% | 41.83% | 40.22% | 48.24% | 54.94% | 48.29% |
| D&A For EBITDA | 45.30B | 46.35B | 41.52B | 43.07B | 48.79B | 31.25B |
| EBIT | 197.74B | 161.79B | 155.88B | 203.94B | 303.53B | 187.33B |
| EBIT Margin | 36.05% | 32.52% | 31.76% | 39.83% | 47.33% | 41.38% |
| Effective Tax Rate | 26.06% | 26.56% | 32.38% | 29.48% | 31.27% | 29.23% |
Balance sheet
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 33.56B | 35.61B | 20.25B | 61.61B | 41.72B | 58.41B |
| Short-Term Investments | 20.20B | 15.00B | 26.40B | 13.65B | 14.47B | |
| Trading Asset Securities | 3.63B | |||||
| Cash & Short-Term Investments | 53.76B | 50.61B | 46.65B | 75.26B | 56.19B | 62.04B |
| Accounts Receivable | 32.36B | 25.46B | 22.08B | 29.70B | 26.14B | 35.54B |
| Other Receivables | 10.98B | 11.15B | 12.18B | 5.70B | 6.82B | 7.51B |
| Receivables | 43.35B | 36.61B | 34.26B | 35.41B | 32.96B | 43.05B |
| Inventory | 50.31B | 45.17B | 41.55B | 37.18B | 45.80B | 40.49B |
| Prepaid Expenses | 2.57B | 2.23B | ||||
| Other Current Assets | 7.55B | 5.06B | 10.52B | 9.23B | 28.09B | 22.67B |
| Total Current Assets | 154.97B | 140.03B | 135.21B | 157.08B | 163.05B | 168.25B |
| Property, Plant & Equipment | 961.26B | 924.62B | 843.92B | 742.77B | 679.18B | 699.41B |
| Long-Term Investments | 3.39B | 3.04B | 7.69B | 18.23B | 16.33B | 8.67B |
| Goodwill | 120.00M | 120.00M | 124.00M | 123.00M | 123.00M | 123.00M |
| Other Intangible Assets | 14.02B | 13.77B | 13.84B | 14.60B | 15.46B | 16.76B |
| Long-Term Accounts Receivable | 2.87B | 4.68B | 7.78B | 8.94B | 12.73B | 10.60B |
| Long-Term Deferred Tax Assets | 6.20B | 5.59B | 5.71B | 4.67B | 4.34B | 3.37B |
| Other Long-Term Assets | 136.19B | 131.55B | 110.53B | 104.46B | 85.49B | 65.77B |
| Total Assets | 1.28T | 1.22T | 1.12T | 1.05T | 976.71B | 972.95B |
| Accounts Payable | 34.26B | 40.95B | 37.66B | 23.30B | 28.51B | 30.60B |
| Accrued Expenses | 44.28B | 40.02B | 32.71B | 32.75B | 26.59B | 33.68B |
| Short-Term Debt | 99.00M | 112.00M | 60.00M | 17.00M | ||
| Current Portion of Long-Term Debt | 7.33B | 11.91B | 15.83B | 20.91B | 18.66B | 20.32B |
| Current Portion of Leases | 53.06B | 55.23B | 52.90B | 34.86B | 28.99B | 30.32B |
| Current Income Taxes Payable | 4.65B | 7.18B | 8.81B | 6.59B | 15.14B | 4.22B |
| Other Current Liabilities | 37.70B | 42.96B | 46.84B | 45.51B | 45.85B | 15.79B |
| Total Current Liabilities | 181.37B | 198.37B | 194.81B | 163.93B | 163.73B | 134.91B |
| Long-Term Debt | 126.30B | 133.46B | 127.54B | 118.51B | 137.63B | 178.91B |
| Long-Term Leases | 179.74B | 183.31B | 177.15B | 128.77B | 95.42B | 98.28B |
| Pension & Post-Retirement Benefits | 87.00B | 84.55B | 66.08B | 75.42B | 54.92B | 51.50B |
| Long-Term Deferred Tax Liabilities | 53.93B | 34.97B | 9.10B | 52.82B | 35.22B | 6.86B |
| Other Long-Term Liabilities | 168.82B | 171.14B | 182.61B | 129.10B | 125.39B | 112.92B |
| Total Liabilities | 797.16B | 805.80B | 757.28B | 668.55B | 612.32B | 583.37B |
| Common Stock | 205.43B | 205.43B | 205.43B | 205.43B | 205.43B | 205.43B |
| Retained Earnings | 226.50B | 158.28B | 95.19B | 159.17B | 128.56B | 164.24B |
| Comprehensive Income & Other | 49.02B | 52.08B | 65.38B | 15.84B | 28.60B | 17.65B |
| Total Common Equity | 480.95B | 415.79B | 366.01B | 380.44B | 362.59B | 387.33B |
| Minority Interest | 904.00M | 1.80B | 1.51B | 1.90B | 1.79B | 2.25B |
| Shareholders' Equity | 481.85B | 417.59B | 367.51B | 382.34B | 364.38B | 389.58B |
| Total Liabilities & Equity | 1.28T | 1.22T | 1.12T | 1.05T | 976.71B | 972.95B |
| Total Debt | 366.53B | 384.02B | 373.47B | 303.06B | 280.70B | 327.82B |
| Net Cash (Debt) | -312.77B | -333.42B | -326.82B | -216.14B | -224.51B | -265.78B |
| Net Cash Per Share | -24.27 | -25.87 | -25.34 | -16.60 | -17.21 | -20.38 |
| Filing Date Shares Outstanding | 12.89B | 12.89B | 12.89B | 12.94B | 13.04B | 13.04B |
| Total Common Shares Outstanding | 12.89B | 12.89B | 12.89B | 12.94B | 13.04B | 13.04B |
| Working Capital | -26.40B | -58.34B | -59.60B | -6.85B | -679.00M | 33.33B |
| Book Value Per Share | 37.32 | 32.26 | 28.40 | 29.40 | 27.80 | 29.69 |
| Tangible Book Value | 466.81B | 401.90B | 352.05B | 365.71B | 347.01B | 370.45B |
| Tangible Book Value Per Share | 36.22 | 31.18 | 27.31 | 28.26 | 26.60 | 28.40 |
| Land | 24.39B | 24.30B | 24.12B | 22.43B | 22.66B | 22.77B |
| Machinery | 665.23B | 638.62B | 600.43B | 572.11B | 550.10B | 547.37B |
| Construction In Progress | 250.49B | 235.24B | 187.75B | 152.34B | 124.90B | 139.86B |
Cash flow statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 133.38B | 110.13B | 36.61B | 124.61B | 188.33B | 106.67B |
| Depreciation & Amortization | 90.16B | 87.97B | 74.13B | 69.33B | 71.88B | 54.32B |
| Other Amortization | 908.00M | 836.00M | 705.00M | 499.00M | 376.00M | 292.00M |
| Loss (Gain) From Sale of Assets | -321.00M | -126.00M | -1.17B | -6.51B | -5.88B | -10.67B |
| Asset Writedown & Restructuring Costs | 3.78B | 6.32B | 4.22B | 11.58B | 6.39B | -7.09B |
| Loss (Gain) on Equity Investments | 414.00M | 242.00M | 3.47B | 1.48B | -1.29B | -8.43B |
| Provision & Write-off of Bad Debts | 234.00M | 440.00M | 1.54B | 205.00M | 331.00M | -187.00M |
| Other Operating Activities | 24.99B | 20.06B | 104.60B | 33.15B | 42.86B | 109.80B |
| Change in Accounts Receivable | -14.25B | -2.61B | 9.21B | 672.00M | 1.89B | -10.78B |
| Change in Inventory | -6.24B | -4.92B | -1.56B | 7.93B | -6.03B | -12.65B |
| Change in Accounts Payable | 878.00M | 5.57B | 5.44B | -4.74B | -2.22B | 5.67B |
| Change in Income Taxes | 6.69B | -12.90B | 3.23B | |||
| Change in Other Net Operating Assets | -26.25B | -23.58B | -33.14B | -22.50B | -28.32B | -27.05B |
| Operating Cash Flow | 214.36B | 200.33B | 204.04B | 215.70B | 255.41B | 203.13B |
| Capital Expenditures | -109.02B | -108.71B | -79.86B | -60.31B | -49.66B | -34.13B |
| Sale of Property, Plant & Equipment | 2.58B | 3.55B | 4.38B | 18.23B | 24.82B | 25.49B |
| Investment in Securities | -5.15B | 16.20B | 374.00M | 117.00M | -17.21B | -130.00M |
| Other Investing Activities | 2.56B | 2.85B | 2.74B | 2.47B | 37.67B | 19.84B |
| Investing Cash Flow | -109.03B | -86.11B | -72.36B | -39.49B | -4.38B | 11.07B |
| Long-Term Debt Issued | 29.63B | 12.03B | 10.72B | 15.16B | 9.65B | |
| Long-Term Debt Repaid | -71.07B | -78.61B | -52.41B | -75.39B | -144.95B | |
| Lease Payments | -54.17B | -52.44B | -42.67B | -31.34B | -28.05B | -31.40B |
| Net Debt Issued (Repaid) | -57.74B | -41.44B | -66.58B | -41.70B | -60.23B | -135.30B |
| Repurchase of Common Stock | -1.92B | -3.64B | ||||
| Common Dividends Paid | -28.78B | -35.66B | -42.96B | -97.92B | -194.20B | -72.15B |
| Other Financing Activities | -12.91B | -10.48B | -11.17B | -10.17B | -9.73B | -12.84B |
| Financing Cash Flow | -108.98B | -97.12B | -179.97B | -153.44B | -264.16B | -220.30B |
| Foreign Exchange Rate Adjustments | -972.00M | -1.74B | 6.94B | -2.88B | -3.64B | 3.65B |
| Net Cash Flow | -4.62B | 15.35B | -41.36B | 19.89B | -16.76B | -2.45B |
| Free Cash Flow | 105.34B | 91.62B | 124.18B | 155.38B | 205.75B | 168.99B |
| Free Cash Flow Margin | 19.20% | 18.41% | 25.30% | 30.35% | 32.09% | 37.33% |
| Free Cash Flow Per Share | 8.17 | 7.11 | 9.63 | 11.93 | 15.77 | 12.96 |
| Levered Free Cash Flow | 94.24B | 85.00B | 101.61B | 151.03B | 234.83B | 98.26B |
| Unlevered Free Cash Flow | 94.24B | 85.44B | 103.53B | 154.08B | 243.45B | 108.76B |
| Free Cash Flow After Leases | 51.17B | 39.18B | 81.51B | 124.05B | 177.71B | 137.59B |
| Cash Interest Paid | 10.91B | 10.31B | 10.28B | 9.90B | 9.66B | 12.15B |
| Cash Income Tax Paid | 37.55B | 28.11B | 36.40B | 50.71B | 59.15B | 11.65B |
| Change in Working Capital | -39.18B | -25.53B | -20.05B | -18.64B | -47.58B | -41.59B |
Ratios
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 130.45B | 74.48B | 79.29B | 102.56B | 65.43B | 69.61B |
| Enterprise Value | 188.21B | 131.82B | 119.02B | 151.98B | 114.25B | 117.74B |
| Last Close Price | 19.41 | 10.72 | 10.20 | 10.87 | 5.16 | 3.37 |
| PE Ratio | 4.92 | 3.73 | 13.40 | 3.99 | 1.84 | 3.64 |
| PS Ratio | 1.28 | 0.82 | 1.00 | 0.97 | 0.54 | 0.86 |
| PB Ratio | 1.45 | 0.98 | 1.33 | 1.30 | 0.95 | 1.00 |
| P/TBV Ratio | 1.50 | 1.02 | 1.39 | 1.36 | 1.00 | 1.05 |
| P/FCF Ratio | 6.98 | 4.48 | 3.95 | 3.20 | 1.68 | 2.29 |
| P/OCF Ratio | 3.43 | 2.05 | 2.40 | 2.31 | 1.35 | 1.91 |
| EV/Sales Ratio | 1.82 | 1.46 | 1.50 | 1.44 | 0.94 | 1.45 |
| EV/EBITDA Ratio | 4.11 | 3.49 | 3.73 | 2.98 | 1.71 | 3.00 |
| EV/EBIT Ratio | 5.05 | 4.49 | 4.72 | 3.62 | 1.99 | 3.50 |
| EV/FCF Ratio | 9.96 | 7.92 | 5.93 | 4.75 | 2.94 | 3.88 |
| Debt / Equity Ratio | 0.76 | 0.92 | 1.02 | 0.79 | 0.77 | 0.84 |
| Debt / EBITDA Ratio | 1.27 | 1.54 | 1.62 | 1.11 | 0.75 | 1.36 |
| Debt / FCF Ratio | 3.48 | 4.19 | 3.01 | 1.95 | 1.36 | 1.94 |
| Net Debt / Equity Ratio | 0.65 | 0.80 | 0.89 | 0.56 | 0.62 | 0.68 |
| Net Debt / EBITDA Ratio | 1.29 | 1.60 | 1.66 | 0.88 | 0.64 | 1.22 |
| Net Debt / FCF Ratio | 2.97 | 3.64 | 2.63 | 1.39 | 1.09 | 1.57 |
| Asset Turnover | 0.45 | 0.42 | 0.45 | 0.51 | 0.66 | 0.46 |
| Inventory Turnover | 5.69 | 6.01 | 6.21 | 5.83 | 7.12 | 6.66 |
| Quick Ratio | 0.54 | 0.44 | 0.41 | 0.68 | 0.55 | 0.78 |
| Current Ratio | 0.85 | 0.71 | 0.69 | 0.96 | 1.00 | 1.25 |
| Return on Equity (ROE) | 30.27% | 28.18% | 9.87% | 33.52% | 50.14% | 30.61% |
| Return on Assets (ROA) | 10.07% | 8.61% | 8.96% | 12.57% | 19.46% | 11.95% |
| Return on Invested Capital (ROIC) | 18.68% | 16.44% | 16.16% | 23.99% | 33.53% | 20.48% |
| Return on Capital Employed (ROCE) | 18.00% | 15.80% | 16.80% | 23.00% | 37.30% | 22.40% |
| Earnings Yield | 20.31% | 26.84% | 7.46% | 25.04% | 54.44% | 27.50% |
| FCF Yield | 14.34% | 22.33% | 25.32% | 31.22% | 59.48% | 43.57% |
| Dividend Yield | 6.32% | 10.05% | 15.07% | 18.90% | 64.34% | 26.14% |
| Payout Ratio | 31.13% | 32.38% | 117.35% | 78.59% | 103.12% | 67.64% |
| Buyback Yield / Dilution | 0.08% | 0.95% | 0.17% | |||
| Total Shareholder Return | 6.29% | 10.13% | 16.02% | 19.07% | 64.34% | 26.14% |