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Petroleo Brasileiro SA- Petrobras
(NYSE:PBR)
Petroleo Brasileiro SA- Petrobras (PBR) vs. SPDR S&P 500 ETF (SPY)
Petroleo Brasileiro SA- Petrobras Business Overview & Revenue Model
Petroleo Brasileiro SA- Petrobras Earnings Call Summary
Petroleo Brasileiro SA- Petrobras Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 90.81B | 91.42B | 105.54B | 124.47B | 83.97B |
| Gross Profit | 43.25B | 45.97B | 55.64B | 64.99B | 40.80B |
| EBITDA | 43.02B | 27.46B | 50.92B | 69.93B | 44.90B |
| Net Income | 20.10B | 7.53B | 25.69B | 36.62B | 19.88B |
Balance Sheet | |||||
| Total Assets | 223.28B | 181.65B | 217.07B | 187.19B | 174.35B |
| Cash, Cash Equivalents and Short-Term Investments | 9.24B | 7.53B | 15.55B | 10.77B | 11.12B |
| Total Debt | 70.09B | 60.31B | 62.60B | 53.80B | 58.74B |
| Total Liabilities | 147.07B | 122.30B | 138.09B | 117.36B | 104.54B |
| Stockholders Equity | 75.88B | 59.11B | 78.58B | 69.49B | 69.41B |
Cash Flow | |||||
| Free Cash Flow | 16.72B | 23.34B | 31.10B | 40.14B | 31.47B |
| Operating Cash Flow | 36.56B | 37.98B | 43.21B | 49.72B | 37.79B |
| Investing Cash Flow | -15.72B | -13.37B | -7.96B | -432.00M | 2.16B |
| Financing Cash Flow | -17.73B | -33.09B | -30.70B | -51.45B | -40.79B |
Petroleo Brasileiro SA- Petrobras Technical Analysis
Petroleo Brasileiro SA- Petrobras Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $120.11B | 3.80 | 27.02% | 14.10% | -11.63% | -15.67% | |
71 Outperform | $261.19B | 12.10 | 10.06% | 3.92% | -6.96% | 0.03% | |
67 Neutral | $93.96B | 12.11 | 3.33% | 7.43% | 1.53% | -35.81% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $78.74B | 19.50 | 5.20% | 5.41% | -3.84% | 15.75% | |
60 Neutral | $113.26B | 1,640.39 | 0.10% | 5.62% | -4.11% | -37.59% |
Petroleo Brasileiro SA- Petrobras Corporate Events
Petrobras has filed its March 2026 Form 6-K with the U.S. Securities and Exchange Commission, providing audited consolidated and parent-company financial statements as of December 31, 2025 and 2024. The filing details the company’s statement of financial position, income, cash flows, changes in equity and extensive notes covering operational segments, risk management, provisions, climate-related disclosures and governance reports.
The data show a rise in total consolidated assets to about 1.22 trillion reais at the end of 2025, driven mainly by growth in property, plant and equipment, cash and inventories, alongside higher provisions for decommissioning, employee benefits and judicial deposits. The release underscores Petrobras’s ongoing heavy capital investment and sizeable long-term obligations, signaling continued balance-sheet strength but also substantial liabilities and commitments that are material for investors, creditors and other stakeholders evaluating its financial resilience and regulatory posture.
The most recent analyst rating on (PBR) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
Petrobras reported consolidated financial statements for the year ended December 31, 2025, showing total assets of $222.3 billion, up from $181.6 billion at year-end 2024, driven mainly by higher property, plant and equipment and larger judicial deposits and tax-related receivables. The company’s equity attributable to shareholders rose to $75.6 billion from $59.1 billion despite a decline in annual sales revenue to $89.2 billion from $91.4 billion in 2024 and $102.4 billion in 2023, underscoring a balance-sheet strengthening that may support its capital management, decommissioning obligations, and long-term investment capacity.
On the liability side, total current and non-current obligations increased to $146.4 billion as of December 31, 2025, reflecting higher finance debt, lease liabilities, decommissioning provisions, employee benefit commitments, and deferred tax balances. The shift in assets classified as held for sale, growth in inventories and trade receivables, and the expansion of provisioned legal and environmental obligations indicate Petrobras is navigating a capital-intensive operating environment while maintaining robust liquidity through higher cash and cash equivalents and a stronger equity base, developments that are central for creditors, investors, and regulators assessing its risk and resilience profile.
The most recent analyst rating on (PBR) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On March 5, 2026, Petrobras’ board approved a proposal to submit to the April 16, 2026 Annual General Meeting a distribution of R$ 8.1 billion in shareholder remuneration for the fourth quarter of 2025, bringing total 2025 payouts to R$ 41.2 billion after Selic-rate adjustments and deductions. The planned distribution, equivalent to R$ 0.62622908 per common and preferred share paid in two interest-on-equity installments in May and June 2026, aligns with Petrobras’ policy of returning 45% of free cash flow when debt is at or below its strategic threshold, underscoring a commitment to financial discipline while rewarding both domestic shareholders and NYSE ADR holders on aligned record and payment schedules.
For investors holding shares on B3, the record date is set for April 22, 2026, with ex-rights trading from April 23, while ADR holders on the NYSE will have an April 24, 2026 record date and later payment dates in May and June. By tying the adjustments of each installment to Brazil’s Selic rate and emphasizing that the payout fits within its current shareholder remuneration policy, Petrobras signals confidence in its cash generation and balance-sheet strength, which may support its valuation and reinforce its position as a high-yield name in the global oil and gas sector.
The most recent analyst rating on (PBR) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
In 2025, Petrobras delivered record oil and gas production in Brazil, exceeding its annual target and achieving new highs at key pre-salt fields such as Búzios and Mero, despite lower Brent prices and a slight decline in operating cash flow. The company increased refinery utilization to 91%, raised domestic product sales led by diesel, expanded offshore well tie-ins and platform capacity, and executed US$20.3 billion in capex—84% in exploration and production—which drove a 175% organic reserve replacement ratio and the highest proven reserves in a decade.
These operational gains came alongside higher gross and net debt linked to new FPSO lease costs and borrowings, but Petrobras maintained robust adjusted EBITDA and reaffirmed its shareholder remuneration policy, proposing 2025 dividends while retaining part of earnings. In 2025 the company invested heavily in Brazil’s economy, supporting an estimated 308,000 jobs, paying substantial taxes to all levels of government, boosting oil exports to record levels through more efficient ship-to-ship operations, and channeling around R$2 billion into socio-environmental initiatives, sponsorships and donations.
The most recent analyst rating on (PBR) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
In 2025, Petrobras delivered resilient financial performance in a weaker oil-price environment, with Brent down 14% versus 2024, supported by an 11% increase in total oil and gas production and higher operational efficiency in ultra-deepwater assets. The ramp-up and start-up of key FPSOs, including Almirante Tamandaré, Marechal Duque de Caxias, and units at Búzios, underpinned record oil exports of 999 thousand barrels per day in the fourth quarter of 2025 and helped generate adjusted EBITDA of about US$ 43.8 billion and net income of US$ 18.1 billion, both excluding one-off items.
Despite lower Brent prices, adjusted EBITDA excluding one-offs slipped only 4.6% year on year in 2025, as higher domestic sales of diesel, gasoline, and jet fuel and reduced operating expenses partially offset pricing pressure. Petrobras maintained strong cash generation, posting US$ 36.0 billion in operating cash flow and US$ 16.5 billion in free cash flow in 2025, while paying R$ 277.6 billion in taxes and distributing R$ 45.2 billion in dividends and interest on equity, signaling continued fiscal relevance to Brazil and ongoing returns to shareholders.
Net income excluding one-off events fell 6.5% versus 2024, but total net income reached US$ 19.6 billion in 2025 when currency effects from the appreciation of the Brazilian real are included. The company’s leverage metrics ticked higher, with gross debt at US$ 69.8 billion and net debt of US$ 60.6 billion at year-end 2025, yet the net debt-to-EBITDA ratio remained modest at 1.42 times, reflecting a still-solid balance sheet.
In the fourth quarter of 2025, adjusted EBITDA excluding one-off events was US$ 10.9 billion, down 8.5% from the prior quarter due to a 7.8% drop in Brent and seasonal weakness in diesel demand, partially offset by larger volumes of crude oil sold and record exports. The board also approved a proposal to submit to the annual general meeting shareholder remuneration of R$ 8.1 billion related to the fourth quarter of 2025 and reported around R$ 2 billion allocated to socio-environmental investments, sponsorships, and donations, highlighting a continued social and sustainability agenda alongside capital discipline.
The most recent analyst rating on (PBR) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On March 4, 2026, Petrobras reported that Brazil’s federal government, its controlling shareholder, has nominated eight candidates for its Board of Directors and six for its Fiscal Council ahead of the 2026 Shareholders’ General Meeting, mostly reappointing current directors while adding new names. Minority shareholders, including funds managed by Banco Clássico, Robeco, Franklin Templeton, and Royal London Asset Management, have also put forward board and fiscal council candidates, while employees elected Rosangela Buzanelli Torres to the board for the 2026–2028 term, with all nominations still subject to Petrobras’ eligibility, governance, and integrity vetting processes, underscoring ongoing shareholder engagement in shaping the company’s oversight structure.
The most recent analyst rating on (PBR) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On February 25, 2026, Petrobras announced it would present its financial results for the fourth quarter of 2025 in a webcast scheduled for March 6, 2026. The presentation, aimed at investors and the broader market, will be conducted in Portuguese with simultaneous English translation, signaling the company’s continued efforts to maintain transparency and engage its global investor base through accessible disclosure of its quarterly performance.
The most recent analyst rating on (PBR) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On February 11, 2026, Petrobras’ Board of Directors reviewed a potential transaction involving the transfer of Braskem S.A. shares held by NSP Investimentos, a Novonor subsidiary, to Shine I Fundo de Investimento em Direitos Creditórios. The board decided Petrobras will not exercise its preemptive and tag-along rights under the current Braskem shareholders’ agreement and authorized the executive board to take the steps needed to implement this stance.
The decision signals Petrobras’ choice, at this stage of negotiations, not to intervene in the planned reallocation of Braskem’s control-related shares, potentially altering Petrobras’ future influence over the petrochemical group. The company stated it will promptly inform the market once it is formally notified of the final terms of the transaction, underscoring ongoing uncertainty for investors and other stakeholders around Braskem’s shareholder structure.
The most recent analyst rating on (PBR) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On February 12, 2026, Petrobras announced details of the monetary update to the first installment of shareholder remuneration tied to the 2025 fiscal year, based on the September 30, 2025 balance sheet and shareholder position as of December 22, 2025. The payment, scheduled for February 20, 2026, will be made as interest on capital for common and preferred shares, with the gross amount per share updated by the Selic rate between December 31, 2025 and February 20, 2026, bringing the total to R$0.48052467 per share before tax.
The company noted that income tax will be charged on both the interest on capital and the Selic-based monetary adjustment, in line with Brazilian regulations. Payments will be processed through Banco Bradesco for book-entry shareholders, via brokers for investors holding shares in B3 custody, and from February 27, 2026 for ADR holders through JP Morgan Chase, underscoring Petrobras’s ongoing cash returns to a broad base of domestic and international shareholders.
The most recent analyst rating on (PBR) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
In 2025, Petrobras’ total oil and natural gas production rose 11% year on year to 2.99 million barrels of oil equivalent per day, surpassing its guidance range, driven by higher capacity and efficiency in pre-salt FPSOs such as Almirante Tamandaré, Marechal Duque de Caxias, and new units including P-78, which achieved first oil on December 31, 2025 in the Búzios field. The company posted record operated and own production, added 1.7 billion boe in reserves for a 175% reserve replacement rate, and improved gas utilization, reinforcing the sustainability of its portfolio and its leading role in Brazil’s pre-salt development.
Refining and marketing operations also advanced, with domestic oil product sales up 1.6% in 2025, record oil exports of 765 thousand barrels per day and a quarterly record of 1 million barrels per day in fourth-quarter 2025, supported by logistics milestones in ship-to-ship operations and terminal throughput. Petrobras increased refinery utilization to 91%, completed the revamp of RNEST Train 1 and signed contracts for Train 2, expanded S-10 diesel and jet fuel output through new and upgraded hydrotreatment units, and progressed integration and new projects aimed at higher value fuels and lower-carbon products, reshaping its downstream footprint for future demand and environmental requirements.
The most recent analyst rating on (PBR) stock is a Hold with a $17.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On February 6, 2026, Petrobras reported it had received R$ 1.65 billion in earnout payments from its partners in the Sépia and Atapu pre-salt fields, including TotalEnergies, PETRONAS, QatarEnergy and Shell, relating to additional compensation for fiscal year 2025. The payment stems from the Brazilian government’s 2nd Bidding Round for Transfer of Rights surplus under the production sharing regime and is triggered when Brent crude prices exceed an annual average of US$40 per barrel (capped at US$70), underscoring how Petrobras’s cash flows from these key assets are linked to oil price dynamics and long-term contractual structures that will generate potential earnouts between 2022 and 2032.
The most recent analyst rating on (PBR) stock is a Hold with a $17.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On February 6, 2026, Petrobras announced it had acquired a 42.5% stake in offshore Block 2613 in Namibia’s Lüderitz Basin, alongside partner TotalEnergies, which also took 42.5% and will operate the block, while Namcor holds 10% and Eight Offshore retains 5% after exiting partner Maravilla Oil & Gas sold out. The move marks Petrobras’ return to Namibia and fits within its 2026–2030 Business Plan, signaling a push into new exploration frontiers and strategic partnerships to diversify its portfolio and rebuild reserves, although completion of the deal still depends on Namibian governmental and regulatory approvals.
The most recent analyst rating on (PBR) stock is a Hold with a $17.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On February 4, 2026, Petrobras announced its schedule for disclosing fourth-quarter 2025 performance, stating that it will publish its 4Q25 Production and Sales Report on February 10, 2026, and its 4Q25 Financial Results on March 5, 2026, both after market close. The company also plans to hold a webcast on March 6, 2026 to present and discuss the quarterly results with investors, signaling upcoming visibility into operational and financial trends that will be closely watched by markets and stakeholders given Petrobras’s central role in Brazil’s energy sector.
The most recent analyst rating on (PBR) stock is a Hold with a $17.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On January 28, 2026, Petrobras reported that its proved reserves of oil, condensate and natural gas under SEC criteria reached 12.1 billion barrels of oil equivalent as of December 31, 2025, with oil and condensate accounting for 84% of the total and natural gas 16%. In 2025 the company added 1.7 billion boe of reserves, achieving a reserve replacement rate of 175% despite record annual production, and an estimated reserves-to-production ratio of 12.5 years, driven mainly by strong performance and new wells in key offshore fields such as Búzios, Tupi, Itapu, Mero, Marlim Sul and Jubarte, and by progress in developing the Budião cluster in deepwater Sergipe-Alagoas, underscoring the resilience of its portfolio and its emphasis on maximizing recovery and diversifying exploration to sustain long-term output. Petrobras also disclosed that 90% of its SEC proved reserves are certified by independent evaluator DeGolyer and MacNaughton, and that its proved reserves under Brazilian ANP/SPE definitions stood slightly higher at 12.5 billion boe at year-end 2025, mainly reflecting different economic assumptions and the inclusion of volumes expected beyond concession terms.
The most recent analyst rating on (PBR) stock is a Hold with a $15.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
In 2025, Petrobras’ oil production averaged 2.40 million barrels per day, surpassing the upper limit of its 2025 guidance by 0.5 percentage points and marking an 11% increase on 2024 levels. Total oil and natural gas output reached 2.99 million barrels of oil equivalent per day, also 11% higher than in 2024, while commercial production rose to 2.62 million boed, with all three metrics setting new annual records in the company’s more than 70-year history. The company achieved record pre-salt volumes, with own production of 2.45 million boed and operated production of 3.70 million boed, so that pre-salt now accounts for 82% of total production. These results, disclosed on January 15, 2026, were driven by the start-up of two new FPSOs in the Santos Basin pre-salt (Almirante Tamandaré in Búzios and Alexandre de Gusmão in Mero), the production peak of FPSO Marechal Duque de Caxias, continued ramp-up of other FPSOs in Jubarte, Marlim and Voador, and higher operational efficiency across units. Petrobras also highlighted that operated production in the Búzios field reached 1 million barrels per day with only six platforms, underscoring the field’s high productivity and reinforcing the company’s strategic reliance on pre-salt assets for future growth and operational scale.
The most recent analyst rating on (PBR) stock is a Buy with a $14.60 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On January 13, 2026, Petrobras announced that its 2026 Annual General Meeting is scheduled to be held on April 16, 2026, in line with the company’s Annual Corporate Events Calendar. The specific time, location, and format of the meeting will be disclosed at a later date, signaling the start of the formal governance and shareholder-engagement cycle for the year but without yet detailing agenda items or operational implications for investors and other stakeholders.
The most recent analyst rating on (PBR) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 31, 2025, Petrobras started production from the FPSO P-78 in the Búzios field’s Búzios 6 project in the pre-salt Santos Basin, adding capacity of 180,000 barrels of oil per day and 7.2 million cubic meters of gas per day. The new unit, the seventh production system in Brazil’s largest field by reserves, lifts Búzios’ installed capacity to about 1.15 million barrels per day and will support gas exports to shore via the Rota 3 pipeline, potentially increasing Brazil’s gas supply by up to 3 million cubic meters per day. P-78 marks the debut of a new generation of Petrobras-designed FPSOs that incorporate lessons from earlier pre-salt units, tighter quality and efficiency standards for shipyards, and emissions-reducing technologies such as flare gas recovery and energy integration systems. The project involves 13 wells equipped with intelligent completions and a network of rigid and flexible pipelines using innovative mooring solutions to handle high production rates, underscoring Petrobras’s push to enhance operational efficiency and consolidate its leading role in Brazil’s ultra-deepwater oil and gas sector.
The most recent analyst rating on (PBR) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 18, 2025, Petrobras announced it had signed a series of new long‑term related‑party commercial contracts with petrochemical producer Braskem to replace expiring agreements and secure future supply arrangements. The deals include five‑year naphtha supply contracts for Braskem’s plants in São Paulo, Bahia and Rio Grande do Sul, worth an estimated US$11.3 billion and allowing deliveries of up to 4.116 million tons in 2026 and 4.316 million tons in 2030 starting January 1, 2026; an 11‑year, US$5.6 billion contract for ethane, propane and hydrogen to Braskem’s operations in Rio de Janeiro, maintaining current volumes through 2028 and increasing from 2029 to support a planned expansion; and five‑year propylene supply contracts from the Reduc, Recap and Refap refineries totaling an estimated US$940 million from May 18, 2026. Classified as related‑party transactions, the contracts were reviewed by Petrobras’ Statutory Audit Committee and are positioned as market‑based, commutative agreements, underscoring Petrobras’ strategy to lock in substantial, benchmark‑linked revenue streams while reinforcing its role as a critical feedstock supplier to Brazil’s petrochemical chain and providing Braskem with long‑term volume and pricing visibility.
The most recent analyst rating on (PBR) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 16, 2025, Petrobras announced a strategic partnership with Lightsource bp to form a joint venture in Brazil’s onshore renewable energy sector. This collaboration involves Petrobras acquiring a 49.99% stake in Lightsource bp’s Brazilian subsidiaries, aiming to develop profitable renewable energy projects and strengthen their presence in the sector. This move marks a significant step for Petrobras into solar power generation, aligning with its Business Plan 2026-2030 to diversify its energy portfolio and commit to sustainability. The deal is pending regulatory approvals, and its financial impact on Petrobras is not considered materially significant at this stage.
The most recent analyst rating on (PBR) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 15, 2025, Petrobras announced it has been informed by Novonor S.A. and its subsidiary NSP Investimentos S.A. about an exclusivity agreement with Shine I Fundo de Investimento em Direitos Creditórios, managed by Vórtx Capital and advised by IG4 Sol. Ltda. This agreement grants a 60-day period for negotiating a potential transaction involving shares of Braskem S.A. held by NSP Inv. and credits against Novonor guaranteed by these shares. Petrobras, which holds preemptive and tag-along rights under Braskem’s shareholders’ agreement, will monitor the situation and evaluate whether to exercise these rights. The company is also considering a new shareholders’ agreement amid ongoing negotiations and emphasizes that any decisions will adhere to its governance practices and regulatory approvals.
The most recent analyst rating on (PBR) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 11, 2025, Petrobras announced the distribution of R$ 12.16 billion in shareholder remuneration for the third quarter of 2025, as approved by its Board of Directors on November 6, 2025. The payout will be divided into two installments, with the first installment paid on February 20, 2026, and the second on March 20, 2026. The payments will be adjusted by the Selic rate and subject to income tax on the interest portion. This move reflects Petrobras’ commitment to returning value to its shareholders and could impact its financial planning and stakeholder relations.
The most recent analyst rating on (PBR) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.