NYSE$PBR
Petroleo Brasileiro SA Petrobras-ADR · Q3 2026 earnings
Q3 2026 earnings · · After market close · Investor relations
Briefing
Petrobras posts $23.5B Q1 revenue on export surge and 16% production growth
Petrobras reported first-quarter 2026 sales revenues of $23.5 billion, up 11.7% year over year, driven by a 41.6% jump in export revenues—especially crude oil volumes to Asia—and higher domestic oil product volumes. Net income attributable to shareholders rose 3.8% to $6.2 billion despite a 14.1% increase in cost of sales from higher production taxes, depreciation on new FPSOs, and elevated selling expenses tied to export logistics. Adjusted EBITDA grew 8.6% to $11.3 billion while operating cash flow was $8.4 billion and free cash flow $3.9 billion after $5.1 billion of capex concentrated in pre-salt E&P. Total production averaged 3,225 mboed, up 16.1%, reflecting ramp-ups at Búzios and Campos basin FPSOs. Net debt rose to $62.1 billion with a Net Debt/LTM Adjusted EBITDA ratio of 1.43x, still below the $75 billion gross-debt ceiling in the 2026–2030 business plan.
- Sales revenues reached $23.5 billion (+11.7% YoY), led by a $1.9 billion increase in exported crude revenues on higher volumes; Middle East conflict price effects are expected to flow through in Q2 export pricing.
- Net income attributable to shareholders was $6.2 billion (+3.8% YoY) as gross profit rose to $11.3 billion but was partly offset by higher production taxes, D&A on new FPSOs, and a $425 million increase in selling expenses.
- Total hydrocarbon production averaged 3,225 mboed (+16.1% YoY), supported by FPSO ramp-ups at Búzios and Campos basins; E&P gross profit fell 5% on higher Brent-linked production taxes.
- Refining, Transportation and Marketing operating income surged to $3.5 billion from $475 million, benefiting from international diesel margins and inventory cost timing ahead of Brent increases.
- Free cash flow was $3.9 billion after $5.1 billion of capex (87% in E&P); the company paid $2.2 billion in dividends and maintained net debt/LTM adjusted EBITDA at 1.43x.
Headline financials
Revenue & EPS history
Petrobras · Revenue · Quarterly
$23.5B
Revenue by segment
Petrobras · $40.5B total across 3 segments · Q3 2026
- Refining, Transportation and Marketing$22.3B—55.1%
- Exploration and Production$16B—39.5%
- Gas and Low Carbon Energies$2.21B—5.4%
Forward guidance
Management reiterated convergence toward $65 billion gross debt under the 2026–2030 business plan (maximum $75 billion) and noted Middle East oil price increases will affect Q2 export crude revenues given typical Asian pricing lags.
Tailwinds
- Production growth from pre-salt FPSO ramp-ups supports volume outlook.
- Refining segment benefited from international margin environment and inventory timing.
- Free cash flow generation of $3.9 billion supports dividend policy and deleveraging path.
Headwinds
- Cost of sales rose 14.1% on higher production taxes and depreciation from new units.
- Net debt increased to $62.1 billion with gross debt at $71.2 billion.
- Export pricing dynamics delay pass-through of recent Brent increases into Q1 revenues.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2026
-1.0%
Avg return
Earnings day
-0.7%
Avg return
5 days after
-1.4%
Avg return
30 days after
48%
29 / 61 earnings
Positive
+8.1%
Q1 2018
Best reaction
-14.0%
Q3 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | +5.9% | — | — | |
| Q1 2025 | +1.2% | -0.4% | +2.7% | |
| Q4 2024 | -5.7% | -9.5% | +0.4% | |
| Q3 2024 | +2.1% | +2.4% | +3.4% | |
| Q2 2024 | +2.7% | +6.7% | +6.6% | |
| Q3 2023 | +1.8% | +4.9% | -2.2% | |
| Q1 2024 | -8.7% | -11.9% | -19.0% | |
| Q2 2023 | -4.0% | -0.5% | +3.1% | |
| Q1 2023 | +3.4% | +3.9% | +21.7% | |
| Q4 2022 | +0.6% | -1.0% | -6.0% | |
| Q3 2022 | -9.1% | -11.1% | -12.6% | |
| Q2 2022 | +5.3% | +2.8% | +10.1% | |
| Q1 2022 | +0.5% | -3.9% | +1.2% | |
| Q4 2021 | -2.6% | -0.2% | +2.6% | |
| Q3 2021 | -6.4% | -4.0% | -0.2% | |
| Q2 2021 | +5.4% | +3.4% | -2.2% | |
| Q1 2021 | +6.1% | +6.6% | +25.7% | |
| Q4 2020 | -2.4% | -7.8% | -4.3% | |
| Q3 2020 | -4.2% | -3.7% | +42.4% | |
| Q2 2020 | -6.5% | -9.2% | -8.3% | |
| Q1 2020 | -0.3% | +9.8% | +38.6% | |
| Q4 2019 | -1.1% | -10.2% | -66.7% | |
| Q3 2019 | +1.7% | +3.0% | -2.1% | |
| Q2 2019 | -0.7% | +4.0% | +12.3% | |
| Q1 2019 | +0.5% | -3.0% | -19.0% | |
| Q4 2018 | -3.4% | -1.5% | -3.3% | |
| Q3 2018 | -5.3% | -9.0% | -13.9% | |
| Q2 2018 | +4.9% | -4.2% | -7.1% | |
| Q1 2018 | +8.1% | +6.1% | +3.5% | |
| Q4 2017 | -2.6% | +11.4% | -35.4% | |
| Q3 2017 | -9.6% | -5.3% | -10.1% | |
| Q2 2017 | -4.2% | +3.7% | -0.9% | |
| Q1 2017 | +7.3% | +6.1% | -13.3% | |
| Q4 2016 | -0.7% | +1.7% | -6.6% | |
| Q3 2016 | -14.0% | -11.7% | -4.2% | |
| Q2 2016 | +3.6% | +8.8% | +12.8% | |
| Q1 2016 | -7.3% | — | — | |
| Q4 2015 | +3.6% | — | — | |
| Q3 2015 | -6.0% | — | — | |
| Q2 2015 | -4.3% | — | — | |
| Q1 2015 | -10.3% | — | — | |
| Q4 2014 | -7.0% | — | — | |
| Q3 2014 | -9.5% | — | — | |
| Q2 2014 | -0.4% | — | — | |
| Q1 2014 | +0.3% | — | — | |
| Q4 2013 | -2.5% | — | — | |
| Q3 2013 | +1.5% | — | — | |
| Q2 2013 | -0.9% | — | — | |
| Q1 2013 | -0.9% | — | — | |
| Q4 2012 | +2.8% | — | — | |
| Q3 2012 | +0.6% | — | — | |
| Q2 2012 | +1.6% | — | — | |
| Q1 2012 | +0.2% | — | — | |
| Q4 2011 | +5.1% | — | — | |
| Q3 2011 | -7.7% | — | — | |
| Q2 2011 | +2.6% | — | — | |
| Q1 2011 | +2.5% | — | — | |
| Q4 2010 | -0.7% | — | — | |
| Q3 2010 | +2.1% | — | — | |
| Q2 2010 | -1.7% | — | — | |
| Q1 2010 | +3.2% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro