Revenue growth rebounded to 11.7% in 2026Q1, supported by a resilient 45.0% gross margin that reflects the company's competitive advantage in low-sulfur deepwater extraction.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 93.27B | 90.81B | 91.42B | 105.54B | 124.47B | 83.97B | 53.68B | 76.59B | 84.64B | 77.88B | 81.41B | 97.31B | 143.66B | 141.46B | 144.1B | 145.91B | 120.45B | 91.87B | 118.26B | 87.73B | 72.35B | 56.32B | 38.43B | 30.91B | 22.61B | 24.55B | 26.95B | 16.36B |
| Revenue Growth % | 5.12% | -0.67% | -13.38% | -15.21% | 48.24% | 56.41% | -29.91% | -9.51% | 8.67% | -4.33% | -16.35% | -32.26% | 1.55% | -1.83% | -1.24% | 21.14% | 31.11% | -22.31% | 34.79% | 21.27% | 28.45% | 46.57% | 24.31% | 36.71% | -7.89% | -8.93% | 64.78% | - |
| Cost of Goods Sold | 49.8B | 47.55B | 45.44B | 49.9B | 59.49B | 43.16B | 29.2B | 45.73B | 52.18B | 51.2B | 55.42B | 67.48B | 109.48B | 108.83B | 108.28B | 99.59B | 77.14B | 49.25B | 72.86B | 49.79B | 40.18B | 29.83B | 21.89B | 16.05B | 11.94B | 13.21B | 13.45B | 8.78B |
| COGS % of Revenue | - | 52.37% | 49.71% | 47.28% | 47.79% | 51.41% | 54.38% | 59.71% | 61.66% | 65.74% | 68.08% | 69.35% | 76.21% | 76.94% | 75.14% | 68.26% | 64.05% | 53.61% | 61.62% | 56.75% | 55.54% | 52.96% | 56.97% | 51.9% | 52.81% | 53.81% | 49.89% | 53.67% |
| Gross Profit | 43.47B | 43.25B | 45.97B | 55.64B | 64.99B | 40.8B | 24.49B | 30.86B | 32.45B | 26.69B | 25.99B | 29.83B | 34.18B | 32.63B | 35.83B | 46.32B | 43.31B | 42.62B | 45.39B | 37.95B | 32.16B | 26.5B | 16.54B | 14.87B | 10.67B | 11.34B | 13.51B | 7.58B |
| Gross Margin % | 46.6% | 47.63% | 50.29% | 52.72% | 52.21% | 48.59% | 45.62% | 40.29% | 38.34% | 34.26% | 31.92% | 30.65% | 23.79% | 23.06% | 24.86% | 31.74% | 35.95% | 46.39% | 38.38% | 43.25% | 44.46% | 47.04% | 43.03% | 48.1% | 47.19% | 46.19% | 50.11% | 46.33% |
| Gross Profit Growth % | - | -5.91% | -17.38% | -14.38% | 59.28% | 66.62% | -20.64% | -4.92% | 21.61% | 2.69% | -12.88% | -12.73% | 4.76% | -8.93% | -22.65% | 6.96% | 1.62% | -6.11% | 19.62% | 17.98% | 21.39% | 60.23% | 11.21% | 39.34% | -5.88% | -16.05% | 78.23% | - |
| Operating Expenses | 17.48B | 17.26B | 20.28B | 8.15B | 11.72B | 9.8B | 4.44B | 9.94B | 9.68B | 16.98B | 10.3B | 15.13B | 19.88B | 17.42B | 18.18B | 18.26B | 15.54B | 20.43B | 19.58B | 17.22B | 12.3B | 10.26B | 6.07B | 4.41B | 4.18B | 3.91B | 4.35B | 3.5B |
| OpEx % of Revenue | - | 19.01% | 22.19% | 7.72% | 9.42% | 11.67% | 8.27% | 12.98% | 11.44% | 21.8% | 12.65% | 15.54% | 13.84% | 12.32% | 12.61% | 12.51% | 12.91% | 22.24% | 16.56% | 19.63% | 17% | 18.22% | 15.8% | 14.27% | 18.48% | 15.92% | 16.12% | 21.42% |
| Selling, General & Admin | 13.71B | 11.72B | 9.03B | 6.83B | 7B | 6.78B | 4.52B | 7.86B | 5.7B | 8.99B | 8.79B | 9.34B | 13.79B | 11.53B | 11.82B | 12.78B | 11.39B | 7.74B | 8.27B | 7.24B | 5.84B | 4.47B | 2.9B | 2.09B | 1.74B | 1.75B | 1.93B | 1.28B |
| SG&A % of Revenue | - | 12.9% | 9.88% | 6.47% | 5.63% | 8.08% | 8.41% | 10.26% | 6.74% | 11.54% | 10.8% | 9.6% | 9.6% | 8.15% | 8.2% | 8.76% | 9.45% | 8.42% | 6.99% | 8.25% | 8.07% | 7.94% | 7.55% | 6.76% | 7.7% | 7.13% | 7.15% | 7.84% |
| Research & Development | 926.96M | 878.6M | 789M | 746.02M | 792M | 563M | 355M | 576M | 641M | 572M | 523M | 630M | 1.1B | 1.13B | 1.14B | 1.45B | 989M | 681M | 941M | 881M | 730M | 399M | 248M | 201M | 147M | 132M | 152M | 108M |
| R&D % of Revenue | - | 0.97% | 0.86% | 0.71% | 0.64% | 0.67% | 0.66% | 0.75% | 0.76% | 0.73% | 0.64% | 0.65% | 0.77% | 0.8% | 0.79% | 1% | 0.82% | 0.74% | 0.8% | 1% | 1.01% | 0.71% | 0.65% | 0.65% | 0.65% | 0.54% | 0.56% | 0.66% |
| Other Operating Expenses | 2M | 4.66B | 10.46B | 578.22M | 3.93B | 2.46B | -433M | 1.51B | 863M | 7.42B | 983M | 5.16B | 4.99B | 4.76B | 5.22B | 4.03B | 3.17B | 12.01B | 10.37B | 9.1B | 5.73B | 5.39B | 2.92B | 2.12B | 2.29B | 2.02B | 2.27B | 2.11B |
| Operating Income | 25.99B | 25.99B | 25.69B | 47.49B | 53.27B | 31B | 20.05B | 20.92B | 22.77B | 9.71B | 15.69B | 14.7B | 14.3B | 15.21B | 17.65B | 28.06B | 27.76B | 22.19B | 25.81B | 20.72B | 19.86B | 16.23B | 10.47B | 10.46B | 6.49B | 7.43B | 9.16B | 4.07B |
| Operating Margin % | 27.87% | 28.62% | 28.1% | 45% | 42.79% | 36.92% | 37.35% | 27.31% | 26.91% | 12.47% | 19.28% | 15.11% | 9.95% | 10.75% | 12.25% | 19.23% | 23.05% | 24.15% | 21.83% | 23.62% | 27.46% | 28.82% | 27.24% | 33.83% | 28.71% | 30.27% | 33.98% | 24.91% |
| Operating Income Growth % | - | 1.17% | -45.91% | -10.84% | 71.82% | 54.62% | -4.15% | -8.15% | 134.56% | -38.13% | 6.72% | 2.83% | -5.96% | -13.86% | -37.1% | 1.09% | 25.12% | -14.04% | 24.57% | 4.31% | 22.36% | 55.12% | 0.07% | 61.08% | -12.62% | -18.88% | 124.84% | - |
| EBITDA | 42.1B | 41.39B | 38.17B | 56.37B | 66.48B | 42.7B | 31.5B | 35.75B | 34.69B | 22.88B | 29.66B | 26.3B | 27.32B | 28.39B | 28.77B | 38.6B | 36.07B | 29.32B | 31.74B | 26.27B | 23.54B | 19.16B | 12.93B | 12.24B | 8.44B | 9.16B | 11.2B | 6.06B |
| EBITDA Margin % | 45.14% | 45.59% | 41.75% | 53.41% | 53.41% | 50.85% | 58.67% | 46.68% | 40.98% | 29.37% | 36.43% | 27.02% | 19.02% | 20.07% | 19.97% | 26.45% | 29.95% | 31.91% | 26.84% | 29.94% | 32.53% | 34.02% | 33.65% | 39.61% | 37.34% | 37.32% | 41.56% | 37.05% |
| EBITDA Growth % | 16.32% | 8.45% | -32.29% | -15.21% | 55.71% | 35.56% | -11.91% | 3.08% | 51.63% | -22.87% | 12.79% | -3.76% | -3.78% | -1.31% | -25.46% | 7.01% | 23.03% | -7.64% | 20.84% | 11.59% | 22.84% | 48.18% | 5.61% | 45% | -7.84% | -18.22% | 84.84% | - |
| D&A (Non-Cash Add-back) | 16.11B | 15.4B | 12.48B | 8.88B | 13.22B | 11.7B | 11.45B | 14.84B | 11.91B | 13.17B | 13.96B | 11.59B | 13.02B | 13.19B | 11.12B | 10.54B | 8.31B | 7.13B | 5.93B | 5.54B | 3.67B | 2.93B | 2.46B | 1.78B | 1.95B | 1.73B | 2.04B | 1.99B |
| EBIT | 27.54B | 27.61B | 14.98B | 42.04B | 56.72B | 33.2B | 5.54B | 18.69B | 16.25B | 7.33B | 2.32B | -4.66B | -5.69B | 14.98B | 15.84B | 27.19B | 28.19B | 23.36B | 27.84B | 19.98B | 20.5B | 15.55B | 10.47B | 10.46B | 6.49B | 7.43B | 9.16B | 4.07B |
| Net Interest Income | 293.18M | 278.87M | -1.68B | -1.4B | -1.71B | -2.97B | -3.93B | -4.86B | -3.79B | -4.8B | -5.46B | -4.42B | -2.13B | -275.08M | 1.3B | 2.82B | 754.08M | -65.61M | -696.95M | -489.74M | -1.38B | -1.85B | -1.24B | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 403.53M | 408.09M | 1.5B | 1.65B | 1.15B | 316.15M | 278.01M | 560.75M | 560.95M | 603.27M | 549.37M | 693.05M | 1B | 1.29B | 2.65B | 3.29B | 1.6B | 695.17M | 1.11B | 661.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 110.35M | 129.22M | 3.18B | 3.05B | 2.86B | 3.28B | 4.21B | 5.42B | 4.35B | 5.41B | 6.01B | 5.11B | 3.13B | 1.56B | 1.35B | 468.91M | 846.7M | 760.78M | 1.81B | 1.15B | 1.38B | 1.85B | 1.24B | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.74B | 1.49B | -14.55B | -10.91B | 260M | -2.78B | -20.28B | -8.91B | -11.95B | -8.2B | -19.36B | -24.45B | -23.12B | -1.8B | -3.16B | -1.34B | -488M | -127M | 1.18B | -1.42B | -704M | -1.64B | -1.53B | -1.69B | -3.03B | -2.64B | -1.29B | -3.1B |
| Pretax Income | 27.73B | 27.49B | 11.14B | 36.59B | 53.52B | 28.23B | -226M | 12B | 10.83B | 1.51B | -3.67B | -9.75B | -8.82B | 13.41B | 14.49B | 26.72B | 27.27B | 22.06B | 26.99B | 19.3B | 19.16B | 14.59B | 8.94B | 8.77B | 3.46B | 4.79B | 7.87B | 976M |
| Pretax Margin % | 29.73% | 30.27% | 12.19% | 34.66% | 43% | 33.61% | -0.42% | 15.67% | 12.79% | 1.93% | -4.5% | -10.02% | -6.14% | 9.48% | 10.06% | 18.31% | 22.64% | 24.01% | 22.82% | 22% | 26.48% | 25.91% | 23.25% | 28.38% | 15.32% | 19.52% | 29.18% | 5.97% |
| Income Tax | 7.3B | 7.3B | 3.54B | 10.78B | 16.77B | 8.24B | -1.17B | 4.2B | 4.26B | 1.7B | 684M | -1.14B | -1.32B | 2.58B | 3.56B | 6.73B | 6.83B | 5.24B | 9.26B | 5.89B | 5.69B | 4.44B | 2.23B | 2.66B | 1.15B | 1.39B | 2.52B | 249M |
| Effective Tax Rate % | 26.34% | 26.56% | 31.74% | 29.48% | 31.33% | 29.19% | 519.47% | 34.99% | 39.31% | 112.61% | -18.66% | 11.66% | 14.97% | 19.22% | 24.58% | 25.19% | 25.02% | 23.74% | 34.3% | 30.51% | 29.7% | 30.43% | 24.97% | 30.35% | 33.29% | 28.99% | 32.08% | 25.51% |
| Net Income | 20.34B | 20.1B | 7.53B | 25.69B | 36.62B | 19.88B | 1.14B | 10.15B | 7.17B | -91M | -4.84B | -8.45B | -7.37B | 11.09B | 11.03B | 20.12B | 20.05B | 15.5B | 18.88B | 13.14B | 12.83B | 10.34B | 6.19B | 6.56B | 2.31B | 3.49B | 5.34B | 727M |
| Net Margin % | 21.81% | 22.13% | 8.23% | 24.34% | 29.42% | 23.67% | 2.13% | 13.25% | 8.47% | -0.12% | -5.94% | -8.68% | -5.13% | 7.84% | 7.66% | 13.79% | 16.65% | 16.88% | 15.96% | 14.97% | 17.73% | 18.37% | 16.11% | 21.22% | 10.22% | 14.22% | 19.82% | 4.44% |
| Net Income Growth % | 133.25% | 167% | -70.69% | -29.86% | 84.27% | 1641.89% | -88.76% | 41.52% | 7982.42% | 98.12% | 42.75% | -14.7% | -166.41% | 0.54% | -45.16% | 0.33% | 29.35% | -17.88% | 43.7% | 2.43% | 23.99% | 67.11% | -5.63% | 183.82% | -33.8% | -34.65% | 634.8% | - |
| Net Income (Continuing) | 20.42B | 20.19B | 7.61B | 25.8B | 36.76B | 19.99B | 948M | 7.8B | 6.57B | -190M | -4.35B | -8.61B | -7.5B | 10.83B | 10.93B | 19.99B | 20.45B | 16.82B | 17.73B | 13.41B | 13.47B | 10.15B | 6.19B | 5.86B | 2.31B | 3.49B | 5.34B | 727M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -165.18M | -514M | 0 | 57.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 226.54M | 326M | 244M | 392M | 344M | 405M | 527.59M | 892M | 1.63B | 1.7B | 771M | 819M | 706M | 596M | 1.15B | 1.27B | 1.84B | 1.36B | 659M | 2.33B | 1.97B | 1.07B | 877M | 367M | -136M | 79M | 232M | 237M |
| EPS (Diluted) | 3.16 | 3.12 | 1.05 | 3.82 | 5.62 | 3.05 | 0.17 | 1.20 | 1.10 | -0.01 | -0.74 | -1.30 | -1.13 | 1.70 | 1.69 | 5.10 | 3.88 | 3.54 | 4.30 | 3.00 | 2.92 | 4.72 | 2.82 | 2.99 | 1.06 | 0.80 | 1.23 | 0.34 |
| EPS Growth % | 128.72% | 197.14% | -72.51% | -32.03% | 84.26% | 1694.12% | -85.83% | 9.09% | 7957.14% | 98.11% | 43.08% | -15.04% | -166.47% | 0.59% | -66.86% | 31.44% | 9.6% | -17.67% | 43.33% | 2.74% | -38.14% | 67.38% | -5.69% | 182.08% | 32.5% | -34.96% | 261.76% | - |
| EPS (Basic) | - | 3.12 | 1.05 | 3.82 | 5.62 | 3.05 | 0.17 | 1.20 | 1.10 | -0.01 | -0.74 | -1.30 | -1.13 | 1.70 | 1.69 | 5.10 | 3.88 | 3.54 | 4.30 | 3.00 | 2.92 | 4.72 | 2.82 | 2.99 | 1.06 | 0.80 | 1.23 | 0.34 |
| Diluted Shares Outstanding | 6.44B | 6.44B | 6.45B | 6.51B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.53B | 4.94B | 4.89B | 4.39B | 4.39B | 4.39B | 2.19B | 2.19B | 2.19B | 2.18B | 4.34B | 4.34B | 1.27B |
| Basic Shares Outstanding | 6.44B | 6.44B | 6.45B | 6.51B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.52B | 6.53B | 4.94B | 4.89B | 4.39B | 4.39B | 4.39B | 2.19B | 2.19B | 2.19B | 2.18B | 4.34B | 4.34B | 1.27B |
| Dividend Payout Ratio | - | 41.05% | 243.45% | 76.58% | 102.94% | 65.8% | 119.81% | 18.49% | 8.71% | - | - | - | - | 23.94% | 29.65% | 31.92% | 26.92% | 49.82% | 25.14% | 29.38% | 25.05% | 20.34% | 28.84% | 14.35% | 44.05% | 49.41% | 9.58% | 47.04% |
Political interference in pricing
According to recent quarterly filings, PBR-A's revenue growth has shifted from a double-digit contraction in 2025 to an 11.7% expansion in 2026Q1, reflecting the inherent sensitivity of the firm's top-line performance to global commodity price benchmarks and the underlying volatility of the Brazilian domestic market.
The transition from negative growth in mid-2025 to positive territory suggests a stabilization in production volumes, likely supported by the ramp-up of pre-salt assets. However, investors should monitor whether this growth is sustainable or merely a reflection of favorable price fluctuations, given the company's high geographic concentration.
As reported in financial statements, PBR-A maintains a robust gross margin of 45.0% as of 2026Q1, which continues to significantly outperform global integrated peers, underscoring the structural cost advantage provided by the company's exclusive access to highly productive, low-sulfur deepwater reserves in the Santos basin.
The ability to sustain margins above 45% despite periodic downstream pressures suggests that the upstream segment remains a powerful engine of profitability. This margin profile appears to be a direct result of the technical mastery of pre-salt extraction, which provides a durable cushion against broader energy sector volatility.
Based on the provided income statement data, operating margins have fluctuated between 6.1% and 37.8% over the last ten quarters, indicating that PBR-A's operating leverage is highly sensitive to non-recurring charges and the periodic impact of government-mandated adjustments on the company's domestic refining and marketing cost structure.
The sharp divergence between gross and operating margins in periods like 2024Q4 suggests that SG&A and other operating expenses can rapidly erode profitability during periods of political or economic stress. Analysts should interpret these swings as evidence of the firm's limited control over its domestic pricing environment.
Analysis of the income statement reveals significant volatility in net income, with quarterly figures swinging from a $2.8 billion loss in 2024Q4 to a $6.2 billion profit in 2026Q1, largely driven by non-operating items and impairment charges that obscure the underlying cash-generating capability of the business.
The frequent disconnect between operating income and net income warrants further investigation into the nature of these periodic write-downs and FX-related adjustments. Investors should be cautious in relying on EPS as a pure proxy for operational success, given the historical tendency for non-core items to impact the bottom line.
While the upstream segment remains highly profitable, the recent strategic shift toward increased capital expenditure in refining and renewables, as noted in recent disclosures, may introduce long-term margin compression risks that could undermine the company's historical ability to generate superior returns on invested capital for shareholders.
The potential for management to prioritize non-core social or energy transition projects over high-return pre-salt development represents a significant threat to the current valuation thesis. This pivot suggests that the company's future profitability may become increasingly tethered to political objectives rather than pure industrial efficiency.
Quick answers to the most common questions about buying PBR-A stock.
For fiscal year 2025, Petróleo Brasileiro S.A. - Petrobras (PBR-A) reported total revenue of $90.81B. This represents a 455.1% increase compared to $16.36B in 1999.
Petróleo Brasileiro S.A. - Petrobras (PBR-A) is profitable, generating $20.10B in net income for the fiscal year ending 2025 with a net profit margin of 22.1%.
Petróleo Brasileiro S.A. - Petrobras (PBR-A) reported an operating income of $25.99B, resulting in an operating profit margin of 28.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Petróleo Brasileiro S.A. - Petrobras (PBR-A) generated $43.25B in gross profit for the year, representing a gross profit margin of 47.6%. This demonstrates the company's core pricing power and production efficiency.