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Operating cash flow of $11.9B in 2026Q2 exceeded net income (OCF/NI of 1.14x), and cumulative OCF of $93.4B over ten quarters outpaced net income by $50.1B, yet working capital changes averaged -$1.6B per quarter and dividends totaled $30.9B.
Petróleo Brasileiro S.A. - Petrobras (PBR) cash flow statement — 27-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 39.27B | 36.56B | 37.98B | 43.21B | 49.72B | 37.79B | 28.89B | 25.6B | 26.35B | 27.11B | 26.11B | 25.91B | 26.63B | 26.29B | 27.89B | 56.32B | 28.5B | 24.92B | 28.22B | 22.66B | 21.08B | 15.12B | 8.83B | 8.57B | 6.29B | 8.74B | 7.64B | 4.74B |
| Operating CF Margin % | - | 41.5% | 41.55% | 40.94% | 39.94% | 45.01% | 53.82% | 33.43% | 31.14% | 34.81% | 32.08% | 26.63% | 18.54% | 18.58% | 19.35% | 38.6% | 23.66% | 27.13% | 23.86% | 25.83% | 29.13% | 26.84% | 22.99% | 27.72% | 27.8% | 35.61% | 28.34% | 29% |
| Operating CF Growth % | 55.43% | -3.74% | -12.1% | -13.08% | 31.56% | 30.81% | 12.85% | -2.86% | -2.8% | 3.82% | 0.78% | -2.7% | 1.3% | -5.73% | -50.48% | 97.66% | 14.35% | -11.69% | 24.51% | 7.53% | 39.44% | 71.12% | 3.08% | 36.3% | -28.09% | 14.44% | 61.05% | - |
| Net Income | 25.55B | 20.19B | 7.61B | 25.69B | 36.76B | 19.99B | 948M | 10.36B | 7.41B | 169M | -4.35B | -8.61B | -7.37B | 11.09B | 11.03B | 33.31B | 19.48B | 16.82B | 18.88B | 13.14B | 12.83B | 10.34B | 6.19B | 6.56B | 2.31B | 3.49B | 5.34B | 727M |
| Depreciation & Amortization | 13.18B | 15.4B | 12.48B | 13.28B | 13.22B | 11.7B | 11.45B | 14.84B | 11.78B | 13.25B | 13.93B | 11.55B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.54B | 3.67B | 2.92B | 2.48B | 1.8B | 1.95B | 1.73B | 2.04B | 1.99B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 6.88B | 7.3B | 3.54B | 909.33M | 16.77B | 7.25B | -4.35B | 2.8B | 370M | 467M | -913M | -2.04B | -3.04B | 402M | 2.25B | 6.16B | 2.96B | 860M | 2.35B | 1.06B | 680M | 218M | 117M | 64M | -116M | 193M | 949M | 184M |
| Other Non-Cash Items | 900.65M | -1.66B | 18.04B | 5.71B | -7.85B | 4.34B | 19.48B | 3.96B | 21.06B | 28.63B | 33.35B | 38.77B | 43.66B | 19.41B | 21.15B | 28.6B | 10.24B | 7.54B | 8.96B | 549M | 131M | 274M | 836M | -263M | 3.09B | 2.8B | 857M | 1.83B |
| Working Capital Changes | -7.77B | -4.66B | -3.67B | -2.38B | -9.17B | -5.48B | 1.37B | -6.36B | -2.49B | -2.15B | -1.98B | -2.2B | -6.62B | -4.61B | -6.55B | -11.75B | -4.18B | -304M | -1.97B | 811M | 1.53B | 285M | -791M | 404M | -949M | 524M | -1.55B | 11M |
| Change in Receivables | -2.79B | -475.98M | 1.82B | 88M | 355M | -2.08B | 1M | 2.23B | 1.89B | 839M | 1.01B | 230M | -5.14B | -2.66B | -4.99B | -3.85B | -2.35B | -777M | -1.1B | -460M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.25B | -897.58M | -295M | 1.56B | -1.22B | -2.33B | 724M | -281M | -2.11B | -336M | -518M | 291M | 570M | -2.13B | -1.86B | -8.34B | -427M | -672M | -568M | -1.62B | -533M | 38M | -1.53B | 244M | -1.14B | 232M | -1.05B | -319M |
| Change in Payables | 38.72M | 1.02B | 986M | -949.17M | -359M | 1.07B | 216M | -989M | 858M | -62M | -1.06B | -1.23B | -1.21B | 1.11B | 1.04B | 4.11B | 251M | 206M | 2.25B | 1.71B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -20.89B | -15.72B | -13.37B | -7.96B | -432M | 2.16B | -4.51B | -1.68B | -4.5B | -11.03B | -11.3B | -12.79B | -36.48B | -35.63B | -38.38B | -57.84B | -63.02B | -35.12B | -29.47B | -24.03B | -14.68B | -10.21B | -8.42B | -5.52B | -6.66B | -4.59B | -3.58B | -4.31B |
| Capital Expenditures | -20.88B | -19.84B | -14.64B | -12.08B | -9.58B | -6.33B | -5.87B | -23.9B | -11.9B | -13.64B | -14.09B | -21.65B | -34.81B | -45.11B | -25.86B | -37.02B | -45.08B | -35.13B | -29.87B | -20.98B | -14.64B | -10.37B | -7.72B | -6.55B | -4.91B | -4.25B | -3.58B | -4.35B |
| CapEx % of Revenue | 20.03% | 22.52% | 16.02% | 11.44% | 7.7% | 7.53% | 10.94% | 31.2% | 14.07% | 17.51% | 17.3% | 22.25% | 24.23% | 31.89% | 17.95% | 25.37% | 37.42% | 38.24% | 25.26% | 23.91% | 20.24% | 18.4% | 20.08% | 21.19% | 21.72% | 17.33% | 13.29% | 26.6% |
| Acquisitions | 80.1M | 0 | -22M | 0 | -27M | -24M | -942M | -7M | -43M | -75M | -13.74B | -108M | -329M | -199M | 0 | 36.61B | 0 | 0 | 0 | -1.55B | -416M | 0 | -511M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -470.45M | 4.12B | 1.41B | 4.02B | 12.5B | 8.5B | 2.24B | 22.03B | 6.78B | -10.1B | 30.03B | 1.09B | -30.68B | 4.17B | -14.57B | 411M | 0 | 14M | 408M | 6M | 360M | 60M | -192M | 1.03B | -1.75B | -338M | 6M | 44M |
| Cash from Financing | -18.93B | -17.73B | -33.09B | -30.7B | -51.45B | -40.79B | -19.26B | -32.07B | -29.85B | -14.64B | -19.11B | -3.59B | 11.01B | 13.29B | 6.07B | 7.66B | 35.39B | 16.93B | 2.78B | -5.99B | -4.35B | -2.63B | -2.2B | 2.38B | -1.61B | -1.75B | -810M | 1.98B |
| Debt Issued (Net) | -18.84B | -7.56B | -12.3B | -8.27B | -11.88B | -25.36B | -14.58B | -25.02B | -23.31B | -8.64B | -12.61B | 1.62B | 18.53B | 21.09B | 13.86B | 15.2B | 10.43B | 25.51B | 5.17B | -954M | -410M | -615M | -395M | 3.32B | -596M | -29M | -298M | 2.11B |
| Equity Issued (Net) | 0 | 0 | -380M | -735M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.56B | 0 | 0 | 0 | -1.05B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -7.43B | -8.25B | -18.33B | -19.67B | -37.7B | -13.08B | -1.37B | -1.88B | -625M | 0 | 0 | 0 | -3.92B | -2.66B | -3.27B | -10.66B | -5.3B | -7.71B | -4.75B | -3.86B | -3.14B | -2.1B | -1.81B | -943M | -1.02B | -1.73B | -512M | -342M |
| Share Repurchases | 0 | 0 | -380M | -735M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -39.52B | 0 | 0 | 0 | -1.05B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7.33B | -1.91B | -2.08B | -2.03B | -1.87B | -2.36B | -3.31B | -5.18B | -5.92B | -5.03B | -6.5B | -4.78B | -3.72B | -5.14B | -4.52B | -4.55B | -213M | -1.69B | 2.35B | -1.17B | 315M | 94M | -24M | -2M | 0 | 0 | 0 | 208M |
| Net Change in Cash | 2.46B | 2.8B | -9.46B | 4.73B | -2.48B | -1.25B | 4.35B | -6.52B | -8.62B | 1.31B | -3.85B | 8.4B | 787M | 2.35B | -5.54B | 6.33B | 1.46B | 9.67B | -488M | -5.7B | 2.82B | 3.02B | -1.49B | 6.31B | -4.06B | 1.53B | 2.81B | 2.2B |
| Free Cash Flow | 18.68B | 16.72B | 23.34B | 31.1B | 40.14B | 31.47B | 23.02B | 1.7B | 14.45B | 13.47B | 12.03B | 4.26B | -8.18B | -18.82B | 2.02B | 19.3B | -16.58B | -10.21B | -1.65B | 1.69B | 6.43B | 4.75B | 1.11B | 2.02B | 1.38B | 4.49B | 4.06B | 393M |
| FCF Margin % | 17.93% | 18.98% | 25.53% | 29.47% | 32.24% | 37.47% | 42.87% | 2.22% | 17.07% | 17.3% | 14.78% | 4.38% | -5.69% | -13.3% | 1.41% | 13.23% | -13.77% | -11.12% | -1.4% | 1.92% | 8.89% | 8.43% | 2.9% | 6.53% | 6.09% | 18.29% | 15.05% | 2.4% |
| FCF Growth % | 0.33% | -28.36% | -24.95% | -22.52% | 27.55% | 36.71% | 1251.5% | -88.21% | 7.24% | 12% | 182.37% | 152.1% | 56.56% | -1029.43% | -89.51% | 216.37% | -62.36% | -517.53% | -198.1% | -73.8% | 35.45% | 326.01% | -44.75% | 46.66% | -69.35% | 10.65% | 932.32% | - |
| FCF per Share | 2.90 | 2.59 | 3.62 | 4.81 | 6.15 | 4.82 | 3.53 | 0.26 | 2.22 | 2.07 | 1.84 | 0.65 | -1.25 | -2.89 | 0.31 | 2.95 | -3.36 | -2.33 | -0.38 | 0.38 | 1.47 | 1.08 | 0.25 | 0.23 | 0.32 | 1.03 | 0.93 | 0.31 |
| FCF Conversion (FCF/Net Income) | 0.73x | 1.85x | 5.05x | 1.68x | 1.36x | 1.90x | 25.32x | 2.52x | 3.67x | -297.93x | -5.40x | -3.07x | -3.62x | 2.37x | 2.53x | 2.80x | 1.42x | 1.61x | 1.49x | 1.73x | 1.64x | 1.46x | 1.43x | 1.31x | 2.72x | 2.50x | 1.43x | 6.53x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.51B | 0 | 877M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.05B | 0 | 4.3B | 5.5B | 5.15B | 4.69B | 3.84B | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying PBR stock.
Petróleo Brasileiro S.A. - Petrobras (PBR) generated $36.56B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Petróleo Brasileiro S.A. - Petrobras (PBR) generated $16.72B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Petróleo Brasileiro S.A. - Petrobras (PBR) spent $19.84B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Petróleo Brasileiro S.A. - Petrobras (PBR) returned $8.25B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Liquidity constraints and political intervention
Earnings Quality Masked by FX Swings
Operating cash flow exceeded net income in most quarters, with OCF/NI averaging 1.5x, but 2024Q4's -2.95x ratio highlights non-cash losses distorting earnings quality.
The persistent gap between net income and operating cash flow, particularly in quarters like 2024Q4 where net income was -$2.8B but OCF was $8.2B, suggests that reported earnings are heavily influenced by non-cash items such as impairments and FX translation. This pattern indicates that operational cash generation is more stable than net income suggests, but investors should adjust for these swings to assess true earnings power.
FCF Resilience Amid Revenue Volatility
Free cash flow remained positive every quarter, ranging from $3.2B to $7.3B, with FCF margins between 13.5% and 29.4%, despite revenue contraction in 2025.
The company's ability to sustain positive free cash flow even when revenue declined by 3.6% YoY indicates strong cost discipline and operational efficiency in its Pre-salt assets. However, the recent spike in CapEx to $6.9B in 2025Q4 and $4.6B in 2026Q2 suggests a renewed investment phase that could pressure FCF if oil prices soften.
Capital Intensity Reflects Deepwater Focus
CapEx as a percentage of revenue averaged 19.5% over the last ten quarters, peaking at 29.3% in 2025Q4, underscoring the heavy investment required for FPSO deployment.
The elevated capital intensity, relative to peers like XOM (8.5% FCF margin) and CVX (12.1%), reflects Petrobras's commitment to expanding Pre-salt production. While this supports long-term growth, it also means that any project delays or cost overruns could disproportionately impact cash flows, especially given the company's strained liquidity position.
Working Capital Drags on Cash Flow
Working capital changes were consistently negative, averaging -$1.6B per quarter, indicating that operational cash flow is being absorbed by inventory builds or receivable extensions.
The persistent negative working capital changes, despite strong profitability, suggest that the company is tying up cash in operations, possibly due to inventory accumulation or slower collections. This trend, combined with a current ratio of 0.71, points to potential liquidity stress that could necessitate external financing or asset sales.
Dividends Outpace Buybacks in Payout
Dividends paid totaled $30.9B over the last ten quarters, while buybacks were negligible, indicating a clear preference for returning cash via dividends.
The heavy dividend payout, which peaked at $7.1B in 2024Q2, underscores the company's commitment to shareholder returns, likely influenced by government ownership. However, with FCF averaging $5.1B per quarter, the payout ratio appears sustainable, though it leaves little room for debt reduction or organic investment beyond the current CapEx plan.
Cumulative Cash Generation Exceeds Earnings
Over the last ten quarters, cumulative operating cash flow of $93.4B exceeded cumulative net income of $43.3B by $50.1B, highlighting the impact of non-cash charges.
The substantial cumulative gap between OCF and net income suggests that reported earnings understate the company's cash-generating ability, largely due to depreciation, impairments, and FX losses. This divergence supports the view that Petrobras's operational cash flow is more robust than its bottom line, but it also raises questions about the sustainability of these non-cash adjustments and the quality of earnings.
What Could Invalidate the Base Case
Despite robust cash generation, the company's strained liquidity (current ratio 0.71) and potential political intervention in fuel pricing could undermine the sustainability of its cash flows.
The cash flow statement does not fully capture the risk of government-mandated fuel price freezes, which could compress refining margins and reduce operating cash flow. Additionally, the company's low current ratio suggests that it may face refinancing challenges, especially if commodity prices decline. Investors should monitor these factors, as they could lead to a deterioration in cash flow quality despite the current positive trends.