Revenue growth remains highly volatile, swinging from a 23.2% contraction in 2024Q4 to an 11.7% expansion by 2026Q1, while gross margins have moderated from a peak of 54.1% to 45.0%.
| 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 | 17.66B | 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 | 7.26B | 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% | 9.48% | 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 | 2.1B | 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 | 25.81B | 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 % | 27.67% | 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 | 41.92B | 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 % | 44.95% | 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% | 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 | 24.92B | 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 | -1.25B | 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 | 1.25B | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.92B | 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 | 2.56B | -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 | 328.7M | 244M | 392M | 344M | 405M | 528M | 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 | 1.16 | 3.96 | 5.62 | 3.04 | 0.20 | 0.40 | 0.34 | -0.01 | -0.22 | -0.32 | -0.44 | 0.80 | 0.92 | 2.80 | 2.32 | 2.02 | 2.22 | 1.44 | 1.34 | 1.00 | 0.52 | 0.26 | 0.54 | 0.80 | 1.23 | 0.34 |
| EPS Growth % | 140.1% | 168.97% | -70.71% | -29.54% | 84.87% | 1420% | -50% | 17.65% | - | 97.27% | 31.25% | 27.27% | -155% | -13.04% | -67.14% | 20.69% | 14.85% | -9.01% | 54.17% | 7.46% | 34% | 92.31% | 100% | -51.85% | -32.5% | -34.96% | 261.76% | - |
| EPS (Basic) | - | 3.12 | 1.16 | 3.96 | 5.62 | 3.04 | 0.03 | 0.40 | 0.34 | -0.01 | -0.22 | -0.32 | -0.44 | 0.80 | 0.92 | 2.80 | 2.32 | 2.02 | 2.22 | 1.44 | 1.34 | 1.00 | 0.52 | 0.26 | 0.54 | 0.80 | 1.23 | 0.34 |
| Diluted Shares Outstanding | 6.44B | 6.44B | 6.45B | 6.47B | 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 | 4.39B | 4.39B | 4.39B | 4.39B | 4.39B | 4.39B | 8.77B | 4.34B | 4.34B | 4.34B | 1.27B |
| Basic Shares Outstanding | 6.44B | 6.44B | 6.45B | 6.47B | 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 | 4.39B | 4.39B | 4.39B | 4.39B | 4.39B | 4.39B | 8.77B | 4.34B | 4.34B | 4.34B | 1.27B |
| Dividend Payout Ratio | - | 41.05% | 243.45% | 78.59% | 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% |
Geopolitical and regulatory intervention
As reported in recent financial statements, PBR's revenue growth has exhibited significant volatility, swinging from a 23.2% contraction in 2024Q4 to an 11.7% expansion by 2026Q1, reflecting the company's high sensitivity to global Brent crude benchmarks and fluctuating domestic industrial demand cycles.
The erratic top-line performance appears driven more by commodity price cycles and currency translation effects than by fundamental shifts in production capacity. Investors should monitor whether the recent return to growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound in oil pricing environments.
Based on reported figures, the company maintains a robust gross margin profile, peaking at 54.1% in 2023Q4 before moderating to 45.0% in 2026Q1, which suggests that the low-cost Pre-salt extraction assets continue to provide a significant competitive buffer against broader industry cost inflation.
While gross margins remain superior to international supermajors, the downward trend since late 2023 warrants investigation into potential rising lifting costs or shifts in the refining product mix. The ability to sustain margins above 40% in a volatile pricing environment implies a strong geological moat that protects the core E&P segment.
According to recent SEC filings, PBR's net income has been frequently distorted by non-operating volatility, evidenced by the sharp swing from a $2.8 billion loss in 2024Q4 to a $6.2 billion profit in 2026Q1, largely driven by foreign exchange translation and asset impairment charges.
The disconnect between operating income and net income suggests that headline EPS figures may not accurately reflect the underlying cash-generating capability of the business. Analysts should focus on adjusted EBITDA to strip away the noise of BRL-USD volatility and non-cash accounting adjustments that frequently cloud the bottom line.
As indicated by the company's income statement data, SG&A expenses have fluctuated significantly, reaching a high of $7.3 billion in 2025Q4 before contracting to $1.7 billion in 2026Q1, which suggests a lack of consistent expense discipline or the impact of irregular, large-scale corporate settlements.
The extreme variance in SG&A suggests that management may be utilizing discretionary spending to manage quarterly earnings or responding to external legal and regulatory pressures. This inconsistency makes it difficult to forecast long-term operating leverage and requires closer scrutiny of the specific line items driving these periodic spikes.
Based on an analysis of historical performance, the market's persistent valuation discount relative to global peers appears to be a rational response to the risk of political interference, as evidenced by the erratic dividend policy and potential for capital allocation toward non-core, lower-return industrial projects.
While the geological assets are world-class, the risk remains that management may be compelled to prioritize social or political objectives over shareholder returns. Investors should monitor whether future capital allocation shifts toward non-core sectors, which could lead to a structural degradation of the company's currently strong ROIC.
Quick answers to the most common questions about buying PBR stock.
For fiscal year 2025, Petróleo Brasileiro S.A. - Petrobras (PBR) reported total revenue of $90.81B. This represents a 455.1% increase compared to $16.36B in 1999.
Petróleo Brasileiro S.A. - Petrobras (PBR) 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) 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) 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.