PBR-A

MKT CAP:$121B

Petróleo Brasileiro S.A. - Petrobras

Market Cap

$121B

Energy·Oil & Gas Integrated·🇧🇷 Brazil·NYSE

Energy·Oil & Gas Integrated·🇧🇷·NYSE

Stock Price

$18.80+$7.47 (+65.89%)

Apr 24, 2026

Company Details

Petróleo Brasileiro S.A. - Petrobras explores for, produces, and sells oil and gas in Brazil and internationally. The company operates through Exploration and Production; Refining, Transportation and Marketing; Gas and Power; and Corporate ...

CEO

Magda Maria de Regina Chambriard

IPO Date

Oct 7, 2003

Website

petrobras.com.br

Key Metrics TTM

Revenue

$90.8B

-4.5% YoY

Net Income

$20.1B

EPS (Diluted)

$3.04

Free Cash Flow

$16.1B

Revenue / Share

$14.09

Gross Margin

47.6%

Operating Margin

28.6%

Net Margin

22.1%

FCF Margin

17.8%

P/S

1.3x

P/E

6.0x

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Apr 8, 2026

$90.8BEPS $3.12

Q4 2025

Apr 8, 2026

$25.2B+21.2%EPS $0.45

Q3 2025

Nov 7, 2025

$23.5B+0.5%EPS $0.94

Q2 2025

Aug 8, 2025

$21.0BEPS $0.73

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 16	$21.7B	$7.2B	$1.3B
Q4 20	$18.6B	$7.8B	$6.3B
Q2 21	$21.0B	$10.8B	$8.9B
Q3 21	$23.3B	$11.4B	$12.4B
Q4 21	$24.0B	$10.6B	$9.6B
Q1 22	$27.2B	$14.4B	$12.0B
Q4 22	$30.0B	$14.5B	$12.6B
Q3 23	$25.6B	$13.6B	$10.0B
Q4 23	$27.1B	$14.7B	$9.1B
Q1 24	$23.8B	$12.3B	$9.0B
Q3 24	$23.4B	$12.0B	$8.7B
Q4 24	$20.8B	$10.0B	$1.3B
Q1 25	$21.1B	$10.4B	$7.4B
Q2 25	$21.0B	$10.0B	$5.5B
Q3 25	$23.5B	$11.2B	$7.7B
Q4 25	$25.2B	$11.6B	$5.4B

Valuation

Quarter	P/S	P/E
Q3 16	—	—
Q4 20	—	—
Q2 21	—	—
Q3 21	0.8x	3.2x
Q4 21	0.8x	2.1x
Q1 22	0.9x	3.0x
Q4 22	0.6x	2.1x
Q3 23	0.8x	3.1x
Q4 23	0.9x	3.6x
Q1 24	0.9x	3.9x
Q3 24	0.9x	3.8x
Q4 24	0.8x	5.4x
Q1 25	0.9x	6.1x
Q2 25	0.9x	5.4x
Q3 25	0.9x	5.5x
Q4 25	0.8x	3.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 16	$8.2B	$5.1B
Q4 20	$7.1B	$5.7B
Q2 21	$10.8B	$9.3B
Q3 21	$10.5B	$9.0B
Q4 21	$9.2B	$7.5B
Q1 22	$10.3B	$7.9B
Q4 22	$12.8B	$9.3B
Q3 23	$11.6B	$8.4B
Q4 23	$11.7B	$8.1B
Q1 24	$9.4B	$6.5B
Q3 24	$11.3B	$6.9B
Q4 24	$8.2B	$3.8B
Q1 25	$8.5B	$4.5B
Q2 25	$7.5B	$3.4B
Q3 25	$9.9B	$5.0B
Q4 25	$9.8B	$3.2B

Capital Expenditures

Quarter	CapEx
Q3 16	$3.1B
Q4 20	$1.4B
Q2 21	$1.5B
Q3 21	$1.5B
Q4 21	$1.7B
Q1 22	$2.4B
Q4 22	$3.6B
Q3 23	$3.2B
Q4 23	$3.6B
Q1 24	$2.8B
Q3 24	$4.4B
Q4 24	$4.4B
Q1 25	$4.0B
Q2 25	$4.1B
Q3 25	$4.9B
Q4 25	$6.6B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+10.8%	-29.1%
Q1 22	+46.1%	+22.8%
Q4 22	+43.0%	+44.2%
Q3 23	+9.9%	+43.3%
Q4 23	+12.8%	+24.6%
Q1 24	-12.6%	-2.4%
Q3 24	-22.1%	-16.0%
Q4 24	-18.5%	+25.5%
Q1 25	-22.3%	-23.9%
Q2 25	-11.5%	+5.3%
Q3 25	+0.5%	+7.6%
Q4 25	+21.2%	+1.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 16	$0	0.0%
Q4 20	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q4 22	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 16	$151M	$937M	$1.0B
Q4 20	$103M	$91M	$1.2B
Q2 21	$147M	$1.4B	—
Q3 21	$151M	$2.1B	—
Q4 21	$148M	$182M	$1.1B
Q1 22	$206M	$1.5B	—
Q4 22	$178M	$374M	$1.3B
Q3 23	$186M	$2.0B	—
Q4 23	$214M	$3.1B	—
Q1 24	$183M	$2.1B	—
Q3 24	$195M	$2.1B	—
Q4 24	$219M	$1.7B	—
Q1 25	$202M	$1.9B	—
Q2 25	$193M	$2.4B	—
Q3 25	$233M	$2.3B	—
Q4 25	$251M	$2.9B	$4.4B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$17.1B	$1.3B	$18.4B
Q2 22	$16.3B	$2.9B	$19.2B
Q3 22	$4.4B	$2.4B	$6.8B
Q4 22	$8.0B	$2.8B	$10.8B
Q1 23	$10.3B	$2.9B	$13.2B
Q2 23	$10.4B	$2.3B	$12.7B
Q3 23	$12.1B	$1.3B	$13.4B
Q4 23	$12.7B	$2.8B	$15.5B
Q1 24	$11.5B	$4.8B	$16.4B
Q2 24	$7.9B	$4.3B	$12.2B
Q3 24	$8.7B	$5.6B	$14.3B
Q4 24	$3.3B	$4.3B	$7.5B
Q1 25	$4.7B	$3.0B	$7.7B
Q2 25	$7.0B	$2.5B	$9.5B
Q3 25	$9.0B	$2.7B	$11.7B
Q4 25	$6.5B	$2.7B	$9.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 16	6.56B	—	—
Q4 20	6.52B	-0.6%	—
Q2 21	6.52B	0.0%	—
Q3 21	6.52B	0.0%	—
Q4 21	6.52B	0.0%	-0.6%
Q1 22	6.52B	0.0%	0.0%
Q4 22	6.52B	0.0%	0.0%
Q3 23	6.52B	-0.1%	-0.1%
Q4 23	6.48B	-0.5%	-0.6%
Q1 24	6.46B	-0.4%	-1.0%
Q3 24	6.44B	-0.2%	-1.2%
Q4 24	6.44B	-0.0%	-1.1%
Q1 25	6.44B	0.0%	-0.6%
Q2 25	6.44B	0.0%	-0.2%
Q3 25	6.44B	0.0%	-0.0%
Q4 25	6.44B	0.0%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 16	$381.4K	57K
Q4 20	$448.6K	41K
Q2 21	$505.8K	41K
Q3 21	$560.6K	41K
Q4 21	$620.9K	39K
Q1 22	$702.5K	39K
Q4 22	$775.5K	39K
Q3 23	$660.6K	39K
Q4 23	$589.3K	46K
Q1 24	$516.7K	46K
Q3 24	$508.0K	46K
Q4 24	$424.8K	49K
Q1 25	$430.1K	49K
Q2 25	$429.3K	49K
Q3 25	$479.1K	49K
Q4 25	$504.4K	50K

Revenue / Employee