Petroleo Brasileiro S.A. Petrobras Financials

PBR

Source SEC Filings (10-K/10-Q) Updated Apr 8, 2026 Currency USD FYE April

This page shows Petroleo Brasileiro S.A. Petrobras (PBR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PBR FY2025 2026-04-22

Petrobras is running as a high-cash-generating but thin-liquidity system, where operations fund obligations faster than cash can accumulate.

The pairing of $36.0B in operating cash flow and only $19.7B of net income shows cash earnings are stronger than accounting earnings. With a 0.7x current ratio and just $6.5B of cash, that also means liquidity depends on cash continuing to circulate through obligations rather than sitting as a large idle buffer.

The company’s liability load is broad, not just debt-driven: total liabilities of $146.4B are far larger than the $33.3B of long-term debt. That points to a balance-sheet posture in which borrowings matter, but the bigger analytical question is how operations continually service the wider liability stack.

The gap between 26.0% return on equity and 8.9% return on assets shows shareholder returns are being amplified by leverage rather than by an especially light asset base. $8.1B of dividends paid indicates part of that cash generation is being distributed instead of being retained as extra liquidity.

Financial Health Signals

Financial Profile 38/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Petroleo Brasileiro S.A. Petrobras's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Petroleo Brasileiro S.A. Petrobras's revenue declined 40.9% year-over-year, from $150.9B to $89.2B. This contraction results in a growth score of 13/100.

Leverage

Petroleo Brasileiro S.A. Petrobras carries a low D/E ratio of 0.44, meaning only $0.44 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Petroleo Brasileiro S.A. Petrobras's current ratio of 0.71 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

Petroleo Brasileiro S.A. Petrobras's ROE of 26.0% shows moderate profitability relative to equity, earning a score of 55/100. This is up from 10.7% the prior year.

Piotroski F-Score Neutral

6/9

Petroleo Brasileiro S.A. Petrobras passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.83x

For every $1 of reported earnings, Petroleo Brasileiro S.A. Petrobras generates $1.83 in operating cash flow ($36.0B OCF vs $19.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$89.2B

YoY-40.9%

Petroleo Brasileiro S.A. Petrobras generated $89.2B in revenue in fiscal year 2025. This represents a decrease of 40.9% from the prior year.

EBITDA

N/A

Net Income

$19.7B

YoY+1.3%

Petroleo Brasileiro S.A. Petrobras reported $19.7B in net income in fiscal year 2025. This represents an increase of 1.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$6.5B

YoY-63.3%

Petroleo Brasileiro S.A. Petrobras held $6.5B in cash against $33.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

7.44B

YoY-0.0%

Petroleo Brasileiro S.A. Petrobras had 7.44B shares outstanding in fiscal year 2025. This represents a decrease of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

22.1%

YoY+9.2pp

Petroleo Brasileiro S.A. Petrobras's net profit margin was 22.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.2 percentage points from the prior year.

Return on Equity

26.0%

YoY+15.2pp

Petroleo Brasileiro S.A. Petrobras's ROE was 26.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 15.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

PBR Income Statement

Metric	FY25	FY10	FY09	FY08	FY07
Revenue	$89.2B-40.9%	$150.9B+30.2%	$115.9B-20.9%	$146.5B+30.3%	$112.4B
Cost of Revenue	N/A	$70.7B+43.5%	$49.3B-32.4%	$72.9B+46.3%	$49.8B
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$993.0M+45.8%	$681.0M-27.6%	$941.0M+6.8%	$881.0M
SG&A Expenses	N/A	$9.0B+27.9%	$7.0B-5.5%	$7.4B+18.9%	$6.3B
Operating Income	N/A	$24.2B+10.5%	$21.9B-13.5%	$25.3B+23.7%	$20.5B
Interest Expense	N/A	$869.0M	N/A	N/A	N/A
Income Tax	$7.1B+11.3%	$6.4B+21.3%	$5.2B-43.4%	$9.3B+57.3%	$5.9B
Net Income	$19.7B+1.3%	$19.5B+15.8%	$16.8B-5.1%	$17.7B+32.2%	$13.4B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

Metric	Q2'12	Q1'12	Q4'11	Q3'11	Q2'11	Q1'11	Q4'10	Q3'10
Revenue	N/A	N/A	$41.1B	N/A	N/A	N/A	$34.6B	N/A
Cost of Revenue	N/A	N/A	$19.0B	N/A	N/A	N/A	$15.3B	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	$296.0M	N/A	N/A	N/A	$217.0M	N/A
SG&A Expenses	N/A	N/A	$2.3B	N/A	N/A	N/A	$2.1B	N/A
Operating Income	N/A	N/A	$7.4B	N/A	N/A	N/A	$6.3B	N/A
Interest Expense	N/A	N/A	$894.0M	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	$2.0B	N/A	N/A	N/A	$1.6B	N/A
Net Income	N/A	N/A	$6.6B	N/A	N/A	N/A	$4.4B	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PBR Balance Sheet

Metric	FY25	FY10	FY09	FY08	FY07
Total Assets	$222.3B-28.0%	$308.7B+54.1%	$200.3B+59.3%	$125.7B	N/A
Current Assets	$25.4B-60.2%	$63.9B+49.8%	$42.6B+59.4%	$26.8B	N/A
Cash & Equivalents	$6.5B-63.3%	$17.6B+9.1%	$16.2B+148.8%	$6.5B-7.0%	$7.0B
Inventory	$8.2B-30.9%	$11.9B+6.8%	$11.1B+39.3%	$8.0B	N/A
Accounts Receivable	$4.6B-56.2%	$10.6B+30.3%	$8.1B+22.7%	$6.6B	N/A
Goodwill	$2.5B+1214.1%	$192.0M+38.1%	$139.0M+17.8%	$118.0M	N/A
Total Liabilities	$146.4B+15.1%	$127.2B+19.8%	$106.2B+68.3%	$63.1B	N/A
Current Liabilities	$36.1B+7.4%	$33.6B+8.4%	$31.0B+25.1%	$24.8B	N/A
Long-Term Debt	$33.3B-44.9%	$60.5B+23.3%	$49.0B+137.6%	$20.6B	N/A
Total Equity	$75.9B-58.2%	$181.5B+93.0%	$94.1B+50.3%	$62.6B-7.3%	$67.5B
Retained Earnings	N/A	N/A	N/A	N/A	N/A

Metric	Q2'12	Q1'12	Q4'11	Q3'11	Q2'11	Q1'11	Q4'10	Q3'10
Total Assets	$309.0B-11.9%	$350.7B+6.1%	$330.6B+7.1%	$308.7B+3.5%	$298.1B+41.6%	$210.6B+3.1%	$204.2B+2.0%	$200.3B
Current Assets	$64.8B-15.5%	$76.7B+4.2%	$73.6B+15.2%	$63.9B-3.2%	$66.0B+63.8%	$40.3B-4.2%	$42.0B-1.4%	$42.6B
Cash & Equivalents	$17.6B-18.7%	$21.7B-16.6%	$26.0B+47.4%	$17.6B-35.8%	$27.5B+111.6%	$13.0B-11.2%	$14.6B-9.6%	$16.2B
Inventory	$14.7B-10.7%	$16.4B+12.3%	$14.6B+23.1%	$11.9B-5.2%	$12.5B+15.5%	$10.9B-3.5%	$11.2B+1.0%	$11.1B
Accounts Receivable	$11.2B-8.2%	$12.2B+10.6%	$11.0B+4.3%	$10.6B-6.3%	$11.3B+22.3%	$9.2B0.0%	$9.2B+13.7%	$8.1B
Goodwill	$182.0M-8.1%	$198.0M+2.1%	$194.0M+1.0%	$192.0M+36.2%	$141.0M+3.7%	$136.0M-0.7%	$137.0M-1.4%	$139.0M
Total Liabilities	$134.8B-8.2%	$146.9B+5.0%	$139.9B+10.0%	$127.2B+4.8%	$121.3B+7.3%	$113.0B+3.8%	$108.9B+2.5%	$106.2B
Current Liabilities	$35.8B-5.9%	$38.1B+3.9%	$36.6B+9.2%	$33.6B-10.5%	$37.5B+8.1%	$34.7B+4.3%	$33.2B+7.3%	$31.0B
Long-Term Debt	$67.5B-4.3%	$70.5B+3.6%	$68.1B+12.6%	$60.5B+11.7%	$54.1B+7.2%	$50.5B+4.6%	$48.3B-1.6%	$49.0B
Total Equity	$174.2B-14.5%	$203.8B+6.9%	$190.6B+5.0%	$181.5B+2.6%	$176.8B+81.3%	$97.5B+2.3%	$95.3B+1.4%	$94.1B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PBR Cash Flow Statement

Metric	FY25	FY10	FY09	FY08	FY07
Operating Cash Flow	$36.0B+26.5%	$28.5B+14.3%	$24.9B-11.7%	$28.2B+24.5%	$22.7B
Capital Expenditures	N/A	$45.1B+28.3%	$35.1B+17.6%	$29.9B+42.4%	$21.0B
Free Cash Flow	N/A	-$16.6B-62.4%	-$10.2B-517.5%	-$1.7B-198.1%	$1.7B
Investing Cash Flow	-$15.6B+75.2%	-$63.0B-79.4%	-$35.1B-19.2%	-$29.5B-22.6%	-$24.0B
Financing Cash Flow	-$17.4B-149.2%	$35.4B+109.0%	$16.9B+509.6%	$2.8B+146.4%	-$6.0B
Dividends Paid	$8.1B	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q2'12	Q1'12	Q4'11	Q3'11	Q2'11	Q1'11	Q4'10	Q3'10
Operating Cash Flow	$9.5B+1.1%	$9.4B+3.9%	$9.0B-8.5%	$9.9B+82.9%	$5.4B-30.6%	$7.8B+41.9%	$5.5B-20.9%	$6.9B
Capital Expenditures	$12.1B+23.3%	$9.8B-1.3%	$9.9B-15.1%	$11.7B-16.6%	$14.0B+45.8%	$9.6B-1.8%	$9.8B-9.3%	$10.8B
Free Cash Flow	-$2.6B-517.3%	-$421.0M+53.4%	-$903.0M+50.4%	-$1.8B+78.9%	-$8.6B-369.2%	-$1.8B+57.4%	-$4.3B-11.4%	-$3.9B
Investing Cash Flow	-$8.9B+25.0%	-$11.9B-68.8%	-$7.0B+66.2%	-$20.8B-0.4%	-$20.8B-78.9%	-$11.6B-17.9%	-$9.8B-2.5%	-$9.6B
Financing Cash Flow	-$2.2B-13.2%	-$2.0B-133.6%	$5.9B+308.9%	$1.4B-95.0%	$28.5B+1125.8%	$2.3B-25.7%	$3.1B+35.4%	$2.3B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PBR Financial Ratios

Metric	FY25	FY10	FY09	FY08	FY07
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	16.0%-2.9pp	18.9%+1.6pp	17.3%-0.9pp	18.2%
Net Margin	22.1%+9.2pp	12.9%-1.6pp	14.5%+2.4pp	12.1%+0.2pp	11.9%
Return on Equity	26.0%+15.2pp	10.7%-7.2pp	17.9%-10.4pp	28.3%+8.5pp	19.9%
Return on Assets	8.9%+2.6pp	6.3%-2.1pp	8.4%-5.7pp	14.1%	N/A
Current Ratio	0.71-1.2	1.90+0.5	1.38+0.3	1.08	N/A
Debt-to-Equity	0.44+0.1	0.33-0.2	0.52+0.2	0.33	N/A
FCF Margin	N/A	-11.0%-2.2pp	-8.8%-7.7pp	-1.1%-2.6pp	1.5%

Metric	Q2'12	Q1'12	Q4'11	Q3'11	Q2'11	Q1'11	Q4'10	Q3'10
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	18.0%	N/A	N/A	N/A	18.2%	N/A
Net Margin	N/A	N/A	16.2%	N/A	N/A	N/A	12.6%	N/A
Return on Equity	N/A	N/A	3.5%	N/A	N/A	N/A	4.6%	N/A
Return on Assets	N/A	N/A	2.0%	N/A	N/A	N/A	2.1%	N/A
Current Ratio	1.81-0.2	2.010.0	2.01+0.1	1.90+0.1	1.76+0.6	1.16-0.1	1.27-0.1	1.38
Debt-to-Equity	0.39+0.0	0.35-0.0	0.36+0.0	0.33+0.0	0.31-0.2	0.52+0.0	0.51-0.0	0.52
FCF Margin	N/A	N/A	-2.2%	N/A	N/A	N/A	-12.4%	N/A

Note: The current ratio is below 1.0 (0.71), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Petroleo Brasileiro S.A. Petrobras's annual revenue?

Petroleo Brasileiro S.A. Petrobras (PBR) reported $89.2B in total revenue for fiscal year 2025. This represents a -40.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Petroleo Brasileiro S.A. Petrobras's revenue growing?

Petroleo Brasileiro S.A. Petrobras (PBR) revenue declined by 40.9% year-over-year, from $150.9B to $89.2B in fiscal year 2025.

Is Petroleo Brasileiro S.A. Petrobras profitable?

Yes, Petroleo Brasileiro S.A. Petrobras (PBR) reported a net income of $19.7B in fiscal year 2025, with a net profit margin of 22.1%.

How much debt does Petroleo Brasileiro S.A. Petrobras have?

As of fiscal year 2025, Petroleo Brasileiro S.A. Petrobras (PBR) had $6.5B in cash and equivalents against $33.3B in long-term debt.

What is Petroleo Brasileiro S.A. Petrobras's net profit margin?

Petroleo Brasileiro S.A. Petrobras (PBR) had a net profit margin of 22.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Petroleo Brasileiro S.A. Petrobras's return on equity (ROE)?

Petroleo Brasileiro S.A. Petrobras (PBR) has a return on equity of 26.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Petroleo Brasileiro S.A. Petrobras's operating cash flow?

Petroleo Brasileiro S.A. Petrobras (PBR) generated $36.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Petroleo Brasileiro S.A. Petrobras's total assets?

Petroleo Brasileiro S.A. Petrobras (PBR) had $222.3B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Petroleo Brasileiro S.A. Petrobras have outstanding?

Petroleo Brasileiro S.A. Petrobras (PBR) had 7.44B shares outstanding as of fiscal year 2025.

What is Petroleo Brasileiro S.A. Petrobras's current ratio?

Petroleo Brasileiro S.A. Petrobras (PBR) had a current ratio of 0.71 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Petroleo Brasileiro S.A. Petrobras's debt-to-equity ratio?

Petroleo Brasileiro S.A. Petrobras (PBR) had a debt-to-equity ratio of 0.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Petroleo Brasileiro S.A. Petrobras's return on assets (ROA)?

Petroleo Brasileiro S.A. Petrobras (PBR) had a return on assets of 8.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Petroleo Brasileiro S.A. Petrobras's Piotroski F-Score?

Petroleo Brasileiro S.A. Petrobras (PBR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Petroleo Brasileiro S.A. Petrobras's earnings high quality?

Petroleo Brasileiro S.A. Petrobras (PBR) has an earnings quality ratio of 1.83x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Petroleo Brasileiro S.A. Petrobras?

Petroleo Brasileiro S.A. Petrobras (PBR) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.