Petróleo Brasileiro S.A. - Petrobras
Oil & Gas Exploration and ProductionFounded 1953- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
Petróleo Brasileiro S.A. - Petrobras
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$112.4B
Market Cap
$94.5B
Net Income
$19.8B
Employees
44,800
At $35 per barrel breakeven, Petrobras can generate positive cash flow when Brent crude trades at levels that render many international deepwater projects uneconomic. That structural cost advantage — 40% lower than the closest competitor's deepwater lifting cost — translates directly into margins that held even as revenue declined from $117 billion in 2023 to $112.4 billion in 2024. Net income of $19.8 billion on $112.4 billion in revenue is a 17.6% net margin. For a company operating in a commodity business subject to oil price swings, Brazilian real currency exposure, and state-influenced pricing decisions, that margin reflects the genuine quality of the underlying assets. The 45% of crude production exported at international Brent pricing captures the full premium without Brazilian domestic pricing constraints on that portion of the barrel. The $2.1 billion Car Wash settlement did not destroy the company's financial capacity — the pre-salt assets generate enough cash to absorb extraordinary charges and still fund $7.4 billion in annual dividends. What the scandal did was suppress international capital flows into Petrobras for years, widening the discount between its valuation multiples and those of international peers with comparable production profiles. The 2023 denial by Brazil's IBAMA environmental agency of the drilling license for the Foz do Amazonas exploratory well represents a different kind of financial risk — not corruption, but regulatory constraint on frontier exploration. The disputed $12 billion program and associated $1.2 billion legal dispute signal that Petrobras's growth optionality in new basins is genuinely uncertain, even as production in the established pre-salt layer continues at $6.98 per barrel.
Revenue Trend Analysis
YoY Change
+2.3%
2-Year CAGR
-0.9%
Peak Year
2023
Trend
Mostly Growing
Petróleo Brasileiro S.A. - Petrobras has reported revenue across 3 fiscal years, compounding at -0.9% annually over 2 years. The most recent year saw a 2.3% increase versus the prior year. Revenue peaked in 2023 at $117.0B. Out of 2 reported periods, 1 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $115.0B | — | +2.3% |
| FY2024 | $112.4B | $19.8B | -3.9% |
| FY2023 | $117.0B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Petrobras reported 2024 net revenue of approximately $112.4 billion (BRL 503 billion), down roughly 9% from 2023 reflecting lower realized oil prices and Brazilian real currency dynamics. Adjusted EBITDA was approximately $46 billion. Net income attributable to shareholders reached approximately $22.4 billion, down from $24.9 billion in 2023. Free cash flow was approximately $25 billion. Petrobras returned roughly $20 billion in ordinary and extraordinary dividends to shareholders during 2024, equating to a dividend yield in the high teens at certain stock price levels. Capital expenditure totaled approximately $14 billion, weighted toward pre-salt development including the Buzios field expansion projects, FPSO contracts, and refining modernization. Production averaged approximately 2.7 million barrels of oil equivalent per day. Net debt fell to approximately $30 billion from $35 billion at end of 2023, with net debt to EBITDA at approximately 0.7x, one of the lowest leverage ratios among major oil companies. Gross debt was approximately $58 billion, materially reduced from the 2015 peak of $126 billion. Lifting costs averaged approximately $6 per barrel including government take, among the lowest globally. The Brazilian government's 50.3% voting stake retained majority control while economic ownership through preferred shares was approximately 36%, with the balance held by institutional and retail investors via the NYSE-listed ADRs and Sao Paulo Stock Exchange shares.
Petrobras reached a peak market capitalization of approximately $310 billion in May 2008 during the global oil-price boom, making it briefly one of the largest companies in the world by market value. The 2014 Lava Jato scandal combined with the 2014 oil price collapse from over $100 to under $50 per barrel triggered a 70%+ decline; market cap fell below $30 billion in 2015 to 2016 as the company took $34 billion of corruption-related writedowns. The 2016 to 2019 recovery under CEO Pedro Parente lifted the stock as debt was reduced and pre-salt production scaled. By 2024 market capitalization was approximately $94.5 billion, with the stock trading in the $13 to $17 range on NYSE ADRs (PBR). The valuation reflects ongoing political risk discount, with Petrobras trading at price-to-earnings multiples of roughly 4x to 6x versus integrated oil majors at 9x to 12x. Dividend yield has compensated investors substantially, with total return including dividends since 2020 outpacing many peers despite the multiple compression. The stock retained two share classes: common (ON) carrying voting rights and preferred (PN) economic-only, with the latter being the most widely held by foreign investors via ADRs. The Brazilian government's roughly 50.3% voting and 36% economic ownership keeps political risk premium embedded in the valuation.
Petrobras produced approximately 2.7 million barrels of oil equivalent per day on average during 2024, of which roughly 2.5 million bpd was liquid oil and the balance approximately 130 to 140 million cubic meters per day of natural gas (roughly 200,000 boe/d). Pre-salt fields generated over 2.0 million bpd of liquid oil production, more than 80% of total liquid output. The Buzios field alone produced approximately 800,000 bpd in 2024, with seven FPSOs operational and four additional units sanctioned. Tupi (Lula) produced approximately 700,000 bpd. Other major pre-salt fields include Sapinhoa, Mero, Atapu, Sepia, and Iara. Post-salt fields including Roncador, Marlim, Albacora, and Barracuda in the Campos Basin continue to produce but at declining rates due to natural reservoir depletion. Total Brazilian crude oil production by all operators reached approximately 3.4 million bpd in 2024, making Brazil the seventh-largest oil producer in the world, with Petrobras accounting for over 80% of national output. Petrobras targets production growth to 3.2 million boe/d by 2028 through additional pre-salt FPSO deployments. The Equatorial Margin (Foz do Amazonas) remains a major exploration frontier blocked since 2023 by environmental licensing disputes with IBAMA. Production efficiency at pre-salt FPSOs averages over 90%, among the highest in the offshore industry.
Petrobras gross debt peaked at approximately $126 billion in 2015 (net debt approximately $100 billion), making it the most indebted oil company in the world at that time. The debt accumulated during the 2008 to 2014 pre-salt build-out funded by dollar-denominated bond issuances, including a $11 billion offering in 2013 (then the largest emerging-market corporate bond in history). The 2014 oil price collapse and Lava Jato corruption scandal triggered investment-grade downgrades in 2015. Moody's cut to Ba2 (junk), Standard & Poor's to BB+, and Fitch to BB+, all with negative outlooks. CEO Pedro Parente's 2016 to 2018 recovery program divested approximately $30 billion of assets, cut capex sharply, and refinanced near-term maturities. By 2018 net debt was below $70 billion; by 2024 net debt was approximately $30 billion with net debt to EBITDA at approximately 0.7x. Credit ratings have steadily improved, with Petrobras regaining investment grade from Moody's at Ba1 in 2024 and from S&P at BB+ with positive outlook. The cost of debt has declined materially, with recent dollar-denominated bond issuances pricing at spreads of roughly 150 to 250 basis points over US Treasuries versus over 800 basis points at the depths of the 2015 to 2016 crisis. The debt reduction supported the resumption of large dividend payouts beginning in 2021.
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Petróleo Brasileiro S.A. - Petrobras Revenue & Financials." CorpDigest, https://corpdigest.com/company/petrobras/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Petróleo Brasileiro S.A. - Petrobras reported $115B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/petrobras/financials" target="_blank" rel="noopener">CorpDigest — Petróleo Brasileiro S.A. - Petrobras financials</a></div>