Petrobras' Q1 earnings miss on the bottom line with declining net income and operating cash flow despite flat revenue. The sharp E&P profit decline (-13%) is a concern, though RT&M recovery provides some offset. The new crude oil export tax (12%) adds a recurring cost headwind. The R$ 9.03 billion interim dividend (R$ 0.70/share) provides yield support. Watch for Q2 2026 guidance and the impact of the export tax on margins.
Price Chart
Executive Summary
Petrobras reported Q1 2026 results with consolidated net income of R$ 32.76 billion, down 7.3% YoY from R$ 35.33 billion, driven by lower gross profit and reduced equity-accounted earnings. Revenue was essentially flat at R$ 123.69 billion vs R$ 123.14 billion, but gross profit fell to R$ 59.60 billion from R$ 60.71 billion. Operating cash flow declined to R$ 43.98 billion from R$ 49.34 billion. The E&P segment saw a sharp profit drop to R$ 25.44 billion from R$ 29.23 billion, while RT&M surged to R$ 12.06 billion from R$ 2.16 billion. The Board approved R$ 9.03 billion in interim interest on capital for Q1 2026.
Key Facts
- Consolidated net income attributable to shareholders: R$ 32.66 billion (Q1 2026) vs R$ 35.21 billion (Q1 2025), down 7.2%
- Consolidated sales revenue: R$ 123.69 billion (Q1 2026) vs R$ 123.14 billion (Q1 2025), essentially flat
- Consolidated gross profit: R$ 59.60 billion (Q1 2026) vs R$ 60.71 billion (Q1 2025), down 1.8%
- E&P segment net income: R$ 25.44 billion (Q1 2026) vs R$ 29.23 billion (Q1 2025), down 13.0%
- RT&M segment net income: R$ 12.06 billion (Q1 2026) vs R$ 2.16 billion (Q1 2025), up 459%
- Operating cash flow (consolidated): R$ 43.98 billion (Q1 2026) vs R$ 49.34 billion (Q1 2025), down 10.9%
- EPS: R$ 2.53 (Q1 2026) vs R$ 2.73 (Q1 2025), down 7.3%
- Board approved R$ 9.03 billion interim interest on capital (R$ 0.70097272 per share) for Q1 2026
- New export tax on crude oil (12%) and diesel (50%) effective March 12, 2026; R$ 639 million expense recognized
- Net impairment reversals of R$ 2.14 billion, mainly from UFN-III fertilizer project resumption
Financial Impact
Net income declined R$ 2.55 billion YoY (7.2%); operating cash flow fell R$ 5.36 billion (10.9%); EPS dropped R$ 0.20 per share
Risk Factors
- New 12% crude oil export tax and 50% diesel export tax effective March 2026 will pressure margins
- E&P segment profit decline of 13% YoY signals potential production or cost challenges
- Contingent liabilities increased to R$ 242.72 billion from R$ 224.57 billion, driven by tax disputes
- Uncertain tax treatments total R$ 59.70 billion, up from R$ 55.56 billion
- Net debt (parent company) increased to R$ 502.33 billion from R$ 515.46 billion
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-002988 |
| Document: 0001292814-26-002988-index-headers.html | 0001292814-26-002988 |
| Document: 0001292814-26-002988-index.html | 0001292814-26-002988 |
| Document: 0001292814-26-002988.txt | 0001292814-26-002988 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 10, 2026 19w ago | 6-K | $16.09 $18.58 | ▲ +15.48% | ▲ +8.62% | $19.96 (+24.05%) |
Jun 2, 2026 21w ago | 6-K | $16.76 $16.02 | ▼ −4.42% | ▼ −5.53% | $19.96 (+19.09%) |
May 29, 2026 21w ago | 6-K | $16.77 $16.77 | · 0.00% | ▼ −1.18% | $19.96 (+19.02%) |
May 28, 2026 21w ago | 6-K | $16.70 $17.22 | ▲ +3.14% | ▲ +1.40% | $19.96 (+19.55%) |
May 26, 2026 22w ago | 6-K | $17.10 $16.66 | ▼ −2.59% | ▼ −5.31% | $19.96 (+16.71%) |
May 22, 2026 22w ago | 6-K | $17.72 $16.37 | ▼ −7.62% | ▼ −10.81% | $19.96 (+12.64%) |
May 22, 2026 22w ago | 6-K | $17.72 $16.37 | ▼ −7.62% | ▼ −10.81% | $19.96 (+12.64%) |
May 14, 2026 23w ago | 6-K | $18.05 $16.44 | ▼ −8.92% | ▼ −12.51% | $19.96 (+10.58%) |
May 14, 2026 23w ago | 6-K | $17.90 $16.44 | ▼ −8.14% | ▼ −11.72% | $19.96 (+11.53%) |
May 12, 2026 24w ago | 6-K | $18.64 $16.48 | ▼ −11.59% | ▼ −15.97% | $19.96 (+7.08%) |
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