Strong Q1 beat on revenue and earnings, driven by surging crude exports to China. The $1.845B interim dividend supports the yield thesis. However, the new 12% crude export tax is a material headwind to future export margins — monitor Q2 for volume impact. The $417M impairment reversal is non-cash and non-recurring. Watch for further regulatory developments on the export tax and tax reform implementation.
Price Chart
Executive Summary
Petrobras reported Q1 2026 results with revenue of $23.5B (up 11.7% YoY) and net income of $6.2B (up 3.7% YoY), driven by strong export growth (+42.8%) and a $417M impairment reversal. The Board also approved $1.845B in interim dividends. However, operating cash flow declined slightly to $8.4B, and a new 12% export tax on crude oil was introduced in March 2026, adding $122M in costs. The filing is broadly positive on headline numbers but contains structural headwinds from new taxes and rising costs.
Key Facts
- Q1 2026 revenue: $23,535M vs $21,073M YoY (+11.7%)
- Q1 2026 net income: $6,218M vs $5,995M YoY (+3.7%)
- EPS: $0.48 vs $0.46 YoY (+4.3%)
- Operating cash flow: $8,399M vs $8,498M YoY (-1.2%)
- Exports grew 42.8% to $7,827M, led by crude oil exports to China ($3,250M vs $1,066M)
- Net impairment reversal of $417M, mainly from UFN-III nitrogen fertilizer project resumption
- Board approved $1,845M interim dividend ($0.1431/share) on May 11, 2026
- New 12% export tax on crude oil and 50% on diesel introduced March 12, 2026; $122M expense recognized
- Total debt (finance + lease) rose to $71.2B from $69.8B at year-end 2025
- Contingent liabilities of $46.5B, up from $41.6B at year-end 2025
Financial Impact
Revenue +$2.5B YoY, Net income +$223M YoY, Operating cash flow -$99M YoY
Risk Factors
- New 12% crude oil export tax could compress margins on ~$5.7B in quarterly crude exports
- Contingent liabilities rose to $46.5B, with $11.4B in uncertain tax treatments
- Operating cash flow declined slightly despite higher revenue, suggesting working capital build
- Net debt (finance + lease) increased to $71.2B from $69.8B
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-003000 |
| Document: 0001292814-26-003000-index-headers.html | 0001292814-26-003000 |
| Document: 0001292814-26-003000-index.html | 0001292814-26-003000 |
| Document: 0001292814-26-003000.txt | 0001292814-26-003000 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 10, 2026 19w ago | 6-K | $16.09 $18.58 | ▲ +15.48% | ▲ +8.62% | $19.90 (+23.68%) |
Jun 2, 2026 21w ago | 6-K | $16.76 $16.02 | ▼ −4.42% | ▼ −5.53% | $19.90 (+18.74%) |
May 29, 2026 21w ago | 6-K | $16.77 $16.77 | · 0.00% | ▼ −1.18% | $19.90 (+18.66%) |
May 28, 2026 21w ago | 6-K | $16.70 $17.22 | ▲ +3.14% | ▲ +1.40% | $19.90 (+19.19%) |
May 26, 2026 22w ago | 6-K | $17.10 $16.66 | ▼ −2.59% | ▼ −5.31% | $19.90 (+16.36%) |
May 22, 2026 22w ago | 6-K | $17.72 $16.37 | ▼ −7.62% | ▼ −10.81% | $19.90 (+12.30%) |
May 22, 2026 22w ago | 6-K | $17.72 $16.37 | ▼ −7.62% | ▼ −10.81% | $19.90 (+12.30%) |
May 14, 2026 23w ago | 6-K | $18.05 $16.44 | ▼ −8.92% | ▼ −12.51% | $19.90 (+10.25%) |
May 14, 2026 23w ago | 6-K | $17.90 $16.44 | ▼ −8.14% | ▼ −11.72% | $19.90 (+11.20%) |
May 12, 2026 24w ago | 6-K | $18.64 $16.48 | ▼ −11.59% | ▼ −15.97% | $19.90 (+6.76%) |
US Market Status
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