Solid operational quarter with strong production growth and refining margins, but cost inflation and new export taxes are compressing margins. The 2Q26 export revenue tailwind from higher Middle East oil prices is a near-term catalyst to watch. Monitor the trajectory of production taxes and export tax costs in subsequent quarters.
Price Chart
Executive Summary
Petrobras reported Q1 2026 results with revenue up 11.7% YoY to $23.5B and net income up 3.8% to $6.2B, driven by higher export volumes and Brent prices. However, operating cash flow declined 1.2% to $8.4B, costs rose 14.1% outpacing revenue growth, and net debt increased 2.5% to $62.1B. The new export tax on crude oil and diesel added $122M in costs, while the refining segment saw a 273.7% gross profit surge to $4.5B on higher international margins.
Key Facts
- Q1 2026 revenue $23,535M, +11.7% YoY from $21,073M
- Net income $6,199M, +3.8% YoY from $5,974M
- Adjusted EBITDA $11,349M, +8.6% YoY from $10,446M
- Operating cash flow $8,399M, -1.2% YoY from $8,498M
- Free cash flow $3,855M, down from $4,536M YoY
- Cost of sales $12,195M, +14.1% YoY, outpacing revenue growth
- Net debt $62,093M, +2.5% from $60,593M at Dec 2025
- Net Debt/LTM Adjusted EBITDA ratio 1.43x, stable from 1.42x
- Total production 3,225 mboed, +16.1% YoY
- Refining gross profit $4,525M, +273.7% YoY on higher international margins
- New export tax on crude oil (12%) and diesel (50%) added $122M expense
- CAPEX $5,106M, +25.6% YoY, 87.4% in E&P segment
Financial Impact
Revenue +$2.46B YoY, net income +$225M YoY, operating cash flow -$99M YoY
Risk Factors
- New export tax on crude oil (12%) and diesel (50%) adds structural cost burden
- Cost of sales growing faster than revenue (14.1% vs 11.7%) compressing margins
- Net debt increasing 2.5% despite positive free cash flow
- Operating cash flow declining YoY despite higher revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-003167 |
| Document: 0001292814-26-003167-index-headers.html | 0001292814-26-003167 |
| Document: 0001292814-26-003167-index.html | 0001292814-26-003167 |
| Document: 0001292814-26-003167.txt | 0001292814-26-003167 |
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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