The results confirm a powerful operational and macro tailwind for Petrobras. With a $3.406B payout announced the same day and consensus already highly bullish, the stock may see positive momentum. Continue holding; the 7.43% leverage cost and growing Capex are risks to monitor for margin compression.
Price Chart
Executive Summary
Petrobras reported Q2 2026 results with a massive beat: net income attributable to shareholders of $10.428B for Q2 ($0.81 per share) vs $4.734B a year ago, and $16.627B for H1 ($1.29 per share) vs $10.708B. Sales revenues surged to $57.142B (H1) from $42.110B, driven by a $2.227B fuel subsidy program and strong export revenues especially to China. Operating cash flow came in at $20.649B, a 29% increase. The Board also approved a $3.406B interim dividend/interest on capital distribution post-quarter.
Key Facts
- Net income attributable to shareholders: $16.627B for H1 2026 vs $10.708B for H1 2025
- EPS: $1.29 for H1 2026 vs $0.83 for H1 2025; Q2 2026 EPS $0.81 vs $0.37 Q2 2025
- Sales revenues: $57.142B H1 2026 vs $42.110B H1 2025 (a 36% increase)
- Operating cash flow: $20.649B for H1 2026 vs $16.029B H1 2025
- Post-quarter Board approved $3.406B interim distribution ($0.2642 per share)
- E&P segment net income $13.094B for H1 2026 vs $8.960B H1 2025
Financial Impact
Q2 net income of $10.428B is more than double YoY. Full H1 net income $16.627B approaches the entire FY2025 figure. Revenue growth driven by both higher volumes and Brazilian government fuel subsidies totalling $2.227B.
Risk Factors
- Export tax on crude oil (12%) and diesel (50%) and expiration of provisional measures
- Uncertain tax treatments total $11.610B; contingent liabilities $47.483B
- Brent price decline below business plan projections
- High leverage: total debt $25.834B plus $44.972B lease liability
- Dutch collective action appeal still pending
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (PBR) — Batch item 1 | 0001292814-26-004133 |
| Document: 0001292814-26-004133-index-headers.html | 0001292814-26-004133 |
| Document: 0001292814-26-004133-index.html | 0001292814-26-004133 |
| Document: 0001292814-26-004133.txt | 0001292814-26-004133 |
| 6-K Filing (PBR) — Batch item 5 | 0001292814-26-004133 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 27, 2026 5w ago | 6-K | $18.25 $20.84 | ▲ +14.19% | ▲ +14.70% | $21.42 (+17.37%) |
Aug 21, 2026 6w ago | 6-K | $19.15 $20.63 | ▲ +7.73% | ▲ +8.25% | $21.42 (+11.85%) |
Aug 20, 2026 6w ago | 6-K | $19.01 $20.80 | ▲ +9.42% | ▲ +9.42% | $21.42 (+12.68%) |
Aug 7, 2026 8w ago | 6-K | $17.96 $20.12 | ▲ +12.03% | ▲ +12.42% | $21.42 (+19.27%) |
Aug 3, 2026 8w ago | 6-K | $19.06 $19.35 | ▲ +1.52% | ▲ +0.28% | $21.42 (+12.38%) |
Jun 26, 2026 13w ago | 6-K | $16.28 $18.77 | ▲ +15.29% | ▲ +15.57% | $21.42 (+31.57%) |
Jun 26, 2026 13w ago | 25-NSE | $16.29 $19.00 | ▲ +16.64% | ▲ +15.38% | $21.42 (+31.49%) |
Jun 22, 2026 14w ago | 6-K | $17.01 $17.97 | ▲ +5.64% | ▲ +5.79% | $21.42 (+25.93%) |
Jun 16, 2026 15w ago | 6-K | $17.05 $17.92 | ▲ +5.10% | ▲ +4.90% | $21.42 (+25.63%) |
Mar 26, 2026 27w ago | 6-K | $20.33 $20.87 | ▲ +2.66% | ▼ −8.01% | $21.42 (+5.38%) |
US Market Status
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