EarningsQ2 2026 Earnings Report
MX:PBRN Q2 2026 EPS Results
Actual EPS$29.27
Consensus EPS$25.50
Beat/MissBeat by +$3.76
One Year Ago EPS$13.67
MX:PBRN Q2 2026 Revenue Results
Actual Revenue$609.85B
Expected Revenue$571.80B
Beat/MissBeat by +$38.05B
YoY Revenue Growth+59.62%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
MX:PBRN Upcoming Earnings
Petroleo Brasileiro SA- Petrobras's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PBRN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational execution and record financial results driven by production ramp-ups, higher refining utilization and robust cash generation. Management balanced this with caution on macro volatility (Brent/FX), operating-cost pressures (freight/logistics), some short-term balance-sheet recognition from lease amendments, regulatory uncertainty (gas policy), and ongoing exposure to Braskem. Overall the positive operational and financial momentum materially outweighs the challenges noted.Company Guidance
Record Recurring Profit and Gross Profit
Achieved the highest recurring net profit in dollars for a quarter in Petrobras' history (excluding one-offs). Gross profit reached $19.5 billion for the quarter. Adjusted EBITDA was ~$20 billion (≈70% QoQ increase and nearly 2x YoY).
Strong Cash Generation
Operating cash flow of $12.3 billion for the quarter, an increase of nearly 50% vs. the previous quarter. Prepaid/repurchased debt moves included $2.9 billion of loan repayments and $700 million in bond repurchases; opportunistic raise of ~$600 million.
Material Production Growth
Oil production of 2.7 million barrels per day (bpd), a 15% increase YoY (≈+350,000 bpd). Surpassed Q2 internal target (2.5 million bpd) by ~200,000 bpd. Oil + gas equivalent production exceeded 3.0 million boe/d.
Additional Production Upside from Ramp-Ups and Overperformance
Several FPSOs operating above nameplate: Almirante Tamandaré peaked at 270,000 bpd (vs nameplate 225,000). Six other units adapted to exceed original capacity, delivering >100,000 bpd incremental capacity today. Management notes ~270,000 bpd of capacity still to ramp up in H2.
CapEx Focused on High-Return E&P
Q2 CapEx $5.3 billion (+4% QoQ), totaling $10.4 billion in 1H. 82% of investment directed to E&P. Well drilling +40%, well completions +45%, and interconnections +43% QoQ, supporting accelerated production growth and ramp-ups (P-78/P-79/P-80/P-82/P-83 pipeline).
Refining Operational Records and Reduced Imports
Refinery utilization factor (FUT) surpassed 100% in Q2 (101% average; ~102% in Apr–May). Product output increased 6% QoQ and imports decreased ~40% QoQ (notably diesel). Diesel production reached a monthly record in July (~3,904,000 m3). Exports of oil increased ~12% in the quarter.
Tax & Societal Contribution
Paid BRL 88.6 billion in taxes and government take in Q2; BRL ~22 billion more than Q2 last year. Management estimates ~BRL 90 billion additional annual government take vs. prior year on current run-rate.
Cost Savings from Contract Renegotiations
Renegotiated recharter and well-service contracts expected to generate estimated cash-flow savings of >$1 billion over 2026–2030 and reduce debt service by >$400 million by 2030, despite short-term recognition of higher lease liabilities.
Exploration Wins and International Activity
New gas discovery in Colombia reported, supporting international exploration strategy. Ongoing seismic and acreage activity in Equatorial margin, Africa (Namibia, South Africa partnerships), Mexico and other frontier areas to replenish reserves.
MX:PBRN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed