Petrobras (PETR4) Q2 2026 earnings summary

Executive summary

• Achieved record operational and financial results in 2Q26, with net income for the quarter at $10.4 billion, up 120.3% year-over-year, and recurring net profit and gross profit at all-time highs, driven by higher oil and oil products output, increased Brent prices, and operational efficiency.

• Total oil and natural gas production reached 3.34 MMboed, with pre-salt own production at 2.78 MMboed, and Búzios platforms surpassing 1,219 mbpd, supported by early start-up of P-79.

• Export volumes increased by 12% in the quarter, boosting revenue and cash generation, with expanded domestic oil product supply and record throughput at Central-West hubs.

• Recognized for innovation and governance, with 96% adherence to the Brazilian Corporate Governance Code and multiple awards.

• Government fuel subsidy programs contributed $2,227 million to sales revenues, supporting strong performance.

Financial highlights

• Adjusted EBITDA (excluding one-off events) reached $20.0 billion in 2Q26, up 70% sequentially and year-over-year; gross profit for the quarter was $19.5 billion, the highest in company history.

• Net income attributable to shareholders was $10.4 billion in 2Q26, up 68.2% from 1Q26 and 120.3% year-over-year; net income for H1 2026 reached $16,656 million.

• Operating cash flow was $12.3 billion in 2Q26 and $20,649 million for H1 2026, up nearly 50% from the previous quarter.

• Paid BRL 88.6 billion in taxes and government take in Q2, up BRL 22 billion year-over-year.

• Sales revenues for 2Q26 were $33.6 billion, up 42.8% from 1Q26 and 59.8% year-over-year.

Outlook and guidance

• Production remains above the top of the guidance range, with oil production projected at 2.7 MMbpd for 2026, a 15% increase over 2025.

• Cash investments expected at the top of the projected range for the year, with flexibility to accelerate value-adding projects.

• Ongoing regulatory changes and tax reforms in Brazil introduce some uncertainty, but no immediate financial impact is expected.