Petrobras Q2 2026 Results: Profit Nearly Doubles to US$10.4 Billion
Petrobras Q2 2026 results: net profit of R$52.4 billion, adjusted EBITDA of R$93.8 billion and R$17.4 billion in dividends and interest on equity.
The Petrobras Q2 2026 results, published after the São Paulo close on 6 August, show net income of R$52.4 billion, adjusted EBITDA of R$93.8 billion and R$17.4 billion approved for shareholders.
What the Petrobras Q2 2026 Results Showed
Petrobras reported net income of R$52.4 billion, equal to US$10.4 billion, for the three months to June. That is ninety-seven percent above the same quarter of 2025. Sales revenue reached R$169.5 billion, a gain of forty-two percent on the year.
Adjusted EBITDA came in at R$93.8 billion, or US$18.6 billion. Operating cash flow rose forty-six percent to R$61.8 billion and free cash flow roughly doubled, to R$38.6 billion. Stripping out what the company calls one-off events, net income was R$55.8 billion and adjusted EBITDA R$100.6 billion.
Own oil output in Brazil averaged 2.7 million barrels a day, fifteen percent above the year-earlier quarter, and total production set a record at 3.34 million barrels of oil equivalent a day. Refineries ran at record utilisation, lifting oil products output to 1.9 million barrels a day.
The Beat, and Why Its Size Is Disputed
The profit cleared expectations, but by how much depends on the survey used. One compilation put consensus net income near R$45.5 billion, another near R$50.8 billion, the latter also placing revenue almost exactly where it landed. Such surveys have a poor record here, and the first-quarter round was visibly wrong on revenue.
What is not disputed is that the operating lines came in closer to expectations than the profit line. Both compilations had adjusted EBITDA within a few percent of the reported R$93.8 billion. The wider gap at net income points to financial items, taxes and one-offs rather than to operations.
One-off events also worked against the company this time, trimming about R$3.4 billion from reported profit. That reverses the first quarter, when one-offs added close to R$9 billion and reported income ran well ahead of the recurring figure. The recurring number, not the headline, is the cleaner read on both quarters.
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The Payout Was Formula, Not Generosity
The board approved R$17.4 billion in dividends and interest on equity, equal to R$1.34814262 per share. Holders on the B3 register at the close on 21 August qualify and the shares trade ex-entitlement from 24 August, while the record date for New York-listed ADRs is 25 August. Payment comes in two equal instalments, on 23 November and 21 December.
That sum was not discretionary. Petrobras distributes forty-five percent of free cash flow when gross debt sits at or below its plan ceiling, and forty-five percent of the R$38.6 billion generated in the quarter lands within a rounding error of the approved figure. Estimates beforehand ran from about R$12.8 billion to R$17.9 billion, clearing most houses but not the most bullish.
Set that against the R$88.6 billion paid in taxes and government participations over the same three months. The state collected roughly five times as much through the fiscal channel as all shareholders received through the payout, and more than three times the R$26.7 billion the company invested.
Brent Rose Faster Than Prices at Home
Brent averaged US$104.52 a barrel over the quarter against US$67.82 a year earlier, a gain of fifty-four percent. The average price of basic oil products sold by Petrobras in the domestic market rose twenty-three percent over the same period, to R$578.51 a barrel.
Domestic pricing therefore captured well under half the move in crude. Part of that reflects the lag between shipment and revenue recognition flagged after the first quarter, and part the smoothing built into its fuel pricing approach. With a general election due in October, that gap is a political variable as much as a commercial one.
Leverage Fell, But Debt Barely Moved
Gross debt closed June at US$70.8 billion, below the US$75 billion ceiling in the 2026-2030 business plan and down under one percent on the quarter. Net debt ended at US$60.4 billion, a fall of under three percent. Leverage, measured against trailing twelve-month adjusted EBITDA, dropped from 1.43 times to 1.14 times.
Almost ninety percent of that improvement came from the denominator, not the balance sheet. Trailing EBITDA rose about twenty-two percent; had it stayed flat, the ratio would have barely moved. A leverage number driven by earnings is only as durable as the oil price behind it, and Brent has already fallen sharply from the quarterly average.
Cash generation carried a drag the company disclosed: a working capital movement of about R$15.8 billion, mainly higher receivables and lower payables. Without it, free cash flow would have been nearer R$54 billion, and the formula-driven payout correspondingly larger. Part of that balance is fuel compensation credits still booked as receivables.
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Frequently Asked Questions
What did the Petrobras Q2 2026 results show?
Petrobras reported net income of R$52.4 billion, equal to US$10.4 billion, ninety-seven percent above the second quarter of 2025. Adjusted EBITDA was R$93.8 billion and sales revenue R$169.5 billion. Excluding one-off events, net income was R$55.8 billion and adjusted EBITDA R$100.6 billion.
How much is Petrobras paying shareholders?
The board approved R$17.4 billion in dividends and interest on equity, or R$1.34814262 per common and preferred share. Shareholders on the register at the close on 21 August qualify, with the shares trading ex-entitlement from 24 August. Payment is in two equal instalments, on 23 November and 21 December.
Did the results beat analyst expectations?
Yes, though the size of the beat depends on the survey. One compilation put consensus net income near R$45.5 billion, another near R$50.8 billion. Both had adjusted EBITDA within a few percent of the reported figure, so the surprise was wider at the profit line than at the operating line.
Why was reported profit lower than the adjusted figure?
One-off events reduced reported net income by roughly R$3.4 billion in the quarter. That is the opposite of the first quarter of 2026, when one-off items lifted the reported figure well above the recurring one. Comparing recurring numbers across quarters gives a more consistent picture than comparing headline profit.
Sources: Agência Petrobras, Petrobras Investor Relations, SEC Form 6-K, Bloomberg consensus via Seu Dinheiro.
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