Petrobras Q3 2026 earnings review

Sales revenues rose 40.4% to $32.96B, and cash-flow guidance was raised.

Petrobras · Q3 2026 · Published Nov 11, 2026 · By DeepCell AI · Sources

Petrobras Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Petrobras (PBR) Q3 2026 earnings review

Sales revenues rose 40.4% to $32.96B, and cash-flow guidance was raised

  1. 1.USD sales were $32.96B, up 40.4%; BRL sales of R$169.35B missed the R$177.34B Yahoo average
  2. 2.Operating cash flow was $12.03B; 2026 OCF guidance is now $45.00B to $50.00B
  3. 3.Production is now guided at 3.3–3.4 MMboed, raised from 3.1; Q3 production was 3.512 MMboed
  4. 4.Total capex guidance was raised to $24.00B to $25.50B from $19.40B (+/- 5%)
  5. 5.The regular-session close and labelled pre-market price are shown in the results table

Note: MMboed is million barrels of oil equivalent per day. Yahoo sales consensus is in Brazilian reais and is compared with consolidated BRL sales from the official BRL financial statements, not the USD release. Pre-market prices are not a close. Guidance midpoints used later are arithmetic midpoints of the official ranges.Source: Official English USD earnings release, Nov 10, 2026; Official consolidated BRL financial statements, page 13 income statement; Yahoo Finance, Nov 11, 2026; CNBC, Nov 10, 2026; CNBC quote, Nov 11, 2026

2

2 · Executive summary

Consolidated BRL sales missed the Yahoo average by 4.5%

Q3 2026 results vs. Yahoo Finance (analysis page, retrieved Nov 11, 2026)

MetricActualConsensusVarianceResult
Consolidated sales (R$)R$169.35BR$177.34B-R$7.99B / -4.5%Miss

Share price, Nov 10 regular close and Nov 11 pre-market last (not a close)

Petrobras (NYSE)Nov 9 closeNov 10 close, 4:10 PM ESTNov 11 pre-market, 8:49 AM ESTPre-market vs close
PBR$18.35$18.28$17.71-$0.57 / -3.1%

All three prices are from the CNBC quote page. The 8:49 AM EST figure is a pre-market last, not a close. The Nov 10 regular close was $18.28, down 0.4% from the Nov 9 close of $18.35. CNBC does not state a reason for the move in the quote data.

Note: Yahoo reports Current Qtr. (Sep 2026) sales of R$177.34 billion from 9 analysts, in BRL. Official consolidated sales were R$169.353 billion. Yahoo also shows a USD EPS average of $1.41 from only 1 analyst; that per-share comparison is not used here because the sample is too thin. No verified USD sales consensus was used.Source: Official English USD earnings release, Nov 10, 2026; Yahoo Finance analysis, Nov 11, 2026; CNBC quote, Nov 11, 2026

3

3 · Q3 results vs. consensus

2026 operating cash flow guidance was raised to $45.00B to $50.00B

2026 guidance revisions, issued Nov 10

MetricPriorLowHighDeepCell-calculated midpoint
Operating cash flow (Total Portfolio)$35.00B$45.00B$50.00B$47.50B
Total capex (Portfolio Under Implementation)$19.40B$24.00B$25.50B$24.75B
Cash capex (Portfolio Under Implementation)$16.90B$21.00B$22.00B$21.50B
Lease payments (Total Portfolio)$10.00B$11.00B$11.50B$11.25B
Production (MMboed)3.13.33.43.35

Note: MMboed is million barrels of oil equivalent per day. The official guidance is the ranges. Midpoints are DeepCell calculations (arithmetic midpoints of those ranges), not company-stated figures. Production guidance is 3.3–3.4 million boed, raised from 3.1 million. Prior total capex and cash capex were US$19.4 billion and US$16.9 billion, each +/- 5%.Source: Official English USD earnings release, Nov 10, 2026; analysis of company data

4

4 · 2026 outlook

Sales revenues rose 40.4% to $32.96B, and attributable net income rose to $7.74B

  1. Cash generation was higher year on yearOperating cash flow was $12.03B and free cash flow was $6.62B.
  2. Brent and production supported the resultAverage Brent was US$97.00 per barrel, and Q3 production was 3.512 MMboed.
  3. Adjusted EBITDA roseAdjusted EBITDA was $16.70B; excluding one-off events it was $18.39B.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Sales revenues$23.48B$32.96B40.4%
Operating income$7.98B$11.51B44.3%
Net income attributable to shareholders$6.03B$7.74B28.4%
Net income ex one-off events, attributable$5.24B$9.32B78.0%
Adjusted EBITDA$11.73B$16.70B42.4%
Operating cash flow$9.86B$12.03B22.0%

Note: MMboed is million barrels of oil equivalent per day. One-off adjustments follow the company’s Table 1 and Table 2. Adjusted EBITDA is a non-IFRS measure; the reconciliation is in the official release.Source: Official English USD earnings release, Nov 10, 2026; analysis of company data

5

5 · Q3 key financials

E&P operating income was $9.16B, and RTM operating income rose to $5.15B

  1. Production set a quarterly record in the releaseQ3 production was 3.512 MMboed. 2026 production guidance is now 3.3–3.4 MMboed, raised from 3.1.
  2. RTM operating income rose sharplyRTM operating income was $5.15B, compared with $0.86B a year earlier.
  3. Gas and Low Carbon Energies posted a lossOperating income in that segment was -$347M.

Results by business segment

$MQ3 2025 salesQ3 2026 salesQ3 2025 OIQ3 2026 OI
Exploration and Production$15.74B$19.05B$7.80B$9.16B
Refining, Transportation and Marketing$22.08B$31.61B$0.86B$5.15B
Gas and Low Carbon Energies$2.27B$2.55B$51M-$347M

Note: MMboed is million barrels of oil equivalent per day. Segment sales do not add to consolidated sales revenues because of intersegment sales. Gas and Low Carbon Energies operating income was a loss in Q3 2026.Source: Official English USD earnings release, Nov 10, 2026; analysis of company data

6

6 · Segment results

Sales revenues rose $9.49B year on year, a 40.4% increase

Sales revenues bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $23,477.0M$M · Sales revenues: $9,485.0M$M · Q3 2026: $32,962.0MQ3 2025Sales revenuesQ3 2026$20,000M$25,000M$30,000M$35,000M$40,000M$23,477.0M$9,485.0M$32,962.0M
Sequential sales were down 1.9% from Q2 sales of $33.61B

Note: The bridge is the reported sales revenues line in the USD release. Q2 2026 sales are from Table 1 of the same release.Source: Official English USD earnings release, Nov 10, 2026; analysis of company data

7

7 · Sales bridge

8 · Adjusted EBITDA

RTM operating income rose to $5.15B from $0.86B

Segment operating income

$M, Q3 2025 vs Q3 2026

Exploration and Production · Q3 2025: 780200.0%Exploration and Production · Q3 2026: 915700.0%Refining, Transportation and Marketing · Q3 2025: 85600.0%Refining, Transportation and Marketing · Q3 2026: 514800.0%Gas and Low Carbon Energies · Q3 2025: 5100.0%Gas and Low Carbon Energies · Q3 2026: -34700.0%Q3 2025Q3 2026$0M$2,500M$5,000M$7,500M$11,000M
E&P operating income was $9.16B

Note: RTM is Refining, Transportation and Marketing. Gas and Low Carbon Energies operating income was a loss of $347 million in Q3 2026.Source: Official English USD earnings release, Nov 10, 2026; analysis of company data

9

9 · Segment operating income

Total capex rose 16.6% to $6.42B

Total capex

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $5,510.0Mv · Q3 2026: $6,424.0MQ3 2025Q3 2026$0M$2,500M$5,000M$8,000M$5,510.0M$6,424.0M
Acquisition of PP&E and intangibles (cash) was $5.40B; 2026 cash capex guidance is $21.00B to $22.00B

Note: Total capex is Table 3 of the official release. The cash figure is acquisition of PP&E and intangible assets from Table 5, which the release also describes as cash-basis investments of US$5.4 billion in 3Q26.Source: Official English USD earnings release, Nov 10, 2026; analysis of company data

10

10 · Capital expenditure

Operating cash flow was $12.03B, and net debt was $57.85B

  1. Free cash flow rose year on yearFree cash flow was $6.62B, after $5.40B of PP&E and intangible acquisitions.
  2. Gross debt edged downGross debt was $69.97B and the net debt / LTM adjusted EBITDA ratio was 1.00.
  3. Shareholders were paid and a new dividend was approvedDividends paid to Petrobras shareholders were $1.57B; remuneration of R$15.30B was approved in relation to 3Q26.

Cash flow and debt

$M unless notedQ3 2025Q3 2026YoY
Operating cash flow$9.86B$12.03B22.0%
Acquisition of PP&E and intangibles$4.89B$5.40B10.5%
Free cash flow$4.97B$6.62B33.2%
Finance debt repayments$0.88B$2.07B—
Repayment of lease liability$2.42B$2.67B—

Note: Free cash flow is the company’s definition: operating cash flow minus acquisitions of PP&E, intangible assets and equity interests. Gross debt and net debt are Sep 30, 2026 figures from Table 6.Source: Official English USD earnings release, Nov 10, 2026; analysis of company data

11

11 · Cash flow and debt

Total assets were $256.03B at Sep 30, 2026, and equity attributable to shareholders was $97.42B

  1. Finance debt was little changedTotal finance debt was $25.64B, and total lease liability was $44.33B.
  2. Property, plant and equipment rosePP&E was $187.76B, compared with $168.04B at Dec 31, 2025.
  3. Cash was slightly higherCash and cash equivalents were $6.87B, and financial investments were $5.22B.

Balance sheet

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$6.47B$6.87B
Financial investments$2.73B$5.22B
Property, plant and equipment$168.04B$187.76B
Total assets$222.34B$256.03B
Finance debt, current and non-current$26.44B$25.64B
Equity to shareholders$75.57B$97.42B

Note: Gross debt in Table 6 is finance debt plus lease liabilities. Cash at Sep 30 matches the cash-flow ending balance.Source: Official English USD earnings release, Nov 10, 2026; analysis of company data

12

12 · Balance sheet

Higher capex, a sales miss in reais and a weaker pre-market print are the main watch items

  1. 1.2026 total capex guidance is now $24.00B to $25.50B, up from $19.40B (+/- 5%)
  2. 2.Consolidated BRL sales of R$169.35B missed the R$177.34B Yahoo average
  3. 3.Gas and Low Carbon Energies operating income was -$347M
  4. 4.In pre-market the ADS last traded at $17.71, -3.1% versus the Nov 10 close, not a close

Note: These items are taken from the official statements, Yahoo Finance and the CNBC quote; they are not a rating or a target price.Source: Official English USD earnings release, Nov 10, 2026; Official consolidated BRL financial statements, page 13 income statement; Yahoo Finance; CNBC

13

13 · Watch items

14 · Appendix: BRL results

Appendix: prior 2026 guidance

ClaimEvidenceCalculation
Operating cash flow, prior$35.00BTotal Portfolio
Total capex, prior$19.40B (+/- 5%)Portfolio Under Implementation
Cash capex, prior$16.90B (+/- 5%)Portfolio Under Implementation
Lease payments, prior$10.00BTotal Portfolio
Production, prior (MMboed)3.10Company average guidance

MMboed is million barrels of oil equivalent per day. Source: Official English USD earnings release, Nov 10, 2026; analysis of company data

15

15 · Appendix: Prior guidance

Appendix: income statement detail

Sales and costs

$M unless notedQ3 2025Q3 2026YoY
Sales revenues$23,477M$32,962M40.4%
Cost of sales$12,260M$15,271M—
Gross profit$11,217M$17,691M57.7%
Operating expenses$3,241M$6,180M90.7%
Operating income$7,976M$11,511M44.3%

Earnings

$M unless notedQ3 2025Q3 2026YoY
Net finance income (expense)$271M-$592M—
Net income attributable to shareholders$6,027M$7,740M28.4%
Adjusted EBITDA$11,728M$16,703M42.4%
Average Brent (US$ per barrel)$69.07$97.0040.4%

Note: Operating expenses are the official total from the consolidated income statement. Year-on-year percentages are omitted where they are not shown on this page.Source: Official English USD earnings release, Nov 10, 2026; analysis of company data

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16 · Appendix: Income statement

Appendix: sources

  • Official English USD earnings release, Financial Performance 3Q26, Nov 10, 2026 — https://filemanager-cdn.mziq.com/published/25fdf098-34f5-4608-b7fa-17d60b2de47d/b4bd7f3e-21bc-43bf-bd32-fd1ff868f9c4
  • Official USD financial statements, Nov 10, 2026 — https://filemanager-cdn.mziq.com/published/25fdf098-34f5-4608-b7fa-17d60b2de47d/a35ca4f7-e47a-4f38-97f5-23245f5154f6
  • Official consolidated BRL financial statements, Nov 10, 2026 — https://filemanager-cdn.mziq.com/published/25fdf098-34f5-4608-b7fa-17d60b2de47d/e1906d5c-83b4-401f-8813-38ef6038c580
  • Petrobras IR Results Center — https://www.investidorpetrobras.com.br/en/results-and-announcements/results-center/
  • Q3 sales consensus: Yahoo Finance PBR analysis, Current Qtr. (Sep 2026), retrieved Nov 11, 2026 — https://finance.yahoo.com/quote/PBR/analysis/
  • Share price: CNBC PBR quote, Nov 9 close, Nov 10 regular close at 4:10 PM EST, and Nov 11 pre-market last at 8:49 AM EST — https://www.cnbc.com/quotes/PBR
  • A Form 6-K for these results was not on EDGAR at the time of this review. Company figures in US dollars are from the official USD release and statements; BRL sales and attributable net income are from the official consolidated BRL income statement (R$ thousand, shown here in millions). Adjusted EBITDA, free cash flow, gross debt and net debt follow the company’s definitions. Guidance midpoints are arithmetic midpoints of official ranges.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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17

17 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Petróleo Brasileiro S.A. - Petrobras’s official English USD earnings release and financial statements dated November 10, 2026, and from the official consolidated BRL financial statements of the same date, all published in the company’s Results Center. A Form 6-K was not on EDGAR at the time of this review. Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are IFRS unless labelled as adjusted, in U.S. dollars except where labelled in Brazilian reais, for the three months ended September 30, 2026 and 2025, and as-of dates as labelled.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Petróleo Brasileiro S.A. - Petrobras. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original documents.

Date of analysis. The share prices are the CNBC Nov 9, 2026 regular close, the Nov 10, 2026 regular close at 4:10 PM EST, and the Nov 11 pre-market last at 8:49 AM EST (not a close).

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18

18 · Disclosures

Sources

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