Petrobras (PETR4) Q4 2025 earnings summary

Executive summary

• Achieved record oil and gas production in 2025, up 11% year-over-year, with major milestones in Búzios and Tupi/Iracema fields and new FPSO startups, despite a 14% drop in Brent prices.

• Exported an average of 675,000 barrels per day in 2025, reaching 999,000 barrels per day in Q4, expanding global market presence.

• Refineries operated at a 91–92% utilization rate, with high-value products making up 68–70% of output.

• Incorporated 1.7 billion barrels in reserves, with a 175% reserve replacement rate, the highest in a decade.

• Distributed R$41.2–45.2 billion in dividends and paid R$277.6 billion in taxes to government entities.

Financial highlights

• Adjusted EBITDA reached $43.8 billion, up 5% year-over-year; net income was $18.1 billion (excluding one-offs), and operating cash flow was $36.0 billion.

• Sales revenues for 2025 were $89.2 billion, down 2.4% year-over-year; gross profit was $42.5 billion.

• Gross debt at year-end was $69.8 billion, with net debt at $60.6 billion.

• Free cash flow for 2025 was $16.5 billion, down 29.1% year-over-year.

• Domestic derivative sales totaled 1.7 million barrels per day, with diesel sales up 52%.

Outlook and guidance

• Focus remains on capital discipline, operational efficiency, and production growth, with new platforms (P-78, P-79) ramping up in 2026 and further expansions planned.

• Business plan for 2026–2030 prioritizes high-yield projects, energy transition, and decarbonization.

• Dividend policy maintained, with minimum distribution of US$4 billion if Brent exceeds US$40/bbl.