Petrobras reported a net profit of 15.6 billion reais (approximately $2.96 billion) for the fourth quarter of 2025, reversing a 17 billion‑real loss recorded in the same period a year earlier.
Net revenue reached 127.4 billion reais, beating the consensus estimate of 118.1 billion reais. Earnings per share were $0.72, a $0.20 beat over the $0.52 consensus, while a second set of estimates placed EPS at $0.5601 versus $0.5427, a $0.0174 beat.
The turnaround was driven by a 20 % increase in upstream production to 2.5 million barrels per day and record oil exports. Investments in exploration and production accounted for 84 % of total 2025 spending, supporting the production surge. International sales grew 41.7 % to 42 billion reais, whereas domestic sales fell 6.8 % to 85.4 billion reais.
Adjusted EBITDA rose to 59.9 billion reais, reflecting a 48 % margin. Although adjusted EBITDA fell 8.5 % from Q3 to Q4 due to lower Brent prices and seasonal diesel demand weakness, the volume‑led production growth offset pricing pressure and maintained profitability.
Petrobras maintained a 14 % dividend yield, with a planned distribution of 8.1 billion reais in interest on equity, underscoring the company’s commitment to shareholder returns and the sustainability of its dividend policy.
Investors responded favorably to the earnings, citing the return to profitability, the revenue beat, the production growth, and the robust shareholder payout plan.
"The increase in oil and gas volume allowed us to offset the effects of the Brent price drop and achieve robust financial results." – Petrobras management
"Investments in the E&P segment represented approximately 84 per cent of total investments in 2025, contributing to the significant production growth observed that year." – Petrobras management
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