Petrobras reported a net profit of 15.6 billion reais ($2.96 billion) for its fourth‑quarter 2025, reversing a 17 billion‑real loss in the same quarter a year earlier. Earnings per share rose to $0.72, beating the consensus estimate of $0.52 by $0.20, while revenue reached $23.61 billion, outpacing the $22.22 billion forecast by $1.39 billion.
The turnaround was driven by a 20 % jump in upstream production to 2.5 million barrels per day and record exports of 1.2 million barrels per day, which helped offset the impact of a lower Brent price. Adjusted EBITDA climbed to 59.9 billion reais, slightly above analysts’ average estimate, and net revenue of 127.4 billion reais grew 5 % from Q4 2024.
Petrobras’ upstream segment contributed the bulk of the profit lift, while the downstream segment benefited from higher refining margins and increased sales of refined products. The company’s upstream operations achieved a 20 % volume increase, and downstream refining margins improved as the mix shifted toward higher‑margin products.
Chief Executive Magda Chambriard said, "The increase in oil and gas volume allowed us to offset the effects of the Brent price drop and achieve robust financial results." The comment highlights the company’s focus on volume growth to counter price volatility.
Investors reacted positively to the results, citing the return to profitability, record export volumes, and the company’s plan to distribute shareholder remuneration. The market’s enthusiasm reflected confidence in Petrobras’ ability to sustain higher volumes and manage price swings.
The earnings beat signals strong execution and cost discipline. Full‑year 2025 net income rose to $19.6 billion from $7.53 billion in 2024, largely driven by foreign‑exchange gains from a stronger real. The company’s improved cash flow and operational performance position it well for continued growth in the coming quarters.
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