$PBR

PETROBRAS - PETROLEO BRASILEIRO SA

CIK:0001119639|SEC Filings

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Sales revenues	$ 89,195	$ 91,416	$ 102,409
Cost of sales	(46,736)	(45,444)	(48,435)
Gross profit	42,459	45,972	53,974
Income (expenses)
Selling expenses	(5,198)	(4,874)	(5,038)
General and administrative expenses	(1,938)	(1,845)	(1,594)
Exploration costs	(1,217)	(913)	(982)
Research and development expenses	(864)	(789)	(726)
Other taxes	(768)	(1,251)	(890)
Impairment of assets, net	(1,519)	(1,531)	(2,680)
Other income and expenses, net	(4,842)	(7,893)	(4,031)
Total Income (expenses)	(16,346)	(19,096)	(15,941)
Income before net finance income, results of equity-accounted investments and income taxes	26,113	26,876	38,033
Finance income	1,490	1,954	2,169
Finance expenses	(4,314)	(5,957)	(3,922)
Foreign exchange gains (losses) and inflation indexation charges	3,558	(11,104)	(580)
Net finance income (expense)	734	(15,107)	(2,333)
Results of equity-accounted investments	(52)	(627)	(304)
Net income before income taxes	26,795	11,142	35,396
Income taxes	(7,075)	(3,537)	(10,401)
Net income for the year	19,720	7,605	24,995
Net income attributable to shareholders of Petrobras	19,634	7,528	24,884
Net income attributable to non-controlling interests	$ 86	$ 77	$ 111
Basic earnings per common and preferred share	$ 1.52	$ 0.58	$ 1.91
Diluted earnings per common and preferred share	$ 1.52	$ 0.58	$ 1.91

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income for the year	$ 19,720	$ 7,605	$ 24,995
Adjustments for:
Pension and medical benefits	1,747	2,934	1,542
Results of equity-accounted investments	52	627	304
Depreciation, depletion and amortization	15,147	12,479	13,280
Impairment of assets (reversals), net	1,519	1,531	2,680
Inventory write down (write-back) to net realizable value	4	(42)	(7)
Allowance for credit loss on trade and other receivables, net	80	260	40
Exploratory expenditure write-offs	427	482	421
Gain on disposal/write-offs of assets	(19)	(228)	(1,295)
Foreign exchange, indexation and finance charges	(1,441)	15,407	2,498
Income taxes	7,075	3,537	10,401
Revision and unwinding of discount on the provision for decommissioning costs	782	3,584	2,052
Results from co-participation agreements in bid areas	(237)	(259)	(284)
Early termination and cash outflows revision of lease agreements	(616)	(349)	(415)
Losses with legal, administrative and arbitration proceedings, net	1,023	996	797
Equalization of expenses - Production Individualization Agreements	241	16	50
Decrease (Increase) in assets
Trade and other receivables	(471)	1,822	88
Inventories	(857)	(295)	1,564
Judicial deposits	(522)	229	(1,723)
Other assets	249	(165)	324
Increase (Decrease) in liabilities
Trade payables	1,068	970	(1,004)
Production taxes and other taxes payable	(1,196)	(2,988)	(431)
Pension and medical benefits	(1,062)	(1,001)	(927)
Provisions for legal proceedings	(791)	(467)	(591)
Other employee benefits	1,050	(80)	356
Provision for decommissioning costs	(1,072)	(977)	(902)
Other liabilities	(852)	(737)	(569)
Income taxes paid	(5,001)	(6,907)	(10,032)
Net cash provided by operating activities	36,047	37,984	43,212
Cash flows from investing activities
Acquisition of PP&E and intangible assets	(19,521)	(14,644)	(12,114)
Acquisition of equity interests	2	(22)	(24)
Proceeds from disposal of assets - Divestment	613	863	3,606
Financial compensation from co-participation agreements	355	397	391
Divestment (Investment) in financial investments	2,784	(109)	98
Dividends received	128	146	88
Net cash used in investing activities	(15,639)	(13,369)	(7,955)
Cash flows from financing activities
Changes in non-controlling interest	(1)	(84)	1
Proceeds from finance debt	5,320	2,129	2,210
Repayment of principal - finance debt	(3,326)	(6,536)	(4,193)
Repayment of interest - finance debt	(1,836)	(1,918)	(1,978)
Repayment of lease liability	(9,409)	(7,895)	(6,286)
Dividends paid to Shareholders of Petrobras	(8,114)	(18,327)	(19,670)
Share repurchase program		(380)	(735)
Dividends paid to non-controlling interests	(40)	(77)	(49)
Net cash used in financing activities	(17,406)	(33,088)	(30,700)
Effect of exchange rate changes on cash and cash equivalents	198	(983)	174
Net change in cash and cash equivalents	3,200	(9,456)	4,731
Cash and cash equivalents at the beginning of the year	3,271	12,727	7,996
Cash and cash equivalents at the end of the year	$ 6,471	$ 3,271	$ 12,727

Consolidated Statements of Financial Position - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 6,471	$ 3,271
Financial investments	2,726	4,263
Trade and other receivables	4,627	3,566
Inventories	8,210	6,710
Income taxes	658	411
Other taxes recoverable	1,368	1,555
Prepayments	468	361
Others	895	1,189
Current assets other than assets classified as held for sale	25,423	21,326
Assets classified as held for sale	25	510
Current assets	25,448	21,836
Trade and other receivables	851	1,256
Financial investments	3	582
Judicial deposits	14,814	11,748
Income taxes	365	319
Deferred income taxes	1,015	922
Other taxes recoverable	4,177	3,282
Prepayments	4,238	2,255
Others	313	246
Long-term receivables	25,776	20,610
Investments	550	659
Property, plant and equipment - PP&E	168,040	136,285
Intangible assets	2,523	2,255
Non-current assets	196,889	159,809
Total assets	222,337	181,645
Liabilities
Trade payables	7,442	6,082
Finance debt	2,186	2,566
Lease liability	10,037	8,542
Income taxes	1,292	1,400
Production taxes and other taxes payable	3,810	3,284
Dividends payable	2,095	2,657
Provision for decommissioning costs	2,950	1,696
Employee benefits	3,805	2,315
Others	2,331	2,205
Current liabilities other than Liabilities on assets classified as held for sale	35,948	30,747
Liabilities related to assets classified as held for sale	103	713
Current liabilities	36,051	31,460
Finance debt	24,255	20,596
Lease liability	33,315	28,607
Income taxes	576	530
Deferred income taxes	6,354	1,470
Employee benefits	15,367	10,672
Provisions for legal proceedings	3,250	2,833
Provision for decommissioning costs	25,563	24,507
Others	1,715	1,620
Non-current liabilities	110,395	90,835
Current and non-current liabilities	146,446	122,295
Share capital (net of share issuance costs)	107,101	107,101
Capital reserve and capital transactions	1,145	29
Profit reserves	72,600	61,446
Accumulated other comprehensive deficit	(105,281)	(109,470)
Attributable to the shareholders of Petrobras	75,565	59,106
Non-controlling interests	326	244
Equity	75,891	59,350
Total liabilities and equity	$ 222,337	$ 181,645