Petrobras Posts Record 2Q26: $11.1B Net Income, $20B EBITDA, Debt Below $70B
PBR sits 59% above its 52-week low of $11.43.
Summary
Petrobras reported record 2Q26 earnings with $11.1 billion in net income and $20 billion in adjusted EBITDA, fueled by record production and strong Brent prices. The company generated $7.7 billion in free cash flow, reduced gross debt below $70 billion, and approved R$17.4 billion in dividends.
Key Events · Earnings and Guidance · PBR
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Record 2Q26 Earnings
Net income of $10.4 billion ($11.1 billion excluding one-off items) and adjusted EBITDA of $18.6 billion ($20.0 billion excluding one-off items), driven by record production of 3.34 MMboed and Brent at $104.52/bbl.
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Massive Cash Generation
Operating cash flow reached $12.3 billion, free cash flow $7.7 billion, funding $4.6 billion in capex, $2.9 billion in debt repayments, and $1.5 billion in shareholder distributions.
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Debt Reduction and Leverage Improvement
Gross debt fell to $70.8 billion, net debt to $60.4 billion; net debt/LTM adjusted EBITDA improved to 1.14x from 1.43x in 1Q26, the lowest leverage in years.
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Shareholder Remuneration Approved
Board approved R$17.4 billion in dividends for 2Q26, to be paid in two installments in November and December 2026.
Analysis · PBR · Energy & Transportation
Petrobras delivered its strongest quarterly results in history, driven by record production of 3.34 MMboed, higher Brent prices, and a 101.2% refinery utilization rate. Adjusted EBITDA excluding one-off items hit $20 billion, up 70% sequentially, while net income reached $11.1 billion. Cash generation was robust, with $12.3 billion in operating cash flow and $7.7 billion in free cash flow, enabling debt reduction and a new R$17.4 billion shareholder payout. The net debt-to-EBITDA ratio fell to 1.14x, the lowest in years, underscoring a dramatically improved balance sheet.
At the time of this filing, PBR was trading at $18.23 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $112.2B. The 52-week trading range was $11.43 to $22.24. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.