Petrobras

Petrobras (Petróleo Brasileiro S.A.) is Brazil's state-controlled oil and gas company. It produces oil and gas, mostly from the pre-salt layer in deep waters off Brazil, such as the Búzios, Tupi and Mero fields. It also refines crude oil, sells fuels in Brazil and has gas and power businesses. Its own production was a record 3.51 million barrels of oil equivalent per day in Q3 2026.

The Brazilian federal government is its controlling shareholder. The PBR American depositary share (ADS) equals two common shares, and the PBR.A ADS equals two preferred shares. It reports to the SEC in U.S. dollars.

The market prices Petrobras for the risk that the Brazilian government, its controlling shareholder, uses the company for policy goals. In 2026, Petrobras joined government programs that subsidize diesel and gasoline prices, it paid new export taxes on crude oil and diesel, and its Chairman left the board in March 2026 to become a minister. Investors also fear that the investment of $109 billion in the 2026-2030 Business Plan will reduce dividends. The operations are strong: own production reached a record in Q3 2026, and pre-salt lifting cost was $4.45 per barrel of oil equivalent in Q2 2026.

For the gap to close, three things must be true. The company must keep paying 45% of free cash flow to shareholders under its policy. Fuel prices in Brazil must stay near international prices, with the government, not Petrobras, paying for the subsidies. Net debt must keep falling, as it did to $57.8 billion at September 30, 2026, while new Búzios platforms raise production in 2027.

On November 10, 2026, Petrobras raised its 2026 capital spending outlook to $24.0 to $25.5 billion from $19.4 billion. The 2027-2031 Business Plan, expected in late November 2026, gives the next test: it must show that higher investment still leaves room for dividends. A new federal government term starts on January 1, 2027, and its choices for the board and fuel prices are the main test after that. Part of the gap will probably stay, because the state controls the company.

1. Nov 10, 2026Passed

   Q3 2026 results: cash and dividendsFree cash flow near the Q2 2026 level and a dividend of 45% of free cash flow pass; a lower payout or large subsidy-related costs fail.Outcome: The board approved R$15.3 billion of remuneration in line with the policy to pay 45% of free cash flow, operating cash flow rose 15% to $12.0 billion, and net debt fell 4.2%.
2. Nov 2026 · est.Due this month

   2027-2031 Business PlanInvestment near the $109 billion of the last plan and a confirmed dividend policy pass; much higher investment or a weaker dividend policy fail.
3. Feb 10, 2027 · est.Pending

   Q4 2026 results: cash and dividendsFree cash flow that funds a dividend of 45% of free cash flow while net debt stays stable or falls passes; a lower payout or large subsidy-related costs fail.

Every passed and failed checkpoint across all picks

• November 10, 2026Petrobras reported Q3 2026 results. Net income was R$39.8 billion ($7.7 billion). Without one-off events, net income was R$47.9 billion ($9.3 billion), 68% more than a year earlier. Adjusted EBITDA was $16.7 billion, or $18.4 billion without one-off events. Operating cash flow rose 15% to $12.0 billion, and investment was $6.4 billion. Net debt fell 4.2% from June 30, 2026 to $57.8 billion. The board approved R$15.3 billion of shareholder remuneration, or R$1.18732774 per share, in line with its policy to pay 45% of free cash flow. Petrobras will pay it in two parts, on February 22 and March 22, 2027.
• November 10, 2026Petrobras raised its 2026 outlook. It now expects own production of 3.3 to 3.4 million barrels of oil equivalent per day, up from 3.1 million, capital spending of $24.0 to $25.5 billion, up from $19.4 billion, and operating cash generation of $45 to $50 billion, up from $35 billion. It said that the higher spending comes mainly from exchange rates and faster project work, not from higher total project costs.
• November 4, 2026Fitch upgraded the Standalone Credit Profile of Petrobras to 'bbb+' from 'bbb'. Petrobras said that this was the first upgrade of this profile by Fitch since 2020.

Last earnings

November 10, 2026

Next earnings

Expected about February 10, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed April 9, 2026 · Read it on sec.gov
• 20-FAnnual report for the period ended Dec 31, 2024Filed April 3, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1119639)

• The federal government controls Petrobras and nominates candidates for its board. In 2026, Petrobras joined fuel subsidy programs and paid new export taxes of $1.09 billion in the first half. A new government term starts on January 1, 2027, and it can change fuel price policy, investment or dividends.
• Results depend on oil prices. Brent averaged $104.52 per barrel in Q2 2026 and $67.82 in Q2 2025, and net income excluding one-off events rose to $11.1 billion from $4.1 billion. Lower prices would cut cash flow and dividends.
• Gross debt was $70.0 billion at September 30, 2026. At June 30, 2026, $45.0 billion of gross debt was finance leases, mainly for chartered platforms. The 2026-2030 Business Plan needs $109 billion of investment, and in November 2026 Petrobras raised its 2026 capital spending outlook to $24.0 to $25.5 billion, which can limit free cash flow.
• Subsidy payments from the government come with a delay. In Q2 2026, receivables from the fuel subsidy program took $1.9 billion of operating cash flow.
• Many costs and taxes are in Brazilian reais. A stronger real raises costs per barrel in U.S. dollars, as in Q2 2026.

Petrobras funds itself with bonds, bank loans, export credit and finance leases for platforms. Gross debt was $70.0 billion at September 30, 2026, 1.2% less than at June 30, 2026, and net debt fell 4.2% to $57.8 billion. Read more

Dividend yield

4.5% (last 12 months, at today’s price of $17.82)

Paid per share

$0.797 in the last 12 months (3 payments)

Latest ex-dividend date

August 25, 2026, $0.53 per share

Variable dividend. The payments of this company vary a lot. The latest payment is no sign of the next ones, so there is no current annual rate. The yield is the dividends of the last 12 months over today's price.

Dividends per share by year

From 2020 to 2025, the dividend grew by about 57.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.