Petrobras Q3 2026 results report

Petrobras reported net income attributable to shareholders of $7.74bn for Q3 2026 on 10 November 2026, up 28% on the $6.03bn of Q3 2025 but 26% below the $10.43bn of Q2 2026. Excluding what Petrobras calls one-off events, net income was $9.32bn, up 78% on Q3 2025. The one-off events cost $2.39bn before tax: an $867mn export tax on crude oil and diesel, $818mn of losses on legal proceedings and a $710mn charge linked to the 2019 sale of the TAG gas pipeline network.

Oil and gas output drove the quarter. Petrobras’s own production reached a record 3.51mmboe/d of oil and gas, up 12% on Q3 2025, and its exports of crude oil and oil products reached a record 1,251kbbl/d. Brent averaged $97.00/bbl, down from $104.52/bbl in Q2 2026, which cut E&P (exploration and production) earnings on the quarter, while the refining business more than quadrupled its adjusted EBITDA on Q3 2025.

Operating cash flow was $12.03bn and free cash flow $6.62bn, up 33% on Q3 2025. Net debt fell 4% in the quarter to $57.85bn, and net debt was 1.00 times adjusted EBITDA over the last 12 months, against 1.53 times at 30 September 2025. The board approved $2.79bn of interim dividends for Q3 2026 ($0.2161 a share), to be paid on 22 February 2027 and 22 March 2027.

Petrobras raised its 2026 guidance across the board. It now expects oil production of 2.7–2.8mmbbl/d, against 2.5mmbbl/d (±4%) in its 2026-2030 Business Plan, and total production of 3.3–3.4mmboe/d, against 3.1mmboe/d. Cash capex guidance rose from $16.9bn to $21–22bn and operating cash flow guidance from $35bn to $45–50bn, reflecting the higher Brent price, faster project work and exchange rate effects.

For oil traders, Petrobras is now pumping and shipping more crude than its own plan assumed: own production of 3.51mmboe/d and record exports of 1,251kbbl/d in Q3 2026, with 140kbbl/d more still at sea at the end of September 2026. The buyers are shifting, with China back to 40% of crude exports and US buyers at 12%, while India’s share fell to 8%. In Brazil, refineries ran at 99% and diesel imports rose to 110kbbl/d as diesel sales jumped. The raised guidance of 2.7–2.8mmbbl/d of oil and $45–50bn of operating cash flow means more Brazilian pre-salt crude in Q4 2026, with three more 225kbbl/d Búzios FPSOs due in 2027. Brazil’s export tax ($867mn in the quarter) and the diesel subsidy programme show the state taking a larger share of high oil prices.

What the full report covers

The full report is a 11-page PDF for $33, available to download straight after payment. It covers:

• Headline numbers against the prior quarter and the prior year
• Profit, reported and adjusted, and what moved it
• Revenue and operating cash flow
• Capex, net debt and gearing
• Buybacks and dividends
• Segment results, with a table and a chart
• Production and throughput
• Guidance and outlook
• What it means
• Notes on the numbers and a full list of sources

The Petrobras logo is used only to identify the company this report is about. Entelera Research is independent and has no connection with, or endorsement from, Petrobras.

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Sources

1. Petrobras, financial performance release for Q3 2026 (US$), 10 November 2026: filemanager-cdn.mziq.com
2. Petrobras, unaudited condensed consolidated interim financial statements at 30 September 2026 (US$), 10 November 2026: filemanager-cdn.mziq.com
3. Petrobras, Q3 2026 performance webcast presentation, 11 November 2026: filemanager-cdn.mziq.com
4. Petrobras, Production & Sales report for Q3 2026, 28 October 2026: filemanager-cdn.mziq.com
5. Petrobras, 2026-2030 Business Plan (investor relations website): api.mziq.com

This summary is for information only and is not investment advice. It is based solely on the company’s own published results documents listed above; Entelera Research has not audited them. © 2026 Entelera (entelera.com).