On Thursday, August 6, 2026, Petrobras (PETR4) reported net income of R$ 52.5 bn in the second quarter of 2026 (2Q26), while net income excluding one-off events came to R$ 55.8 bn, an increase of 134.2% compared to 1Q26. In the period, Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) excluding one-off events totaled R$ 100.6 bn.
Sales revenue in 2Q26 was R$ 169.5 bn, growth of 37.1% versus 1Q26 and 42.3% compared to 2Q25. Gross profit reached R$ 98.3 bn, an increase of 64.9% over the immediately preceding quarter. Operating cash flow was R$ 61.8 bn and free cash flow came to R$ 38.6 bn in the quarter.
According to the company, performance was driven by a 3.4% increase in total oil and gas production, ramp-up of systems, the start-up of the P-79 platform in the Búzios field and efficiency gains. In refining, the refinery utilization factor reached 101.2%, with a 5.6% increase in production of oil products compared to 1Q26 and maintenance of 68% of the mix in diesel, jet fuel and gasoline.
In terms of liquidity and indebtedness, Petrobras ended June 30, 2026 with cash and cash equivalents of R$ 33.6 bn and adjusted available funds of R$ 53.9 bn. Gross debt stood at US$ 70.8 bn and net debt at US$ 60.4 bn, with a net debt/Adjusted EBITDA ratio for the last 12 months of 1.14x, versus 1.43x at the end of March. In the quarter, the company amortized R$ 14.9 bn in borrowings and raised R$ 3.1 bn.
In 2Q26, investments totaled US$ 5.3 bn, of which US$ 4.3 bn in exploration and production, with emphasis on projects in the Santos Basin pre-salt and on the start of production of FPSO P-79, with capacity of 180 thousand barrels of oil per day. Petrobras also reported that it paid R$ 88.6 bn in taxes to the federal government, states and municipalities and approved distributions of R$ 17.4 bn related to the quarter’s results.
