Petrobras (PETR4) posted net income of R$ 39.8 billion in 3Q26, up 21.1% from 3Q25 and down 24.2% from 2Q26. The result reflected lower gross profit, expenses from asset disposals and write-offs (R$ 3.7 billion) tied to the obligation under the TAG sale agreement, legal contingencies, and lower foreign exchange gains. Excluding one-off items, profit attributable to shareholders was R$ 47.9 billion, up 67.9% from 3Q25 and down 14.1% from 2Q26.
Sales revenue was R$ 169.4 billion, up 32.4% from 3Q25. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) totaled R$ 85.8 billion and, excluding one-off items, R$ 94.5 billion, up 45.1% from 3Q25 and down 6.1% from 2Q26. The quarterly decline reflects Brent prices 7% lower and a lower volume of recognized oil sales, with 140 thousand barrels per day of exports in progress, expected for 4Q26.
The company had record production of oil, NGL and natural gas of 3.512 million barrels of oil equivalent per day and of diesel of 769 thousand barrels per day. Operating cash flow was R$ 61.8 billion and free cash flow was R$ 34.0 billion. Petrobras approved R$ 15.3 billion in shareholder distributions related to the quarter's results and paid R$ 90.4 billion in taxes.
Gross debt was US$ 70.0 billion as of September 30, 2026, and net debt was US$ 57.8 billion, down 4.2% from June. The net debt/adjusted EBITDA ratio for the last 12 months was 1.00x.
Petrobras raised its 2026 average production guidance from 3.1 million to between 3.3 and 3.4 million barrels of oil equivalent per day. Total planned investment rose from US$ 19.4 billion to between US$ 24 billion and US$ 25.5 billion, and operating cash flow from US$ 35 billion to between US$ 45 billion and US$ 50 billion.
