Petrobras (PETR4) reported 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 divestment and write-offs of assets (R$ 3.7 billion), tied to the obligation under the TAG sale agreement, legal contingencies and lower foreign exchange gains. Excluding one-time items, net income 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-time items, R$ 94.5 billion, up 45.1% from 3Q25 and down 6.1% from 2Q26. The quarterly decline reflects Brent prices 7% lower, averaging US$ 97.0 per barrel, 40% above 3Q25, and a lower volume of recognized oil, with 140 thousand barrels per day of exports in progress, expected for 4Q26.
The company posted 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. Its own oil production in Brazil was a record 2,832 thousand barrels per day, up 12.4% from 3Q25. 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 remuneration 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, when it was US$ 60.4 billion. The ratio of net debt to adjusted EBITDA for the last 12 months was 1.00x. The company also redeemed early its 5.999% Global Notes due 2028, with a principal amount of US$ 1.08 billion.
Petrobras raised its 2026 average production projection 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.
