Petrobras delivered consolidated net income of $19.6bn in 2025, a 160.3% increase from $7.53bn in 2024, driven primarily by foreign exchange gains from a stronger Brazilian real. Excluding one-off items, adjusted net income was $18.1bn, down 6.5% year-on-year, while full-year revenues fell 2.4% to $89.2bn on lower average Brent prices.

In Q4 2025, Petrobras posted net income of $2.9bn compared to a $2.8bn loss in Q4 2024, with revenues rising 13.4% to $23.6bn on record oil exports of 999,000 bpd and stronger domestic fuel sales. Adjusted EBITDA surged 55% to $11.1bn year-over-year, though it slipped 5.3% from Q3 due to seasonal demand softness and lower Brent prices.

Analysts upgraded Petrobras to a Buy rating, citing a sub-10 P/E ratio and lifting costs of about $6.5 per barrel that underpin high operational leverage. A bullish oil scenario driven by Middle East tensions could lift free cash flow yield to around 23%, highlighting significant upside potential.