Petrobras 2025 Net Income Soars 160% to $19.6bn on Currency Gains
Petrobras reported 2025 net income of $19.6bn, a 160.3% increase driven largely by Brazilian real appreciation, while underlying net income excluding one-offs fell 6.5% to $18.1bn. Q4 2025 net income swung to a $2.9bn profit from a $2.8bn loss, with record oil exports boosting revenues.
1. Full-Year 2025 Financial Results
Petrobras delivered consolidated net income of $19.6bn in 2025, up 160.3% from $7.53bn in 2024. Excluding one-off events, net income was $18.1bn, down 6.5% year-on-year.
2. Q4 2025 Performance
In Q4 2025, net income swung to a $2.9bn profit from a $2.8bn loss in Q4 2024. Revenues rose 13.4% to $23.6bn, driven by record oil exports of 999,000 barrels per day and higher domestic gasoline and jet fuel sales.
3. Adjusted EBITDA and Production
Full-year adjusted EBITDA reached $42.5bn, up 5.3% from $40.4bn in 2024, while excluding one-off events it was $43.8bn, down 4.6%. Total oil and gas production increased 11%, partially offsetting a 14.5% drop in average Brent prices to $69.06 per barrel.
4. Cash Flow and Operating Expenses
Operating cash flow totaled $36bn in 2025. Total operating expenses fell 14.4% to $16.3bn, and Q4 expenses declined 25.9% to $5.3bn despite a 64.5% rise from Q3 driven by impairment losses and higher exploration write-offs.