PETROBRAS - PETROLEO BRASILEIRO SA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PETROBRAS - PETROLEO BRASILEIRO SA files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	97,314	81,405	77,884	84,638	76,589	53,683	83,966	124,474	102,409	91,416
Cost of revenue	67,485	55,417	51,198	52,184	45,732	29,195	43,164	59,486	48,435	45,444
Gross profit	29,829	25,988	26,686	32,454	30,857	24,488	40,802	64,988	53,974	45,972
Research and development	630	523	572	641	-576	355	563	792	726	789
Selling and marketing	4,627	3,963	3,614	3,827	-4,476	4,884	4,229	4,931	5,038	4,874
Operating income	-1,130	4,308	10,553	16,788	20,614	10,063	37,584	57,114	38,033	26,876
Interest expense	6,437	6,958	7,006	5,675	-7,086	6,004	5,150	3,500	3,922	5,957
Interest income	1,412	1,053	928	2,381	1,330	551	821	1,832	2,169	1,954
Pre-tax income	-9,748	-3,665	1,507	10,827	12,003	-226	28,225	53,525	35,396	11,142
Income tax	-1,137	-684	1,697	4,256	4,200	-1,174	8,239	16,770	10,401	3,537
Income from continuing operations			-190	6,571	7,803	948	19,986
Net income to minority interests	-161	489	260	241	212	-193	111	132	111	77
Net income	-8,450	-4,838	-91	7,173	10,151	1,141	19,875	36,623	24,884	7,528
EBITDA	10,461	18,273	23,860	28,816
EPS, basic	-0.65	-0.37	-0.01	0.55	0.78	0.09	1.52	2.81	1.91	0.58
EPS, diluted	-0.65	-0.37	-0.01	0.55	0.78	0.09	1.52	2.81	1.91	0.58

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	25,058	21,205	22,519	13,899	7,372	11,711	10,467	7,996	12,727	3,271
Receivables		4,769	4,972	5,746	3,762	4,731	6,368	5,010	6,135	3,566
Inventory		8,475	8,489	8,987	8,189	5,677	7,255	8,779	7,681	6,710
Total current assets		44,769	47,131	37,062	27,812	27,388	30,149	31,250	32,445	21,836
Property, plant and equipment	161,297	175,470	176,650	157,383	159,265	124,201	125,330	130,169	153,424	136,285
Lease right-of-use assets					21,588	15,869	17,052	19,212
Total assets		246,983	251,366	222,068	229,740	190,010	174,348	187,191	217,067	181,645
Accounts payable		5,762	5,767	6,327	5,601	6,859	5,483	5,464	4,813	6,082
Short-term debt			7,001		2,004	1,140	108		4	10
Total current liabilities		24,903	24,948	25,051	28,816	26,225	24,176	31,380	33,860	31,460
Lease liabilities				162	18,124	15,952	17,611	18,288	26,599	28,607
Total liabilities		169,433	169,864	148,893	155,525	130,134	104,536	117,355	138,092	122,295
Total debt		118,126	109,046	84,175	63,260	53,888	35,700	29,954	28,801	23,162
Retained earnings			87					1,677	1,998
Shareholders' equity		76,779	79,802	71,544	73,323	59,348	69,407	69,492	78,583	59,106
Minority interests		771	1,700	1,631	892	528	405	344	392	244
Total equity	66,055	77,550	81,245	73,175	74,215	59,876	69,812	69,836	78,975	59,350
Total liabilities and equity		246,983	251,366	222,068	229,740	190,010	174,348	187,191	217,067	181,645

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	-8,611	-4,349	169	7,414	10,363	948	19,986	36,755	24,995	7,605
Depreciation and amortization	11,591	13,965	13,307	12,028
Cash from operations	25,987	26,114	27,112	26,353	25,600	28,890	37,791	49,717	43,212	37,984
Capital expenditures	-21,653	-14,085	-13,639	-12,021
Cash from investing	-13,296	-11,303	-12,000	-4,504	-1,684	-4,510	2,157	-432	-7,955	-13,369
Debt issued	17,420	18,897	27,075	10,707	7,464	17,023	1,885	2,880	2,210	2,129
Debt repaid	-14,809	-30,660	-33,618	-34,013	-27,273	-25,727	-21,413	-9,334	-4,193	-6,536
Dividends paid	-68	-124	-154	-2,084	2,954	930	-11,962	-36,394	-11,903	-11,656
Cash from financing	-3,165	-19,114	-13,673	-29,850	-32,069	-19,259	-40,791	-51,453	-30,700	-33,088
Exchange rate effect	-1,123	450	-125	-619	1,631	-773	-402	-316	174	-983
Net change in cash	8,403	-3,853	1,314	-8,620	-6,522	4,348	-1,245	-2,484	4,731	-9,456
Free cash flow	4,334	12,029	13,473	14,332
Income taxes paid	567	372	769	2,567	2,330	332	2,138	11,516	10,032	6,907

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. Valuation uses the share price of $20.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	50.3%	Gross profit / revenue.
Operating margin	29.4%	Operating income / revenue.
Pre-tax margin	12.2%	Pre-tax income / revenue.
Net margin	8.2%	Net income / revenue.
Operating cash flow margin	41.6%	Cash from operations / revenue.
Effective tax rate	31.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.8%	Net income / average total assets.
Return on invested capital (ROIC)	21.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.9%	Research and development expense / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-14.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-29.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-10.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-69.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-27.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-5.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-69.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-27.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-5.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-12.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-24.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-16.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.69x	Current assets / current liabilities.
Quick ratio	0.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.39x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	12.8%	Total debt / total assets.
Liabilities / assets	67.3%	Total liabilities / total assets.
Net debt	$19.89B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	4.51x	Operating income / interest expense.
Working capital	-$9.62B	Current assets - current liabilities.
Tangible book value	$59.11B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	0.63x	Revenue / average property, plant and equipment.
Inventory turnover	6.32x	Cost of revenue / average inventory.
Days inventory	58 days	365 x average inventory / cost of revenue.
Receivables turnover	18.8x	Revenue / average receivables.
Days sales outstanding	19 days	365 x average receivables / revenue.
Days payables	44 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	33 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.58	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.58	Net income per basic share, as reported (split-adjusted).
Payout ratio	154.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$131.27B	Share price x shares outstanding.
Enterprise value	$151.16B	Market cap + total debt - cash - short-term investments.
P/E	17.4x	Market cap / net income. Only when net income is positive.
P/S	1.44x	Market cap / revenue.
P/B	2.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.22x	Market cap / tangible book value, when positive.
P/OCF	3.46x	Market cap / cash from operations, when positive.
EV/Sales	1.65x	Enterprise value / revenue.
EV/EBIT	5.62x	Enterprise value / operating income, when both are positive.
Earnings yield	5.7%	Net income / market cap (the inverse of P/E).
Dividend yield	8.9%	Dividends paid over the period / market cap.
Shareholder yield	8.9%	(Dividends paid + share buybacks) / market cap.

What was PETROBRAS - PETROLEO BRASILEIRO SA's revenue in fiscal 2024?

PETROBRAS - PETROLEO BRASILEIRO SA reported revenue of $91.42B for fiscal 2024, 10.7% lower than the year before.

Was PETROBRAS - PETROLEO BRASILEIRO SA profitable in fiscal 2024?

Yes. Net income was $7.53B, a net margin of 8.2%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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