Analyst Consensus ?
ConsensusHold21 ratings
Bullish1047.6%
Neutral838.1%
Bearish314.3%
Petróleo Brasileiro S.A. - Petrobras · PBR · FY2026 Q2 · Calendar Q3 2026
Petrobras posts record Q2 profit as production and refining improve
Petrobras's Q2 showed strong operating execution: above-target production, record refinery utilization, high cash flow and debt reduction. The central test for the next period is whether platform ramp-ups and exploration can offset pre-salt decline while preserving capital discipline.
Why did PBR fall 3.0% after beating EPS estimates in FY2026 Q2?
Research this report with FN2. Free to start; review your question before sending.
Reported After market closeNYSEEnergy
$134.04B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.62
Consensus $1.52
EPS surprise
+6.6%
Reported versus consensus
Reported revenue
$33.61B
Consensus $31.46B
Revenue surprise
+6.8%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-3.0%
Event window
SPY move
+0.6%
Same window
Abnormal move
-3.6%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
+12.0%
Up to 20 sessions
PBRSPY benchmark
Ask FN2 about PBR FY2026 Q2
Choose a question to continue your research
Why did PBR fall 3.0% after beating EPS estimates in FY2026 Q2?What changed in PBR's guidance and outlook in FY2026 Q2?Give me the bull and bear case for PBR after FY2026 Q2 earnings.
Free to start. Your question opens in chat for you to review and send. FN2 can look up the transcript, financials and prior quarters.
Transcript intelligence
What changed
The supplied analysis describes a stronger operating quarter than the prior-quarter analysis: production reached 2.7 million bpd, refinery utilization exceeded 100%, diesel imports fell 40%, and cash flow funded debt repayment. The focus also shifted toward accelerating platform schedules and expanding exploration.
Guidance delta
Maintained; the supplied analysis identifies no change in guidance sentiment.
Key takeaways
- Production reached 2.7 million barrels per day, 200,000 bpd above target, according to the supplied analysis.
- Cash flow of $12.3 billion supported $2.9 billion of debt repayments and reduced net debt to $60.4 billion.
- Refinery utilization reached 101–102%, output rose 6%, and diesel imports fell 40%.
- Capex was $5.3 billion, with 82% directed to exploration and production.
- Management highlighted platform ramp-ups, international exploration and a new gas discovery in Colombia.
Management priorities
- Ramp up P-178, P-179 and P-180, while bringing forward P-182 and P-183 schedules where feasible.
- Expand refining capacity through the Boaventura HCC diesel plant and RNEST upgrades.
- Continue exploration in the Equatorial Margin, Africa, Mexico and additional offshore blocks.
- Evaluate opportunities in ethanol, fuel distribution and potential acquisitions.
Follow PBR with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$18.53Current
$11Low
$17.94Average
$24High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 7, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Sep 23, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Sep 1, 2026 |
| B of A Securities | Buy | Neutral | Upgrade | Apr 17, 2026 |
| Jefferies | Hold | Buy | Downgrade | Mar 13, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 11, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Aug 26, 2024 |
| HSBC | Buy | Hold | Upgrade | Mar 25, 2024 |
| Bradesco Corretora | Outperform | Neutral | Upgrade | Sep 8, 2023 |
| Citigroup | Neutral | Buy | Downgrade | Aug 10, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Oct 17, 2022 |
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | Aug 5, 2021 |
| Raymond James | Underperform | Market Perform | Downgrade | May 18, 2020 |
| Barclays | Underweight | Overweight | Downgrade | Jan 10, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Oct 8, 2018 |
| Societe Generale | Hold | Buy | Downgrade | Jun 4, 2018 |
| Tudor Pickering | Hold | Buy | Downgrade | Nov 17, 2016 |
| Macquarie | Neutral | Underperform | Upgrade | Sep 15, 2016 |
| Deutsche Bank | Sell | Hold | Downgrade | Mar 24, 2016 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Nov 10, 2014 |
| Wells Fargo | Outperform | Market Perform | Upgrade | Jun 17, 2013 |
| BTG Pactual | Neutral | Buy | Downgrade | Feb 26, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $18.53. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $23 | $20.76 | +24.1% | Sep 23, 2026 |
| Bradesco | Analyst unavailable | $20 | $18.25 | +7.9% | Aug 27, 2026 |
| Banco Santander | Analyst unavailable | $24 | $19.83 | +29.5% | May 21, 2026 |
| Bradesco | Vicente Neto | $19 | $20.54 | +2.5% | Apr 16, 2026 |
| UBS | Tasso Vasconcellos | $22 | $20.33 | +18.7% | Mar 26, 2026 |
| Bradesco | Analyst unavailable | $17 | $15.11 | -8.3% | Feb 3, 2026 |
| BTG Pactual | Gustavo Cunha | $15 | $12.61 | -19.1% | Jan 16, 2026 |
| UBS | Analyst unavailable | $14.6 | $12.69 | -21.2% | Jan 14, 2026 |
| UBS | Analyst unavailable | $14.4 | $12.33 | -22.3% | Aug 22, 2025 |
| Jefferies | Alejandro Anibal | $15.3 | $12.05 | -17.4% | May 15, 2025 |
| HSBC | Analyst unavailable | $15 | $12.96 | -19.1% | Mar 5, 2025 |
| CFRA | Stewart Glickman | $13 | $13.62 | -29.8% | Nov 11, 2024 |
| Morgan Stanley | Bruno Montanari | $20 | $14.4 | +7.9% | Aug 25, 2024 |
| CFRA | Stewart Glickman | $14 | $15.56 | -24.4% | May 15, 2024 |
| Jefferies | Alejandro Anibal Demichelis | $17.7 | $16.69 | -4.5% | May 15, 2024 |
| HSBC | Liyanna Yang | $18 | $14.95 | -2.9% | Mar 25, 2024 |
| Goldman Sachs | Bruno Amorim | $18.1 | $14.87 | -2.3% | Jun 21, 2023 |
| Banco Santander | Christian Audi | $11 | $8.23 | -40.6% | May 14, 2021 |
Track every rating change on PBR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationBrazilian energy giant Petróleo Brasileiro S.A. (Petrobras) is deeply involved in the global oil and gas industry, conducting exploration, production, and sales activities both within Brazil and internationally. The company's diverse operations are organized into four primary business segments: Exploration and Production; Refining, Transportation, and Marketing; Gas and Power; and Corporate and Other Businesses. Overall, Petrobras’s activities span the entire hydrocarbon value chain. This includes the search for and extraction of crude oil from various sources—onshore, offshore, and unconventional formations like shale—along with its subsequent refining, processing, trading, and distribution. The company also manages natural gas, other liquid hydrocarbons, and refined petroleum products. Specifically, the Exploration and Production division focuses on discovering, developing, and extracting crude oil, natural gas liquids, and natural gas, primarily to supply the company's domestic refineries.…
Historical context
All PBR earningsEnergy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| DVN Devon Energy Corporation | FY2026 Q3 · Calendar Q4 2026 | +6.8% | -1.6% | Devon’s Q3 cash generation supports a lower-capital 2027 plan |
| PAA Plains All American Pipeline, L.P. | FY2026 Q3 · Calendar Q4 2026 | — | -2.6% | PAA Reaffirms 2026 Guidance Amid Permian Growth and Acquisitions |
| EOG EOG Resources, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.9% | +2.2% | EOG pairs record Q3 production with premium-gas investments |
| PBA Pembina Pipeline Corporation | FY2026 Q3 · Calendar Q4 2026 | +13.5% | +1.0% | Pembina raises 2026 EBITDA outlook as NGL strength lifts Q3 |
| ENB Enbridge Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -2.7% | Enbridge reiterates guidance as acquisitions and CEO transition reshape growth story |
Latest beats and misses
Who reports nextBeat on EPS
- AEEFY2026 Q3 · November 5, 2026+5.7% EPS+0.0% move
- SUZFY2026 Q3 · November 5, 2026+94.1% EPS+1.7% move
- DVNFY2026 Q3 · November 5, 2026+6.8% EPS-1.6% move
- RGAFY2026 Q3 · November 5, 2026+21.8% EPS+0.1% move
- REGFY2026 Q3 · November 5, 2026+94.1% EPS-1.4% move
- EOGFY2026 Q3 · November 5, 2026+8.9% EPS+2.2% move
Missed on EPS
- REGCOFY2026 Q3 · November 5, 2026-32.6% EPS+2.0% move
- REGCPFY2026 Q3 · November 5, 2026-32.6% EPS+0.6% move
- DKNGFY2026 Q3 · November 5, 2026-29.2% EPS-23.4% move
- WPMFY2026 Q3 · November 5, 2026-1.1% EPS+2.2% move
- CPTFY2026 Q3 · November 5, 2026-27.2% EPS-3.1% move
- VMRKFY2026 Q3 · November 4, 2026-425.6% EPS+2.4% move
Get the PBR recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-09T00:14:49.609959+00:00
- FN2 earnings calendar · 2026-09-11T01:23:15.000588+00:00
- Polygon adjusted daily market bars · 2026-09-21T22:00:48.388018+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T22:00:48.385071+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-21. For educational purposes only; not investment advice.