Petróleo Brasileiro S.A. - Petrobras (PBR) Cash Flow Statement
Where PBR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $36.56B −3.7% vs 2024
- Capital expenditures
- $19.84B 22.5% of revenue
- Free cash flow
- $16.72B 19.0% margin
- Returned to shareholders
- $8.25B 49% of free cash flow
- Change in cash
- $2.80B cash at year-end $6.50B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PBR operating cash flow, capex and free cash flow
PBR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $26.11B2016 | $36.56B2025 | +3.8%/yr | |
| Capital expenditures | $14.09B2016 | $19.84B2025 | +3.9%/yr | |
| Free cash flow | $12.03B2016 | $16.72B2025 | +3.7%/yr | |
| Free cash flow margin | 14.8%2016 | 19.0%2025 | +4.2 pts | |
| Operating cash flow / net income | 160.432017 | 1.812025 | −158.61 | |
| Stock-based compensation | −$13.52B2019 | −$23.92B2023 | — | |
| Dividends paid | $473.0M2016 | $8.25B2025 | +37.4%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 17.3%2016 | 22.5%2025 | +5.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PBR cash flow by activity
PBR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PBR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $20.19B | $7.61B | $25.69B | $36.76B | $19.99B | $948.0M | $10.36B | $7.41B | $169.0M | −$4.35B |
| Depreciation & amortization | $15.40B | $12.48B | $13.28B | $13.22B | $11.70B | $11.45B | $14.84B | $11.91B | $13.17B | $13.96B |
| Stock-based compensation | — | — | −$23.92B | — | −$11.70B | −$11.45B | −$13.52B | — | — | — |
| Change in working capital | −$4.66B | −$3.67B | −$2.38B | −$9.17B | −$558.0M | $2.43B | −$6.42B | −$2.49B | −$2.15B | −$1.98B |
| Other non-cash items | $5.63B | $21.57B | $30.55B | $8.92B | $18.36B | $25.51B | $20.34B | $9.52B | $15.93B | $18.48B |
| Cash from operating activities | $36.56B | $37.98B | $43.21B | $49.72B | $37.79B | $28.89B | $25.60B | $26.35B | $27.11B | $26.11B |
| Investing activities | ||||||||||
| Capital expenditures | −$19.84B | −$14.64B | −$12.11B | −$9.58B | −$6.33B | −$5.87B | −$23.90B | −$11.90B | −$13.64B | −$14.09B |
| Investments (net) | $2.96B | −$13.37B | −$7.07B | −$432.0M | −$20.0M | −$4.96B | −$1.68B | −$4.76B | −$11.03B | −$11.30B |
| Acquisitions & other investing | $1.17B | $14.64B | $11.23B | $5.64B | $8.50B | −$12.62B | $17.63B | $12.16B | $13.64B | $14.09B |
| Cash from investing activities | −$15.72B | −$13.37B | −$7.96B | −$4.38B | $2.16B | −$23.45B | −$7.95B | −$4.50B | −$11.03B | −$11.30B |
| Financing activities | ||||||||||
| Dividends paid | −$8.25B | −$18.33B | −$19.67B | −$37.70B | −$13.08B | −$1.37B | −$1.88B | −$625.0M | −$452.0M | −$473.0M |
| Share repurchases & issuance (net) | $0 | −$380.0M | −$735.0M | $0 | $0 | — | $0 | $0 | $0 | $0 |
| Net borrowing (repayment) | −$7.56B | −$12.30B | −$8.27B | −$60.23B | −$25.36B | −$78.83B | −$98.59B | −$83.30B | −$28.62B | −$41.05B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.91B | −$2.08B | −$2.03B | $46.48B | −$2.36B | $60.94B | $68.40B | $54.07B | $14.44B | $22.41B |
| Cash from financing activities | −$17.73B | −$33.09B | −$30.70B | −$51.45B | −$40.79B | −$19.26B | −$32.07B | −$29.85B | −$14.64B | −$19.11B |
| Summary | ||||||||||
| Net change in cash | $2.80B | −$9.46B | $4.73B | −$2.48B | −$1.25B | $4.35B | −$6.52B | −$8.62B | $1.31B | −$3.85B |
| Cash at end of period | $6.50B | $3.27B | $12.73B | $8.00B | $10.48B | $11.72B | $7.38B | $13.90B | $22.52B | $21.20B |
| Free cash flow | $16.72B | $23.34B | $31.10B | $40.14B | $31.47B | $23.02B | $1.70B | $14.45B | $13.47B | $12.03B |
| Free cash flow margin | 19.0% | 25.5% | 29.5% | 32.2% | 37.5% | 42.9% | 2.2% | 17.1% | 17.3% | 14.8% |
| Capex / revenue | 22.5% | 16.0% | 11.5% | 7.7% | 7.5% | 10.9% | 31.2% | 14.1% | 17.5% | 17.3% |
| Operating cash flow / net income | 1.81 | 4.99 | 1.68 | 1.35 | 1.89 | 30.47 | 2.47 | 3.55 | 160.43 | — |
| Jun '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $10.44B | $3.38B | $6.05B | $4.76B | $6.00B | −$2.76B | $5.89B | −$325.0M | $4.80B | $5.48B |
| Depreciation & amortization | $4.27B | $4.35B | $605.0M | $3.70B | $3.25B | $3.72B | $122.0M | $3.14B | $3.36B | $48.22B |
| Stock-based compensation | — | — | — | — | — | — | — | — | −$7.68B | −$3.19B |
| Change in working capital | −$4.13B | $62.8M | −$1.84B | −$1.84B | −$1.05B | −$3.54B | −$511.0M | −$824.0M | −$1.07B | −$1.65B |
| Other non-cash items | $1.31B | $1.96B | $5.04B | $913.0M | $304.0M | $10.28B | $5.80B | $7.10B | $9.97B | −$37.32B |
| Cash from operating activities | $11.89B | $9.75B | $9.86B | $7.53B | $8.50B | $7.71B | $11.31B | $9.09B | $9.39B | $11.55B |
| Investing activities | ||||||||||
| Capital expenditures | −$4.63B | −$6.56B | −$4.89B | −$4.08B | −$3.96B | −$4.19B | −$4.44B | −$2.93B | −$2.84B | −$3.19B |
| Investments (net) | −$1.30B | $127.4M | −$4.76B | −$2.56B | −$1.77B | −$3.27B | −$4.74B | −$2.03B | −$3.32B | −$2.83B |
| Acquisitions & other investing | $43.3M | −$94.6M | $4.89B | $4.08B | $3.96B | −$64.90B | $4.44B | $2.93B | $2.84B | −$17.50B |
| Cash from investing activities | −$5.89B | −$6.53B | −$4.76B | −$2.56B | −$1.77B | −$72.36B | −$4.74B | −$2.03B | −$3.32B | −$23.52B |
| Financing activities | ||||||||||
| Dividends paid | −$1.55B | −$1.63B | −$2.03B | −$1.71B | −$2.88B | −$5.33B | −$2.29B | −$7.12B | −$3.46B | −$4.84B |
| Share repurchases & issuance (net) | — | $0 | $0 | $0 | $4.9M | −$1.92B | $15.4M | −$148.0M | −$232.0M | −$197.0M |
| Net borrowing (repayment) | −$4.62B | −$4.20B | −$521.0M | −$777.0M | −$2.07B | −$3.83B | −$2.84B | — | — | −$6.95B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$10.4M | $318.1M | −$667.0M | −$246.0M | −$488.9M | $1.78B | −$781.4M | −$3.10B | −$3.48B | $4.93B |
| Cash from financing activities | −$6.18B | −$5.51B | −$3.22B | −$2.73B | −$5.43B | −$9.30B | −$5.89B | −$10.37B | −$7.17B | −$7.05B |
| Summary | ||||||||||
| Net change in cash | $1.30B | −$1.31B | $1.97B | $2.30B | $1.42B | −$5.42B | $810.0M | −$3.66B | −$1.18B | $1.76B |
| Cash at end of period | $4.97B | $3.17B | $8.96B | $7.00B | $4.70B | $3.27B | $8.69B | $7.88B | $11.55B | $12.11B |
| Free cash flow | $7.26B | $3.19B | $4.97B | $3.45B | $4.54B | $3.52B | $6.86B | $6.15B | $6.55B | $8.37B |
| Free cash flow margin | 21.6% | 12.7% | 21.2% | 16.4% | 21.5% | 40.1% | 29.4% | 26.2% | 27.5% | 32.8% |
| Capex / revenue | 13.8% | 26.0% | 20.8% | 19.4% | 18.8% | 47.8% | 19.0% | 12.5% | 11.9% | 12.5% |
| Operating cash flow / net income | 1.14 | 2.88 | 1.63 | 1.58 | 1.42 | — | 1.92 | — | 1.95 | 2.11 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PBR cash generation
In fiscal 2025 (ended December 31, 2025), Petróleo Brasileiro S.A. - Petrobras generated $36.6 billion of cash from operations (down 3.7%) and spent $19.8 billion on capital expenditures, leaving free cash flow of $16.7 billion, 19.0% of revenue. It returned $8.3 billion to shareholders through dividends ($8.3 billion) and net share buybacks ($0). Cash and equivalents rose by $2.8 billion over the year.
Related: PBR income statement, PBR balance sheet, PBR dividend history. See the PBR stock overview for the latest quote and news.
PBR cash flow FAQ
What is Petróleo Brasileiro S.A. - Petrobras's free cash flow?
Petróleo Brasileiro S.A. - Petrobras's free cash flow was $16.7 billion in fiscal 2025: $36.6 billion of operating cash flow minus $19.8 billion of capital expenditures It was $23.3 billion a year earlier..
How much cash does Petróleo Brasileiro S.A. - Petrobras generate from operations?
Petróleo Brasileiro S.A. - Petrobras generated $36.6 billion of cash from operating activities in fiscal 2025, 1.81 times its net income of $20.2 billion.
How much does Petróleo Brasileiro S.A. - Petrobras spend on capital expenditures?
Petróleo Brasileiro S.A. - Petrobras spent $19.8 billion on capital expenditures in fiscal 2025, 22.5% of revenue, compared with $14.6 billion the year before.
How much does Petróleo Brasileiro S.A. - Petrobras pay in dividends?
Petróleo Brasileiro S.A. - Petrobras paid $8.3 billion in dividends in fiscal 2025, 49.3% of free cash flow.