Petrobras reports third-quarter 2026 results after the market closes on Tuesday 10 November, with analysts expecting a sharp rise in earnings after the Brazilian state-controlled oil company delivered record production.

The Zacks consensus estimate puts earnings at $1.23 per share on revenues of $31.3 billion. That would mean earnings up about 50% year on year, with revenues up about a third, and the estimate has been revised 1.7% higher over the past 30 days. The company's own timetable, set out in a release furnished to the US Securities and Exchange Commission on Form 6-K, confirms the financial results are due on 10 November after the close.

Management will present the results on a webcast on Wednesday 11 November, starting at 11:30am in Brasilia, 9:30am in New York and 2:30pm in London, with simultaneous translation into English.

Record production sets up the quarter

The earnings report follows a strong operating update published on 28 October. Total oil and gas output rose 11.7% year on year and 5.3% from the second quarter to 3.51 million barrels of oil equivalent per day, a record for the company. The increase came from the ramp-up of the P-78 and P-79 platforms, higher output at the Mero field and fewer maintenance-related losses.

Refining was strong too. Domestic sales of refined products increased 6.4% from the previous quarter to 1.85 million barrels per day, led by diesel and jet fuel demand, while refinery utilisation held at 99%. Diesel production hit a quarterly record of 769,000 barrels per day.

The second quarter set a high bar. Petrobras posted a record recurring profit in that period, with adjusted earnings before interest, tax, depreciation and amortisation of about $20 billion and oil production of 2.7 million barrels per day. Zacks gives the stock its top rank and its model predicts an earnings beat this time, with an earnings surprise indicator of plus 10.20%.

Oil prices and costs are the risks

The main risks to the numbers are volatile Brent crude prices and currency movements, which can swing the dollar value of Petrobras earnings sharply. Scheduled maintenance in the second half of 2026 is expected to reduce output by about 290,000 barrels per day, a drag that investors will watch for in management's comments on the call.

Analyst estimates for the quarter vary between providers, so the Zacks consensus figures quoted here should be read as one widely used benchmark rather than a single agreed number. What is not in dispute is the operating picture: record output, near-full refineries and record exports give Petrobras a strong base, and the question for Tuesday is how much of that strength reached the bottom line.

Petrobras shares are listed in New York as American depositary receipts under the ticker PBR. The results land on a busy day for energy investors, with Brent crude trading near its lowest since early September after falling on hopes of talks between the United States and Iran.