Compiled 2026-09-26Data through 2024-12-312 min read
Dated source-based research · No live market data

Research summary

A two-period review of PBR revenue, profitability and cash conversion; reported revenue growth was -10.73%.

Period comparison

FY2024 ended 2024-12-31; the prior observation ended 2023-12-31. Revenue moved from USD 102.409 billion to USD 91.416 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 24.995 billion to USD 7.605 billion. Operating income moved from USD 38.033 billion to USD 26.876 billion. Net margin moved from 24.41% to 8.32%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 43.212 billion in the earlier period and USD 37.984 billion in the later period. Selected free cash flow was not available and not available, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Realized prices, production volumes, refining economics and capital expenditure.

Risks and uncertainties

Commodity cycles, project execution, reserve replacement, environmental liabilities and geopolitical exposure.

Sources & dates