The company's profitability remains under pressure, as evidenced by a 2025Q3 operating margin of -38.4% and a 9.4% year-over-year revenue contraction.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Revenue | 42.64B | 40.18B | 37.16B | 34.07B | 34.63B | 25.4B | 29.04B | 24.98B | 37.88B | 60.75B | 32.59B | 30.24B | 23.84B | 34.06B | 29.53B | 27.42B | 27.65B | 30.23B | 23.31B | 21.98B |
| Revenue Growth % | 11.98% | 8.13% | 9.05% | -1.6% | 36.32% | -12.54% | 16.28% | -34.06% | -37.65% | 86.41% | 7.75% | 26.89% | -30.03% | 15.34% | 7.71% | -0.84% | -8.53% | 29.7% | 6.02% | - |
| Cost of Revenue | 7.84B | 5.95B | 5.52B | 4.83B | 4.17B | 3.31B | 6.78B | 5.54B | 15.37B | 16.21B | 16.99B | 16.33B | 12.12B | 12.07B | 5.29B | 14.9B | 8.14B | 8.22B | 11.89B | 4.34B |
| Gross Profit | 34.8B | 34.23B | 31.63B | 29.24B | 30.46B | 22.09B | 22.26B | 19.44B | 22.5B | 44.54B | 15.6B | 13.92B | 11.72B | 21.99B | 24.25B | 12.52B | 19.52B | 22.01B | 11.42B | 17.64B |
| Gross Margin % | 81.62% | 85.2% | 85.13% | 85.82% | 87.97% | 86.97% | 76.66% | 77.83% | 59.41% | 73.31% | 47.86% | 46.02% | 49.17% | 64.56% | 82.1% | 45.66% | 70.58% | 72.82% | 49% | 80.26% |
| Gross Profit Growth % | - | 8.22% | 8.18% | -4% | 37.89% | -0.78% | 14.54% | -13.61% | -49.48% | 185.55% | 12.07% | 18.76% | -46.71% | -9.3% | 93.68% | -35.86% | -11.34% | 92.74% | -35.27% | - |
| Operating Expenses | 33.12B | 14.63B | 20.62B | 24.08B | 20.68B | 15.88B | 13.66B | 5.36B | 25.48B | 29.27B | 43.1B | 14.19B | 19.76B | 18.88B | 18.8B | 6.25B | 14.87B | 13.62B | 8.16B | 12.44B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 5.47B | 23.6B | 14.64B | 7.85B | 11.23B | 7.46B | 10.41B | 15.64B | 5.35B | 16.68B | -11.23B | 1.04B | -3.87B | 3.44B | 5.87B | 6B | 7.05B | 9.95B | 5.29B | 9.75B |
| EBITDA Margin % | 12.83% | 58.73% | 39.39% | 23.05% | 32.42% | 29.38% | 35.84% | 62.61% | 14.12% | 27.46% | -34.47% | 3.43% | -16.23% | 10.11% | 19.87% | 21.9% | 25.48% | 32.92% | 22.72% | 44.34% |
| EBITDA Growth % | -59.8% | 61.2% | 86.37% | -30.04% | 50.45% | -28.31% | -33.44% | 192.34% | -67.94% | 248.51% | -1182.71% | 126.82% | -212.33% | -41.31% | -2.28% | -14.79% | -29.2% | 87.96% | -45.68% | - |
| Depreciation & Amortization | 3.79B | 3.99B | 3.62B | 2.69B | 1.44B | 1.26B | 1.81B | 1.7B | 1.52B | 1.84B | 1.84B | 1.78B | 1.5B | 1.78B | 1.72B | 1.59B | 2.4B | 3.73B | 2.03B | 3.36B |
| D&A / Revenue % | 8.89% | 9.92% | 9.75% | 7.9% | 4.17% | 4.94% | 6.22% | 6.81% | 4.02% | 3.04% | 5.65% | 5.88% | 6.3% | 5.21% | 5.84% | 5.81% | 8.67% | 12.34% | 8.73% | 15.3% |
| Operating Income (EBIT) | 1.68B | 19.61B | 11.02B | 5.16B | 9.78B | 6.21B | 8.6B | 13.94B | 3.83B | 14.84B | -13.08B | -739.77M | -5.37B | 1.67B | 4.14B | 4.41B | 4.65B | 6.22B | 3.26B | 6.38B |
| Operating Margin % | 3.94% | 48.8% | 29.65% | 15.16% | 28.25% | 24.43% | 29.61% | 55.8% | 10.1% | 24.43% | -40.12% | -2.45% | -22.52% | 4.9% | 14.03% | 16.09% | 16.81% | 20.58% | 13.99% | 29.03% |
| Operating Income Growth % | - | 77.99% | 113.34% | -47.22% | 57.64% | -27.84% | -38.29% | 264.31% | -74.22% | 213.49% | -1667.57% | 86.22% | -421.82% | -59.73% | -6.09% | -5.09% | -25.31% | 90.84% | -48.91% | - |
| Interest Expense | 4M | 6.12B | 6.46B | 4.71B | 2.8B | 810.93M | 1.27B | 308.77M | 320.06M | 303.38M | 273.39M | 3.45B | 379.77M | 412.15M | 4.03B | 1.68B | 1.69B | 2.08B | 2.1B | 2.3B |
| Interest Coverage | - | 2.74x | 1.27x | 1.71x | 4.94x | 11.71x | 8.53x | 65.45x | 20.02x | 55.01x | -25.96x | -0.21x | -6.65x | -13.57x | 1.64x | 3.61x | -0.12x | 5.49x | 1.68x | 1.66x |
| Interest / Revenue % | 0.01% | 15.22% | 17.39% | 13.81% | 8.1% | 3.19% | 4.36% | 1.24% | 0.85% | 0.5% | 0.84% | 11.41% | 1.59% | 1.21% | 13.64% | 6.11% | 6.1% | 6.87% | 9.03% | 10.46% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K |
| Pretax Income | -6.87B | 10.62B | 1.73B | 3.35B | 11.06B | 6.64B | 7.22B | 17.71B | -200.4M | 12.02B | -14.24B | -1.26B | -4.92B | -7.32B | 4.86B | 4.05B | 19.1B | 12B | 2.3B | 1.53B |
| Pretax Margin % | -16.12% | 26.43% | 4.65% | 9.82% | 31.94% | 26.16% | 24.85% | 70.91% | -0.53% | 19.79% | -43.71% | -4.17% | -20.66% | -21.48% | 16.46% | 14.76% | 69.08% | 39.71% | 9.86% | 6.95% |
| Income Tax | -859.2M | 240.03M | -3B | 695.61M | 5.26B | 378.86M | -630.66M | 2.48B | 1.53B | 8.51B | 710.11M | 1.7B | 60.42M | -390.47M | 796.25M | 1.07B | -887.3M | 3.42B | 413.31M | 567.54M |
| Effective Tax Rate % | 12.5% | 2.26% | -173.49% | 20.78% | 47.57% | 5.7% | -8.74% | 14.02% | -761.13% | 70.78% | -4.99% | -134.75% | -1.23% | 5.34% | 16.38% | 26.55% | -4.64% | 28.52% | 17.99% | 37.17% |
| Net Income | -6.02B | 10.38B | 4.55B | 3.64B | 5.65B | 6.39B | 11.2B | 13.14B | -1.76B | 3.43B | -14.44B | -3.03B | -6.29B | -6.88B | 3.73B | 2.25B | 170.53M | 8.57B | 1.71B | 1.03B |
| Net Margin % | -14.11% | 25.83% | 12.24% | 10.67% | 16.31% | 25.15% | 38.55% | 52.63% | -4.66% | 5.64% | -44.31% | -10.02% | -26.38% | -20.19% | 12.64% | 8.2% | 0.62% | 28.34% | 7.35% | 4.67% |
| Net Income Growth % | -159.2% | 128.1% | 25.15% | -35.61% | -11.6% | -42.95% | -14.83% | 845.22% | -151.48% | 123.72% | -376.45% | 51.79% | 8.61% | -284.29% | 66.05% | 1218.22% | -98.01% | 400.43% | 66.82% | - |
| EPS (Diluted) | -2.68 | 4.50 | 2.15 | 1.33 | 3.54 | 21.17 | 4.72 | 9.72 | -1.30 | 2.45 | -10.67 | -2.24 | -4.65 | -5.08 | 2.60 | 1.71 | -2.15 | 8.47 | 0.40 | 0.81 |
| EPS Growth % | -160.59% | 109.3% | 61.65% | -62.43% | -83.28% | 348.52% | -51.44% | 847.69% | -153.06% | 122.96% | -376.34% | 51.83% | 8.46% | -295.38% | 52.05% | 179.53% | -125.38% | 2017.5% | -50.62% | - |
| EPS (Basic) | - | 4.56 | 2.28 | 1.35 | 3.60 | 21.17 | 5.51 | 9.72 | -1.30 | 2.48 | -10.67 | -2.24 | -4.65 | -5.09 | 2.60 | 2.25 | -2.15 | 8.47 | 0.40 | 0.81 |
| Diluted Shares Outstanding | 2.25B | 2.31B | 2.27B | 1.99B | 1.59B | 1.57B | 1.58B | 1.35B | 1.35B | 1.37B | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B | 1.13B | 1.13B | 1.13B | 1.13B | 1.13B |
High regulatory and operational volatility
As reported in recent financial statements, Eletrobrás experienced a 9.4% revenue contraction in 2025Q3, highlighting the inherent instability of its generation-heavy revenue model compared to the more predictable, annuity-like returns typically associated with the company's high-voltage transmission infrastructure and regulated Permitted Annual Revenue mechanisms.
The recent revenue decline suggests that the company's exposure to the free market and hydrological conditions remains a significant source of top-line variance. Investors should monitor whether the transition toward private-sector operational efficiency can eventually decouple revenue growth from the volatile spot market pricing that currently dominates the generation segment.
Based on the reported figures for 2025Q3, the company posted a negative 38.4% operating margin, which indicates a severe disconnect between authorized regulatory returns and the actual profitability achieved during the period, likely exacerbated by legacy cost structures and ongoing operational challenges within the nuclear and generation divisions.
The sharp deterioration in operating margins suggests that regulatory lag or unexpected cost burdens are currently preventing the utility from capturing its intended ROE. This warrants further investigation into whether these margin pressures are transitory, stemming from specific settlement costs, or indicative of a more permanent structural inability to manage costs within the current regulatory framework.
According to recent SEC filings, the company's income statement is frequently impacted by non-recurring items and legacy liabilities, such as the 'Compulsory Loans' litigation, which complicates the assessment of core operating cost recovery and obscures the underlying efficiency of the transmission and generation business units.
The presence of significant non-operating charges suggests that the reported operating income may not accurately reflect the utility's ability to pass through fuel and power costs. Analysts should be cautious in interpreting these margins, as the company's unique nuclear exposure and historical state-owned administrative burdens continue to create noise that masks the true earnings power of the regulated assets.
As evidenced by the 2025Q3 net loss of $5.4 billion, the company's earnings quality appears highly sensitive to non-recurring charges, which makes the reported EPS of -2.42 a poor indicator of the underlying sustainable regulated earnings power inherent in its massive transmission and hydroelectric asset base.
The extreme swings in net income, ranging from a $7.2 billion profit in 2024Q3 to significant losses in 2025, suggest that investors should focus on normalized cash flow metrics rather than headline EPS. The current earnings profile appears to be heavily influenced by judicial deposit reversals and tax-related adjustments that do not necessarily correlate with the operational performance of the core utility business.
Based on the company's reported $26.5 billion cash position and low debt-to-equity ratio of 0.64%, the current CAPEX cycle appears to be in a state of transition, as the firm has yet to fully deploy its capital toward high-return renewable projects or necessary infrastructure upgrades.
While the balance sheet provides a significant cushion, the lack of consistent earnings growth suggests that incremental capital expenditure has not yet translated into meaningful EPS expansion. Investors should monitor whether management can successfully pivot from its legacy state-owned investment patterns toward a more disciplined, return-focused capital allocation strategy that leverages its dominant transmission backbone.
Financial statements may fail to fully capture the long-term risks associated with the Angra nuclear decommissioning liabilities and the ongoing political challenges regarding voting rights, which could fundamentally alter the company's regulatory relationship and compress future earned ROE below the levels currently anticipated by the market.
The income statement appears to hide the potential for future environmental remediation costs and the impact of potential regulatory shifts that could arise from the government's influence. These latent liabilities suggest that the current valuation may not fully account for the long-term costs of maintaining and eventually retiring the company's complex, legacy generation portfolio.
Quick answers to the most common questions about buying EBR-B stock.
For fiscal year 2024, Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) reported total revenue of $40.18B. This represents a 82.8% increase compared to $21.98B in 2006.
Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) is profitable, generating $10.38B in net income for the fiscal year ending 2024 with a net profit margin of 25.8%.
Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) reported an operating income of $19.61B, resulting in an operating profit margin of 48.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) generated $34.23B in gross profit for the year, representing a gross profit margin of 85.2%. This demonstrates the company's core pricing power and production efficiency.