Overview
- The Ministry of Management published a report on July 2, 2026 showing 44 federal state companies had combined net equity of R$1 trillion and a consolidated net profit of R$169.4 billion for 2025.
- Profit was highly concentrated: Petrobras accounted for about R$110.6 billion or roughly 65% of the total, and Petrobras, BNDES and Banco do Brasil together generated about 90.9% of 2025 profits.
- The national postal operator Correios posted a record loss of about R$8–8.5 billion in 2025, its fourth consecutive annual deficit, with falling parcel revenue and rising staff and legal costs cited as drivers.
- The Ministry used corporate accounting that treats investments and dividends as business results while the Central Bank applied IMF-style public-sector rules and reported a R$5 billion deficit for a 20-company subset, creating two conflicting narratives about fiscal impact.
- Policy stakes are high because the numbers feed a renewed debate over privatization, state investment and data sovereignty, and could affect budget decisions and campaign arguments in the run-up to the August 2026 presidential contest.