PT Pertamina (Persero)

Name: PT Pertamina (Persero) financial statements and ratios
Creator: Annalist

Energy, integrated oil and gas · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025. Snapshot FY2025_2eb52b47.

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Overview

Revenue, fiscal year

−5.9% year on year

Profit before tax, fiscal year

+18.6% year on year

Net income, fiscal year

+7.2% year on year

Diluted EPS, fiscal year

n/a

Pre-tax margin, fiscal year

+1.9pp year on year

Return on equity, fiscal year

+0.3pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was US$70.9 billion, 5.9% lower than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY2023−5.9% from −0.7% in FY2024
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedRevenue for the fiscal year ended 31 December 2025 was US$70.9 billion, 5.9% lower than in the previous fiscal year.Recorded from FY2025_3dc41a5a · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was US$75.3 billion, 0.7% lower than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was US$75.8 billion, 10.7% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was US$3.4 billion, 7.2% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 5 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was US$3.4 billion, 7.2% higher than in the previous fiscal year.Recorded from FY2025_3dc41a5a · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_3dc41a5a · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was US$3.1 billion, 29.6% lower than in the previous fiscal year.Reconstructed · data update
4. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. FY2023 NewNet income attributable to the company for fiscal 2023 was US$4.4 billion, 16.7% higher than in the previous fiscal year.Reconstructed · initial
Return on equity for fiscal 2025 was 8.2%, against 8.0% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2024-12
History of this finding, 5 records
1. FY2025 NewReturn on equity for fiscal 2025 was 8.2%, against 8.0% a year earlier.Recorded from FY2025_3dc41a5a · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_3dc41a5a · data update
3. FY2024 NewReturn on equity for fiscal 2024 was 8.0%, against 12.2% a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. FY2023 NewReturn on equity for fiscal 2023 was 12.2%, against 11.6% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was US$7.7 billion, and operating cash flow was 2.8 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Confirmedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedFree cash flow for fiscal 2025 was US$7.7 billion, and operating cash flow was 2.8 times net income attributable to the company.Recorded from FY2025_2eb52b47 · wording
2. FY2025 StrengthenedFree cash flow for fiscal 2025 was US$7.7 billion, and operating cash flow was 2.8 times net income attributable to the company.Recorded from FY2025_3dc41a5a · data update
3. FY2024 WeakenedFree cash flow for fiscal 2024 was US$4.1 billion, and operating cash flow was 2.1 times net income attributable to the company.Reconstructed · data update
4. FY2023 NewFree cash flow for fiscal 2023 was US$8.1 billion, and operating cash flow was 2.3 times net income attributable to the company.Reconstructed · initial
Net debt was US$7.8 billion at 31 December 2025.
Strengthenedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedNet debt was US$7.8 billion at 31 December 2025.Recorded from FY2025_2eb52b47 · correction
2. FY2024 StrengthenedNet debt was US$7.2 billion at 31 December 2024.Reconstructed · data update
3. FY2023 NewNet debt was US$4.2 billion at 31 December 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 28 October 2026: Annalist left out the long-term bank loans, the bonds and the lease liabilities that the statements of Pertamina print below headings of their own with their current and non-current portions. Current debt at 31 December 2025 was US$1.60 billion against US$3.92 billion, and long-term debt of US$16.93 billion was missing. Records 20 to 25 state the findings that the corrected figures give, among them net debt of US$7.8 billion at 31 December 2025; records 20 to 23 are reconstructed from the corrected snapshot.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents4 documents, latest Annual report for the year to 31 December 2022List

DownloadsExcel workbook · JSON

SnapshotFY2025_2eb52b47

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Profit Before Tax

By fiscal year, US dollars

Profit Attributable to Owners of the Parent

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, US dollars

Net Debt

Total debt less cash and short-term investments, at fiscal year end, US dollars

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	$20.0bn	$23.7bn	$22.2bn	$20.7bn	$20.8bn
Lease liabilities	$1.7bn	$1.9bn	$1.4bn	$1.8bn	$1.6bn
Borrowings and lease liabilities presented as one line	$0	$0	$0	$0	$0
Lease-adjusted debt	$21.6bn	$25.5bn	$23.6bn	$22.5bn	$22.4bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 2.82x, Debt due within 12 months $4.3bn · FY2025

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2025 equalled 2.8 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Weakenedin FY2025 · stated since FY20232.82x from 3.29x in FY2024
Rule: Liquidity cover · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 2.8 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_2eb52b47 · correction
2. FY2024 WeakenedCash, short-term investments and operating cash flow for fiscal 2024 equalled 3.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2023 NewCash, short-term investments and operating cash flow for fiscal 2023 equalled 4.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	$14.6bn
Operating cash flow	$9.3bn
Sources	$23.9bn

Uses	Amount
Debt due within 12 months	$4.3bn
Capital expenditure	$1.6bn
Dividends paid	$2.5bn
Uses	$8.5bn

Liquidity cover 2.82x

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −6.5% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 6.5% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2025 · stated since FY2023−6.5% from −3.8% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 6.5% of average total assets.Recorded from FY2025_3dc41a5a · data update
2. FY2024 WeakenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 3.8% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 6.5% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets	n/a
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresPublished distress and misstatement models, with their original coefficients and thresholds.

Published distress and misstatement models, with their original coefficients and thresholds.

These ratios have no value for the figures of this company.

Source Documents

Documents of this snapshot, latest first.

Document	Id	SHA-256
Annual report for the year to 31 December 2025	AR:pertamina-2025-12-31	a437e6d541ee
Annual report for the year to 31 December 2024	AR:pertamina-2024-12-31	c37a2b5e0d4b
Annual report for the year to 31 December 2023	AR:pertamina-2023-12-31	7bf4c823deb7
Annual report for the year to 31 December 2022	AR:pertamina-2022-12-31	ac5044ecb608

Checks

332322 of 332 checks passed, 10 warnings

Statement arithmetic212 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar9 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity5 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit0 of 5 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Gross profit, FY2021: $16,417m against $7,961m

Gross profit, FY2022: $23,882m against $13,515m

Gross profit, FY2023: $24,111m against $12,432m

Gross profit, FY2024: $22,123m against $10,079m

Gross profit, FY2025: $22,656m against $10,262m

Agreement between annual reports94 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Withheld values5 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Gross profit, FY2021: withheld, revenue less cost of sales does not give it, since the company presents other lines between them

Gross profit, FY2022: withheld, revenue less cost of sales does not give it, since the company presents other lines between them

Gross profit, FY2023: withheld, revenue less cost of sales does not give it, since the company presents other lines between them

Gross profit, FY2024: withheld, revenue less cost of sales does not give it, since the company presents other lines between them

Gross profit, FY2025: withheld, revenue less cost of sales does not give it, since the company presents other lines between them

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	164
Confirmed by other figures	61.0%, 100 values
Confirmed by a second document	57.3%, 94 values
Derived from reported figures	0.0%, 0 values
Values withheld	5
Restated figures tracked	6
Changes compared on one basis	1
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Pertamina (Persero), snapshot pertamina/FY2025_2eb52b47 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_2eb52b47 · dataset SHA-256 2eb52b477e0fe60a27de86e13e9078acdf04a59e70e5ea739a4cc1c41af1823a · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json