Analysis: Deficit reveals lack of fiscal discipline in 2026
Brazilian state-owned companies accumulated a deficit of R$7.4 billion between January and May 2026, surpassing the deficit recorded in the entire previous year, which totaled approximately R$5.8 billion in the period from January to December.
The data was released by the Central Bank in its fiscal statistics report and does not consider correction for inflation.
According to the document, the negative result was mainly influenced by the deficit recorded in January this year, when state-owned companies had a deficit of around R$4.8 billion.
Federal state-owned companies also contributed significantly to the result, accumulating a deficit of approximately R$5.9 billion in the period from January to May.
Why are Petrobras and Banco do Brasil left out of the calculation?
It is worth highlighting that the data from the Central Bank does not include the results of Petrobras or Banco do Brasil. According to CNN Brasil economics analyst Lucinda Pinto, this is because these companies have financing autonomy.
"Petrobras, for example, raises funds in the capital market by issuing bonds, it even raises funds abroad, it issues bonds", explained Lucinda.
The company has mixed capital, with a significant share in the hands of investors on the Stock Exchange, which brings it closer to the private sector governance model.
The same reasoning applies to Banco do Brasil, which also raises funds in the domestic and international markets.
Lucinda Pinto also clarified the objective of the cut made by the Central Bank.
"What he is trying to show is: these companies may, at some point, need public money," he said. It is, therefore, a measurement of fiscal risk, and not an accounting analysis of companies' operating profit or loss.
Warning signal and the role of the Post Office
Although the R$ 7.4 billion does not represent a significant burden in the face of a public debt of trillions of reais, Lucinda Pinto highlighted that the problem lies in the signal emitted by the data.
"Understanding that the government continues to carry or allow these companies to be in deficit is a sign of little fiscal discipline", assessed the analyst, adding that the scenario may indicate the need for new contributions over time.
Among the companies that have the greatest impact on this result, Correios stands out. According to Lucinda Pinto, much of the deficit is related to the state-owned company, which is facing difficulties in adapting to a more agile and technological market.
"The interest rate weighs heavily, competition weighs heavily, the company's inability to adapt to this much more technological market, all of this explains the negative result," he said.
The analyst also pointed out that the growth of the deficit over time is a demonstration that the risk could increase.
The government even questioned the Central Bank's data, arguing that state-owned companies recorded a profit of R$169 billion in 2025.
However, Lucinda Pinto recalled that this calculation includes Petrobras and Banco do Brasil - companies with good results -, which distorts the comparison.
"They forget to say that this sum of results from state-owned companies, yes, includes Petrobras, includes Banco do Brasil, which are companies that have shown good results so far", he concluded.
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Source: CNN