R$ 8.5 billion. That is the hole accumulated by Brazil's federal state-owned companies from January to September, according to Central Bank figures reported by G1. In practice, it means these companies spent more than R$ 31 million per day beyond what they took in over nine months.
It is the worst result for the period since 2002, when the Central Bank series begins. Until now, the largest January-to-September deficit had been the R$ 6.3 billion posted in 2025, without inflation adjustment. The partial figure already tops the record for a full year: the R$ 6.73 billion shortfall of 2024.
Understanding the math
A deficit means the combined spending of these companies exceeded the revenue they generated. The Central Bank count leaves out Petrobras, Eletrobras and the public banks, but covers names familiar to Brazilians, such as the postal service Correios, the mint (Casa da Moeda), airport operator Infraero and the government IT firms Serpro and Dataprev. The measure tracks the change in the companies' debt, a standard in international fiscal analysis, and differs from the government's method, which compares revenue and spending without interest payments.
In the end, taxpayers foot the bill: loss-making state companies raise the risk that the National Treasury will have to step in to cover the gaps. In September alone, state-owned companies ran a deficit of R$ 3.4 billion, according to the Central Bank.
Correios weighs on the result
The outcome has been driven mainly by Correios, the national postal company, which is going through a severe financial crisis. It has posted losses for 15 straight quarters and closed the first half of the year R$ 5.6 billion in the red. In May, the government allowed the company to sell insurance, savings bonds and phone services as part of a financial recovery plan, according to the Management Ministry.
The worsening trend worries fiscal watchdogs. The Independent Fiscal Institution (IFI), a Senate-linked body, pointed to a "noticeable deterioration" in the finances of a significant share of federal state companies in its July fiscal monitoring report, which raises the risk for the Treasury. "This deterioration is not uniform nor does it stem from a single cause, but the data gathered by the IFI point to patterns that deserve attention from a fiscal management standpoint," the body said.
The government itself admits the picture is unlikely to improve soon. In its 2027 budget guidelines bill, sent to Congress in April, it projects that federal state companies, in the red since 2023, will keep posting deficits until 2030.
The figures land amid pressure on Brazil's public accounts. In September, the consolidated public sector, which combines the federal government, states, municipalities and state companies, ran a R$ 5.5 billion deficit, while public debt held steady at 82.9% of GDP, the highest level since March 2021, according to Central Bank data reported by G1.