Record Deficit The financial situation in Brazilian federal state-owned companies signals a crisis that deserves attention.

In the first months of 2026, the deficit reached a staggering R$ 4,159 billion, marking the worst performance for this period since 2002. This article will explore the main causes of this deficit, the impact on the most affected state-owned companies, such as Correios and Infraero, and the influence of the Central Government on the economic scenario.

Furthermore, we will address the performance of states and municipalities, which, even in this context, managed to register a surplus.

Analyzing these factors is crucial for understanding the country's economic trajectory.

Record Deficit of Federal State-Owned Enterprises in the First Quarter of 2026

A deficit occurs when an entity's expenses exceed its revenues, indicating a need for financing.

In the first two months of 2026, Brazilian federal state-owned companies faced a deficit of BRL 4,159 billion, marking the worst result for this period since 2002. This number is significantly close to the total deficit recorded in 2025, which was $ 5 billion.

The relevance of this data can be seen in the following table:

Vintage	Deficit (BRL billion)
2025 (total)	5,0
2026 (Jan–Feb)	4,159

This comparison highlights a sharp deterioration already in the first months of 2026, requiring attention to the management and expense control policies of state-owned enterprises.

Among the persistent contributors to the financial deficit are Correios (Brazilian postal service), Infraero (Brazilian airport infrastructure company), Serpro (Brazilian data processing company), and Dataprev (Brazilian social security data processing company).

The situation requires urgent strategic action, given the fiscal pressure and the growing need for budgetary adjustments and resource efficiency.

State-Owned Enterprises Most Impacted by the Deficit

As federal state-owned companies most impacted the 2026 deficit includes post offices, which recorded a deficit of approximately R$ 1,237 billion.

This has led to significant fiscal concerns, as the company continues to account for a substantial portion of the total deficit.

A Infrared It also suffered considerably, with deficits attributed to the decline in activity in the aviation sector due to the drop in the number of flights.

Already Serpro, faced challenges in maintaining technological competitiveness, while the dataprev dealt with pressures regarding pension costs.

Among the factors that most pressured the finances of these state-owned companies, the following stand out:

• • decline in operating revenues
• • Increased pension costs
• • Reduction of government subsidies
• • Loss of competitiveness in the digital market

This combination of financial challenges has become an urgent issue for the Brazilian government, requiring immediate structural adjustments.

Primary Public Sector Deficit in February 2026

The primary deficit of the Brazilian public sector in February 2026 was... $ 16,4 billion, representing a notable decrease compared to the same month in 2025. In February 2025, the deficit was more significant, reflecting the complexity of the fiscal challenges the country faced during that period.

The concept of *primary deficit* refers to the difference between government revenues and expenditures, excluding interest payments on public debt.

It is a crucial economic indicator that signals the sustainability of the fiscal policies adopted by the government.

With the reduction of the deficit in 2026, there was a continuous improvement in fiscal performance, suggesting more effective expense management and an increase in revenue.

The UOL website It highlights projections for an increase in the primary deficit, indicating future fiscal challenges.

However, the reduction observed in February 2026 potentially reflects successful efforts to contain the growth of expenses, especially those related to the Central Government, which had the greatest negative impact on public accounts.

This change points to a more optimistic scenario in the short term, but still requires focused attention on structural adjustments to ensure a sustainable and stable fiscal trajectory.

Influence of the Central Government, States, and Municipalities on Public Accounts

The deficit of Central Government of R$ 29,5 billion in February 2026 contrasts sharply with the significant surplus of $ 13,7 billion recorded by states and municipalities during the same period.

While regional efforts have yielded positive results, the simulator The federal deficit remains the country's top fiscal concern.

This disparity reinforces the budgetary burden that the central government carries and the challenges in balancing the accounts.

The ability of states and municipalities to show a surplus indicates more effective management at some levels of public administration, but the federal deficit makes it difficult for a consolidated primary balance to achieve the desired objectives.

When examining the consequences:

• Social spending is facing cuts, harming programs essential to the population.
• A need for financing This creates pressure on public debt.
• Solutions for cost reduction are becoming urgent, requiring structural reforms and greater fiscal discipline.

Addressing this situation requires a coordinated effort across all levels of government, as highlighted in sources such as Ministry of Finance – Central Government e Globo – Surplus and deficit of federal state-owned companies

Record Deficit The analysis of state-owned enterprises reveals the fragility of the Brazilian public sector in 2026. With a strong impact from the Central Government and mixed results between states and municipalities, the financial situation requires effective strategies to reverse this worrying scenario.