Russia's Largest Company Implodes - Joe Blogs

Russia’s largest oil producer Rosneft has just reported its worst results since the pandemic, with profits collapsing by 70% in the first nine months of 2025. Revenue is down, core profitability has plunged and free cash flow has been wiped out.

In today’s video I explain exactly what has gone wrong for Russia’s biggest oil giant, why the numbers are so bad, and what this means for the broader Russian economy.

We look at Rosneft’s revenue, EBITDA, net income and cash flow trends since 2019, compare the boom years of 2022 and 2023 with the sudden crash in 2024–2025, and break down the impact of sanctions, weak global oil prices, discounting to Asia, high interest rates, FX losses and the rising costs of protecting energy infrastructure from drone attacks.

Rosneft is majority state-owned and plays a huge role in funding the Russian budget. If Rosneft struggles, the Russian state struggles. And with Russia’s oil and gas revenues forecast to fall by 35% in November, the pressure is mounting.

Chapters:
0:00 Intro
1:15 OWNERSHIP
2:37 REVENUE
6:03 EBITDA
10:36 CASH FLOW
11:47 PROFIT
13:14 SUMMARY & CONCLUSION