Dados B3 › Reapresentações · Português
When a company restates a published statement, the regulator overwrites the old version — the file shows only the new figure, with nothing saying it changed. We have kept both versions since 2010: 9,467 restatements across 407 of the 455 companies we track.
These add up to 9,467. The remaining 6 are sign flips — a presentation convention, not a revision. We separate them because treating all three alike inflates the headline number.
One in three fiscal years in the base has some line restated — 1,900 of 5,666. And the change has a direction: revenue shrinks in 73.9% of cases, equity in 67.8%. We can only measure this because we keep both versions; the regulator overwrites the old one.
| account | pairs | shrank in | median change |
|---|---|---|---|
| Receita DRE 3.01 | 372 | 73.9% | 5.0% |
| Custo (em magnitude) DRE 3.02 | 455 | 64.6% | 5.2% |
| Resultado bruto DRE 3.03 | 522 | 64.4% | 6.7% |
| EBIT DRE 3.05 | 506 | 53.8% | 7.3% |
| Lucro líquido DRE 3.11 | 259 | 60.6% | 9.3% |
| Ativo total BPA 1 | 448 | 64.7% | 2.2% |
| Patrimônio líquido BPP 2.03 | 255 | 67.8% | 4.3% |
| Caixa operacional DFC_MI 6.01 | 720 | 52.4% | 10.3% |
Clean pairs only: 1,510 rows were excluded because one side is zero or the filing carries a placeholder value — there the account appeared or vanished, it did not change size.
And the honest reading is not window dressing. Two things point to operations leaving the comparative — perimeter, not a revision of results: cost shrinks alongside revenue in similar proportion, and operating cash flow stays nearly symmetric (52.4%), when it would be the first to move if this were an artefact of our method. We describe what the two filings say; we do not assert which one is right.
Ranked by ABSOLUTE difference, not percentage, and only on accounts that mean something, with both sides above R$ 100 million. Ranking by percentage crowns accounts that emptied out — true and misleading.
| company | fiscal year | account | first filing (R$ bn) | restated (R$ bn) | difference |
|---|---|---|---|---|---|
| ITSA4 ITAUSA S.A. | 2012 | Ativo total BPA 1 | 364.02 | 39.05 | 324.97 |
| BBAS3 BANCO DO BRASIL S.A. | 2012 | Ativo total BPA 1 | 1,136.01 | 1,014.08 | 121.93 |
| ITUB4 ITAÚ UNIBANCO HOLDING S.A. | 2018 | Receita DRE 3.01 | 131.32 | 174.81 | 43.49 |
| PETR4 PETRÓLEO BRASILEIRO S.A. - PETROBR | 2018 | Receita DRE 3.01 | 349.84 | 310.25 | 39.58 |
| PCAR3 COMPANHIA BRASILEIRA DE DISTRIBUIÇ | 2015 | Receita DRE 3.01 | 69.22 | 37.20 | 32.02 |
| AXIA3 AXIA ENERGIA S.A. | 2012 | Ativo total BPA 1 | 172.20 | 142.43 | 29.76 |
| AMER3 AMERICANAS S.A. - EM RECUPERAÇÃO J | 2021 | Patrimônio líquido BPP 2.03 | 15.91 | -12.62 | 28.53 |
| PCAR3 COMPANHIA BRASILEIRA DE DISTRIBUIÇ | 2019 | Receita DRE 3.01 | 56.63 | 28.84 | 27.80 |
| ITUB4 ITAÚ UNIBANCO HOLDING S.A. | 2022 | Receita DRE 3.01 | 283.37 | 259.03 | 24.35 |
| ABEV3 AMBEV S.A. | 2012 | Patrimônio líquido BPP 2.03 | 0.98 | 25.21 | 24.23 |
| ABEV3 AMBEV S.A. | 2012 | Ativo total BPA 1 | 1.35 | 25.24 | 23.89 |
| — LITEL PARTICIPACOES SA | 2010 | Ativo total BPA 1 | 44.69 | 22.27 | 22.42 |
| OIBR3 OI S.A. - EM RECUPERAÇÃO JUDICIAL | 2016 | Patrimônio líquido BPP 2.03 | 11.66 | -7.46 | 19.12 |
| ITSA4 ITAUSA S.A. | 2012 | EBIT DRE 3.05 | -12.83 | 5.23 | 18.06 |
| OIBR3 OI S.A. - EM RECUPERAÇÃO JUDICIAL | 2016 | Ativo total BPA 1 | 56.80 | 39.45 | 17.34 |
| company | rows |
|---|---|
| PCAR3 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO | 113 |
| CEBR3 COMPANHIA ENERGÉTICA DE BRASÍLIA - CEB | 107 |
| AXIA3 AXIA ENERGIA S.A. | 101 |
| CEPE5 CIA ENERGÉTICA DE PERNAMBUCO - CELPE | 90 |
| — YOU INC INCORPORADORA E PARTICIPAÇÃO S | 90 |
| PDTC3 PADTEC HOLDING S.A. | 86 |
| LUPA3 LUPATECH S.A. | 85 |
| GPAR3 COMPANHIA CELG DE PARTICIPAÇÕES - CELG | 79 |
| TPIS3 TPI - TRIUNFO PARTICIPACOES E INVESTIM | 77 |
| OIBR3 OI S.A. - EM RECUPERAÇÃO JUDICIAL | 76 |
| NEOE3 NEOENERGIA S.A | 75 |
| EEEL3 CPFL TRANSMISSÃO S.A. | 74 |
| year | rows |
|---|---|
| 2025 | 4 |
| 2024 | 618 |
| 2023 | 488 |
| 2022 | 652 |
| 2021 | 583 |
| 2020 | 482 |
| 2019 | 612 |
| 2018 | 599 |
| 2017 | 543 |
| 2016 | 515 |
| 2015 | 475 |
| 2014 | 426 |
| account | restatements |
|---|---|
| EBIT 3.05 | 575 |
| Ativo total 1 | 488 |
| Receita 3.01 | 428 |
| Lucro líquido 3.11 | 300 |
| Patrimônio líquido 2.03 | 288 |
For backtesting: using today's figure for a 2015 fiscal year tests a strategy on information nobody had in 2015. It is the quietest form of look-ahead — you remember to lag the price, not the balance sheet.
For analysis: a company that restates often deserves a more skeptical read. The per-company count above is a signal, not a verdict.
What this is NOT: an accusation. Restating is foreseen and often mandatory — a change in standards, a reclassification, a merger. We record the FACT that it changed, not the intent.
Download the year's file from dados.cvm.gov.br and compare the ORDEM_EXERC column: ÚLTIMO is the year as first reported, PENÚLTIMO is the same year reported one year later. A gap above 0.5% is what we record.
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