The prolonged cycle of expensive capital has ceased to be a matter restricted to financial decisions and has begun to influence the strategy and operations of Brazilian companies. Companies with cash and access to financing can extend debts, invest in productivity, and test new paths, while others concentrate resources on current operations and lose ground in preparing for the next cycle.
The indicators reveal the extent of the pressure. According to Serasa Experian, Brazil exceeded 9.1 million delinquent companies in June 2026, the highest number in the historical series, with negative debts reaching R$ 232.9 billion.
Micro and small businesses were the most affected, accounting for 8.6 million of the delinquent CNPJs and concentrating R$ 201.4 billion of that total, nearly 95% of the total negative value.
Bankruptcy proceedings emerge when pressure exceeds normal negotiation limits. The country closed 2025 with 2,466 CNPJs involved in such processes, a historical series record for Serasa Experian and a 13% increase from the previous year.
