Saudi Aramco reported its strongest third-quarter financial performance in four years, with net profit surging 41.3% year-on-year to SAR 137.4 billion in Q3 2026, compared with SAR 97.3 billion in the same period last year.
Despite geopolitical tensions, attacks on energy infrastructure, and disruptions to major oil shipping routes, including the Strait of Hormuz and Bab Al-Mandab, the Saudi energy giant delivered results exceeding analysts’ average expectations.
The company’s net profit also increased by 13.1% compared with the previous quarter, supported by higher revenue, operational resilience, and gains related to the sale of an ownership interest in an affiliate.
Revenue Rises 20% to SAR 464.3 Billion
Aramco’s third-quarter revenue increased by 20.2% to SAR 464.3 billion, compared with SAR 386.2 billion a year earlier, primarily driven by higher prices for crude oil, refined products, and chemicals, partially offset by lower sales volumes.
For the first nine months of 2026, revenue rose by 15.2% to SAR 1.348 trillion, while net profit jumped 36.1% to SAR 379.02 billion, compared with SAR 278.57 billion during the corresponding period in 2025.
Key financial highlights for Q3 2026 include:
- Adjusted net income: SAR 117.0 billion, up from SAR 107.2 billion.
- Operating cash flow: SAR 145.2 billion, compared with SAR 135.4 billion.
- Free cash flow: SAR 105.8 billion, up approximately 20% year-on-year.
- Gearing ratio: 5.5%, down from 6.2% in the previous quarter.
- Quarterly dividend: SAR 82.1 billion, representing a 3.5% annual increase.
Operational Resilience Amid Global Energy Disruptions
Aramco President and CEO Amin H. Nasser highlighted the company’s ability to maintain reliable energy supplies despite heightened geopolitical uncertainty and attacks on critical energy infrastructure.
He emphasized that Aramco’s operational excellence, resilient supply chains, and strong financial position enabled the company to navigate unprecedented challenges while continuing to serve global customers.
The company is also exploring additional international storage capacity and alternative export routes to strengthen supply security.
Aramco’s downstream segment recorded a 234% year-on-year increase in adjusted earnings before interest, income taxes, and zakat, driven by improved refining margins.
Meanwhile, production commenced at the Zuluf crude oil increment project, while major upstream developments, including Jafurah Phase Two, the Fadhili Gas Plant expansion, and the Dammam development project, remained on schedule.
Strategic Investments and Shareholder Returns
Aramco continued diversifying its investments, including acquiring a 49% stake in HUMAIN through asset transfers and cash contributions totaling approximately SAR 9.9 billion ($2.6 billion), expanding its presence in the artificial intelligence sector.
The company also signed a shareholders’ agreement to establish a joint venture focused on mineral exploration and hard-rock mining.
Aramco announced a third-quarter base dividend of SAR 82.1 billion, equivalent to SAR 0.33 per share, scheduled for payment on November 25, 2026, with an eligibility date of November 16.
Executive Vice President and CFO Ziad T. Al-Murshed attributed the strong financial results to disciplined financial management, operational excellence, and robust cash generation, reinforcing Aramco’s ability to deliver shareholder value while investing in long-term growth opportunities.
