Aramco posts net income of SAR 135.944 billion in third quarter of 2026
Key Facts
Saudi Aramco said on November 3 that its net income reached SAR 135.944 billion in the third quarter of 2026, compared with SAR 101.015 billion in the same period a year earlier. The interim report presents both figures as net income for the comparative quarters. The company announced the results in its official statement, alongside the release of a preliminary estimate showing an annual contraction in Saudi real GDP during the quarter. On a seasonally adjusted quarterly basis, the economy recorded growth after two consecutive declines. The results present a mixed picture of Aramco’s financial performance and broader economic indicators.
Cash flow indicators improved year on year, with cash flow from operating activities reaching $38.7 billion, compared with $36.1 billion in the third quarter of 2025. Free cash flow also rose to $28.2 billion from $23.6 billion a year earlier. These figures support an assessment of the company’s cash generation during the quarter, alongside its reported net income. The board announced base dividends of $21.9 billion for the third quarter, up 3.5% year on year. Aramco said the dividends would be paid in the fourth quarter.
At the business level, adjusted operating profit in the refining, processing and marketing segment jumped 234% year on year. Aramco attributed the increase to improved refining margins, indicating the downstream business contributed to the quarter’s results. The average realized crude price also rose to $95.2 per barrel, compared with $70.1 in the third quarter of 2025. The gap shows an improvement in the price the company realized for crude sold during the comparative period. This coincided with higher operating cash flow and free cash flow.
Commenting on market conditions, Chief Executive Amin Nasser said, "Geopolitical uncertainty and attacks on major energy facilities continued to exacerbate the global energy supply crisis." The company added that the East-West Pipeline continued to provide export flexibility. It said it was studying the addition of overseas storage capacity and new export routes. According to its statement, these steps are linked to the flexibility to move supplies to markets amid the supply disruptions Nasser described. The company did not attribute net income to a direct comparison with Saudi economic growth.
On its financial position, gearing stood at 5.5% on September 30, 2026, compared with 6.2% on June 30. Aramco said production had begun from the Zuluf crude production increment. It also said Phase Two of the Jafurah project, the expansion of the Fadhili gas plant and the Dammam development were progressing on schedule. The company’s investment plans also include the acquisition of a 49% stake in HUMAIN, with cash contributions of about $2.6 billion. The results announcement thus combines quarterly figures with production, project and investment developments.
Aramco had set an audio webcast to discuss the results for November 3, 2026, at 11 a.m. Riyadh time, according to its interim report. The event is scheduled for the day the results are announced, allowing the quarter’s financial performance to be discussed. The announced base dividends remain payable in the fourth quarter, according to the company’s statement. The company is also continuing to explore overseas storage capacity and new export routes, alongside progress on upstream projects it said were on schedule. These are the key upcoming developments outlined in Aramco’s announcement.