Aramco’s adjusted profit rises 9% to $31.2 billion in third quarter
Key Facts
Aramco reported on November 3, 2026, that adjusted net income rose 9% year on year to $31.2 billion in the third quarter, compared with $28.6 billion in the same period of 2025. Reported net income, meanwhile, reached $36.252 billion, versus $26.937 billion a year earlier, according to the company’s preliminary report. The report attributed the increase in net income mainly to higher revenue and other income related to sales, alongside a gain from the sale of a stake in Petrochem. The adjusted net income measure excludes the impact of reconciling items, so its annual increase was smaller than the rise in reported net income. The result came in a quarter when the realized crude price rose, while hydrocarbon production declined compared with the same period.
The average realized crude oil selling price rose to $95.2 per barrel in the third quarter, from $70.1 in the third quarter of 2025. Average hydrocarbon production, meanwhile, was 11.046 million barrels of oil equivalent per day, compared with 13.267 million in the corresponding period. Higher crude prices coincided with growth in adjusted net income, while total production volumes fell year on year. Operating costs also rose to 330.482 billion riyals from 224.640 billion riyals a year earlier. The report said higher purchases, general and administrative expenses, royalties and other taxes were partly offset by lower production and manufacturing expenses.
The downstream segment recorded a notable improvement, with adjusted earnings before interest, taxes and zakat rising 234% year on year. Aramco linked the increase to improved refining margins in the third quarter. The segment’s performance stood out in results that combined a higher realized crude price, lower hydrocarbon production and increased operating costs. Chief Executive Amin Nasser said geopolitical disruptions and attacks on major energy facilities “continued to exacerbate the global energy supply crisis” during the third quarter of 2026. The company’s reported data did not provide a figure for the impact of those disruptions on its financial results.
Cash flow from operating activities was $38.7 billion in the third quarter, compared with $36.1 billion a year earlier. Free cash flow rose to $28.2 billion from $23.6 billion in the corresponding period. The board approved a base dividend of $21.9 billion for the quarter, up 3.5% year on year. The dividend is scheduled to be paid on November 25, 2026, according to the company’s investor relations page. These figures place cash flow and dividends among the quarter’s key results alongside growth in adjusted earnings.
Gearing stood at 5.5% on September 30, 2026, compared with 6.2% on June 30. In an expansion beyond its traditional energy business, Aramco and the Public Investment Fund closed the Humain deal on November 1; the fund retained a 51% stake while Aramco acquired 49%. The deal includes a cash contribution of about 9.9 billion riyals, or 2.6 billion dollars, from Aramco during 2026, alongside the transfer of artificial intelligence, computing and digital assets. Amin Nasser said the company had generated $11.3 billion in realized technology value since 2023, much of it from artificial intelligence solutions. Humain plans to deploy 3 gigawatts of AI data center capacity by 2030.
On production projects, Aramco said output had started from the Zuluf crude increment project, while the second phase of Jafurah, the Fadhili gas plant expansion and the development of the Dammam field were progressing on schedule. It added that the East-West pipeline continued to provide export flexibility during the quarter. The company is exploring options to add storage capacity overseas and open new export routes. These projects and export options are the main upcoming operational developments cited by the company in its results. Humain also plans to deploy its planned data center capacity by 2030.