Middle East
Aramco lifts third-quarter adjusted net income 9 per cent to SAR117 billion and declares a SAR82.1 billion dividend
By Staff Writer | 5 November 2026
Saudi Arabia's national oil company reported higher free cash flow and a sharp rise in downstream earnings, and said production has started at the Zuluf crude oil increment.
Aramco reported adjusted net income of SAR117.0 billion, or 31.2 billion dollars, for the third quarter of 2026. That is 9 per cent more than the SAR107.2 billion, or 28.6 billion dollars, it reported for the same quarter of 2025. The company published the results on Tuesday 3 November.
Cash flow from operating activities rose to SAR145.2 billion from SAR135.4 billion a year earlier. Free cash flow rose to SAR105.8 billion from SAR88.4 billion. The gearing ratio fell to 5.5 per cent at 30 September, from 6.2 per cent at the end of June.
The board declared a base dividend of SAR82.1 billion for the quarter, 3.5 per cent higher than a year earlier, to be paid in the fourth quarter.
Refining drives the increase
The largest movement was in the downstream business, where adjusted earnings before interest, income taxes and zakat rose by 234.0 per cent year on year. The company attributed the rise to stronger refining margins.
In its upstream business, Aramco said production has commenced at the Zuluf crude oil increment. It described its other major upstream projects as on track, naming the second phase of the Jafurah gas development, the expansion of the Fadhili Gas Plant and the Dammam development project.
Despite challenges, the unwavering dedication of our workforce, our operational excellence, the flexibility of our system, and the strength of a supply network built over decades enabled us to continue delivering reliably to our customers through this extraordinary period.
Amin H. Nasser, President and CEO, Aramco
New businesses beside oil and gas
Outside its core business, Aramco acquired a 49 per cent stake in HUMAIN, the artificial intelligence company, through a transfer of assets and cash contributions of about 2.6 billion dollars. It also signed a shareholders' agreement to form a joint venture for mineral exploration and hard-rock mining, drawing on the exploration skills of its upstream business.
Mr Nasser said that, backed by a strong balance sheet, the company remains focused on the disciplined execution of priority projects and on using advanced technology to improve performance. He said that is how it intends to meet changing energy needs and deliver value for shareholders and customers.
For contractors and suppliers working on Aramco's gas programme, the line that matters in these results is the one on projects. Jafurah phase two, the Fadhili expansion and the Dammam development are all reported as on track, and the chief executive has said the company remains focused on executing its priority projects. Gearing stood at 5.5 per cent at the end of September, lower than at the end of June.