Saudi energy major Aramco delivered robust financial results in the first quarter of 2026, supported by stronger crude prices, higher sales volumes, and improved performance across its downstream operations.
Net income attributable to shareholders increased to SAR120.13 billion (USD32.04B) in Q1, reflecting a 25.6% year-on-year rise and surpassing analysts’ expectations of USD31B. Adjusted net income also climbed 26.3% year-on-year to SAR125.97 billion (USD33.59B).
Total revenue reached SAR433.10 billion (USD115.49B), up 6.8% compared to the same period last year, driven by higher oil prices, greater crude sales volumes, and stronger pricing and demand for refined and chemical products.
Free cash flow stood at USD18.6B, down 3.1% year-on-year, while cash flow from operating activities declined 3.2% to USD30.7B, partly due to working capital movements. Capital expenditure fell 3.6% to USD12.1B, reflecting a disciplined approach to investment.
Aramco’s board approved a base dividend of USD21.9B, representing a 3.5% annual increase and reinforcing its ongoing commitment to delivering value to shareholders.
The company’s gearing ratio increased slightly to 4.8% by the end of March, compared to 3.8% at the close of 2025, while remaining at a relatively low level that reflects a healthy balance sheet.
On the operational front, Aramco emphasised its resilience amid a challenging market environment, highlighting that its East-West pipeline continued to run at full capacity of 7 million barrels per day, supporting exports and helping minimise potential supply disruptions.
