Aramco Q3 2026 results
- Adjusted net income of $31.2 billion (Q3 2025: $28.6 billion).
- Free cash flow of $28.2 billion and cash flow from operations of $38.7 billion.
- Downstream adjusted EBIT rose 234.0% year‑on‑year driven by stronger refining margins.
- Acquired a 49% stake in HUMAIN with ~ $2.6 billion in cash contributions and signed a shareholders’ agreement to form a mineral exploration and hard‑rock mining JV.
Financial performance
Adjusted net income was $31.2 billion, up from $28.6 billion in Q3 2025. Cash flow from operating activities was $38.7 billion and free cash flow $28.2 billion. The gearing ratio was 5.5% as at September 30, 2026, down from 6.2% as at June 30, 2026. The board declared a Q3 base dividend of $21.9 billion, up 3.5% year‑on‑year, payable in the fourth quarter.
Operations and projects
Downstream adjusted EBIT rose 234.0% year‑on‑year due to stronger refining margins. Production commenced at the Zuluf crude oil increment and major Upstream projects remain on track, including Jafurah phase two, the Fadhili Gas Plant expansion, and the Dammam development project. The East‑West Pipeline continued to provide export flexibility while the company explores additional overseas storage capacity and alternative export routes.
Strategic moves
Aramco agreed to acquire a 49% stake in HUMAIN involving a transfer of assets and approximately $2.6 billion in cash contributions to expand its footprint in the AI sector. A shareholders’ agreement was also signed to form a mineral exploration and hard‑rock mining joint venture leveraging Upstream expertise to enter adjacent resources activity.
Management view
CEO Amin H. Nasser said geopolitical uncertainty and attacks on energy facilities amplified supply challenges, and pointed to operational resilience, system flexibility, disciplined execution of priority projects and the use of advanced technologies to meet evolving energy needs and deliver value for shareholders and customers.
Source: Aramco