Aramco Q2 and H1 2026 results
- Adjusted net income: $33.4bn in Q2 and $67.2bn for H1 2026; operating cash flow $25.4bn (Q2) and $56.2bn (H1).
- Free cash flow was $12.3bn in Q2 and $30.9bn for H1, with Q2 impacted by a $13.6bn working-capital build.
- Gearing rose to 6.2% at June 30, 2026 from 4.8% at March 31, 2026; the board declared a Q2 base dividend of $21.9bn to be paid in Q3.
- Operations: East‑West Pipeline used to secure flows; Zuluf increment and Fadhili gas plant expansion due in 2026 and 2027; Jafurah phase one producing and phase two on track for 2027; agreed sale of Aramco’s equity in PRefChem.
Financial results
Aramco reported adjusted net income of $33.4 billion in Q2 and $67.2 billion for the first half of 2026. Cash flow from operating activities was $25.4 billion in Q2 and $56.2 billion for H1. Free cash flow totaled $12.3 billion in Q2 and $30.9 billion for H1, with Q2 free cash flow affected by a $13.6 billion working-capital build.
Balance sheet and shareholder return
The gearing ratio increased to 6.2% as at June 30, 2026, from 4.8% as at March 31, 2026. The board declared a Q2 base dividend of $21.9 billion, to be paid in the third quarter.
Operations and projects
Aramco continued to utilise the East‑West Pipeline to secure flows across its network amid regional disruptions. The Zuluf crude increment and the Fadhili Gas Plant expansion are on track for completion in 2026 and 2027 respectively. Phase one of the Jafurah Gas Plant maintained steady production of sales gas and condensate, while phase two progressed through procurement and construction with expected completion in 2027.
Strategy and leadership view
Management announced an agreement to sell Aramco’s equity interest in PRefChem as part of downstream portfolio optimisation. CEO Amin H. Nasser said the first-half performance reflected resilience and agility in responding to market disruption through assets such as the East‑West Pipeline, storage and export terminals, and highlighted the company’s focus on energy security, the ability to ramp up production, disciplined execution, a strong balance sheet and lower-cost, higher-reliability operations supporting profitability.
Source: Aramco
