Saudi oil giant Aramco reported a strong rise in Q1 2026 profit and revenue, supported by higher crude oil prices, increased sales volumes and improved downstream performance.

Net income attributable to shareholders rose to SAR 120.13 billion ($32.04 billion) in Q1, marking a 25.6% increase YoY, and beating LSEG analysts’ estimates of $31 billion. Adjusted net income rose to SAR 125.97 billion ($33.59 billion), up about 26.3% YoY.

Total revenue climbed to SAR 433.10 billion ($115.49 billion), up 6.8% YoY, driven mainly by higher crude oil prices, increased crude volumes sold, and stronger prices and volumes for refined and chemical products.

Free cash flow (FCF) stood at $18.6 billion, down 3.1% YoY, while cash flow from operating activities fell 3.2% to $30.7 billion, partly impacted by working capital movements. Capital expenditure declined 3.6% to $12.1 billion, reflecting disciplined investment spending.

Aramco’s board declared a base dividend of $21.9 billion, marking a 3.5% YoY increase, underlining the company’s continued focus on shareholder returns.

The company’s gearing ratio rose to 4.8% at the end of March, from 3.8% at the end of 2025, remaining at a low level and indicating a strong balance sheet.

Operationally, Aramco highlighted resilience in a complex environment, noting that its East-West pipeline operated at full capacity of 7 million barrels per day, helping to sustain exports and mitigate supply disruptions.

The oil kingpin's stock priced gained 15% YTD.

Brent Crude is currently trading at $100.49 per barrel.


(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com