• Adjusted net income: $33.6 billion (Q1 2025: $26.6 billion1)
  • Cash flow from operating activities: $30.7 billion (Q1 2025: $31.7 billion)
  • Free cash flow: $18.6 billion (Q1 2025: $19.2 billion), impacted by $15.8 billion of working capital build
  • Gearing ratio: 4.8% as at March 31, 2026, compared to 3.8% at end of 2025
  • Capital expenditures of $12.1 billion in Q1 supports growth objectives
  • Board declares Q1 2026 base dividend of $21.9 billion, up 3.5% year-on-year, to be paid in the second quarter
  • East-West Pipeline sharply ramped up to reach its maximum capacity of 7.0 million barrels per day in Q1, supporting exports via Saudi Arabia’s west coast 
  • Aramco’s domestic and international storage capacity provide additional optionality
  • Strategic investment in critical infrastructure and robust contingency planning supported operational continuity and helped mitigate disruption

Commenting on the results, Aramco President & CEO Amin H. Nasser said:

“Aramco’s first-quarter performance reflects strong resilience and operational flexibility in a complex geopolitical environment. Our East-West Pipeline, which reached its maximum capacity of 7.0 million barrels of oil per day, has proven itself to be a critical supply artery, helping to mitigate the impact of a global energy shock and providing relief to customers affected by shipping constraints in the Strait of Hormuz.

“Recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy, and are a stark reminder that reliable energy supply is critical.

“Despite these headwinds, Aramco remains focused on its strategic priorities and is leveraging both its domestic infrastructure and its global network to navigate disruption. Our people have also demonstrated immense professionalism, determination, and expertise, enabling us to continue to deliver for our customers and shareholders.”

Key financial results:

All amounts in millions unless otherwise stated

 

1st quarter

2026

4th quarter

2025

1st quarter 2025

Net income

﷼

122,008

66,630

97,543

$

32,536

17,768

26,011

Adjusted net income1

﷼

125,972

93,979

99,785

$

33,593

25,061

26,609

Capital expenditures

﷼

45,354

50,146

47,059

$

12,094

13,372

12,549

Free cash flow

﷼

69,888

103,015

71,849

$

18,637

27,472

19,160

Base dividends paid

﷼

82,080

79,296

79,282

$

21,888

21,146

21,142

ROACE2,3

%

20.7%

19.8%

20.8%

Average realized crude oil price

$/bbl

76.9

64.1

76.3

1. Q1 2025 amounts have been amended to reflect revisions made to adjusting items for comparative purposes.
2. Calculated on a 12-month rolling basis.
3. Q1 2025 figure has been amended to reflect Aramco’s revised ROACE definition.

Aramco will discuss its Q1 2026 financial results in an audio webcast on May 11, 2026 at 3.00pm Riyadh / 1.00pm London / 8.00am New York. The webcast will be available at https://www.aramco.com/investors.

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Aramco Contact Information
Media Relations: media.inquiries@aramco.com
Investor Relations: investor.relations@aramco.com
@aramco

About Aramco

As one of the world’s leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world. https://www.aramco.com

Disclaimer

The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “goal,” “may,” “anticipate,” “estimate,” “plan,” “project,” “can have,” “likely,” “should,” “could,” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco’s ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco’s growth; the management of the Company’s subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco’s exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Saudi Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements.