$31.2 billion — Aramco profit rises 9%, dividend hits $21.9 billion

Summary

• Aramco reported adjusted net income of $31.2 billion in the third quarter of 2026, up 9%.
• The board approved a base dividend of $21.9 billion, 3.5% higher year-on-year.
• Gearing fell to 5.5%, protecting the payout that anchors Tadawul's largest stock.

The latest

Saudi Aramco's adjusted net income climbed to $31.2 billion in the third quarter of 2026 from $28.6 billion a year earlier, a 9% increase, the company said in its results statement. The board approved a base dividend of $21.9 billion for the quarter, payable in the fourth quarter, while the company's gearing ratio fell to 5.5% at the end of September.

Details

• The headline number: Adjusted net income reached $31.2 billion for the quarter, against $28.6 billion in the third quarter of 2025, according to the company's results statement. The 9% increase came as the world's largest crude exporter kept output projects running on schedule through a period of supply-chain strain.
• Cash generation: Cash flow from operating activities rose to $38.7 billion from $36.1 billion a year earlier, Aramco said. Free cash flow grew faster, reaching $28.2 billion against $23.6 billion, a gap that gives the company more room to cover its payout from internally generated cash rather than borrowing.
• The dividend: Directors approved a base dividend of $21.9 billion for the third quarter, an increase of 3.5% year-on-year, to be paid during the fourth quarter. Aramco did not announce any performance-linked distribution alongside the base payout in the statement.
• Balance sheet: The gearing ratio declined to 5.5% as of 30 September 2026, down from 6.2% on 30 June 2026, according to the company. The reduction came in the same quarter that Aramco raised its dividend, indicating the payout was funded without adding net leverage.
• Downstream swing: Adjusted earnings before interest and tax in the refining, processing and marketing segment surged 234.0% year-on-year, which Aramco attributed to improved refining margins. The segment's rebound was the sharpest single move in the results, outpacing the group's overall 9% earnings growth.
• Upstream projects: Production started at the crude increment project at the Zuluf field, Aramco said. Other major upstream projects remain on schedule, including the second phase of the Jafurah unconventional gas development, the Fadhili gas plant expansion and the Dammam development project.
• Export routes: The East-West pipeline continued to provide export flexibility, according to the statement, while the company is studying additional storage capacity abroad and new export routes. Aramco did not name the locations under consideration or set a timeline for any decision.
• AI and mining: During the quarter Aramco acquired a 49% stake in Humain through asset transfers and cash contributions of approximately $2.6 billion. It also signed a shareholders' agreement to establish a joint venture for mineral exploration and hard-rock mining, extending the company beyond hydrocarbons.

Background

Aramco is the largest listed company on Saudi Arabia's Tadawul exchange, and its quarterly distribution is the single biggest source of dividend income on the market. The Saudi government is the dominant shareholder, making the payout a direct channel into state revenues.

Between the lines

The quarter's arithmetic is unusually favourable: free cash flow of $28.2 billion exceeded the $21.9 billion base dividend, and gearing fell at the same time. That combination means the higher payout was covered without new net debt. The 234.0% jump in downstream earnings also shows refining margins, rather than crude volumes alone, carried a meaningful share of the improvement.

What's next

The $21.9 billion base dividend is due for payment during the fourth quarter. Watch the second phase of Jafurah, the Fadhili expansion and the Dammam project for schedule updates, and any decision on overseas storage capacity or new export routes.

Source: Saudi Aramco