NEW DELHI, November 7: Saudi Aramco’s net income rose 34.6% to $36.25 billion in the third quarter of 2026, the company said, as high oil prices and much stronger refining margins more than made up for a fall in output during the Middle East conflict. Adjusted net income, which strips out one-off items, rose 9.2% to $31.2 billion. Aramco said attacks on energy facilities in the kingdom continued during and after the quarter, but that as of September 30 it did not expect a material impact on its finances.
Key highlights
- Net income: $36.25 billion, up from $26.94 billion a year earlier.
- Adjusted net income: $31.2 billion, up from $28.6 billion.
- Free cash flow: $28.2 billion, up from $23.6 billion.
- Dividend: a base dividend of $21.9 billion for the quarter, up 3.5% year on year.
- Oil price: Aramco realised an average of $95.2 a barrel, against $70.1 a year earlier and $108.1 in the second quarter.
- Output: total hydrocarbon production of 11.0 million barrels of oil equivalent a day, below 13.3 million a year earlier.
| Measure | Q3 2025 | Q2 2026 | Q3 2026 |
|---|---|---|---|
| Revenue and other income related to sales | $111.51 bn | $139.15 bn | $140.49 bn |
| Net income | $26.94 bn | $32.69 bn | $36.25 bn |
| Adjusted net income | $28.58 bn | $33.39 bn | $31.20 bn |
| Free cash flow | $23.56 bn | $12.26 bn | $28.20 bn |
| Capital expenditure | $12.56 bn | $13.17 bn | $10.52 bn |
| Average realised crude price | $70.1/bbl | $108.1/bbl | $95.2/bbl |
| Total liquids production | 10.82 mn bpd | 7.57 mn bpd | 8.70 mn bpd |
| Total hydrocarbon production | 13.27 mn boed | 9.46 mn boed | 11.05 mn boed |
Higher prices, lower volumes
Aramco’s figures show both sides of the energy crisis. The price it received for its crude was 36% higher than a year earlier, and its downstream business, which includes refining, earned adjusted operating profit (EBIT) of $10.3 billion, up from $3.1 billion, because refining margins were much stronger. But its production was well below last year’s level. Total liquids output, which covers crude oil, natural gas liquids and condensate, averaged 8.70 million barrels a day, against 10.82 million a year earlier, although it recovered from 7.57 million in the second quarter.
In its interim report, Aramco said certain facilities of the company and its affiliates in the kingdom “were targeted in attacks” during and after the quarter. It said the East-West Pipeline continued to give it flexibility to export, and that it is looking at more overseas storage and new export routes.
What the chief executive said
Chief executive Amin H. Nasser said “geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter”, and credited the company’s workforce and supply network with keeping deliveries to customers going.
Other moves
- Production began at the Zuluf crude oil increment; the Jafurah phase two, Fadhili gas plant expansion and Dammam development projects are on track, the company said.
- Aramco is buying a 49% stake in HUMAIN, an artificial intelligence company, through a transfer of assets and about $2.6 billion in cash.
- It signed a shareholders’ agreement to form a mineral exploration and hard-rock mining joint venture.
- Its gearing ratio, a measure of debt, fell to 5.5% at September 30 from 6.2% at June 30.
Our calculation
- Revenue rose 26.0% year on year, net income 34.6% and adjusted net income 9.2%.
- Total hydrocarbon output was 16.7% lower than a year earlier but 16.7% higher than in the second quarter.
- The realised oil price fell 11.9% from the second quarter, which is why adjusted net income dipped from $33.39 billion to $31.20 billion even as volumes recovered.
- Nine-month net income was $101.48 billion, up 34.2% from $75.62 billion.
What it means for India and Asia
Asian refiners, including India’s, are among the biggest buyers of Saudi crude, so Aramco’s volumes and prices feed directly into fuel import bills across the region. The third-quarter figures show Saudi supply recovering from the second quarter but still well short of last year’s level, while the price Aramco receives stays far above 2025. High crude prices are also behind the rise in inflation in countries such as Thailand and the Philippines this autumn. Aramco’s comments on new export routes and overseas storage will be watched closely by Asian buyers who want more secure supply.
What to watch
- Aramco’s monthly official selling prices for Asian buyers.
- Whether more attacks on Gulf energy facilities disrupt exports.
- The progress of the Jafurah gas project and other expansions.
The Aramco headquarters building in Dhahran, Saudi Arabia. Image: Unknown author, Public domain, via Wikimedia Commons. Photo source
Sources
- Aramco: Aramco announces third quarter 2026 results, November 3, 2026
- Aramco: 2026 Third Quarter and Nine Months Interim Report (PDF)
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