Saudi Aramco reported third quarter net income of 135,944 million riyals, equivalent to 36,252 million dollars, against 101,015 million riyals a year earlier. The company published the results on 3 November 2026 from Dhahran.
Adjusted net income, which strips out one off items, was 116,995 million riyals or 31,198 million dollars, against 28,581 million dollars a year earlier. The gap between the two measures is largely explained by a gain of 25.9 billion riyals, about 6.91 billion dollars, on the sale of the company's equity interest in PRefChem. That gain is excluded from the adjusted figure, which is why adjusted earnings sit below reported earnings this quarter rather than above them. All dollar figures are published by the company as convenience translations at a fixed rate of 3.75 riyals.
The segment picture is the more useful read. Downstream adjusted earnings before interest and tax rose 234 per cent to 38,643 million riyals, about 10,304 million dollars, which the company attributed to stronger refining margins. Upstream adjusted earnings before interest and tax fell to 175,555 million riyals, about 46,814 million dollars, from 193,087 million riyals a year earlier. Cash flow from operating activities was 38.7 billion dollars and free cash flow 28.2 billion dollars. Capital expenditure fell to 10,524 million dollars from 12,555 million dollars. Gearing stood at 5.5 per cent at the end of the quarter, down from 6.2 per cent three months earlier.
Read carefully, the quarter contains two opposite movements that the headline conceals. The reported profit rise is flattered by a disposal that will not recur. Underneath it, the business that generates the bulk of group earnings produced less than it did a year ago, while the refining business staged a genuine recovery from a very low base. A reader taking only the reported number away from this announcement would draw precisely the wrong conclusion about operating momentum.
The capital discipline is the other signal. Capital expenditure down by roughly two billion dollars year on year, alongside gearing falling and free cash flow rising, describes a company funding a growing distribution from a shrinking investment programme. The base dividend declared for the quarter was 21.9 billion dollars, up 3.5 per cent, payable in the fourth quarter. That is a sustainable position while refining margins hold and a tighter one if they do not.
Amin H. Nasser, President and Chief Executive, said geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis, and that robust operational and financial performance during a volatile period demonstrates the value of resilience.
