Saudi Aramco reported FY 2025 net income of $93.4 billion, down 12% YoY, with adjusted EPS of SAR 1.60 per share on lower crude prices averaging $69.2/bbl. Q4 adjusted net income of $25.1 billion beat consensus estimates, while the stock dipped 1.47% to SAR 27.12 on the earnings call day as investors digested the full-year decline despite strong free cash flow of $85.4 billion.
About Saudi Aramco
Saudi Arabian Oil Company, known as Saudi Aramco (Tadawul: 2222), is the world’s largest integrated oil and gas company and the national oil company of Saudi Arabia. Founded on May 29, 1933, as California-Arabian Standard Oil Company, the firm was renamed Saudi Aramco in 1988 and is headquartered in Dhahran, Saudi Arabia. Aramco holds the exclusive right to explore, produce, and refine the Kingdom’s hydrocarbons, and operates with a workforce of over 75,000 employees globally.
As of March 10, 2026, Aramco has a market capitalization of approximately SAR 6.6 trillion (roughly $1.77 trillion), making it the world’s seventh most valuable public company. The company trades at a trailing P/E ratio of approximately 18.9x on IFRS net income (or about 16.9x on adjusted net income), with a dividend yield of approximately 4.93%.
Its production volume reached 12.9 million barrels of oil equivalent per day (mmboed) in FY 2025, including 10.7 mmbpd of liquids, while its net refining operations maintain a 53% downstream utilization rate of crude oil production. Aramco is among the top five global chemical companies through subsidiary SABIC, with 57.6 million metric tons of chemical manufacturing capacity.
Top Financial Highlights
- Total revenue and other income related to sales reached $445.7 billion for FY 2025, down 7.2% from $480.4 billion in FY 2024, primarily due to lower crude oil and refined product prices.
- Q4 2025 revenue stood at $111.0 billion, relatively flat QoQ but down 2.9% YoY from $114.3 billion.
- FY 2025 net income fell 12% to $93.4 billion, compared to $106.2 billion in FY 2024, driven by a 14% decline in Brent crude prices.
- Q4 2025 net income was $17.8 billion, a 20% YoY decline from $22.3 billion in Q4 2024.
- Adjusted net income for FY 2025 was $104.7 billion, down only 5% YoY, reflecting the most resilient performance among international oil company peers.
- Q4 adjusted net income came in at $25.1 billion, marginally beating median consensus estimates compiled by the company.
- Operating cash flow was $136.2 billion for FY 2025, slightly higher than 2024 despite the oil price decline.
- Free cash flow reached $85.4 billion (FY) and $27.5 billion (Q4), up 27% YoY in Q4.
- Total shareholder distributions reached $85.5 billion in 2025, including a base dividend of $21.89 billion for Q4, a 3.5% YoY increase marking the fourth consecutive annual raise.
- A new share buyback program of up to $3.0 billion over 18 months was announced, the company’s first ever.
- Capital investment of $52.2 billion for FY 2025 was at the lower end of guidance, with 2026 capex guidance set at $50.0 to $55.0 billion.
- Upstream adjusted EBIT was $195.5 billion, with total hydrocarbon production at 12.9 mmboed (FY) and 13.2 mmboed (Q4), up significantly YoY.
- Downstream adjusted EBIT surged over 4x to $10.0 billion for FY 2025, driven by record refining availability and throughput, plus synergy benefits from SABIC integration.
- Cash and cash equivalents stood at approximately $64.8 billion, with a gearing ratio of just 3.8%, the lowest in the peer group.
- ROACE came in at approximately 19.8% on a 12-month rolling basis, roughly double the IOC average.
- Technology Realized Value of $5.3 billion from AI, digital and other solutions in 2025, bringing cumulative TRV to $11.3 billion since 2023.
Beat or Miss?
Aramco’s results presented a mixed picture. While the FY 2025 net income of $93.4 billion came in below the LSEG consensus estimate of $95.6 billion, the adjusted net income of $104.7 billion and the Q4 adjusted profit of $25.1 billion marginally exceeded median consensus estimates. Pre-announcement analyst forecasts from AlJazira Capital had projected Q4 net income at approximately SAR 91.9 billion ($24.5 billion).
| Metric | Reported | Estimated/Consensus | Difference |
| FY 2025 Net Income | $93.4B | $95.6B (LSEG) | -$2.2B (miss on IFRS basis) |
| Q4 2025 Adjusted Net Income | $25.1B | ~$24.5-24.8B (consensus) | Beat by ~$0.3B |
| FY 2025 Adjusted Net Income | $104.7B | N/A | Down only 5% YoY vs 14% Brent decline |
| Q4 2025 Revenue | $111.0B | ~$108.5B (AlJazira) | Beat by ~$2.5B |
| FY 2025 Revenue | $445.7B | ~$441.1B (Guru estimates) | Beat |
| Q4 Free Cash Flow | $27.5B | N/A | Up 27% YoY |
| FY 2025 Capex | $52.2B | $52-55B (guidance) | At lower end of guidance |
What Leadership Is Saying?
CEO Amin H. Nasser on strategy and vision:
“Aramco delivered robust growth and strong cash flows in 2025, reinforcing confidence in our strategy. Our disciplined capital allocation, combined with our lower-cost, adaptable, and highly-reliable operations, drove strong financial performance in a year marked by price volatility. This enabled a 3.5% increase to our base dividend, reinforcing our focus on delivering sustainable and progressive shareholder returns.”
“Following another year of record oil demand in 2025, we believe ongoing investments in our operations position us well for the future. In parallel, our ambitious gas expansion is progressing on schedule, aligning with rising domestic demand and delivering significant volumes of high-value associated liquids.”
CFO Ziad Al-Murshed on financials and cash generation:
“Our adjusted net income was $104.7 billion in 2025, and it is about the quality of earnings as well as the scale. These results are the most resilient when compared to our peers, down only 5% when Brent was down 14%, though our peers were down between 10% and 26%. Our 12-month rolling ROACE was approximately 20%, more than double the IOC average.”
“Operating cash flow was strong at $136.2 billion, which is higher than 2024. We delivered a significant operating cash flow uplift of $11 billion in 2025, when normalizing our 2024 operating cash flows for 2025 average oil prices. Capital discipline continues to be a hallmark of our approach.”
Historical Performance
The table below compares Q4 2025 results against Q4 2024 and full-year figures, all in USD millions.
Q4 2025 vs Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue and Other Income | $111,010M | $114,290M | -2.9% |
| Net Income | $17,768M | $22,340M | -20.5% |
| Adjusted Net Income | $25,061M | $25,549M | -1.9% |
| Operating Costs | $69,717M | $68,074M | +2.4% |
| Operating Income | $41,293M | $46,216M | -10.6% |
| Operating Cash Flow | $40,844M | $35,807M | +14.1% |
| Free Cash Flow | $27,472M | $21,624M | +27.0% |
| Avg. Realized Crude Price | $64.1/bbl | $73.1/bbl | -12.30% |
FY 2025 vs FY 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Revenue and Other Income | $445,654M | $480,446M | -7.2% |
| Net Income | $93,389M | $106,246M | -12.1% |
| Adjusted Net Income | $104,653M | $110,299M | -5.1% |
| Operating Costs | $257,168M | $273,879M | -6.1% |
| Operating Income | $188,486M | $206,567M | -8.7% |
| Operating Cash Flow | $136,213M | $135,704M | +0.4% |
| Free Cash Flow | $85,428M | $85,333M | +0.1% |
| Capital Expenditures | $50,785M | $50,371M | +0.8% |
| Avg. Realized Crude Price | $69.2/bbl | $80.2/bbl | -13.7% |
Competitor Historical Performance
| Company | FY 2025 Net Income | FY 2024 Net Income | Change (%) |
| Saudi Aramco | $93.4B | $106.2B | -12.1% |
| ExxonMobil | $28.8B | $33.7B | -14.5% |
| Shell | $18.1B | $16.5B | +9.7% |
| BP | $7.5B (URC profit) | ~$8.9B (URC profit, FY24) | -15.70% |
| Company | FY 2025 Revenue | FY 2024 Revenue | Change (%) |
| Saudi Aramco | $445.7B | $480.4B | -7.2% |
| ExxonMobil | ~$330B (est.) | $339.3B | ~-2.8% |
| Shell | $273.7B | $289.1B | -5.3% |
| BP | $189.3B | $189.2B | 0.10% |
| Company | Q4 2025 Net Income | Q4 2024 Net Income | Change (%) |
| Saudi Aramco | $17.8B | $22.3B | -20.5% |
| ExxonMobil | $6.5B | $7.6B | -14.5% |
| Shell | $4.1B | $0.9B | +354% |
| BP | -$3.4B (IFRS loss) | -$1.1B | N/A (impairments) |
Aramco’s adjusted earnings decline of just 5% in a year when Brent prices fell 14% stands out as the most resilient result among the supermajors. ExxonMobil’s earnings dropped 14.5%, while BP’s underlying profit fell approximately 16%. Shell bucked the trend on a full-year IFRS basis due to lower impairments in 2025 versus 2024, though its adjusted earnings declined 22% YoY.
How the Market Reacted?
Saudi Aramco’s stock fell 1.47% on the earnings call day (March 10, 2026), closing at SAR 27.12, despite the results broadly meeting adjusted earnings expectations. The decline reflected cautious investor sentiment around the 12% YoY drop in IFRS net income and ongoing geopolitical uncertainty.
However, the stock had already gained approximately 14% year-to-date heading into the results, supported by a recent oil price surge driven by concerns over potential supply disruptions in the Middle East, with crude briefly touching nearly $120/barrel in early March.
Over the broader period, Aramco shares are up 11.4% over three months and 16.4% over six months, suggesting overall bullish sentiment anchored by the company’s unmatched dividend program ($85.5 billion in total 2025 distributions), the new $3 billion buyback, and the strength of its balance sheet at just 3.8% gearing.
