Aramco Announces Q4 and Full-Year 2025 Financial Results

Saudi Aramco has announced its financial results for the fourth quarter and full year of 2025, reporting strong growth, solid profitability, and increased shareholder returns.

The company reported a net income of SAR392.5 billion ($104.7 billion) for the 2025 fiscal year, including SAR94.0 billion ($25.1 billion) in the fourth quarter. Cash flow from operating activities reached SAR510.8 billion ($136.2 billion) for the full year and SAR153.2 billion ($40.8 billion) in Q4.

Free cash flow totaled SAR320.4 billion ($85.4 billion) for the year and SAR103.0 billion ($27.5 billion) in the fourth quarter. Aramco’s gearing ratio stood at 3.8% as of December 31, 2025, compared with 4.5% at the end of 2024.

Capital investment reached SAR195.9 billion ($52.2 billion) in 2025, in line with company guidance and representing a year-on-year decrease of SAR3.8 billion ($1.0 billion). For 2026, capital investment is expected to range between SAR187.5 billion ($50.0 billion) and SAR206.3 billion ($55.0 billion).

Total shareholder distributions amounted to SAR320.4 billion ($85.5 billion) in 2025. The board also announced a base dividend of SAR82.08 billion ($21.89 billion) for the fourth quarter, reflecting a 3.5% year-on-year increase, which will be paid in the first quarter of 2026. Additionally, the company launched a share buyback program of up to SAR11.3 billion ($3.0 billion) to be executed over 18 months.

Aramco also reported continued progress in expanding its gas business, targeting an approximately 80% increase in sales gas production capacity by 2030 compared with 2021 levels. Production has begun at Jafurah, while operations have started at the Tanajib Gas Plant. The Marjan crude oil increment has been brought online, and water injection operations have started at the Berri crude oil increment, improving operational flexibility and responsiveness to market conditions.

HUMAIN

The company added that plans to acquire a significant minority stake in HUMAIN are progressing, aimed at capturing new value opportunities in artificial intelligence. In 2025, technology-driven initiatives generated SAR19.9 billion ($5.3 billion) in realized value from AI, digital technologies, and other solutions, bringing cumulative technology value to SAR42.4 billion ($11.3 billion) since 2023.

Aramco also noted that its iktva program achieved a 70% localization rate in procurement, with a target of 75% by 2030 to strengthen supply chain resilience.

Aramco President and CEO Amin Nasser said the company delivered strong growth and cash flows in 2025, reinforcing confidence in its long-term strategy. He noted that disciplined capital allocation, low-cost operations, and operational reliability helped drive strong financial performance despite market price volatility.

Nasser added that the company increased its base dividend by 3.5%, reflecting Aramco’s commitment to delivering sustainable shareholder returns. He also highlighted the continued use of advanced technologies, including artificial intelligence, to improve efficiency and unlock additional value across the business.

He further emphasized Aramco’s strong safety performance in 2025, achieving its lowest total recordable case rate since the company’s IPO.

Saudi Aramco

Looking ahead, Nasser said continued investment in Aramco’s operations and gas expansion projects positions the company well for the future. With global oil demand reaching record levels in 2025, he noted that the company’s strong project momentum could support further growth in operating cash flow and reinforce Aramco’s position as a global energy leader.

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