Aramco, one of the world’s largest oil producers, reported adjusted net income of $31.2 billion in the third quarter (Q3) of 2026, up 9.1% from its level in the same period of 2025, supported by stronger financial performance across its businesses, particularly downstream operations, according to a statement by the company.
The company’s revenue and other income related to sales reached $140,492 billion in Q3 of 2026 compared to $111,509 billion during the same quarter in 2025. Also, Aramco’s capital expenditure declined to $10,524 billion in Q3 of 2026 from $12,555 billion in Q3 of 2025 .
Downstream adjusted earnings before interest and taxes (EBIT) increased by 234% year-on-year, reflecting stronger refining margins.
Cash flow from operating activities increased to $38.7 billion in Q3 2026, compared to $36.1 billion a year earlier, while free cash flow rose to $28.2 billion from $23.6 billion over the same period.
On the operational front, production commenced at the Zuluf crude oil increment, while major upstream projects remained on schedule. These include the second phase of the Jafurah development, the Fadhili Gas Plant expansion, and the Dammam development project.
Aramco also continued to use its East-West Pipeline to provide flexibility for crude oil exports, while exploring additional overseas storage capacity and new export routes.
The East-West Pipeline was targeted by drone attacks on September 11, 2026, in Saudi Arabia’s Riyadh and Madinah regions. The attacks, which Saudi authorities said originated from Iraq, caused fires, material damage, and injuries, prompting the temporary shutdown of the pipeline as a precaution.
Beyond its core energy operations, the company expanded its presence in emerging sectors through an agreement to acquire a 49% stake in HUMAIN, involving an asset transfer and approximately $2.6 billion in cash contributions. The investment is intended to strengthen Aramco’s position in the growing artificial intelligence (AI) sector.
HUMAIN is a Saudi AI company launched by the Public Investment Fund (PIF) to develop AI infrastructure, data centers, cloud platforms, and advanced AI models.
In addition, Aramco signed a shareholders’ agreement to establish a joint venture focused on mineral exploration and hard-rock mining, leveraging its upstream expertise to expand into adjacent sectors.
Aramco is a Saudi Arabia-based integrated energy and chemicals company, with operations spanning oil and gas exploration and production, refining, petrochemicals, and energy-related businesses.
In Q2 2026, Aramco reported adjusted net income of $33.4 billion, compared to $33.6 billion in Q1 2026. Operating cash flow reached $25.4 billion, while free cash flow stood at $12.3 billion, partly affected by a $13.6 billion working capital build.
