Overview
Saudi Arabian Oil Company (Aramco) reported a 0.8% year-on-year increase in adjusted net income to $28 billion for the third quarter of 2025, beating analyst estimates. The company also raised its 2030 gas production capacity target from 60% to around 80% above 2021 levels.
Financial Performance
| Metric | Q3 2025 | Q3 2024 | Change |
| Net Income (adjusted) | $28.0 billion | $27.8 billion | ▲ 0.8% |
| Cash Flow from Operations | $36.1 billion | $35.2 billion | ▲ 2.6% |
| Free Cash Flow | $23.6 billion | $22.0 billion | ▲ 7.3% |
| Gearing Ratio | 6.3% | 6.5% (Jun 2025) | ▼ 20 bps |
| Base Dividend Declared | $21.1 billion | — | — |
| Performance-linked Dividend | $0.2 billion | — | — |
Key Highlights
- Revenue and profits exceeded expectations, signalling partial recovery from recent profit declines.
- Free cash flow exceeded total dividend payouts for the quarter.
- Gas production target revised upward — aiming for ~80% increase in capacity by 2030 vs. 2021 levels.
- Completion of $11.1 billion Jafurah midstream deal to support gas and infrastructure expansion.
- Aramco continues to implement OPEC+ production adjustments to balance global supply.
Summary
Aramco’s Q3 2025 results showed stronger-than-expected financial performance with higher net income and cash flows, supported by stable operations and increased output. The company also raised its 2030 gas production goal, reinforcing its upstream growth strategy.
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