Aramco announces first quarter 2026 results

• Adjusted net income: $33.6 billion (Q1 2025: $26.6 billion¹)
• Cash flow from operating activities: $30.7 billion (Q1 2025: $31.7 billion)
• Free cash flow: $18.6 billion (Q1 2025: $19.2 billion), impacted by $15.8 billion of working capital build
• Gearing ratio: 4.8% as at March 31, 2026, compared to 3.8% at end of 2025
• Capital expenditures of $12.1 billion in Q1 supports growth objectives
• Board declares Q1 2026 base dividend of $21.9 billion, up 3.5% year-on-year, to be paid in the second quarter
• East-West Pipeline sharply ramped up to reach its maximum capacity of 7.0 million barrels per day in Q1, supporting exports via Saudi Arabia’s west coast  
• Aramco’s domestic and international storage capacity provide additional optionality
• Strategic investment in critical infrastructure and robust contingency planning supported operational continuity and helped mitigate disruption

Commenting on the results, Aramco President & CEO Amin H. Nasser said: 

“Aramco’s first-quarter performance reflects strong resilience and operational flexibility in a complex geopolitical environment. Our East-West Pipeline, which reached its maximum capacity of 7.0 million barrels of oil per day, has proven itself to be a critical supply artery, helping to mitigate the impact of a global energy shock and providing relief to customers affected by shipping constraints in the Strait of Hormuz.

“Recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy, and are a stark reminder that reliable energy supply is critical. 

“Despite these headwinds, Aramco remains focused on its strategic priorities and is leveraging both its domestic infrastructure and its global network to navigate disruption. Our people have also demonstrated immense professionalism, determination, and expertise, enabling us to continue to deliver for our customers and shareholders.”

Key financial results:

1. Q1 2025 amounts have been amended to reflect revisions made to adjusting items for comparative purposes.

2. Calculated on a 12-month rolling basis.

3. Q1 2025 figure has been amended to reflect Aramco’s revised ROACE definition.

Aramco will discuss its Q1 2026 financial results in an audio webcast on May 11, 2026 at 3.00pm Riyadh / 1.00pm London / 8.00am New York. The webcast will be available at https://www.aramco.com/investors.