Saudi Aramco announced its financial results for the first quarter of 2026, highlighting strong operational flexibility and resilience that supported solid performance throughout the period.
The company reported adjusted net income of $33.6 billion, up from $26.6 billion in the same quarter of 2025. Cash flow from operating activities reached $30.7 billion, compared to $31.7 billion a year earlier, while free cash flow stood at $18.6 billion versus $19.2 billion in Q1 2025. The slight decline in free cash flow was mainly due to a $15.8 billion increase in working capital requirements. The gearing ratio was recorded at 4.8% as of March 31, 2026, compared to 3.8% at the end of 2025. Capital expenditures for the quarter totaled $12.1 billion, supporting the company’s ongoing growth initiatives.
The Board of Directors approved a base dividend of $21.9 billion for Q1 2026, representing a 3.5% year-on-year increase, which is scheduled for payment in the second quarter.
Operationally, the East-West Pipeline was significantly ramped up during the quarter, reaching its full capacity of 7.0 million barrels per day. This expansion supported crude exports via Saudi Arabia’s west coast. The company’s domestic and international storage capabilities provided additional flexibility, while continued investment in critical infrastructure and strong contingency planning helped ensure operational stability and minimize potential disruptions.
Commenting on the results, President and CEO Amin Nasser said that the company’s first-quarter performance reflects strong resilience and adaptability amid a complex geopolitical environment. He noted that the East-West Pipeline’s maximum capacity of 7.0 million barrels per day has become a vital supply route, helping to offset global energy disruptions and ease supply pressures for customers affected by shipping constraints in the Strait of Hormuz.
He further emphasized that recent global developments highlight the essential role of oil and gas in ensuring energy security and supporting the global economy, stressing the importance of reliable energy supply. Despite ongoing external challenges, he added that Saudi Aramco remains focused on its strategic priorities, leveraging both its domestic infrastructure and global network to effectively manage disruptions.
