Saudi Aramco Announces Q1 2026 Results
Saudi Aramco announced today its financial results for Q1 of 2026, with exceptional operational flexibility and resilience underpinning strong performance during the quarter.
The company reported adjusted net income of $33.6 billion, compared to $26.6 billion in Q1 2025. Cash flow from operating activities reached $30.7 billion, compared to $31.7 billion in Q1 2025. Free cash flow reached $18.6 billion, compared to $19.2 billion in Q1 2025, impacted by $15.8 billion of working capital build. The gearing ratio stood at 4.8% as at March 31, 2026, compared to 3.8% at end of 2025. Capital expenditures stood at $12.1 billion in Q1, which supports growth objectives.
The board of directors declared a Q1 2026 base dividend of $21.9 billion, up 3.5% year-on-year, to be paid in the second quarter.
The East-West Pipeline was 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, while strategic investment in critical infrastructure and robust contingency planning supported operational continuity and helped mitigate disruption.
Commenting on the results, Aramco President and CEO Amin 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," Aramco President stated.
