Saudi Franco, also known as Saudi Arabian Oil Company, announced its Q4 2025 and full-year 2025 financial results on March 10, 2026.
The company reported a slight decrease in quarterly adjusted net income but emphasized strong overall cash flow, ongoing shareholder dividends, and strategic growth in gas and technology sectors.
Aramco’s adjusted net income for Q4 was $25.1 billion (around SAR 94 billion), down 2% from $25.5 billion in Q4 2024. This was in line with analyst forecasts, which ranged from $24.8 to $25 billion, slightly surpassing some estimates.
The year-over-year decline mainly resulted from lower average crude oil prices—$64.1 per barrel in Q4 2025 versus $73.1 in the same quarter of 2024.
Despite this, the company managed to offset pressures through operational efficiencies, reliable output, and cost control.
Sequentially, adjusted net income decreased from $28.3 billion in Q3 2025 to $17.8 billion in Q4.
For the entire year, Aramco’s adjusted net income was $104.7 billion (SAR 392.5 billion), down from $110.3 billion in 2024. Nevertheless, the company described this as a “robust” performance considering oil price fluctuations and global demand variability.
Full-year highlights included:
– Operating cash flow: $136.2 billion
– Free cash flow: $85.4 billion
– Capital investments: $52.2 billion
– Gearing ratio: Improved to 3.8%, from 4.5% at the end of 2024,
Aramco remained among the top global dividend payers, distributing $85.5 billion to shareholders in 2025.
The board approved a Q4 base dividend of $21.89 billion, a 3.5% increase from the previous year, marking the fourth consecutive annual rise.
The company also announced a new share buyback program of up to $3 billion over the next 18 months.
Operational and Strategic Progress:
– Continued focus on low-cost, flexible, and reliable operations (99.9% supply reliability).
– Gas expansion initiatives aiming to boost sales gas production by 80% by 2030, with key milestones at Jafurah and Tanajib Gas Plant.
– Onstream status of Marjan crude capacity increase and water injection at Berri.
– Technology projects delivered $5.3 billion in value from AI, digital, and other innovations in 2025, totaling $11.3 billion since 2023.
– The Iktva localization program reached 70% procurement localization, targeting 75% by 2030.
– Progress toward acquiring a significant minority stake in HUMAIN to unlock AI-driven opportunities.
Aramco President & CEO Amin H. Nasser stated,
“Aramco achieved strong growth and cash flow in 2025, reinforcing confidence in our strategy. Our disciplined capital spending, combined with low-cost, flexible, and reliable operations, resulted in solid financial results during a volatile market. This supported a 3.5% increase in our base dividend, emphasizing our commitment to sustainable shareholder returns.”
He further mentioned that ongoing investments are positioning the company for future demand, with gas projects meeting rising domestic needs and delivering high-value liquids.
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