Aramco Announces Q4, Full-Year 2025 Results

Saudi Aramco announced its financial results for the fourth quarter of 2025, reporting strong growth, significant profits, and increasing returns.
 It stated that the net income reached SAR392.5 billion ($104.7 billion) for the 2025 fiscal year and reached SAR94.0 billion ($25.1 billion) for the fourth quarter, and that cash flow from operating activities reached SAR510.8 billion ($136.2 billion) for the 2025 fiscal year, while reaching SAR153.2 billion ($40.8 billion) for the fourth quarter.
 Saudi Aramco indicated that free cash flow reached SAR320.4 billion ($85.4 billion) for the 2025 fiscal year, while reaching SAR103.0 billion ($27.5 billion) for the fourth quarter, and that the gearing ratio was 3.8% as at December 31, 2025, compared to 4.5% at the end of 2024.
 It drew attention to a capital investment of SAR195.9 billion ($52.2 billion) in 2025, which is in line with the capital investment guidance and reflects a year-on-year decrease of SAR3.8 billion ($1.0 billion), with capital investment guidance for 2026 ranging between SAR187.5 billion ($50.0 billion) and SAR206.3 billion ($55.0 billion).
 The results showed that total shareholder distributions amounted to SAR320.4 billion ($85.5 billion) in 2025, and that the board of directors announced a base dividend for the fourth quarter of SAR82.08 billion ($21.89 billion), a 3.5% year-on-year increase, which has seen growth over the past four years, to be paid in the first quarter of 2026. The company also announced a share buyback program of up to SAR11.3 billion ($3.0 billion) over 18 months.
 It confirmed continued progress towards increasing sales gas production capacity by approximately 80% by 2030, compared to 2021 production levels, with the start of production at Jafurah and the commencement of operations at the Tanajib Gas Plant. In addition, the Marjan crude oil increment was brought onstream, and water injection operations commenced at the Berri crude oil increment, enhancing flexibility and the ability to respond to changing market conditions.
 Saudi Aramco stated that plans to acquire a significant minority interest in HUMAIN are moving forward, aimed at seizing new value-creation opportunities in artificial intelligence. It noted that the technology realized value reached SAR19.9 billion ($5.3 billion) from AI, digital, and other solutions in 2025, bringing the total cumulative technology realized value to SAR42.4 billion ($11.3 billion) since 2023.
 It also indicated that the iktva program achieved a localization rate of 70% in procurement, noting that the program targets reaching 75% by 2030 to support supply chain resilience.
 Aramco President and CEO Amin Nasser said, “Aramco delivered robust growth and strong cash flows in 2025, reinforcing confidence in our strategy. Our disciplined capital allocation, combined with our lower-cost, adaptable, and highly-reliable operations, drove strong financial performance in a year marked by price volatility. This enabled a 3.5% increase to our base dividend, reinforcing our focus on delivering sustainable and progressive shareholder returns.
 We continue to leverage advanced technologies, including AI, to enhance efficiency and unlock value across our business. We also continued to maintain our impressive safety track record in 2025, with our lowest total recordable case rate since the IPO.
 Following another year of record oil demand in 2025, we believe ongoing investments in our operations position us well for the future. In parallel, our ambitious gas expansion is progressing on schedule, aligning with rising domestic demand and delivering significant volumes of high-value associated liquids. Looking ahead, our strong project momentum underscores potential for future operating cash flow growth, creating further opportunities and reinforcing our position as a global energy leader.”