Saudi Aramco reported a 9% year-on-year rise in third-quarter adjusted net profit to $31.2 billion, beating analyst expectations, as higher refining margins powered a surge in its downstream business.
Saudi Aramco said on Tuesday that its third-quarter adjusted net profit rose 9% year on year, lifted by stronger refining margins. The Saudi oil giant posted adjusted net profit of $31.2 billion for the quarter, up from $28.6 billion a year earlier. The company said the figure topped the median analyst consensus estimate of $30.66 billion.
Saudi Aramco's downstream business, which turns crude oil into fuels and other petrochemical products, posted adjusted earnings before interest and taxes of $10.3 billion, soaring 234% year on year, driven by stronger refining margins.
Saudi Aramco CEO Amin H. Nasser said in a statement that in the third quarter of 2026, geopolitical uncertainty and attacks on key energy facilities further deepened the global energy supply crisis and dealt a major blow to global energy security.
Nasser said that despite supply disruptions, the company continued to deliver energy to customers through its operational resilience and supply network. Saudi Aramco is also expanding overseas storage capacity and opening alternative export routes to strengthen its global supply network.
The company generated free cash flow of $28.2 billion in the quarter, up from $23.6 billion a year earlier.
Saudi Aramco said its board approved a third-quarter base dividend of $21.9 billion, up 3.5% year on year, to be paid in the fourth quarter. The company also said progress on its major upstream oil and gas projects is in line with plan, and highlighted its deal to acquire a 49% stake in Saudi artificial intelligence company HUMAIN.
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