Company delivers growth, strong earnings, and increased returns
- Adjusted net income(1) : $104.7 billion (FY 2025) / $25.1 billion (Q4)
- Cash flow from operating activities: $136.2 billion (FY 2025) / $40.8 billion (Q4)
- Free cash flow(1) : $85.4 billion (FY 2025) / $27.5 billion (Q4)
- Gearing ratio(1) : 3.8% as at December 31, 2025 (end of 2024: 4.5%)
- Capital investment of $52.2 billion in 2025, in line with guidance and $1.0 billion lower YoY; 2026 capital investment guidance of $50.0 billion to $55.0 billion
- Total shareholder distributions of $85.5 billion in 2025
- Board declares base dividend of $21.89 billion for Q4, a 3.5% YoY increase and increased for the fourth consecutive year, to be paid in Q1 2026
- Company announces share buyback program of up to $3.0 billion over 18 months
- Progress continues towards sales gas production capacity increase of approximately 80% by 2030, from 2021 production levels, with start of production at Jafurah and commencement of operations at Tanajib Gas Plant
- Marjan crude oil increment brought onstream and water injection operations commenced at Berri crude oil increment, supporting flexibility and ability to respond to changing market conditions
- Plans progress to acquire significant minority interest in HUMAIN to unlock new AI value-creation opportunities
- Technology Realized Value of $5.3 billion from AI, digital, and other solutions in 2025, taking cumulative TRV to $11.3 billion since 2023
- iktva program achieves 70% localization in procurement, with a 2030 target of 75% supporting supply chain resilience
- Non-IFRS measure: refer to the Non-IFRS measures reconciliations and definitions section for further details
Commenting on the results, Aramco President & CEO Amin H. 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 highlyreliable 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.'
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Source: Aramco
