Report
Aramco Q3 2026 results report
Aramco made $31.2bn of adjusted net income in Q3 2026, up 9% on a year earlier, as its downstream earnings more than tripled. Profit, cash, debt, dividends, segments, production and outlook, from the company’s own results.
Aramco reported adjusted net income of $31.2bn for Q3 2026 on 3 November 2026, up 9% on the $28.6bn of Q3 2025 and 7% below Q2 2026. Net income was $36.3bn, up 35% on a year earlier. It includes a $6.91bn gain on the sale of Aramco’s stake in the PRefChem refinery in Malaysia to PETRONAS, which adjusted net income leaves out.
Refining carried the quarter. Downstream adjusted EBIT (earnings before interest and tax) more than tripled to a record $10.3bn as refining margins rose. Upstream adjusted EBIT fell 9% to $46.8bn: Aramco sold its crude at an average $95.2/bbl, down from $108.1/bbl in Q2 2026, and its liquids output of 8.70mmbbl/d was still well below the 10.82mmbbl/d of Q3 2025.
| Key number | Q3 2026 | Change |
|---|---|---|
| Adjusted net income | $31.2bn | +9% vs Q3 2025; -7% vs Q2 2026 |
| Net income (reported) | $36.3bn | +35% vs Q3 2025; +11% vs Q2 2026 |
| Free cash flow | $28.2bn | +20% vs Q3 2025; 2.3 times Q2 2026 |
| Downstream adjusted EBIT | $10.3bn | +234% vs Q3 2025; a record |
Cash flow from operations was $38.7bn and free cash flow $28.2bn, up 20% on Q3 2025 and more than the $21.9bn base dividend declared for the quarter. Gearing fell to 5.5% at 30 September 2026 from 6.2% at 30 June 2026.
Aramco kept its 2026 capital investment guidance at $50–55bn, which now also covers repairs to facilities hit in attacks and the $2.6bn of cash it put into HUMAIN, an AI company in which it has taken a 49% stake. It says it can return to pre-conflict production within days and reach its 12mmbbl/d maximum sustainable capacity in under three weeks.
For oil traders, Aramco’s quarter shows where the money went in a disrupted market. Its crude sold for less than in Q2 2026, but tight product markets lifted refining margins to records, and Aramco’s refining system, which takes half its crude, captured that: downstream adjusted EBIT rose by $4.06bn on the quarter while upstream fell by $4.13bn. Moving barrels cost more, with freight and derivative losses more than doubling selling costs on a year earlier. With gearing at 5.5% and free cash flow above the dividend, Q4 2026 will turn on how much more crude Aramco can move through the East-West Pipeline and the Red Sea, and on how long refining margins stay this high.
What the full report covers
The full report is a 9-page PDF for $9.99, available to download straight after payment. It covers:
- Headline numbers against the prior quarter and the prior year
- Profit, reported and adjusted, and what moved it
- Revenue and operating cash flow
- Capex, net debt and gearing
- Buybacks and dividends
- Segment results, with a table and a chart
- Production and throughput
- Guidance and outlook
- What it means
- Notes on the numbers and a full list of sources
The Aramco logo is used only to identify the company this report is about. Entelera Research is independent and has no connection with, or endorsement from, Aramco.
Sources
- Aramco, Aramco announces third quarter 2026 results (Q3 2026 interim report), 3 November 2026: www.aramco.com
- Aramco, Q3 2026 results webcast presentation, 3 November 2026: www.aramco.com
- Aramco Q3 2026 earnings call, 3 November 2026: transcript published by Quartr: stockanalysis.com
This summary is for information only and is not investment advice. It is based solely on the company’s own published results documents listed above; Entelera Research has not audited them. © 2026 Entelera (entelera.com).