Aramco maintained capital expenditure (capex) at $50.8 billion in 2025 while paying $85.5 billion in dividends, supported by $136.2 billion in operating cash flow and $85.4 billion in free cash flow.
The financial outcome followed a year in which lower commodity prices reduced revenue and earnings, while the company continued work across gas, oil, refining, petrochemicals, renewables, digital systems and international partnerships.
The company’s revenue and other income related to sales fell 7.2 per cent year on year to $445.7 billion, principally because of lower prices for crude oil, refined products and chemicals.
That year, Aramco’s average realised crude oil price was $69.2 per barrel, compared with $80.2 per barrel in 2024.
Its net income declined 12.1 per cent to $93.4 billion, while adjusted net income fell 5.1 per cent to $104.7 billion.
The company’s total hydrocarbon production increased to 12.9 million barrel of oil equivalent per day (boed) 12.4 million boed, comprising 10.7 million barrels per day (bpd) of liquids and 11.4 billion cu ft a day (bcfd) of gas.
Its net refining capacity reached 4.2 million bpd, while net chemicals production capacity rose to 59.3 million tonnes per year.
Aramco reported supply reliability of 99.9 per cent.
The oil major’s capex, excluding external investments, increased 0.8 per cent from $50.4 billion in 2024.
This included upstream spending of $37.8 billion, compared with $39.2 billion a year earlier, while downstream capital expenditure rose 12.4 per cent to $11.7 billion.
For 2026, the company issued a capital-investment guidance to the tune of $50-55 billion.
GAS PROJECTS & DOWNSTREAM INVESTMENT ADVANCE
The gas programme accounted for a substantial share of Aramco’s upstream activity.
It began production at the Jafurah unconventional gas field and commenced operations at Tanajib Gas Plant in 2025.
Currently, it is developing Jafurah phase two, expanding Fadhili Gas Plant and extending the Master Gas System, with a stated target to increase sales-gas production capacity by approximately 80 per cent by 2030 from 2021 production levels.
The Marjan crude-oil increment was brought on stream during the year, and water-injection operations commenced at the Berri crude-oil increment.
Aramco reported that fourth-quarter upstream capital expenditure increased from the preceding quarter because of the phasing of strategic gas projects and crude-oil increments.
In the downstream, capex was directed towards the refinery-integrated petrochemical steam cracker under construction at S-OIL in South Korea, the Amiral expansion at the SATORP refinery in Saudi Arabia, and other projects.
The segment reported adjusted earnings before interest and taxes (EBIT) of $10 billion in 2025, compared with $2.4 billion in 2024, mainly reflecting higher refining margins, partly offset by weaker chemicals margins.
Aramco also recognised a $0.67 billion investment in an integrated refining and petrochemical complex in Fujian province, China.
The company established Fujian Sinopec Aramco Refining and Petrochemical, in which it holds a 25 per cent equity stake.
It separately completed the acquisition of a 25 per cent stake in Unioil, a retail operator in the Philippines.
The investment programme extended to renewable energy and digital systems.
Aramco announced plans to develop seven renewable projects through its wholly owned Saudi Aramco Power Company (Sapco) subsidiary in partnership with ACWA Power and Badeel.
It also reported a tenfold increase in AI computing capacity during 2025, and signed a non-binding term sheet in October to acquire a significant minority interest in HUMAIN, a Public Investment Fund company.
DIVIDENDS, FUNDING & BALANCE-SHEET MEASURES
Aramco paid total base dividends of $84.58 billion in 2025, a 4.2 per cent increase from 2024, while also paying $0.88 billion in performance-linked dividends, based on its 2024 full-year results.
The company declared a Q4 2025 base dividend of $21.89 billion, payable in the first quarter of 2026, representing a 3.5 per cent year-on-year increase.
Aramco defines free cash flow as net cash provided by operating activities less capital expenditure. Free cash flow was, therefore, broadly unchanged from 2024, when it stood at $85.3 billion.
Total dividends paid, however, declined from $124.2 billion in the previous year, reflecting the reduction in performance-linked distributions to $0.88 billion from $43.09 billion.
The company’s gearing ratio declined to 3.8 per cent at December 31, 2025, from 4.5 per cent a year earlier.
Cash and cash equivalents increased to $64.8 billion from $57.8 billion, while total borrowings increased to $97.0 billion from $85.1 billion, reflecting bond and Sukuk issuances during the year.
In June 2025, Aramco raised $5 billion through an international bond issuance and $3 billion through an international Sukuk issuance in September that year.
It also completed the sale of a 49 per cent interest in Jafurah Midstream Gas Company to an investor consortium led by funds managed by Global Infrastructure Partners, generating $11.1 billion in upfront cash proceeds while retaining title and operational control of the facilities.
In March 2026, the Board approved a programme to repurchase up to 350 million ordinary shares over 18 months, with expenditure capped at $3 billion.
The company said the shares would be held in treasury and used primarily for employee share plans.