Aramco announced its fourth quarter and full-year 2025 results, reporting strong financial performance, continued growth, and increased returns to shareholders.
The company recorded adjusted net income of $104.7 billion for the full year 2025 and $25.1 billion in the fourth quarter.
Cash flow from operating activities reached $136.2 billion for the year and $40.8 billion in Q4, while free cash flow totalled $85.4 billion in 2025 and $27.5 billion in the fourth quarter.
Aramco also strengthened its balance sheet, reducing its gearing ratio to 3.8 per cent as of December 31, 2025, compared with 4.5 per cent at the end of 2024.
During 2025, the company made capital investments of $52.2 billion, in line with its guidance and $1.0 billion lower year-on-year.
For 2026, Aramco expects capital investment to range between $50.0 billion and $55.0 billion.
The company delivered total shareholder distributions of $85.5 billion in 2025.
In addition, the Board declared a base dividend of $21.89 billion for the fourth quarter, representing a 3.5 per cent year-on-year increase and marking the fourth consecutive year of dividend growth, with payment scheduled for Q1 2026.
Aramco also announced a share buyback programme of up to $3.0 billion over 18 months.
Operationally, Aramco continued to expand its energy capabilities and infrastructure. Progress is ongoing toward increasing sales gas production capacity by approximately 80 per cent by 2030 compared to 2021 levels, highlighted by 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, while water injection operations began at the Berri crude oil increment, strengthening the company’s flexibility and responsiveness to changing market conditions.
Aramco is also advancing its strategic initiatives in technology and innovation. Plans are progressing to acquire a significant minority interest in HUMAIN, aimed at unlocking new value creation opportunities in artificial intelligence.
In 2025, the company achieved Technology Realised Value (TRV) of $5.3 billion from AI, digital, and other technology-driven solutions, bringing cumulative TRV to $11.3 billion since 2023.
The company also reported progress in strengthening its domestic supply chain through the iktva programme, which achieved 70 per cent localisation in procurement, moving closer to its 2030 target of 75 per cent.
This supports greater supply chain resilience while contributing to local economic development.
Amin Nasser, Aramco President & CEO, 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 per cent 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.” -OGN/TradeArabia News Service