Aramco has reported net income of $17.76bn for the fourth quarter of 2025 (Q4 2025), a 20.5% decline from $22.34bn in Q4 2024.
The Saudi Arabian national oil and gas company’s adjusted net income for Q4 2025 was $25.06bn, a 1.9% decrease from $25.54bn a year earlier.
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In Q4 2025, revenue and other income related to sales was $111.01bn, a 2.9% decrease from $114.29bn in Q4 2024.
Operating income in Q4 2025 was $41.29bn, down 10.6% from $46.22bn a year earlier.
Capital expenditure (capex) was $13.37bn in Q4 2025, falling 5.7% from $14.18bn in Q4 2024.
Free cash flow rose 27.1% year on year (YoY) to $27.47bn in Q4 2025, compared with $21.62bn in the same period the previous year.
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By GlobalDataAramco said the decline in net profit was largely attributable to increased operating costs, although this was partly mitigated by lower income tax and zakat charges reflecting reduced taxable earnings.
The company said the drop in revenue was mainly driven by lower crude oil prices, partially offset by higher crude oil sales volumes.
Aramco also attributed the decrease in other income related to sales to lower price equalisation compensation. This mainly reflects higher regulated prices, lower reference equalisation prices, and reduced volumes of crude oil and refined products sold at regulated prices.
For the full year 2025, Aramco reported net income of $93.38bn, a 12.1% drop from $106.24bn in full year 2024.
Adjusted net income for full year 2025 came in at $104.65bn, down 5.1% from $110.29bn in 2024.
Revenue and other income related to sales was $445.65bn for 2025, a 7.2% decline from $480.45bn in 2024.
Operating income for 2025 was $188.49bn, an 8.7% drop from $206.57bn in 2024. Capex totalled $50.78bn in 2025, edging 0.8% higher than $50.37bn in 2024.
Free cash flow increased marginally by 0.1% to $85.42bn in 2025 from $85.33bn in 2024.
Alongside the results, the company revealed plans to raise sales gas production capacity by around 80% by 2030 versus 2021 levels, with production starting at Jafurah gas field and operations commencing at the Tanajib Gas Plant.
Operationally, Aramco said the Marjan crude oil increment has been brought onstream and water injection operations have started at the Berri crude oil increment, supporting flexibility to respond to changing market conditions.
It added that its iktva programme reached 70% localisation in procurement, with a 2030 target of 75% aimed at strengthening supply chain resilience.
Aramco president and 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 highly-reliable 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.”
In a related development, Aramco warned that a prolonged conflict involving Iran could severely destabilise global oil markets if it continues to interrupt shipping through the Strait of Hormuz, reported Reuters.
The route, which typically carries around one-fifth of the world’s daily oil flows, has seen movements heavily curtailed.
Speaking on an earnings call, Nasser told reporters: “There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on… the more drastic the consequences for the global economy.”
Nasser added that Aramco is currently not shipping crude from the Gulf because vessels are unable to load there. Even so, he said the company is still fulfilling most customer requirements, in part by drawing on inventories held around the world.
