Saudi Aramco Q3 2026: net income jumps to about $36 billion as refining profits soar during Hormuz crisis
Aramco's Q3 net income rose about 35% to $36.3 billion and adjusted profit 9% to $31.2 billion, as refining earnings tripled and Hormuz stayed shut.
At a glance
- Saudi Aramco's net income for July–September 2026 rose about 35% to roughly $36.3 billion (SAR 136 billion), from about $26.9 billion a year earlier.
- Adjusted net income, the measure the company leads with, rose 9% to $31.2 billion, beating analysts' median forecast of about $30.7 billion.
- Downstream (refining and chemicals) adjusted earnings before interest and tax jumped 234% to $10.3 billion as fuel margins soared during the Hormuz crisis.
- Aramco will pay a $21.9 billion base dividend and has begun preliminary engineering to expand the East-West pipeline from 7 to 10 million barrels a day.
Saudi Aramco made about $36.3 billion in net income in the third quarter of 2026, roughly 35% more than a year earlier, as the closure of the Strait of Hormuz and attacks on Gulf energy sites drove up oil prices and refining margins. The state oil giant reported the results on Tuesday, November 3, in a filing to the Saudi stock exchange.
On the adjusted basis that Aramco itself puts first, which strips out one-off items, net income rose 9% to $31.2 billion. That was ahead of the median analyst forecast of about $30.7 billion.
The quarter in numbers
| Measure (July–September) | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Net income | about $36.3 bn (SAR 136 bn) | about $26.9 bn (SAR 101 bn) | about +35% |
| Adjusted net income | $31.2 bn (SAR 117 bn) | $28.6 bn (SAR 107.2 bn) | +9% |
| Operating cash flow | $38.7 bn | $36.1 bn | +7% |
| Free cash flow | $28.2 bn | $23.6 bn | +19% |
| Downstream adjusted EBIT | $10.3 bn | about $3.1 bn | +234% |
| Base dividend | $21.9 bn | $21.2 bn | +3.5% |
| Gearing (end of period) | 5.5% | 6.2% (end-June 2026) | lower |
The company's average realised crude price was about $95 a barrel, against roughly $70 in the same quarter of 2025.
Refining did the heavy lifting
The biggest swing came downstream. Earnings from refining, chemicals and fuel sales more than tripled as the war cut fuel supplies across Asia and Europe. With exports from many Gulf refineries blocked or disrupted, refiners that could still ship product earned far more on every barrel they processed.
Upstream, Aramco's oil was worth more, but moving it was harder. With Hormuz closed, the company has relied on the East-West pipeline, which carries crude about 1,200 kilometres across the kingdom to Yanbu on the Red Sea. Shipments from Yanbu have themselves faced Houthi missile and drone threats.
What Amin Nasser said
Chief executive Amin Nasser said "geopolitical uncertainty and attacks on key energy facilities" had deepened the global energy supply crisis during the quarter. He said the company's balance sheet allowed it to keep building its priority projects on schedule.
Nasser said preliminary engineering is under way to expand the East-West pipeline from about 7 million to 10 million barrels a day. He said the line had paid back its construction cost in roughly 15 days of wartime use. He also said Aramco could raise its maximum sustainable production capacity above 12 million barrels a day if the government decides to.
The company is also studying more overseas storage and alternative export routes so it is less exposed to any single chokepoint.
Projects, AI stake and spending
Aramco started up the Zuluf field increment, which is due to add up to 600,000 barrels a day by the end of the year. The Jafurah gas project's second phase, the Fadhili gas plant expansion and the Dammam field development are on schedule, it said.
It also completed the purchase of a 49% stake in HUMAIN, Saudi Arabia's national artificial-intelligence company, for about SAR 9.9 billion ($2.6 billion) in cash and transferred assets. Capital spending guidance for 2026 is unchanged at $50 billion to $55 billion.
Why it matters beyond Saudi Arabia
Aramco's record cash flow is the other side of the price shock hurting importers. Pakistan, India and Bangladesh buy much of their crude and fuel from the Gulf, and higher prices have pushed up petrol, diesel and power bills across South Asia. Pakistan cut petrol to Rs374.51 a litre on November 3, but prices remain far above last year's levels.
For the Saudi government, which owns the vast majority of Aramco directly and through its sovereign wealth fund, the bigger payouts help fund defence spending and the giant projects under Vision 2030 while the kingdom is under attack from Yemen.
What comes next
The $21.9 billion base dividend will be paid in the fourth quarter. Aramco's next results, for the full year 2026, are due in March. Until then, its earnings will follow the talks over reopening the Strait of Hormuz: a deal would ease prices and margins, while a longer closure keeps Aramco's pipeline to the Red Sea at the centre of the world's oil supply.
Questions people are asking
How much profit did Saudi Aramco make in Q3 2026?
Aramco reported net income of about $36.3 billion for the third quarter of 2026, up roughly 35% from a year earlier. Its adjusted net income was $31.2 billion, up 9%.
Why did Aramco's profit rise in 2026?
Oil prices and refining margins rose sharply after the Strait of Hormuz was closed and energy facilities in the Gulf were attacked. Aramco's refining and chemicals earnings more than tripled, and it kept exporting through the East-West pipeline to the Red Sea.
