Saudi Aramco on Tuesday reported full-year earnings for 2025 that beat analysts’ estimates, as investors watch whether the world’s biggest crude exporter can capitalize on rising oil prices amid the Iran war.
The Saudi state oil giant reported full-year adjusted net income of $104.7 billion, which it described as “robust growth” despite a year of oil price volatility.
Adjusted profit for the fourth quarter came in at $25.1 billion, slightly above the average consensus estimate of $24.8 billion compiled by the company.
Free cash flow for the year reached $85.4 billion.
The company announced a base dividend of $21.89 billion in the fourth quarter, up 3.5% from a year earlier, to be paid in the first quarter of 2026. The company is one of the world’s largest dividend payers and a critical source of revenue for the Saudi state.
Total shareholder distributions for the year reached $85.5 billion, as the company continued to prioritize payments despite easing crude prices in 2025.
Aramco announced a share buyback program of up to $3 billion over 18 months.
Aramco shares have rallied sharply in recent sessions as oil prices rose amid fears of supply disruptions in the Middle East.
Cash flow
Aramco generated $136.2 billion in cash flow last year, driven by stable production and strong downstream results. Capital expenditures totaled $52.2 billion, in line with the company’s guidance and slightly below 2024 levels.
“Our disciplined capital allocation, coupled with lower costs and more reliable operations, has driven strong financial performance in a year marked by price volatility,” CEO Amin Nasser said in an earnings release.
Crude prices fell to $69.2 per barrel during 2025, from $80.2 in 2024, reflecting a softer oil market and rising global supply. In recent days, crude oil has risen to around $120 per barrel as the war in the Middle East escalates.
(tags to translate)Earnings
