Aramco 9M 2026 profit jumps 36% to SAR 379.02B; Q3 soars 41% to SAR 137.39B

03/11/2026 Argaam Exclusive

Saudi Arabian Oil Co. (Saudi Aramco) reported a net profit of SAR 379.02 billion for the first nine months of 2026, an increase of 36% from SAR 278.57 billion in the year-ago period.



Financials (Million Riyal)

Item 9m 2025 9m 2026 Change‬
Revenues 1,254,914.00 1,515,877.00 20.8 %
Gross Income 630,834.00 751,039.00 19.1 %
Operating Income 560,859.00 636,072.00 13.4 %
Net Income 278,572.00 379,024.00 36.1 %
Average Shares 242,000.00 242,000.00 -
Earnings Per Share before unusual items (Halala) 118.69 149.49 26.0 %
EPS (Halala) 115.11 156.62 36.1 %

The profit increase was credited to higher revenue and other income related to sales. Topline rose to SAR 1.34 trillion in 9M 2026 from SAR 1.17 trillion last year, driven by higher prices of refined products, chemicals and crude oil.

 

The company also reported gains from the sale of its equity interest in an affiliate.

 

However, operating costs rose amid higher income taxes and Zakat due to an increase in taxable income.

 

Although total revenue increased, sales volumes of crude oil, refined products and chemicals declined during the period.

 

Adjusted net income reached SAR 368.92 billion in the current period. Total adjustments of SAR 11.63 billion related to gains from sales, retirements and disposals, primarily attributable to gains from the sale of Saudi Aramco's equity interest in an affiliate, as well as adjustments related to financing costs, replacement cost adjustments, and losses from the revaluation of the fair value of certain commodity derivatives.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q3 2025 Q3 2026 Change‬
Revenues 418,160.00 526,844.00 26.0 %
Gross Income 223,320.00 245,546.00 10.0 %
Operating Income 198,865.00 196,602.00 (1.1 %)
Net Income 97,264.00 137,387.00 41.3 %
Average Shares 242,000.00 242,000.00 -
Earnings Per Share before unusual items (Halala) 42.40 46.48 9.6 %
EPS (Halala) 40.19 56.77 41.3 %

The third-quarter net profit grew 41.3% to SAR 137.39 billion, from SAR 97.26 billion in Q3 2025, as revenue rose to SAR 464.33 billion from SAR 386.17 billion in the year-earlier period.

 

Sequentially, the three-month bottom line grew 13.1% from SAR 121.5 billion in Q2 2026, on gains from the sale of Aramco’s equity interest in an affiliate.

 

Total shareholders’ equity, excluding minority interest, increased to SAR 1.63 trillion at the end of Sept. 30, 2026, from SAR 1.49 trillion in the year-earlier period.

 

Attached document:

 

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Share Price

Saudi Arabian Oil Co.
26.40
0.38 1.46 %

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Financial Ratios
Current
Market Cap (M Riyal) 6,388,800.00
Enterprise Value (EV) (M Riyal) 6,666,216.00
Shares Outstanding ((M)) 242,000.00
Recurring EPS ( Riyal) (TTM) 1.88
Book Value (BV) ( Riyal) 6.76
Par Value -
Recurring P/E (TTM) 14.05
P/E (TTM) 14.25
Price/book 3.91
Dividend Yield (%) (Last Year) 5.05
Return on Average Assets (%) (TTM) 17.0
Return on Average Equity (%) (TTM) 28.6
EV/adj EBITDA 7.39
EV/Revenues 3.45
more


Financial results (Million Riyal)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 287,510.00 - 185,934.00 - 174,917.00 -
Q2 2018 341,276.00 - 214,750.00 - 204,651.00 -
Q3 2018 363,374.00 - 226,864.00 - 217,347.00 -
Q4 2018 354,857.00 - 212,252.00 - 201,490.00 -
Q1 2019 297,634.00 3.5 % 176,881.00 (4.9 %) 166,621.00 (4.7 %)
Q2 2019 322,307.00 (5.6 %) 192,396.00 (10.4 %) 181,256.00 (11.4 %)
Q3 2019 304,646.00 (16.2 %) 174,695.00 (23.0 %) 165,196.00 (24.0 %)
Q4 2019 312,198.00 (12.0 %) 176,987.00 (16.6 %) 161,798.00 (19.7 %)
Q1 2020 250,345.00 (15.9 %) 138,134.00 (21.9 %) 129,732.00 (22.1 %)
Q2 2020 139,354.00 (56.8 %) 65,817.00 (65.8 %) 53,092.00 (70.7 %)
Q3 2020 228,594.00 (25.0 %) 112,125.00 (35.8 %) 96,046.00 (41.9 %)
Q4 2020 243,798.00 (21.9 %) 124,377.00 (29.7 %) 104,490.00 (35.4 %)
Q1 2021 300,157.00 19.9 % 166,221.00 20.3 % 151,887.00 17.1 %
Q2 2021 349,950.00 151.1 % 195,281.00 196.7 % 179,115.00 237.4 %
Q3 2021 405,382.00 77.3 % 248,234.00 121.4 % 212,806.00 121.6 %
Q4 2021 446,269.00 83.0 % 253,590.00 103.9 % 228,110.00 118.3 %
Q1 2022 516,897.00 72.2 % 299,570.00 80.2 % 277,705.00 82.8 %
Q2 2022 648,373.00 85.3 % 351,943.00 80.2 % 324,489.00 81.2 %
Q3 2022 613,935.00 51.4 % 322,189.00 29.8 % 300,234.00 41.1 %
Q4 2022 487,168.00 9.2 % 266,941.00 5.3 % 241,649.00 5.9 %
Q1 2023 459,833.00 (11.0 %) 240,114.00 (19.8 %) 222,328.00 (19.9 %)
Q2 2023 448,318.00 (30.9 %) 230,336.00 (34.6 %) 212,553.00 (34.5 %)
Q3 2023 488,935.00 (20.4 %) 265,250.00 (17.7 %) 234,463.00 (21.9 %)
Q4 2023 459,287.00 (5.7 %) 224,090.00 (16.1 %) 199,104.00 (17.6 %)
Q1 2024 437,847.00 (4.8 %) 227,906.00 (5.1 %) 202,048.00 (9.1 %)
Q2 2024 470,611.00 5.0 % 231,044.00 0.3 % 206,451.00 (2.9 %)
Q3 2024 464,625.00 (5.0 %) 217,854.00 (17.9 %) 196,155.00 (16.3 %)
Q4 2024 428,591.00 (6.7 %) 212,954.00 (5.0 %) 181,805.00 (8.7 %)
Q1 2025 429,612.00 (1.9 %) 213,438.00 (6.3 %) 191,436.00 (5.3 %)
Q2 2025 407,142.00 (13.5 %) 194,076.00 (16.0 %) 170,558.00 (17.4 %)
Q3 2025 418,160.00 (10.0 %) 223,320.00 2.5 % 198,865.00 1.4 %
Q4 2025 416,290.00 (2.9 %) 207,493.00 (2.6 %) 178,388.00 (1.9 %)
Q1 2026 467,236.00 8.8 % 261,232.00 22.4 % 222,712.00 16.3 %
Q2 2026 521,797.00 28.2 % 244,261.00 25.9 % 216,758.00 27.1 %
Q3 2026 526,844.00 26.0 % 245,546.00 10.0 % 196,602.00 (1.1 %)


Profit Performance (Million Riyal)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Halala)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 91,787.00 - 37.93 - 91,787.00 37.93
Q2 2018 106,574.00 - 44.04 - 106,574.00 44.04
Q3 2018 113,375.00 - 46.85 - 113,375.00 46.85
Q4 2018 104,460.00 - 43.17 - 104,460.00 43.17
Q1 2019 83,226.00 (9.3 %) 34.39 - 83,226.00 34.39
Q2 2019 92,791.00 (12.9 %) 38.34 - 92,791.00 38.34
Q3 2019 79,788.00 (29.6 %) 32.97 - 79,788.00 32.97
Q4 2019 75,011.00 (28.2 %) 31.00 - 75,011.00 31.00
Q1 2020 63,532.00 (23.7 %) 26.25 - 63,532.00 26.25
Q2 2020 25,370.00 (72.7 %) 10.48 - 25,370.00 10.48
Q3 2020 44,278.00 (44.5 %) 18.30 - 44,278.00 18.30
Q4 2020 51,746.00 (31.0 %) 21.38 - 51,746.00 21.38
Q1 2021 78,590.00 23.7 % 32.48 - 78,590.00 32.48
Q2 2021 90,902.00 258.3 % 37.56 - 90,902.00 37.56
Q3 2021 109,072.00 146.3 % 45.07 - 109,072.00 45.07
Q4 2021 116,639.00 125.4 % 48.20 - 116,639.00 48.20
Q1 2022 142,012.00 80.7 % 58.68 - 142,012.00 58.68
Q2 2022 173,795.00 91.2 % 71.82 3,064.00 170,731.00 70.55
Q3 2022 156,068.00 43.1 % 64.49 - 156,068.00 64.49
Q4 2022 125,340.00 7.5 % 51.79 464.00 124,876.00 51.60
Q1 2023 117,471.00 (17.3 %) 48.54 4,491.00 112,980.00 46.69
Q2 2023 108,881.00 (37.4 %) 44.99 1,141.00 107,740.00 44.52
Q3 2023 123,534.00 (20.8 %) 51.05 (2270.30) 125,804.30 51.99
Q4 2023 102,867.00 (17.9 %) 42.51 - 102,867.00 42.51
Q1 2024 103,356.00 (12.0 %) 42.71 (256.20) 103,612.20 42.81
Q2 2024 106,158.00 (2.5 %) 43.87 128.80 106,029.20 43.81
Q3 2024 97,621.00 (21.0 %) 40.34 (3396.00) 101,017.00 41.74
Q4 2024 86,756.00 (15.7 %) 35.85 (8523.40) 95,279.40 39.37
Q1 2025 95,676.00 (7.4 %) 39.54 164.40 95,511.60 39.47
Q2 2025 85,632.00 (19.3 %) 35.39 (3466.00) 89,098.00 36.82
Q3 2025 97,264.00 (0.4 %) 40.19 (5345.00) 102,609.00 42.40
Q4 2025 69,470.00 (19.9 %) 28.71 (23539.00) 93,009.00 38.43
Q1 2026 120,131.00 25.6 % 49.64 (2936.00) 123,067.00 50.85
Q2 2026 121,506.00 41.9 % 50.21 (4710.00) 126,216.00 52.16
Q3 2026 137,387.00 41.3 % 56.77 24,897.00 112,490.00 46.48

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 62.35 % - 30.90 %
Q1 2019 61.21 % - 30.04 %
Q2 2019 60.41 % 60.72 % 29.43 %
Q3 2019 59.11 % 59.63 % 28.16 %
Q4 2019 58.29 % 58.63 % 26.75 %
Q1 2020 57.35 % 58.08 % 26.16 %
Q2 2020 55.20 % 56.37 % 24.21 %
Q3 2020 52.99 % 54.36 % 22.37 %
Q4 2020 51.09 % 53.31 % 21.45 %
Q1 2021 51.38 % 53.40 % 21.93 %
Q2 2021 53.27 % 55.00 % 23.65 %
Q3 2021 56.50 % 56.62 % 25.42 %
Q4 2021 57.49 % 57.10 % 26.32 %
Q1 2022 58.00 % 57.26 % 26.69 %
Q2 2022 57.18 % 56.02 % 26.70 %
Q3 2022 55.15 % 54.71 % 26.31 %
Q4 2022 54.74 % 54.52 % 26.20 %
Q1 2023 53.46 % 53.47 % 25.56 %
Q2 2023 52.73 % 53.29 % 24.97 %
Q3 2023 53.21 % 53.43 % 25.02 %
Q4 2023 51.70 % 52.01 % 24.21 %
Q1 2024 51.66 % 51.61 % 23.99 %
Q2 2024 51.07 % 50.79 % 23.61 %
Q3 2024 49.17 % 49.59 % 22.57 %
Q4 2024 49.39 % 48.74 % 22.53 %
Q1 2025 48.81 % 48.34 % 22.18 %
Q2 2025 48.46 % 48.12 % 22.02 %
Q3 2025 50.12 % 49.07 % 22.72 %
Q4 2025 50.16 % 49.27 % 22.75 %
2025 50.16 % 49.80 % 22.75 %
Q1 2026 51.86 % 50.09 % 23.86 %
Q2 2026 51.35 % 49.37 % 24.40 %
Q3 2026 49.61 % 46.70 % 23.54 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Earnings Per Share before unusual items (Halala) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 242,000.00 - - -
Q2 2018 242,000.00 - - -
Q3 2018 242,000.00 - - -
Q4 2018 242,000.00 171.98 171.98 4.20
Q1 2019 242,000.00 168.44 168.44 -
Q2 2019 242,000.00 162.75 162.75 4.19
Q3 2019 242,000.00 148.87 148.87 4.29
Q4 2019 242,000.00 136.70 136.70 4.28
Q1 2020 242,000.00 128.56 128.56 4.42
Q2 2020 242,000.00 100.70 100.70 4.24
Q3 2020 242,000.00 86.03 86.03 4.15
Q4 2020 242,000.00 76.42 76.42 4.09
Q1 2021 242,000.00 82.64 82.64 4.18
Q2 2021 242,000.00 109.72 109.72 4.25
Q3 2021 242,000.00 136.49 136.49 4.41
Q4 2021 242,000.00 163.31 163.31 4.60
Q1 2022 242,000.00 189.51 189.51 4.95
Q2 2022 242,000.00 223.77 222.50 5.38
Q3 2022 242,000.00 243.19 241.92 5.74
Q4 2022 242,000.00 246.78 245.33 5.99
Q1 2023 242,000.00 236.64 233.33 6.16
Q2 2023 242,000.00 209.82 207.30 6.32
Q3 2023 242,000.00 196.37 194.79 6.38
Q4 2023 242,000.00 187.09 185.70 6.34
Q1 2024 242,000.00 181.26 181.83 6.30
Q2 2024 242,000.00 180.13 181.12 6.23
Q3 2024 242,000.00 169.42 170.88 6.15
Q4 2024 242,000.00 162.76 167.74 6.03
Q1 2025 242,000.00 159.59 164.40 6.09
Q2 2025 242,000.00 151.11 157.40 6.13
Q3 2025 242,000.00 150.96 158.06 6.20
Q4 2025 242,000.00 143.82 157.12 6.17
Q1 2026 242,000.00 153.92 168.51 6.33
Q2 2026 242,000.00 168.75 183.84 6.49
Q3 2026 242,000.00 185.33 187.93 6.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 21.32 21.32 6.81
Q1 2020 19.39 19.39 5.64
Q2 2020 26.68 26.68 6.34
Q3 2020 34.50 34.50 7.15
Q4 2020 37.87 37.87 7.07
Q1 2021 36.02 36.02 7.13
Q2 2021 26.45 26.45 6.82
Q3 2021 21.81 21.81 6.74
Q4 2021 18.12 18.12 6.43
Q1 2022 18.80 18.80 7.20
Q2 2022 15.76 15.85 6.56
Q3 2022 13.40 13.47 5.68
Q4 2022 11.83 11.90 4.87
Q1 2023 12.41 12.58 4.76
Q2 2023 15.37 15.56 5.11
Q3 2023 17.82 17.97 5.48
Q4 2023 17.64 17.77 5.20
Q1 2024 17.02 16.97 4.90
Q2 2024 15.49 15.40 4.48
Q3 2024 16.00 15.86 4.40
Q4 2024 17.23 16.72 4.66
Q1 2025 16.76 16.27 4.39
Q2 2025 16.09 15.45 3.97
Q3 2025 16.31 15.58 3.97
Q4 2025 16.57 15.17 3.87
Q1 2026 17.80 16.26 4.33
Q2 2026 15.48 14.21 4.03
Q3 2026 13.61 13.42 3.73

Business Segments (Million Riyal)

Compared With The
Period upstream Downstream CorporateS Eliminations
Q1 2019 237,105.00 122,907.00 339.00 (62717.00)
Q2 2019 257,113.00 136,125.00 345.00 (71276.00)
Q3 2019 236,714.00 130,565.00 362.00 (62995.00)
Q4 2019 239,463.00 137,822.00 593.00 (65680.00)
Q1 2020 192,737.00 112,283.00 484.00 (55159.00)
Q2 2020 95,490.00 71,739.00 409.00 (28284.00)
Q3 2020 154,065.00 121,906.00 363.00 (47740.00)
Q4 2020 163,178.00 135,293.00 414.00 (55087.00)
Q1 2021 201,388.00 166,121.00 365.00 (67717.00)
Q2 2021 228,034.00 194,912.00 385.00 (73381.00)
Q3 2021 275,054.00 220,726.00 308.00 (90706.00)
Q4 2021 310,961.00 241,269.00 720.00 (106681.00)
Q1 2022 368,363.00 269,210.00 395.00 (121071.00)
Q2 2022 443,360.00 346,989.00 658.00 (142634.00)
Q3 2022 416,022.00 329,392.00 528.00 (132007.00)
Q4 2022 345,660.00 254,123.00 370.00 (112985.00)
Q1 2023 301,914.00 253,962.00 504.00 (96547.00)
Q2 2023 293,457.00 247,446.00 598.00 (93183.00)
Q3 2023 317,268.00 275,835.00 864.00 (105032.00)
Q4 2023 299,134.00 256,269.00 297.00 (96413.00)
Q1 2024 291,520.00 249,364.00 811.00 (103848.00)
Q2 2024 300,859.00 275,356.00 734.00 (106338.00)
Q3 2024 283,378.00 283,665.00 1,058.00 (103476.00)
Q1 2025 269,507.00 253,011.00 830.00 (93736.00)
Q2 2025 240,546.00 256,656.00 660.00 (90720.00)
Q3 2025 268,480.00 245,707.00 680.00 (96707.00)
Q4 2025 255,193.00 251,244.00 988.00 (91135.00)
Q1 2026 283,918.00 273,286.00 694.00 (90662.00)
Q2 2026 285,945.00 337,613.00 747.00 (102508.00)
Q3 2026 283,284.00 358,561.00 979.00 (115980.00)

Analysts Estimates (Million Riyal)

Item Profit (Expected) Profit (Actual) Change
Average 112,872.08 137,387.00

Estimates vs Actual (Million Riyal)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
Goldman Sachs 118,113.42 137,387.00 112,490.00
Citi Bank Group 114,948.46 137,387.00 112,490.00
UBS Saudi Arabia 114,092.46 137,387.00 112,490.00
AlJazira Capital 113,600.00 137,387.00 112,490.00
Bank of America 112,301.61 137,387.00 112,490.00
SNB Capital 112,000.50 137,387.00 112,490.00
JP Morgan 105,048.11 137,387.00 112,490.00

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