Saudi Aramco reported a 9% increase in adjusted net income for the third quarter of 2026, driven by stronger refining margins. The oil giant posted adjusted net income of $31.2 billion, surpassing analyst estimates of $30.66 billion. This marks a significant rise from $28.6 billion in the same period last year.
The company's downstream business, which refines crude oil into fuels and other products, saw a dramatic 234% increase in adjusted earnings before interest and taxes, reaching $10.3 billion. Aramco CEO Amin H. Nasser attributed the growth to geopolitical uncertainty and attacks on key energy facilities, which have intensified the global energy supply crisis.
Nasser highlighted Aramco's operational flexibility and supply network, which allowed the company to maintain energy deliveries despite disruptions. The company is also exploring additional overseas storage capacity and alternative export routes to bolster its global supply network.
Aramco generated $28.2 billion in free cash flow during the quarter, up from $23.6 billion a year earlier. The board declared a third-quarter base dividend of $21.9 billion, a 3.5% increase year over year, to be paid in the fourth quarter. The company also announced progress on major upstream projects and its acquisition of a 49% stake in Saudi artificial intelligence company HUMAIN.