Saudi Aramco has reported net income of $28bn for the third quarter of 2025, compared to $27.7bn in the same period last year, as the company continues to demonstrate strong operational performance, financial resilience, and progress in its long-term growth strategy.
Cash flow from operating activities reached $36.1bn, up from $35.2bn in Q3 2024, while free cash flow increased to $23.6bn, compared to $22bn a year earlier.
The company’s gearing ratio stood at 6.3 per cent as of September 30, 2025, down from 6.5 per cent at the end of June.
The Aramco Board declared a Q3 2025 base dividend of $21.1bn and a performance-linked dividend of $200m, both to be paid in the fourth quarter.
Expanding gas capacity
Aramco announced it has raised its 2030 sales gas production capacity growth target to around 80 per cent above 2021 levels, up from the previous goal of more than 60 per cent.
The revised target reflects growing confidence in the company’s upstream capabilities and the expansion of unconventional gas resources.
The company said this will bring its total gas and associated liquids output to approximately six million barrels of oil equivalent per day by 2030.
The completion of the $11.1bn Jafurah midstream deal, Aramco added, demonstrates the “attractive value proposition” of its unconventional gas programme.
Strengthening downstream and AI strategy
Aramco also confirmed progress in its strategic downstream expansion through the initial investment and establishment of Fujian Sinopec Aramco Refining & Petrochemical Co. Ltd., a joint venture with Sinopec in China.
In parallel, the company is moving forward with plans to acquire a significant minority stake in HUMAIN, underscoring its growing focus on AI-driven digital infrastructure and innovation.
The announcement follows Aramco’s successful $3bn international Sukuk issuance, which the company said highlights investor confidence in its financial resilience and robust balance sheet.
“Strong performance and adaptability”
Amin Nasser, President and CEO of Aramco, said: “Aramco’s ability to adapt to new market realities has once again been demonstrated by our strong third quarter performance. We increased production with minimal incremental cost and reliably supplied the oil, gas and associated products our customers depend on, driving strong financial performance and quarterly earnings growth.”
He added: “We also continue to enhance our upstream capabilities, with major oil and gas projects either recently completed or due to come onstream soon.
“Today, we announce higher sales gas forecasts and target sales gas production capacity growth of approximately 80 per cent between 2021 and 2030, capitalizing on advanced capabilities.
“Part of that is from our unconventional gas expansion at Jafurah, which attracted significant interest from global investors.”
Nasser said Aramco remains focused on “value-accretive growth while meeting rising demand for energy”, adding that the company is leveraging AI solutions and digital transformation to unlock new commercial opportunities and improve efficiency across its operations.
Outlook
Aramco’s third-quarter results reinforce its strategy of integrating upstream, downstream, and digital investments to strengthen resilience and sustain growth.
The company’s continued progress in AI and unconventional gas development reflects its long-term focus on technological innovation, operational excellence, and global energy security.
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