Aramco Q3 2025 results: Saudi energy giant beats estimates, revises gas production target

Saudi-owned oil and gas giant Aramco announced its Q3 results. In the results, in comparison to the same period last year, net income adjusted for one-time factors increased 0.8% to $28 billion in the third quarter, above analyst predictions. Additionally, free cash flow was higher than dividend payments.

Following a string of declining profits over the previous two years, the surprise figures indicate that some of the pressure on Aramco is abating. In order to combat subdued crude, the corporation has been increasing supply as part of the OPEC+ policy. With oil sales revenue and large dividend payments bolstering the kingdom's multitrillion-dollar economic reform plan, the largest oil exporter in the world is a vital component of Saudi Arabia's economy.

The company also revised its gas production target for 2030.  Production capacity growth target was revised upwards, from more than 60% to around 80% over 2021 production levels, resulting in anticipated total gas and associated liquids of approximately six million barrels of oil equivalent per day.

When we take a closer look at the Q3 numbers, Aramco's cash flow from operating activities stood at $36.1 billion compared to the previous year's $35.2 billion. The free cash flow rose to $23.6 billion, higher than Q3 2024's $22.0 billion. Furthermore, the gearing ratio dipped to 6.3% compared to 6.5% as of June 30, 2025

Aramco's board declared a Q3 2025 base dividend of $21.1 billion and a performance-linked dividend of $0.2 billion, to be paid in the fourth quarter.

The company also highlighted the completion of $11.1 billion Jafurah midstream deal, as it looks at expansion

Commenting on the results, Aramco President & CEO Amin H. Nasser 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.

Furthermore, Nasser 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 we now target sales gas production capacity growth of approximately 80% between 2021 and 2030, capitalising on advanced capabilities. Part of that is from our unconventional gas expansion at Jafurah, which attracted significant interest from global investors."

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