Aramco has delivered a powerful first-quarter performance for 2026.
The integrated energy giant posted adjusted net income of $33.6 billion as the company leaned on its vast infrastructure network and operational flexibility to withstand mounting geopolitical pressure across global energy markets.
The Saudi energy heavyweight reported cash flow from operating activities of $30.7 billion and free cash flow of $18.6 billion, despite a significant $15.8 billion working capital build during the quarter. Capital expenditures climbed to $12.1 billion as the company pushed ahead with long-term growth plans.
In a signal of confidence, Aramco’s board approved a Q1 base dividend of $21.9 billion — up 3.5% from a year earlier — with payment scheduled for the second quarter.
A major driver behind the strong quarter was the rapid expansion of throughput on Saudi Arabia’s East-West Pipeline, which hit its full capacity of 7.0 million barrels per day during the quarter. The pipeline became a crucial export route via the kingdom’s west coast as shipping disruptions and security concerns intensified around the Strait of Hormuz.
Aramco also pointed to its extensive domestic and international storage network as a key advantage, helping maintain supply continuity during a period of heightened market volatility.
The company’s gearing ratio rose to 4.8% as of March 31, 2026, compared with 3.8% at the end of 2025.
Commenting on the results, Aramco President & CEO Amin H. Nasser said: "Aramco’s first-quarter performance reflects strong resilience and operational flexibility in a complex geopolitical environment.
"Our East-West Pipeline, which reached its maximum capacity of 7.0 million barrels of oil per day, has proven itself to be a critical supply artery, helping to mitigate the impact of a global energy shock and providing relief to customers affected by shipping constraints in the Strait of Hormuz.
“Recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy, and are a stark reminder that reliable energy supply is critical.
“Despite these headwinds, Aramco remains focused on its strategic priorities and is leveraging both its domestic infrastructure and its global network to navigate disruption. Our people have also demonstrated immense professionalism, determination, and expertise, enabling us to continue to deliver for our customers and shareholders.”
