Saudi Arabian Oil Company (2222) Q2 2025 earnings summary

Executive summary

• Adjusted net income for H1 2025 was $50.9 billion, with free cash flow at $34.4 billion, reflecting robust financial strength and resilience amid oil market volatility.

• Maintained 100% supply reliability and advanced major upstream and downstream projects, including Berri, Marjan, Zuluf, and Jafurah Gas Plant.

• Base dividend of $21.1 billion declared for Q2 2025, up 4.2% year-over-year, plus a $220 million performance-linked dividend.

• Continued global retail expansion and investment in renewables and digital innovation, including premium fuel launches in Chile and Pakistan.

• Signed agreements for new solar and wind projects, supporting sustainability goals and bringing renewable equity capacity to 7.4 GW.

Financial highlights

• Q2 2025 adjusted net income was $24.5 billion, with H1 2025 at $50.9 billion; free cash flow for Q2 was $15.2 billion, and $34.4 billion for H1.

• Q2 2025 revenue was $108.6 billion, H1 2025 revenue was $223.1 billion, both down year-over-year.

• Upstream adjusted EBIT reached $44.7 billion in Q2; Downstream adjusted EBIT was $2.6 billion, with downstream EBIT more than doubling sequentially due to improved refining margins.

• Capital investments totaled $12.4 billion in Q2 and $25.5 billion for H1 2025.

• Gearing ratio increased to 6.5% as of June 30, 2025, from 5.3% at March 31, 2025.

Outlook and guidance

• Full-year 2025 capital investment guidance is $52–$58 billion, with an update expected in Q3.

• Oil demand for H2 2025 expected to be over two million barrels per day higher than H1, with full-year demand at the higher end of analyst ranges.

• Long-term strategy remains focused on hydrocarbons, new energies, and digital innovation, with major projects and renewables advancing toward 2030 targets.