Saudi Arabian Oil Company (2222) Q3 2025 earnings summary

Executive summary

• Adjusted net income for Q3 2025 was $28.0 billion, up 14% from Q2 and year-on-year, reflecting strong operating momentum and higher volumes sold at improved prices.

• Free cash flow reached $23.6 billion, up 55% quarter-on-quarter and 7% year-on-year, driven by higher upstream production and operational momentum.

• Major projects advanced, including the $11.1 billion Jafurah midstream deal, unconventional gas expansion, and downstream investments in China.

• Continued focus on technology and AI, with significant investments and partnerships such as HUMAIN to accelerate digital strategy.

• Board declared a Q3 2025 base dividend of $21.1 billion and a performance-linked dividend of $0.2 billion.

Financial highlights

• Adjusted net income: $28.0 billion (+14% q/q, +1% y/y).

• Free cash flow: $23.6 billion (+55% q/q, +7% y/y).

• Capital investments: $12.9 billion in Q3, totaling $38.4 billion for the first three quarters.

• Gearing ratio at 6.3% as of September 30, 2025.

• ROACE/ROACI at 18.4% for Q3 2025, about double peer average.

Outlook and guidance

• 2030 sales gas production capacity growth target raised to around 80% over 2021 levels, up from previous 60% guidance.

• 2025 capital investment guidance narrowed to $52–$55 billion.

• Incremental operating cash flow from gas program in 2030 projected at $12–$15 billion, up from prior $9–$10 billion.

• Downstream business expected to generate $8–$10 billion incremental operating cash flow by 2030.

• Record oil demand of at least 106 million bbl/day expected in 2025.