Saudi Arabian Oil Company
Financial Performance
Saudi Aramco Revenue & Financials
Revenue
~$445.7B (FY2025)
Market Cap
$1.6T
Net Income
~$92.8B
Employees
76,664
What is Saudi Aramco's revenue?
Saudi Aramco had ~$445.7B in revenue for fiscal year 2025, down 7.2% from 2024. Net income was ~$92.8B.
- Latest revenue
- ~$445.7B (FY2025)
- Year-over-year
- -7.2%
- Growth rate (CAGR)
- 2.7% over 4 years
- Peak revenue
- ~$604.4B (FY2022)
- Years of data
- 5
- Employees
- 76,664
- How much profit does Saudi Aramco make?
- Saudi Aramco reported net income of ~$92.8B for fiscal year 2025. stockanalysis.com
- How many employees does Saudi Aramco have?
- Saudi Aramco has about 76,664 employees.
Financial Analysis
Aramco's earnings track oil prices and Saudi production policy. Net income was $161 billion in 2022, then fell to $106.2 billion in 2024 and $93.4 billion in 2025 as prices eased. The pattern reversed in 2026: with the Iran war disrupting Gulf supply, the average realized crude price reached $108.1 per barrel in Q2 2026, and adjusted net income rose 33% year on year to $33.4 billion. H1 2026 capital expenditure was $25.3 billion, free cash flow was $30.9 billion, and gearing stood at 6.2% at June 30, 2026. Saudi Aramco is the absolute largest oil producer in the world and the state-owned petroleum and natural gas company of Saudi Arabia, commanding a monumental market valuation exceeding $2 Trillion.
Revenue Trend Analysis
YoY Change
-7.2%
4-Year CAGR
+2.7%
Peak Year
2022
Trend
Declining Trend
Saudi Arabian Oil Company has 5 full fiscal year figures on this page, compounding at +2.7% annually over 4 years. The most recent year saw a 7.2% decline versus the prior year. Annual revenue peaked in fiscal year 2022 at ~$604.4B. Of 4 comparable year-over-year steps, 1 showed growth and 3 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | ~$445.7B | ~$92.8B | -7.2% | Saudi Arabian Oil Company (TADAWUL:2222) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2025-12-31. |
| FY2024 | ~$480.5B | ~$105.1B | -2.9% | Saudi Arabian Oil Company (TADAWUL:2222) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2024-12-31. |
| FY2023 | ~$495.1B | ~$120.7B | -18.1% | Saudi Arabian Oil Company (TADAWUL:2222) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2023-12-31. |
| FY2022 | ~$604.4B | ~$159.3B | +50.9% | Saudi Arabian Oil Company (TADAWUL:2222) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2022-12-31. |
| FY2021 | ~$400.5B | ~$105.4B | — | Saudi Arabian Oil Company (TADAWUL:2222) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2021-12-31. |
Click any row to see year details.
Keep researching Saudi Aramco
Saudi Aramco Revenue and Financial FAQ
What was Saudi Aramco's peak historical net income?
Saudi Aramco achieved an all-time peak net income of $161.1 billion in fiscal year 2022, driven by elevated post-pandemic crude prices, surging refining crack spreads, and disciplined operational cost management across its upstream network.
How much does Saudi Aramco pay in annual dividends to shareholders?
In 2023 and 2024, Saudi Aramco declared total dividend distributions exceeding $97 billion to $124 billion annually, making it by far the largest single dividend payer of any corporation in global financial markets.
What is Saudi Aramco's gearing ratio and debt profile?
Aramco maintains a conservative balance sheet with a net debt gearing ratio generally hovering between -5% and 5%. It holds investment-grade credit ratings from Moody's (A1) and Fitch (A+), constrained primarily by the sovereign credit rating of the Kingdom of Saudi Arabia.
How do upstream operating margins compare to downstream margins at Aramco?
Aramco's Upstream segment consistently delivers EBIT margins exceeding 50% to 65% depending on prevailing oil prices due to its negligible $3/bbl lifting costs. Downstream operates with narrower margins typical of refining and chemicals (5% to 15%), acting as a margin hedge when crude prices soften.
What is Saudi Aramco's total asset base valuation?
As of recent fiscal reporting, Saudi Aramco holds total assets exceeding $660 billion on its consolidated balance sheet, comprising massive property, plant, and equipment assets across offshore platforms, mega-refineries, pipeline networks, and storage terminals.
How much free cash flow does Saudi Aramco generate annually?
Saudi Aramco regularly generates between $85 billion and $148 billion in operating free cash flow annually, allowing the company to fully fund its $50B+ capex budget, pay monumental dividends, and retire outstanding debt maturities without external liquidity strain.
What percentage of Saudi Aramco is publicly traded on the stock market?
Approximately 2% of Saudi Aramco's shares are actively traded on the Tadawul exchange. In June 2024, the Saudi government executed a secondary public offering of 0.64% of Aramco's shares, raising $11.2 billion for the state treasury while retaining over 81% direct government control.
How does crude oil price volatility impact Aramco's net income?
Every $10 change in the realized price per barrel of Brent crude impacts Aramco's pre-tax operating income by approximately $12 billion to $15 billion annually, offset dynamically by the state's sliding-scale royalty regime which absorbs downside pain.
What is the role of performance-linked dividends introduced in 2023?
Introduced in mid-2023, performance-linked dividends represent 50% to 70% of Aramco's annual free cash flow after deducting baseline dividends and capital expenditure, directly sharing windfalls from high energy prices with public shareholders and the state.
How did the SABIC acquisition impact Aramco's consolidated balance sheet?
Acquiring 70% of SABIC for $69.1 billion added over $80 billion in total assets to Aramco's balance sheet, consolidated SABIC's global chemical revenue, and was financed through deferred promissory notes paid to the PIF through 2028.
What are Aramco's annual tax payments to the Saudi government?
Aramco contributes tens of billions annually in corporate income taxes and royalties to the Saudi Ministry of Finance. For instance, in 2022, Aramco's total tax and royalty contributions to the state budget exceeded $150 billion.
What is Aramco's Return on Average Capital Employed (ROACE)?
Aramco consistently achieves industry-leading ROACE, registering between 22% and 39% during favorable hydrocarbon cycles, outperforming western international oil companies (ExxonMobil, Chevron, Shell, TotalEnergies) by a wide margin.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Saudi Aramco Revenue & Financials." CorpDigest, https://corpdigest.com/company/saudi-aramco/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Saudi Aramco reported ~$445.7B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/saudi-aramco/financials" target="_blank" rel="noopener">CorpDigest — Saudi Aramco financials</a></div>Related Financial Audits
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