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What to expect from Aramco Q2 2026 financials
AI Summary
Content Summary: 
Argaam monitors analysts’ expectations for the second-quarter 2026 results of Saudi Arabian Oil Co. (Saudi Aramco), along with key performance and profitability indicators.
Aramco’s Q2 2026 revenue is forecast to decline 7.22% year-on-year (YoY) to SAR 377.75 billion.
Quarter Revenue Changes (M Riyal)
| Item | Q2 2025 |
Q3 2025 |
Q4 2025 |
Q1 2026 |
Q2 2026 (Average Estimate) |
|---|---|---|---|---|---|
| Sales | 407,142.00 | 418,160.00 | 416,290.00 | 467,236.00 | 377,750.00 |
| Change % | (13.49%) | (10.00%) | (2.87%) | 8.76% | (7.22%) |
| Income from Affiliate | (2,554.00) | (1,265.00) | (2,594.00) | 871.00 | NA |
| Change % | NA | NA | NA | NA | NA |
Quarter Net Income Changes (M Riyal)
| Item | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 (Average Estimate) |
|---|---|---|---|---|---|
| Net Income | 85,632.00 | 97,264.00 | 69,470.00 | 120,131.00 | 115,057.70 |
| Extraordinary income/expense | (3,466.00) | (5,345.00) | (23,539.00) | (2,936.00) | - |
| Net Profit Before Unusual Items | 89,098.00 | 102,609.00 | 93,009.00 | 123,067.00 | - |
| EPS Before Unusual Items (Riyal/Share) | 0.37 | 0.42 | 0.38 | 0.51 | 0.48 |
Key Events in Q2 2026
- The oil giant acquired all ownership interests in Tas’helat Marketing Co. (TMC), making it a wholly owned subsidiary.
- Saudi Aramco and Petroliam Nasional Berhad (PETRONAS) signed an agreement for the transfer of Aramco’s equity stakes in Pengerang Refining Company Sdn. Bhd. and Pengerang Petrochemical Company Sdn. Bhd. (collectively, “PRefChem”).
- The company announced the distribution of base dividends to shareholders for Q1 2026, totaling SAR 82.08 billion, at SAR 0.3393 per share.
- Saudi Aramco plans to release its Q2 2026 financial results on Aug. 4.
Average oil prices in Q2 2026 increased by 44.9% YoY and 24% quarter-on-quarter (QoQ), reaching $96.61 per barrel.
Average propane prices in Q2 2026 rose by 24% YoY and by 40% QoQ. Butane prices increased by 37% YoY and by 51% QoQ.
Oil production in May 2026 decreased by 28.5% YoY, and oil exports dropped by 44.6%. Oil consumption increased by around 4.7% YoY during the same month.
Quarterly Profit and Revenue (M Riyal)
Average Estimates
Saudi Aramco’s net profit is estimated to rise 29.1% to SAR 115.1 billion in Q2 2026, compared to Q2 2025 (before nonrecurring items and one-offs), according to the average estimates by eight research firms.
Quarterly Actuals vs Estimates (M Riyal)
Average Estimate (M Riyal)
| Analyst | Million Riyals |
|---|---|
| Citi Bank Group | 128,666.80 |
| AlJazira Capital Company | 119,600.00 |
| SNB Capital Company | 119,400.00 |
| JP Morgan | 118,250.20 |
| Goldman Sachs Group, Inc. | 118,006.00 |
| UBS Saudi Arabia Co. | 115,272.00 |
| Bank of America | 109,266.60 |
| United Securities Company | 92,000.00 |
| Average | 115,057.70 |
| Net Profit Before Unusual Items (2025 - Q2) | 89,098.00 |
| Change % | 29.14% |
Performance and profitability indicators
The following table shows the stock performance and P/E ratio as well as the earnings per share trailing 12 months (TTM) and year to date (YTD):
Stock Performance
| Item | The Company | TASI |
|---|---|---|
| YTD | 11.62 % | 2.60 % |
| Change(12M) | 9.29 % | (0.09 %) |
| Previous Close | 27.12 | 10,823.62 |
| Recurring P/E (x) | 16.11 | 18.16 |
| EPS (TTM) before unusual items (SAR/Share) | 1.69 | - |
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Valuation Data (Latest Share Price)
| P/E (TTM) | 15.76 |
| Recurring P/E (TTM) | 14.47 |
| P/BV | 4.10 |
| Dividend Yield | 5.59 % |
| Market Cap. (M) | 6,437,206.53 |
| Return on Average Assets | 15.86 % |
| Return on Average Equity | 26.75 % |
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