Financial Results : Saudi Aramco makes SAR 278.6B profit in 9M 2025, SAR 97.3B in Q3

Saudi Aramco makes SAR 278.6B profit in 9M 2025, SAR 97.3B in Q3

04/11/2025 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) reported a net profit of SAR 278.6 billion for the first nine months of 2025, a decline of 9.3% from SAR 307.1 billion in the year-ago period, driven by the impact of lower revenue and other income related to sales. This was partially offset by lower operating costs, lower income taxes and Zakat driven by decreased taxable income.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 1,373,083.00 1,254,914.00 (8.6 %)
Gross Income 746,449.00 701,415.00 (6.0 %)
Operating Income 604,837.40 560,619.60 (7.3 %)
Net Income 307,135.00 278,572.00 (9.3 %)
Average Shares 242,000.00 242,000.00 -
Earnings Per Share before unusual items (Halala) 128.37 118.69 (7.5 %)
EPS (Halala) 126.92 115.11 (9.3 %)

The oil giant also noted total adjustments of SAR 12.10 billion mainly related to impairments and write-downs, (gains) losses on sales, retirements and disposals, adjustments related to joint ventures and associates.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 464,625.00 418,160.00 (10.0 %)
Gross Income 243,373.00 249,199.00 2.4 %
Operating Income 196,211.00 198,865.00 1.4 %
Net Income 97,621.00 97,264.00 (0.4 %)
Average Shares 242,000.00 242,000.00 -
Earnings Per Share before unusual items (Halala) 41.74 42.40 1.6 %
EPS (Halala) 40.34 40.19 (0.4 %)

The third-quarter net profit slipped marginally to SAR 97.3 billion, from SAR 97.6 billion in Q3 2024, as revenues decreased driven by lower refined and chemical products prices as well as weaker crude oil prices and traded volumes.

 

Sequentially, the three-month bottom line grew 13.6% from SAR 85.6 billion in Q2 2025 on improved revenues.

 

Total shareholders’ equity, after minority interest, increased to SAR 1.49 trillion at the end of Sept. 30, 2025, from SAR 1.48 trillion in the year-earlier period.

 

Attached Document:
 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 287,510.00 - 193,232.00 - 174,917.00 -
Q2 2018 341,276.00 - 222,990.00 - 204,651.00 -
Q3 2018 363,374.00 - 240,041.00 - 217,347.00 -
Q4 2018 354,857.00 - 216,943.00 - 201,490.00 -
Q1 2019 297,634.00 3.5 % 187,277.00 (3.1 %) 166,621.00 (4.7 %)
Q2 2019 322,307.00 (5.6 %) 202,770.00 (9.1 %) 181,256.00 (11.4 %)
Q3 2019 304,646.00 (16.2 %) 185,810.00 (22.6 %) 165,196.00 (24.0 %)
Q4 2019 312,198.00 (12.0 %) 188,077.00 (13.3 %) 161,798.00 (19.7 %)
Q1 2020 250,345.00 (15.9 %) 151,436.00 (19.1 %) 129,732.00 (22.1 %)
Q2 2020 139,354.00 (56.8 %) 81,121.00 (60.0 %) 53,092.00 (70.7 %)
Q3 2020 228,594.00 (25.0 %) 129,379.00 (30.4 %) 96,046.00 (41.9 %)
Q4 2020 243,798.00 (21.9 %) 147,432.00 (21.6 %) 104,490.00 (35.4 %)
Q1 2021 300,157.00 19.9 % 185,432.00 22.4 % 151,887.00 17.1 %
Q2 2021 349,950.00 151.1 % 215,179.00 165.3 % 179,115.00 237.4 %
Q3 2021 405,382.00 77.3 % 248,234.00 91.9 % 212,806.00 121.6 %
Q4 2021 446,269.00 83.0 % 271,963.00 84.5 % 228,110.00 118.3 %
Q1 2022 516,897.00 72.2 % 319,172.00 72.1 % 277,705.00 82.8 %
Q2 2022 648,373.00 85.3 % 371,593.00 72.7 % 324,489.00 81.2 %
Q3 2022 613,935.00 51.4 % 343,282.00 38.3 % 300,234.00 41.1 %
Q4 2022 487,168.00 9.2 % 289,767.00 6.5 % 241,649.00 5.9 %
Q1 2023 459,833.00 (11.0 %) 260,337.00 (18.4 %) 222,328.00 (19.9 %)
Q2 2023 448,318.00 (30.9 %) 250,667.00 (32.5 %) 212,553.00 (34.5 %)
Q3 2023 488,935.00 (20.4 %) 287,643.00 (16.2 %) 236,716.30 (21.2 %)
Q4 2023 459,287.00 (5.7 %) 248,767.00 (14.1 %) 199,104.00 (17.6 %)
Q1 2024 437,847.00 (4.8 %) 248,740.00 (4.5 %) 202,304.20 (9.0 %)
Q2 2024 470,611.00 5.0 % 254,336.00 1.5 % 206,322.20 (2.9 %)
Q3 2024 464,625.00 (5.0 %) 243,373.00 (15.4 %) 196,211.00 (17.1 %)
Q4 2024 428,591.00 (6.7 %) 226,436.00 (9.0 %) 181,834.40 (8.7 %)
Q1 2025 429,612.00 (1.9 %) 234,253.00 (5.8 %) 191,121.60 (5.5 %)
Q2 2025 407,142.00 (13.5 %) 217,963.00 (14.3 %) 170,633.00 (17.3 %)
Q3 2025 418,160.00 (10.0 %) 249,199.00 2.4 % 198,865.00 1.4 %


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Halala)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 91,787.00 - 37.93 - 91,787.00 37.93
Q2 2018 106,574.00 - 44.04 - 106,574.00 44.04
Q3 2018 113,375.00 - 46.85 - 113,375.00 46.85
Q4 2018 104,460.00 - 43.17 - 104,460.00 43.17
Q1 2019 83,226.00 (9.3 %) 34.39 - 83,226.00 34.39
Q2 2019 92,791.00 (12.9 %) 38.34 - 92,791.00 38.34
Q3 2019 79,788.00 (29.6 %) 32.97 - 79,788.00 32.97
Q4 2019 75,011.00 (28.2 %) 31.00 - 75,011.00 31.00
Q1 2020 63,532.00 (23.7 %) 26.25 - 63,532.00 26.25
Q2 2020 25,370.00 (72.7 %) 10.48 - 25,370.00 10.48
Q3 2020 44,278.00 (44.5 %) 18.30 - 44,278.00 18.30
Q4 2020 51,746.00 (31.0 %) 21.38 - 51,746.00 21.38
Q1 2021 78,590.00 23.7 % 32.48 - 78,590.00 32.48
Q2 2021 90,902.00 258.3 % 37.56 - 90,902.00 37.56
Q3 2021 109,072.00 146.3 % 45.07 - 109,072.00 45.07
Q4 2021 116,639.00 125.4 % 48.20 - 116,639.00 48.20
Q1 2022 142,012.00 80.7 % 58.68 - 142,012.00 58.68
Q2 2022 173,795.00 91.2 % 71.82 3,064.00 170,731.00 70.55
Q3 2022 156,068.00 43.1 % 64.49 - 156,068.00 64.49
Q4 2022 125,340.00 7.5 % 51.79 464.00 124,876.00 51.60
Q1 2023 117,471.00 (17.3 %) 48.54 4,491.00 112,980.00 46.69
Q2 2023 108,881.00 (37.4 %) 44.99 1,141.00 107,740.00 44.52
Q3 2023 123,534.00 (20.8 %) 51.05 (2270.30) 125,804.30 51.99
Q4 2023 102,867.00 (17.9 %) 42.51 - 102,867.00 42.51
Q1 2024 103,356.00 (12.0 %) 42.71 (256.20) 103,612.20 42.81
Q2 2024 106,158.00 (2.5 %) 43.87 128.80 106,029.20 43.81
Q3 2024 97,621.00 (21.0 %) 40.34 (3396.00) 101,017.00 41.74
Q4 2024 86,756.00 (15.7 %) 35.85 (8523.40) 95,279.40 39.37
Q1 2025 95,676.00 (7.4 %) 39.54 239.40 95,436.60 39.44
Q2 2025 85,632.00 (19.3 %) 35.39 (3541.00) 89,173.00 36.85
Q3 2025 97,264.00 (0.4 %) 40.19 (5345.00) 102,609.00 42.40

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 64.83 % - 30.90 %
Q1 2019 63.90 % - 30.04 %
Q2 2019 63.30 % 60.72 % 29.43 %
Q3 2019 61.96 % 59.63 % 28.16 %
Q4 2019 61.77 % 58.63 % 26.75 %
Q1 2020 61.21 % 58.08 % 26.16 %
Q2 2020 60.25 % 56.37 % 24.21 %
Q3 2020 59.11 % 54.36 % 22.37 %
Q4 2020 59.09 % 53.31 % 21.45 %
Q1 2021 59.59 % 53.40 % 21.93 %
Q2 2021 60.35 % 55.00 % 23.65 %
Q3 2021 61.29 % 56.62 % 25.42 %
Q4 2021 61.32 % 57.10 % 26.32 %
Q1 2022 61.36 % 57.26 % 26.69 %
Q2 2022 60.04 % 56.02 % 26.70 %
Q3 2022 58.68 % 54.71 % 26.31 %
Q4 2022 58.41 % 54.52 % 26.20 %
Q1 2023 57.26 % 53.47 % 25.56 %
Q2 2023 56.94 % 53.29 % 24.97 %
Q3 2023 57.76 % 53.55 % 25.02 %
Q4 2023 56.42 % 52.13 % 24.21 %
Q1 2024 56.47 % 51.74 % 23.99 %
Q2 2024 55.99 % 50.92 % 23.61 %
Q3 2024 54.31 % 49.60 % 22.57 %
Q4 2024 54.00 % 48.75 % 22.53 %
2024 54.00 % 48.75 % 22.53 %
Q1 2025 53.44 % 48.32 % 22.18 %
Q2 2025 53.30 % 48.11 % 22.02 %
Q3 2025 55.11 % 49.59 % 22.72 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Earnings Per Share before unusual items (Halala) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 242,000.00 - - -
Q2 2018 242,000.00 - - -
Q3 2018 242,000.00 - - -
Q4 2018 242,000.00 171.98 171.98 4.20
Q1 2019 242,000.00 168.44 168.44 -
Q2 2019 242,000.00 162.75 162.75 4.19
Q3 2019 242,000.00 148.87 148.87 4.29
Q4 2019 242,000.00 136.70 136.70 4.28
Q1 2020 242,000.00 128.56 128.56 4.42
Q2 2020 242,000.00 100.70 100.70 4.24
Q3 2020 242,000.00 86.03 86.03 4.15
Q4 2020 242,000.00 76.42 76.42 4.09
Q1 2021 242,000.00 82.64 82.64 4.18
Q2 2021 242,000.00 109.72 109.72 4.25
Q3 2021 242,000.00 136.49 136.49 4.41
Q4 2021 242,000.00 163.31 163.31 4.60
Q1 2022 242,000.00 189.51 189.51 4.95
Q2 2022 242,000.00 223.77 222.50 5.38
Q3 2022 242,000.00 243.19 241.92 5.74
Q4 2022 242,000.00 246.78 245.33 5.99
Q1 2023 242,000.00 236.64 233.33 6.16
Q2 2023 242,000.00 209.82 207.30 6.32
Q3 2023 242,000.00 196.37 194.79 6.38
Q4 2023 242,000.00 187.09 185.70 6.34
Q1 2024 242,000.00 181.26 181.83 6.30
Q2 2024 242,000.00 180.13 181.12 6.23
Q3 2024 242,000.00 169.42 170.88 6.15
Q4 2024 242,000.00 162.76 167.74 6.03
Q1 2025 242,000.00 159.59 164.36 6.09
Q2 2025 242,000.00 151.11 157.40 6.13
Q3 2025 242,000.00 150.96 158.06 6.20

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 21.32 21.32 6.81
Q1 2020 19.39 19.39 5.64
Q2 2020 26.68 26.68 6.34
Q3 2020 34.50 34.50 7.15
Q4 2020 37.87 37.87 7.07
Q1 2021 36.02 36.02 7.13
Q2 2021 26.45 26.45 6.82
Q3 2021 21.81 21.81 6.74
Q4 2021 18.12 18.12 6.43
Q1 2022 18.80 18.80 7.20
Q2 2022 15.76 15.85 6.56
Q3 2022 13.40 13.47 5.68
Q4 2022 11.83 11.90 4.87
Q1 2023 12.41 12.58 4.76
Q2 2023 15.37 15.56 5.11
Q3 2023 17.82 17.97 5.48
Q4 2023 17.64 17.77 5.20
Q1 2024 17.02 16.97 4.90
Q2 2024 15.49 15.40 4.48
Q3 2024 16.00 15.86 4.40
Q4 2024 17.23 16.72 4.66
Q1 2025 16.76 16.27 4.39
Q2 2025 16.09 15.45 3.97
Q3 2025 16.31 15.58 3.97

Business Segments (Million)

Compared With The
Period upstream Downstream CorporateS Eliminations
Q1 2019 237,105.00 122,907.00 339.00 (62717.00)
Q2 2019 257,113.00 136,125.00 345.00 (71276.00)
Q3 2019 236,714.00 130,565.00 362.00 (62995.00)
Q4 2019 239,463.00 137,822.00 593.00 (65680.00)
Q1 2020 192,737.00 112,283.00 484.00 (55159.00)
Q2 2020 95,490.00 71,739.00 409.00 (28284.00)
Q3 2020 154,065.00 121,906.00 363.00 (47740.00)
Q4 2020 163,178.00 135,293.00 414.00 (55087.00)
Q1 2021 201,388.00 166,121.00 365.00 (67717.00)
Q2 2021 228,034.00 194,912.00 385.00 (73381.00)
Q3 2021 275,054.00 220,726.00 308.00 (90706.00)
Q4 2021 310,961.00 241,269.00 720.00 (106681.00)
Q1 2022 368,363.00 269,210.00 395.00 (121071.00)
Q2 2022 443,360.00 346,989.00 658.00 (142634.00)
Q3 2022 416,022.00 329,392.00 528.00 (132007.00)
Q4 2022 345,660.00 254,123.00 370.00 (112985.00)
Q1 2023 301,914.00 253,962.00 504.00 (96547.00)
Q2 2023 293,457.00 247,446.00 598.00 (93183.00)
Q3 2023 317,268.00 275,835.00 864.00 (105032.00)
Q4 2023 299,134.00 256,269.00 297.00 (96413.00)
Q1 2024 291,520.00 249,364.00 811.00 (103848.00)
Q2 2024 300,859.00 275,356.00 734.00 (106338.00)
Q3 2024 283,378.00 283,665.00 1,058.00 (103476.00)
Q1 2025 269,507.00 253,011.00 830.00 (93736.00)
Q2 2025 240,546.00 256,656.00 660.00 (90720.00)
Q3 2025 268,480.00 245,707.00 680.00 (96707.00)

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 96,854.54 97,264.00 102,609.00

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
Bank of America 97,567.50 97,264.00 102,609.00
Citi Bank Group 98,122.50 97,264.00 102,609.00
UBS Saudi Arabia 99,052.00 97,264.00 102,609.00
SNB Capital 99,326.00 97,264.00 102,609.00
AlJazira Capital 95,100.00 97,264.00 102,609.00
JP Morgan 99,813.75 97,264.00 102,609.00
United Securities Company 89,000.00 97,264.00 102,609.00


Financial Ratios
Current
Market Cap (M Riyal) 6,534,006.53
Enterprise Value (EV) (M Riyal) 6,774,706.53
Shares Outstanding ((M)) 242,000.00
EPS ( Riyal) (TTM) 1.44
Book Value (BV) ( Riyal) 6.17
Par Value -
Recurring P/E 17.18
P/E (TTM) 18.77
Price/book 4.38
Return on Average Assets (%) (TTM) 14.0
Return on Average Equity (%) (TTM) 23.6
EV/adj EBITDA 8.14
EV/Revenues 4.05
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Share Price

Saudi Arabian Oil Co.
27.00
0.14 0.52 %

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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