Saudi Aramco announced an increase in its adjusted net income to $33.6 billion in Q1 2026, compared to $26.6 billion in the same quarter of 2025, marking an approximately 26% year-on-year increase.

According to historical data, this performance represents the company’s first year-on-year profit increase since Q4 2022, following consecutive annual declines in net income from Q1 2023 through Q4 2025.

The figures indicate that the improvement in profits was driven by operational and exceptional factors related to the company’s ability to reroute exports and enhance continuity. However, the available data do not clarify the impact of oil prices, production levels, or refining and chemicals margins on the quarterly results.

The improvement came amid a more complex operational and geopolitical environment in the region, with the company indicating that the East-West Pipeline reached its maximum capacity of 7 million barrels of oil per day in Q1, supporting exports through Saudi Arabia’s western coast and helping mitigate the impact of shipping restrictions in the Strait of Hormuz.

Amin Hassan Nasser stated that the company’s performance in Q1 “reflects strong resilience and high operational capability amid a complex geopolitical environment,” adding that the East-West Pipeline “proved to be a vital supply artery” that helped mitigate the impact of the “global energy shock” and supported customers affected by shipping restrictions.

Saudi Aramco reported cash flows from operating activities of $30.7 billion in Q1, compared with $31.7 billion a year earlier. Free cash flow reached $18.6 billion, down from $19.2 billion in Q1 2025, influenced by a $15.8 billion increase in working capital.

The debt ratio rose to 4.8% as of March 31, 2026, compared to 3.8% at the end of 2025. Capital expenditures during the quarter amounted to $12.1 billion, which the company said supports its growth objectives.