Saudi Aramco Strong Beat Driven by Both Upstream and Downstream

Saudi Aramco reported a 1Q26 adjusted net income of $33.6bn, exceeding consensus estimates by 8% due to strong upstream and downstream results. The company maintained its capex guidance of $50-$55bn and declared a base dividend of $21.9bn.

Key Takeaways

• 1.Saudi Aramco's 1Q26 adjusted net income of US$33.6bn beat consensus by 8%, driven by performance in both upstream and downstream sectors.
• 2.The company generated strong free cash flow of US$34.4bn, supported by operating cash flow of US$46.5bn against capex of US$12.1bn.
• 3.To mitigate regional disruption, Aramco ramped its East-West Pipeline to a maximum capacity of 7.0 million barrels per day.

Table of Contents

• Results
• Dividends
• Guidance
• Aramco's comments on the current situation in the Middle East
• Valuation and risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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