Aramco earnings take a hit from softer prices and rising costs

Lower crude prices drag Aramco’s 4Q and FY 2025 earnings

Higher operating costs weighed on Saudi Aramco’s bottom line for 4Q 2025 — which fell 20.5% y-o-y to USD 17.8 bn, according to an earnings release (pdf). The firm’s revenue and other sales income slipped 2.9% y-o-y to USD 111 bn, driven by lower crude prices.

Lower crude, refined product, and chemicals prices knocked down Aramco’s net income for FY 2025 12.1% y-o-y to USD 93.4 bn, according to an earnings release (pdf). Revenue and other sales income fell 7.2% y-o-y to USD 445.7 bn, though higher sales volumes across refined and chemical products, gas, and crude oil, partly cushioned the decline.