Saudi Arabian Oil Co

2222: XSAU (SAU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Aramco Earnings: Favorable Market Supports Earnings, but Cash Conversion Still Awaits

Allen Good , Andrea Burigana

Aug 4, 2026

Saudi Aramco reported second-quarter adjusted net income of $33.4 billion, up 33% year on year, as favorable market conditions offset lower hydrocarbon production. But free cash flow of $12.3 billion remained 20% below last year's levels, and gearing rose sequentially to 6.2%.

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Saudi Arabian Oil Co

Aramco Earnings: Favorable Market Supports Earnings, but Cash Conversion Still Awaits

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