ADNOC Gas (ADNOCGAS) financial statements: income, balance sheet and cash flow
ADX: ADNOCGAS · Energy · United Arab Emirates
In brief
ADNOC Gas (ADX: ADNOCGAS) reported revenue of USD 3.11 billion and net income of USD 665 million for Q2 2026, the quarter ended 30 Jun 2026, in its interim financial statements. At 30 Jun 2026 cash was USD 1.49 billion and total debt USD 400 million, so net cash was USD 1.09 billion by our calculation.
Key facts
ADNOC Gas (ADX: ADNOCGAS) · USD · fiscal year ends 31 December · figures from the company's financial statements; derived values are marked.
What the numbers show
ADNOC Gas's income statement for Q2 2026, the quarter ended 30 Jun 2026, shows revenue of USD 3.11 billion, down 33.2% on a year earlier. Operating income was USD 779 million and net income USD 665 million. That is a net margin of 21.4%, our calculation, against 29.7% in Q2 2025.
Revenue was USD 17.9 billion in FY2023 and USD 18.5 billion in FY2025, a compound annual growth rate of 1.7%, our calculation. Net income rose from USD 4.72 billion to USD 5.17 billion over the same years. ADNOC Gas plc was incorporated in December 2022, and FY2023, the period to 31 Dec 2023, is its first set of consolidated statements. Net finance costs, our sum of finance income and finance costs, were USD 72 million in FY2025, and accretion on the decommissioning provision makes up most of the finance costs.
On the balance sheet, total assets were USD 31.8 billion at 30 Jun 2026, against USD 32.5 billion at 31 Dec 2025. Property, plant and equipment, net, rose from USD 23.0 billion to USD 24.3 billion. Cash fell from USD 3.70 billion to USD 1.49 billion.
Current assets of USD 3.94 billion exceeded current liabilities of USD 3.60 billion at 30 Jun 2026. Total debt, which is the loans from ADNOC line, was USD 400 million. Net cash, our calculation, was therefore USD 1.09 billion, against USD 3.70 billion at 31 Dec 2025, when total debt was nil.
The cash flow statement for FY2025 shows cash from operations of USD 5.93 billion and capital expenditure of USD 2.89 billion. Free cash flow, our calculation, was USD 3.04 billion, against USD 4.02 billion in FY2024. Dividends paid were USD 4.39 billion in FY2025, more than free cash flow. Purchases of treasury shares were USD 1.06 billion in FY2025, gross, under a market maker arrangement; the cash flow statement also shows sales of treasury shares.
A half-year report gives cash flows year to date, so each cash flow quarter except Q1 is our derivation, marked D. Cash from operations was USD 1.43 billion in Q1 2026 and USD 32 million in Q2 2026. Diluted EPS was USD 0.067 per share in FY2025, against USD 0.065 per share in FY2024. ADNOC Gas stock fundamentals sets out the FY2023 reclassification marked R in the annual cells.
Income statement
ADNOC Gas quarterly revenue, Q3 2024 to Q2 2026
USD bn · quarters ended to
Annual
| USD m | FY2025ended | FY2024ended | FY2023ended | CAGRFY23–FY25 |
|---|---|---|---|---|
| Revenue | 18,509 | 19,065 | 17,905 | |
| Revenue YoY % | not available | not available | ||
| Operating income | 6,721 | 6,665 | 5,934 | |
| Operating margin % | 36.3% | 35.0% | 33.1% | not available |
| Net interest | −72 D | −53 D | −112 D | n/m |
| Pre-tax income | 6,649 | 6,612 | 5,822 | |
| Income tax | 1,483 D | 1,611 D | 1,102 D | |
| Net income | 5,166 | 5,001 | 4,720 | |
| Net margin % | 27.9% | 26.2% | 26.4% | not available |
| Per share | ||||
| Diluted EPS (USD) | 0.067 | 0.065 | 0.066 | |
| Diluted shares (m) | 76,738 | 76,751 | 71,748 | not available |
Source: ADNOC Gas financial statements
- D Net interest = interest income − interest expense, both from the same filing.
- D Combined from line items reported in the same filing (see Methodology).
- Not available
- Not meaningful
CAGR: compound annual growth rate from FY2023 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.
Totals may not add up because of rounding.
Arrows show direction of change only, not whether a change is good or bad.
Quarterly
| USD m | Q2 2026ended | Q1 2026ended | Q4 2025ended | Q3 2025ended | Q2 2025ended | Q1 2025ended | Q4 2024ended | Q3 2024ended |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,111 | 4,034 | 4,326 D | 4,856 | 4,657 | 4,670 | 4,771 D | 4,870 |
| Revenue YoY % | not available | not available | not available | |||||
| Operating income | 779 | 1,373 | 1,523 D | 1,740 | 1,765 | 1,693 | 1,750 D | 1,694 |
| Operating margin % | 25.0% | 34.0% | 35.2% | 35.8% | 37.9% | 36.2% | 36.7% | 34.8% |
| Net interest | −35 D | −35 D | −13 D | −25 D | −29 D | −6 D | −33 D | −12 D |
| Pre-tax income | 744 | 1,338 | 1,510 D | 1,716 | 1,736 | 1,687 | 1,718 D | 1,682 |
| Income tax | 79 D | 258 D | 337 D | 378 D | 351 D | 417 D | 337 D | 439 D |
| Net income | 665 | 1,079 | 1,173 D | 1,338 | 1,385 | 1,270 | 1,381 D | 1,243 |
| Net margin % | 21.4% | 26.8% | 27.1% | 27.5% | 29.7% | 27.2% | 28.9% | 25.5% |
| Per share | ||||||||
| Diluted EPS (USD) | 0.009 | 0.014 | not available | 0.017 | 0.018 | 0.017 | not available | 0.016 |
| Diluted shares (m) | 76,714 | 76,723 | not available | 76,731 | 75,525 | 76,750 | not available | 76,751 |
Source: ADNOC Gas financial statements
- D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- D Net interest = interest income − interest expense, both from the same filing.
- D Combined from line items reported in the same filing (see Methodology).
- Not available
Totals may not add up because of rounding.
Arrows show direction of change only, not whether a change is good or bad.
Balance sheet
Annual
| USD m | FY2025at | FY2024at | FY2023at |
|---|---|---|---|
| Cash and short-term investments | 3,702 | 4,531 | 3,329 |
| Receivables | 180 | 292 | 272 |
| Inventory | 279 | 198 | 182 |
| Total current assets | 6,490 | 6,694 | 5,856 R |
| PP&E (net) | 23,030 | 21,481 | 20,579 |
| Goodwill and intangibles | 164 | 110 | 104 |
| Total assets | 32,467 | 30,826 | 28,997 R |
Source: ADNOC Gas financial statements
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 6,270 m (approved ).
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 29,019 m (approved ).
Totals may not add up because of rounding.
| USD m | FY2025at | FY2024at | FY2023at |
|---|---|---|---|
| Current liabilities | 4,416 | 3,905 | 3,821 R |
| Total debt | 0 | 500 | 500 |
| Total liabilities | 7,763 | 6,860 | 6,705 R |
| Shareholders' equity | 24,704 | 23,965 | 22,292 |
| Net debt / (net cash) | −3,702 D | −4,031 D | −2,829 D |
Source: ADNOC Gas financial statements
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 3,844 m (approved ).
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 6,727 m (approved ).
- D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
Totals may not add up because of rounding.
Quarterly
| USD m | Q2 2026at | Q1 2026at | Q4 2025at | Q3 2025at | Q2 2025at | Q1 2025at | Q4 2024at | Q3 2024at |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | 1,485 | 4,213 | 3,702 | 3,433 | 4,005 | not available | 4,531 | not available |
| Receivables | 180 | 236 | 180 | 223 | 201 | not available | 292 | not available |
| Inventory | 282 | 286 | 279 | 262 | 241 | not available | 198 | not available |
| Total current assets | 3,943 | 6,612 | 6,490 | 6,477 | 6,345 | not available | 6,694 | not available |
| PP&E (net) | 24,277 | 23,710 | 23,030 | 21,745 | 21,289 | not available | 21,481 | not available |
| Goodwill and intangibles | 170 | 169 | 164 | 157 | 164 | not available | 110 | not available |
| Total assets | 31,789 | 33,385 | 32,467 | 31,153 | 30,447 | not available | 30,826 | not available |
Source: ADNOC Gas financial statements
- Not available
Totals may not add up because of rounding.
| USD m | Q2 2026at | Q1 2026at | Q4 2025at | Q3 2025at | Q2 2025at | Q1 2025at | Q4 2024at | Q3 2024at |
|---|---|---|---|---|---|---|---|---|
| Current liabilities | 3,598 | 4,206 | 4,416 | 3,647 | 2,542 | not available | 3,905 | not available |
| Total debt | 400 | not available | 0 | 250 | 250 | not available | 500 | not available |
| Total liabilities | 7,181 | 7,606 | 7,763 | 6,712 | 5,551 | not available | 6,860 | not available |
| Shareholders' equity | 24,608 | 25,779 | 24,704 | 24,442 | 24,896 | not available | 23,965 | not available |
| Net debt / (net cash) | −1,085 D | not available | −3,702 D | −3,183 D | −3,755 D | not available | −4,031 D | not available |
Source: ADNOC Gas financial statements
- D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Not available
Totals may not add up because of rounding.
Cash flow
ADNOC Gas quarterly free cash flow, Q3 2024 to Q2 2026
USD bn · quarters ended to
Annual
| USD m | FY2025ended | FY2024ended | FY2023ended |
|---|---|---|---|
| Cash from operations | 5,929 | 5,990 | 5,171 R |
| Capital expenditure | −2,892 | −1,968 | −636 R |
| Free cash flow | 3,037 D | 4,022 D | 4,535 R D |
| Dividends paid | −4,394 | −3,331 | −1,625 |
| Share buybacks | −1,064 1 | 0 1 | not available |
| Cash from investing | −1,781 | −1,405 | −625 R |
| Cash from financing | −4,977 | −3,383 | −1,217 |
Source: ADNOC Gas financial statements
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 4,680 m (approved ).
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD −657 m (approved ).
- D Free cash flow = cash from operations minus capital expenditure.
- R Uses FY2023 cash from operations as restated or reclassified in ADNOC Gas financial statements approved (USD 5,171 m; originally reported USD 4,680 m, approved ).
- R Uses FY2023 capital expenditure as restated or reclassified in ADNOC Gas financial statements approved (USD −636 m; originally reported USD −657 m, approved ).
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD −134 m (approved ).
- Not available
1 Gross purchases of treasury shares under a market maker arrangement; the cash flow statement shows the sales of treasury shares on a separate line.
Totals may not add up because of rounding.
Quarterly
| USD m | Q2 2026ended | Q1 2026ended | Q4 2025ended | Q3 2025ended | Q2 2025ended | Q1 2025ended | Q4 2024ended | Q3 2024ended |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 32 D | 1,428 | 1,275 D | 1,840 D | 1,550 D | 1,265 | 1,745 D | 1,388 D |
| Capital expenditure | not available | not available | −936 D | −569 D | not available | not available | −753 D | −381 D |
| Free cash flow | not available | not available | 339 D | 1,270 D | not available | not available | 993 D | 1,007 D |
| Dividends paid | not available | not available | −896 D | −1,792 D | not available | not available | 0 D | −1,706 D |
| Share buybacks | −94 D 1 | −303 1 | −473 D 1 | −295 D 1 | −245 D 1 | −50 1 | 0 D 1 | 0 D 1 |
| Cash from investing | −1,325 D | −893 | 143 D | −611 D | −869 D | −443 | −530 D | −203 D |
| Cash from financing | −1,436 D | −22 | −1,148 D | −1,801 D | −1,736 D | −292 | −8 D | −1,722 D |
Source: ADNOC Gas financial statements
- D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
- D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- D Free cash flow = cash from operations minus capital expenditure.
- Not available
1 Gross purchases of treasury shares under a market maker arrangement; the cash flow statement shows the sales of treasury shares on a separate line.
Totals may not add up because of rounding.
Per share and dividends
Notes on these figures
- R Restated or reclassified
- Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 6,270 m (approved ).
- Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 29,019 m (approved ).
- Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 3,844 m (approved ).
- Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 6,727 m (approved ).
- Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 4,680 m (approved ).
- Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD −657 m (approved ).
- Uses FY2023 cash from operations as restated or reclassified in ADNOC Gas financial statements approved (USD 5,171 m; originally reported USD 4,680 m, approved ).
- Uses FY2023 capital expenditure as restated or reclassified in ADNOC Gas financial statements approved (USD −636 m; originally reported USD −657 m, approved ).
- Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD −134 m (approved ).
- D Derived by StockFactsheet
- Net interest = interest income − interest expense, both from the same filing.
- Combined from line items reported in the same filing (see Methodology).
- Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Free cash flow = cash from operations minus capital expenditure.
- Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
- Template: standard statement set (not bank or insurer).
- Arrows show direction of change only, not whether a change is good or bad.
How we got these numbers
Every figure comes from ADNOC Gas's published financial statements. Derived values are marked D and explained below.
Full method for this page
- Source documents
- Interim and annual financial statements (FY2023 to Q2 2026)
- Period covered
- 8 quarters and 3 fiscal years
- Calculations
- TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. CAGR = compound annual growth across the annual table.
- Restatements
- FY2023 cash from operations, an input of the FY2023 ratio, was restated or reclassified in ADNOC Gas financial statements approved (originally USD 4,680 m). FY2023 capital expenditure, an input of the FY2023 ratio, was restated or reclassified in ADNOC Gas financial statements approved (originally USD −657 m). Restated or reclassified figures carry the R marker; its footnote gives the originally reported value.
- Comparator
- None: this page shows the company's own figures only.
- Currency
- As reported (USD); no FX conversion.
- Re-keying
- Figures keyed from the issuer's published statements (PDF) with our entry tool, then checked by code against the PDF's own text (the figure on its cited page, in the row with its printed label) and by our fact-check step. The column and the sign are recorded, and lists any mismatch for review.
CSV downloads
One file per statement, with the annual and quarterly figures on this page in full units.
Sources and data
Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).
(opens in new tab)- [1] Issuer statement ADNOC Gas interim financial statements, H1 2026
- [2] Issuer statement ADNOC Gas interim financial statements, Q1 2026
- [3] Issuer statement ADNOC Gas annual financial statements, FY2025
- [4] Issuer statement ADNOC Gas interim financial statements, M9 2025
- [5] Issuer statement ADNOC Gas interim financial statements, H1 2025
- [6] Issuer statement ADNOC Gas annual financial statements, FY2024
- [7] Our dataset Keyed from ADNOC Gas's Q2 2026 financial statements (PDF) and checked by code against the PDF's text; signed off on .
Cite this page
StockFactsheet (2026). "ADNOC Gas (ADNOCGAS) financial statements: income, balance sheet and cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/adnocgas-adx/financials/
For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer
Update history
- Published First published version.