PIF's 2025 Net Profit More Than Doubles to $17B on $120B Revenue
Saudi Arabia's sovereign fund caps its 2021-2025 strategy with a 9% revenue gain and AUM above $900 billion.
PIF closed the 2025 financial year with revenue of $120 billion, up 9% from a year earlier. Net profit more than doubled, reaching $17 billion. The figures came in the annual report the Saudi sovereign wealth fund published Monday.
The earnings jump reflected stronger contributions from maturing portfolio companies, plus higher dividends and returns on financial investments. Declines in the valuation of certain assets dragged on results. PIF ended the year with more than $900 billion in assets under management. That follows $913 billion at the end of 2024 and compares with $530 billion in 2021. In 2015, the fund managed about $150 billion. Its AUM grew 19% year on year in 2024.
The report closes out PIF's 2021-2025 strategy. Over that stretch, the fund directed more than $199 billion into domestic investments, and those investments contributed more than $342 billion to Saudi Arabia's real non-oil GDP. PIF's annualized total shareholder return since 2017 stood at 5.8%. International investment grew 12% during 2025. The fund opened offices in Paris, Beijing, and Shanghai and formed partnerships with Goldman Sachs Asset Management, Macquarie Asset Management, and SACE.
The financial results matter beyond the fund's own books. PIF has moved from a $150 billion vehicle a decade ago to a $900 billion-plus investor, and its domestic spending over the past five years added hundreds of billions to Saudi non-oil output. That makes the next phase less about building scale and more about turning existing holdings into dependable returns.
PIF's board approved the 2026-2030 strategy in April. The new five-year period will center on building six interconnected domestic ecosystems, increasing private-sector participation, and unlocking the value of strategic assets to improve long-term financial returns. The fund said the framework emphasizes capital efficiency, value realization, and sustainable returns. It will keep investing in AI, energy transition, advanced manufacturing, and sports and entertainment.
Two new companies came out of the current period. PIF launched HUMAIN to operate and invest across the AI value chain, and Aramco took a significant minority stake in it during 2025. PIF kept majority ownership. The fund also set up Expo 2030 Riyadh Company, which will build and operate the facilities for Riyadh's Expo 2030.
Maram Aljohani, chief of staff and secretary general to the board, said the results reflected institutional excellence and disciplined governance, and she described the fund's accelerating evolution into a digital-native, AI-enabled investment institution. Yasir Alsalman, CFO and acting head of the global capital finance division, said the six ecosystems would drive value creation, portfolio maturity, and financial performance.
