Shell (SHEL) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for Shell.

Q4 2025

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Analyst Coverage

Research analysts who have asked questions during Shell earnings calls.

Biraj Borkhataria

Royal Bank of Canada

9 questions for SHEL

Also covers: BP, CVX, E +3 more

Christopher Kuplent

Bank of America

9 questions for SHEL

Also covers: BP, EQNR, TS +1 more

Lydia Rainforth

UBS

8 questions for SHEL

Also covers: BP, E, EQNR +1 more

Martijn Rats

Morgan Stanley

8 questions for SHEL

Also covers: BP, E, EQNR +1 more

Michele Della Vigna

Goldman Sachs

8 questions for SHEL

Also covers: BP, E, EQNR +2 more

Lucas Herrmann

BNP Paribas

7 questions for SHEL

Also covers: BP, CVX, TTE

Ryan Todd

Simmons Energy

7 questions for SHEL

Also covers: BP, COP, CVX +9 more

Alastair Syme

Citigroup

6 questions for SHEL

Also covers: BP, COP, CVX +4 more

Doug Leggate

Wolfe Research

6 questions for SHEL

Also covers: APA, AR, BP +23 more

Irene Himona

Sanford C. Bernstein

6 questions for SHEL

Also covers: BP, E, EQNR +1 more

Paul Cheng

Scotiabank

6 questions for SHEL

Also covers: APA, BP, CLNE +20 more

Peter Low

Redburn Atlantic

6 questions for SHEL

Also covers: , BP, E +3 more

Kim Fustier

HSBC

5 questions for SHEL

Also covers: BP, E, EQNR +1 more

Joshua Eliot Stone

UBS

4 questions for SHEL

Also covers: BP, E, OMVKY

Giacomo Romeo

Jefferies

3 questions for SHEL

Also covers: BP, E, EQNR +1 more

Henry Tarr

Berenberg

3 questions for SHEL

Also covers: , BP, E +2 more

Josh Stone

UBS

3 questions for SHEL

Also covers: BP

Matthew Lofting

JPMorgan

3 questions for SHEL

Also covers: BP, E, EQNR +2 more

Matt Lofting

JPMorgan Chase & Co.

3 questions for SHEL

Also covers: E, EQNR, TTE

Douglas George Blyth Leggate

Wolfe Research

2 questions for SHEL

Also covers: APA, BP, COP +18 more

Jason Gabelman

TD Cowen

2 questions for SHEL

Also covers: BP, CLMT, CLNE +19 more

Joshua Stone

UBS Group AG

2 questions for SHEL

Also covers: BP, E, OMVKY

Mark Wilson

Jefferies

2 questions for SHEL

Also covers: BP, FTI, KOS

Roger Read

Wells Fargo & Company

2 questions for SHEL

Also covers: APA, AR, BP +22 more

Alastair Roderick Syme

Citi

1 question for SHEL

Lydia Rose Emma Rainforth

Barclays

1 question for SHEL

Matthew Peter Charles Lofting

JPMorgan Chase & Co.

1 question for SHEL

Latest news

Recent press releases and 8-K filings for SHEL.

Shell Reports Q4 and Full Year 2025 Results, Exceeds Cost Reduction and LNG Sales Targets

SHEL

Earnings

Share Buyback

New Projects/Investments

Shell reported adjusted earnings of $3.3 billion for Q4 2025 and $18.5 billion for the full year 2025, with cash flow from operations (CFFO) of nearly $43 billion and free cash flow of over $26 billion for the full year.
The company achieved $5.1 billion in structural cost reductions by the end of 2025, reaching its $5-$7 billion target three years early, and ended 2025 within its $20-$22 billion cash CapEx range.
Shell announced a 4% increase in its dividend and a $3.5 billion share buyback program for Q1 2026, marking the 17th consecutive quarter of buybacks of $3 billion or more, and delivered shareholder distributions at the top end of its 40%-50% of CFFO target in 2025.
LNG sales grew by 11% in 2025, exceeding the 4%-5% per annum target through 2030, and the company started up over a quarter of its new oil and gas production target of 1 million barrels of oil equivalent per day by 2030.
The chemicals business continues to face challenges due to low margins, with management prioritizing its repositioning and identifying hundreds of millions in cost and CapEx reductions for 2026.

2 days ago

Transcript

Shell Announces Strong Full Year 2025 Results and Shareholder Returns

SHEL

Earnings

Share Buyback

Dividends

Shell reported full year 2025 adjusted earnings of $18.5 billion and cash flow from operations of close to $43 billion, with free cash flow just over $26 billion.
The company achieved $5.1 billion in structural cost reductions by the end of 2025, reaching the lower end of its $5 billion-$7 billion target by 2028 three years early.
Shell announced a 4% increase in its dividend and a $3.5 billion share buyback program for Q1 2026, marking the 17th consecutive quarter of $3 billion or more in buybacks.
LNG sales grew by 11% in 2025, exceeding the target of 4%-5% per annum through 2030, supported by the startup of LNG Canada and the acquisition of Pavilion Energy.
The company maintained a strong balance sheet with gearing at 21% (or 9% excluding leases) and ended 2025 within its disciplined cash CapEx range of $20 billion-$22 billion.

2 days ago

Transcript

Shell Reports Strong Q4 and Full-Year 2025 Results, Exceeding Cost Reduction Targets

SHEL

Earnings

Dividends

Share Buyback

Shell reported Q4 2025 adjusted earnings of $3.3 billion and full-year 2025 adjusted earnings of $18.5 billion, generating close to $43 billion in cash flow from operations and over $26 billion in free cash flow.
The company achieved $5.1 billion in structural cost reductions by the end of 2025, nearing its $5-$7 billion target by 2028 three years early. Cash CapEx for 2025 was within the $20-$22 billion range, which is maintained for 2026.
Shareholder distributions in 2025 were at the top end of the 40%-50% of CFFO range, supported by a 4% dividend increase and a new $3.5 billion share buyback program.
Key strategic moves in 2025 included the divestment of SPDC in Nigeria and a loss-making chemicals asset in Singapore, the acquisition of Pavilion Energy, and the startup of over a quarter of new oil and gas production targeting 1 million barrels of oil equivalent per day by 2030.

2 days ago

Transcript

Shell Announces Q4 2025 Interim Dividend and Share Buyback Program

SHEL

Dividends

Share Buyback

Shell plc declared a Q4 2025 interim dividend of US$0.372 per ordinary share and US$0.744 per ADS.
The ex-dividend date for ordinary shares is February 19, 2026, the record date is February 20, 2026, and the payment date is March 30, 2026.
The company also commenced a $3.5 billion share buyback programme, with an aggregate term of approximately three months, intended to reduce the issued share capital and be completed before the Q1 2026 results announcement.

2 days ago

6-K

Shell plc Announces Q4 and Full Year 2025 Results

SHEL

Earnings

Dividends

Share Buyback

Shell plc reported Income attributable to Shell plc shareholders of $4,134 million for Q4 2025 and $17,838 million for the full year 2025, an 11% increase compared to full year 2024. However, Adjusted Earnings for the full year 2025 decreased by 22% to $18,529 million.
Cash flow from operating activities for the full year 2025 was $42,863 million, a 22% decrease from 2024, with free cash flow at $26,052 million.
The company declared a dividend per share of $0.372 for Q4 2025 and completed $3.4 billion in share buybacks during the quarter, announcing a new $3.5 billion buyback program expected to be completed by the first quarter 2026 results announcement.
Net debt at the end of Q4 2025 increased to $45,687 million from $38,809 million at the end of 2024, resulting in a gearing of 20.7%.

2 days ago

6-K

Shell Reports Q4 Earnings and Full-Year Results

SHEL

Earnings

Dividends

Share Buyback

Shell reported adjusted fourth-quarter net income of $3.26 billion, an 11% year-on-year decrease, with full-year adjusted earnings at $18.5 billion.
The company maintained its $3.5 billion quarterly buyback and raised the dividend by approximately 4%, despite net debt and gearing rising to roughly 20.7%.
Management attributed the results to weaker crude prices, a poor oil-trading performance, losses in its chemicals business, and adverse tax adjustments.
Shell's Q4 earnings per share were $1.14 and quarterly revenue was $64.09 billion, down about 3.3% year-on-year.
The company's 2026 capital spending guidance remains unchanged at $20 billion to $22 billion.

2 days ago

Bloomberg

Shell plc Completes Share Buy-back Programme in January 2026

SHEL

Share Buyback

Shell plc purchased a total of 15,206,325 shares for cancellation across various venues in January 2026.
These share purchases were part of an existing buy-back programme that was announced on 30 October 2025 and concluded on 30 January 2026.
Merrill Lynch International independently managed the trading decisions for this buy-back programme.

5 days ago

6-K

Shell Considers Divesting Argentina Vaca Muerta Assets

SHEL

M&A

New Projects/Investments

Shell is weighing a partial or full sale of its stakes in Argentina’s Vaca Muerta shale play, with packages of assets that could fetch billions of dollars.
The company operates four majority-stake blocks in the Neuquén Basin, which produced approximately 15.6 million barrels in 2024.
This potential divestment follows a broader portfolio review and a decision not to progress with the initial phase of an Argentina LNG project.
Some of Shell’s producing assets in Vaca Muerta are commercially resilient, with a break-even point of about $50 per barrel of Brent.

Jan 23, 2026, 5:03 AM

Morningstar

Shell-backed Avnos Predicts Strong 2026 Hybrid DAC Demand

SHEL

New Projects/Investments

Guidance Update

Avnos, a company developing Hybrid Direct Air Capture (HDAC) systems, predicts strong demand for its technology in 2026, driven by AI data centers and industrial decarbonization.
Shell is a key partner, contributing to over $100 million in public and private funding for Avnos, and is providing project financing for Project Cedar, Avnos's first commercial-scale HDAC facility, which is expected to come online in late 2026.
Avnos's HDAC technology captures CO2 while producing clean water, utilizes low-grade waste heat, and reduces total energy use by more than 50% compared to heat-based DAC.
The market for durable carbon removal is accelerating, with purchases increasing from 8 million tons in 2024 to 25 million tons in 2025.

Jan 20, 2026, 4:00 PM

Press Release

Shell plc Provides Q4 2025 Outlook

SHEL

Guidance Update

Profit Warning

Shell plc released its Q4 2025 outlook, with final results scheduled for publication on February 5, 2026.
The Marketing segment's adjusted earnings are projected to be below Q4 2024 due to a non-cash deferred tax adjustment, and the Chemicals and Products segment's adjusted earnings are expected to be below break-even in Q4 2025, impacted by a significant loss in the Chemicals sub-segment.
Shell Group anticipates an ~$1.5 billion outflow in Cash Flow From Operations (CFFO) excluding working capital for emissions certificates and a ~$1.2 billion payment for German Mineral Oil Taxes within working capital movements in Q4 2025.