Shell plc (SHEL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.18	$3.52	+10.7%	—	$94.7B	—
Q1 26	$2.21	$2.44	+10.4%	—	$69.7B	—
Q4 25	$1.74	$1.86	+6.9%	—	—	—
Q3 25	$1.27	$1.44	+13.4%	—	—	—
Q2 25	$1.61	$1.84	+14.3%	—	—	—
Q1 25	$1.49	$1.2	-19.5%	—	—	—
Q4 24	$1.7	$1.92	+12.9%	—	—	—
Q3 24	$1.78	$1.98	+11.2%	—	—	—
Q2 24	$1.92	$2.4	+25.0%	—	—	—
Q1 24	$1.86	$2.22	+19.4%	—	—	—
Q4 23	$1.92	$1.86	-3.1%	—	—	—
Q3 23	$1.61	$1.5	-6.8%	—	—	—
Q2 23	$2.15	$2.76	+28.4%	—	—	—
Q1 23	$2.31	$2.6	+12.6%	—	—	—
Q4 22	$2.4	$2.6	+8.3%	—	—	—
Q3 22	$3	$3.08	+2.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.06	—	—	$266.9B	—
FY24	—	$5.1	—	—	$284.3B	—
FY23	—	$5.76	—	—	$316.6B	—
FY22	—	$11.5	—	—	$381.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$233.6B	$305.2B	$388.4B	$344.9B	$180.5B	$261.5B	$381.3B	$316.6B	$284.3B	$266.9B
YoY change	-11.8%	+30.6%	+27.3%	-11.2%	-47.7%	+44.8%	+45.8%	-17%	-10.2%	-6.13%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	233.6B	305.2B	388.4B	344.9B	180.5B	261.5B	381.3B	316.6B	284.3B	266.9B
Cost of revenue	216B	276.3B	343.5B	308.1B	193.5B	225.7B	302.5B	269.4B	238.4B	224.4B
Gross profit	17.6B	28.9B	44.9B	36.8B	-13B	35.8B	78.8B	47.2B	45.9B	42.5B
Gross margin	7.53%	9.46%	11.6%	10.7%	-7.2%	13.7%	20.7%	14.9%	16.2%	15.9%
Research & development	1B	922M	986M	962M	907M	815M	1.1B	1.3B	1.1B	1.2B
Selling, general & administrative	12.1B	10.5B	11.4B	10.5B	9.9B	11.3B	12.9B	13.4B	12.4B	12.6B
Operating expenses	15.2B	13.4B	13.7B	13.8B	12.5B	13.6B	15.7B	16.5B	15.9B	14.9B
Operating income	2.4B	15.5B	31.2B	22.9B	-25.5B	22.3B	63.1B	30.7B	30B	27.6B
Operating margin	1.01%	5.07%	8.03%	6.65%	-14.1%	8.52%	16.6%	9.71%	10.5%	10.3%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	5.6B	18.1B	35.6B	25.5B	-27B	29.8B	64.8B	32.6B	29.9B	29.8B
Income tax	829M	4.7B	11.7B	9.1B	-5.4B	9.2B	21.9B	13B	13.4B	11.6B
Net income	4.8B	13.4B	23.9B	16.4B	-21.5B	20.6B	42.9B	19.6B	16.5B	18.1B
Net margin	2.05%	4.4%	6.16%	4.76%	-11.9%	7.89%	11.2%	6.2%	5.81%	6.79%
EBITDA	32B	46.8B	58.2B	56.4B	29.3B	54.4B	84.8B	68.3B	61.9B	53.4B
EPS	1.16	3.16	5.64	3.94	-5.56	5.18	11.5	5.76	5.1	6.06
Diluted EPS	1.16	3.12	5.6	3.9	-5.56	5.14	11.4	5.7	5.06	6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	76.3B	78.7B	72.5B	74.5B	71.1B	66.3B	69.2B	65.4B	68.2B	64.1B	69.7B	94.7B
Cost of revenue	61.2B	72.8B	58.3B	62.6B	59.9B	59.4B	56.5B	55.7B	56.6B	56.8B	56.3B	76.2B
Gross profit	15.1B	6B	14.1B	11.9B	11.1B	6.8B	12.7B	9.7B	11.6B	7.3B	13.4B	18.5B
Gross margin	19.8%	7.57%	19.5%	16%	15.7%	10.3%	18.4%	14.9%	17%	11.4%	19.3%	19.5%
Research & development	267M	470M	212M	263M	294M	331M	185M	278M	409M	298M	167M	277M
Selling, general & administrative	3.4B	3.6B	3B	3.1B	3.1B	3.2B	2.8B	3.1B	3.3B	3.4B	2.8B	2.9B
Operating expenses	4.2B	4.6B	3.9B	3.9B	3.7B	4.4B	3.2B	3.7B	3.8B	4.1B	3.1B	3.3B
Operating income	11B	1.4B	10.2B	8B	7.4B	2.4B	9.5B	6B	7.7B	3.2B	10.4B	15.2B
Operating margin	14.3%	1.78%	14.1%	10.8%	10.4%	3.64%	13.7%	9.19%	11.3%	4.93%	14.9%	16%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	11.3B	1.6B	11B	7.4B	7.3B	4.2B	9B	6B	7.9B	6.9B	9.3B	15.8B
Income tax	4.1B	1.1B	3.6B	3.8B	2.9B	3.2B	4.1B	2.3B	2.5B	2.7B	3.6B	4.9B
Net income	7.2B	534M	7.4B	3.6B	4.4B	1B	4.9B	3.6B	5.4B	4.2B	5.8B	10.8B
Net margin	9.4%	0.68%	10.3%	4.9%	6.18%	1.57%	7.04%	5.57%	7.95%	6.52%	8.26%	11.4%
EBITDA	18.4B	16.7B	18.3B	14.1B	14.5B	9.1B	15.6B	12.4B	14.7B	9.4B	16.5B	21.8B
EPS	2.12	0.14	2.28	1.1	1.38	0.3	1.58	1.22	1.82	1.44	2.02	3.88
Diluted EPS	2.1	0.14	2.26	1.1	1.36	0.3	1.58	1.2	1.8	1.42	2	3.84

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	274.3B	241.3B	237.6B	137B	168.4B	209.2B	221.5B	197.3B	216.4B	275.2B
Enterprise value	—	339.6B	291.4B	316.4B	213.2B	220.7B	252.9B	264.3B	236.6B	262.4B	311.4B
Shares outstanding	3.9B	4.1B	4.1B	4B	3.9B	3.9B	3.7B	3.4B	3.1B	2.9B	2.9B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	20.4	10.1	14.5	—	8.16	4.88	11.3	11.9	11.9	10.7
P/S	—	0.9	0.62	0.69	0.76	0.64	0.55	0.7	0.69	0.81	0.93
P/B	—	1.39	1.19	1.25	0.86	0.96	1.09	1.18	1.1	1.23	1.49
EV/EBITDA	—	7.26	5	5.61	7.28	4.06	2.98	3.87	3.82	4.91	5.41
EV/Sales	—	1.11	0.75	0.92	1.18	0.84	0.66	0.83	0.83	0.98	1.05
Earnings yield	—	4.9%	9.91%	6.91%	—	12.2%	20.5%	8.86%	8.37%	8.37%	9.37%
FCF yield	—	5.4%	12.5%	8.08%	12.8%	15.5%	21.9%	14.1%	17.8%	11.1%	7.8%
PEG	—	—	—	—	—	—	—	—	—	—	0.05

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	7.53%	9.46%	11.6%	10.7%	-7.2%	13.7%	20.7%	14.9%	16.2%	15.9%	19.5%
Operating margin	1.01%	5.07%	8.03%	6.65%	-14.1%	8.52%	16.6%	9.71%	10.5%	10.3%	16.7%
Net margin	2.05%	4.4%	6.16%	4.76%	-11.9%	7.89%	11.2%	6.2%	5.81%	6.79%	8.76%
ROE	2.53%	6.79%	11.8%	8.63%	-13.6%	11.8%	22.3%	10.4%	9.17%	10.3%	14.3%
ROA	1.16%	3.3%	5.99%	4.06%	-5.68%	5.1%	9.68%	4.83%	4.26%	4.89%	6.4%
ROIC	0.77%	4.36%	8.29%	5.49%	-10.9%	6.77%	17.7%	8%	7.55%	7.59%	10.7%
Return on tangible assets	1.31%	3.75%	6.79%	4.6%	-6.45%	5.81%	10.9%	5.57%	4.91%	5.72%	7.94%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.17	1.2	1.25	1.16	1.25	1.35	1.37	1.4	1.35	1.3	1.44
Quick ratio	0.88	0.88	0.98	0.86	0.98	1.08	1.1	1.13	1.1	1.03	1.12
Debt / equity	0.49	0.43	0.38	0.51	0.68	0.51	0.44	0.43	0.43	0.43	0.4
Debt / assets	0.22	0.21	0.19	0.24	0.28	0.22	0.19	0.2	0.2	0.2	0.19
Net debt / EBITDA	2.29	1.4	0.86	1.4	2.6	0.96	0.52	0.63	0.63	0.86	0.67
Interest coverage	2.6	5.62	11	6.59	-5.65	9.27	20.9	8.05	7.16	7.28	8.77
Effective tax rate	14.8%	25.9%	32.9%	35.5%	0%	30.8%	33.9%	39.8%	44.8%	39.1%	34.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	59.6	74.2	93.8	85.6	46.3	67.4	103.8	94	90.3	90.6	104
EPS (basic)	1.16	3.16	5.64	3.94	-5.56	5.18	11.5	5.76	5.1	6.06	6.06
EPS (diluted)	1.16	3.12	5.6	3.9	-5.56	5.14	11.4	5.7	5.06	6	9.04
Book value per share	48.1	48.1	48.9	47.3	40.7	45.2	52.4	55.9	57.2	59.5	64.9
FCF per share	-0.38	3.6	7.26	4.77	4.49	6.73	12.5	9.27	11.1	8.12	11.2
Cash per share	4.88	4.94	6.46	4.37	8.15	9.5	10.9	11.5	12	10.1	11.3
Capex per share	0.53	2.14	1.05	1.19	0.64	3.67	0.39	0.76	0.51	6.43	6.24

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.89%	2.89%	1.12%	1.39%	1.38%	5.44%	0.38%	0.81%	0.57%	7.1%	5.93%
Capex / operating cash flow	-46.4%	79.5%	10.2%	19.3%	-29.5%	246.8%	2.72%	4.87%	3.96%	44.2%	35.8%
Payout ratio	202.6%	81%	65.6%	92.5%	-34.5%	30.3%	17.3%	42.7%	52.5%	46.8%	32.7%
Dividend yield	—	3.97%	6.5%	6.4%	5.42%	3.71%	3.54%	3.79%	4.39%	3.91%	3.24%

Yield

3.24%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.7812

ex-dividend Aug 14, 2026

Payout ratio

33%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$0.7812
May 22, 2026	$0.7812
Feb 20, 2026	$0.744

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$76.3B	$78.7B	$72.5B	$74.5B	$71.1B	$66.3B	$69.2B	$65.4B	$68.2B	$64.1B	$69.7B	$94.7B
YoY change	-20.3%	-22.3%	-16.7%	-0.15%	-6.89%	-15.8%	-4.48%	-12.2%	-4.13%	-3.3%	+0.66%	+44.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	19.1B	20.3B	26.7B	17.6B	31.8B	36.9B	40.1B	38.8B	37.8B	29.6B
Receivables	25.8B	30.7B	27.5B	30.2B	21.8B	34.7B	39.3B	36.3B	31B	30B
Inventory	21.8B	25.2B	21.1B	24.1B	19.5B	25.3B	31.9B	26B	23.4B	22.2B
Total current assets	86.6B	95.4B	97.5B	92.7B	92B	128.8B	165.9B	134.1B	127.9B	107.2B
Property, plant & equipment	236.1B	226.4B	223.2B	238.3B	209.7B	194.9B	198.6B	194.8B	185.2B	185.1B
Goodwill & intangibles	47.9B	48.4B	47.2B	47B	45.4B	49.4B	51.4B	53.8B	51B	53.3B
Total assets	411.3B	407.1B	399.2B	404.3B	379.3B	404.4B	443B	406.3B	387.6B	370.4B
Accounts payable	28.1B	33.2B	30.4B	29.5B	22.7B	34.1B	42.6B	34.6B	29.8B	28.1B
Short-term debt	9.5B	11.8B	10.1B	15.1B	16.9B	8.2B	9B	9.9B	11.6B	9.1B
Total current liabilities	73.8B	79.8B	77.8B	79.6B	73.7B	95.5B	121.3B	95.5B	95B	82.4B
Long-term debt	83B	73.9B	66.7B	81.4B	91.1B	80.9B	74.8B	71.6B	65.4B	66.5B
Total liabilities	222.8B	209.3B	196.7B	213.9B	220.7B	229.1B	250.4B	217.9B	207.4B	195B
Shareholders' equity	188.5B	197.8B	202.5B	190.5B	158.5B	175.3B	192.6B	188.4B	180.2B	175.3B
Total debt	92.5B	85.7B	76.8B	96.4B	108B	89.1B	83.8B	81.5B	77.1B	75.6B
Net debt	73.3B	65.4B	50.1B	78.8B	76.2B	52.2B	43.7B	42.8B	39.2B	46B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	43B	38.8B	39.9B	38.1B	42.3B	37.8B	35.6B	32.7B	33.1B	29.6B	23.1B	31.4B
Receivables	52.1B	36.3B	53.2B	50.6B	46.8B	31B	48.2B	45.6B	45.3B	30B	53.9B	52.9B
Inventory	30.2B	26B	26.5B	26.4B	24.1B	23.4B	23B	23.3B	22.9B	22.2B	28.7B	26.6B
Total current assets	141.3B	134.1B	133.1B	128.6B	125.6B	127.9B	126.7B	121.6B	121.2B	107.2B	119.2B	122.8B
Property, plant & equipment	—	194.8B	—	—	—	185.2B	—	—	—	185.1B	—	—
Goodwill & intangibles	51.3B	53.8B	53.1B	51.9B	49.6B	51B	54.9B	55.3B	51.2B	53.3B	52.1B	50.8B
Total assets	413.5B	406.3B	402B	394.8B	394.9B	387.6B	389.2B	387.9B	377.7B	370.4B	380.6B	380.5B
Accounts payable	67.2B	34.6B	66B	63.9B	61.1B	29.8B	60.9B	58.4B	56.8B	28.1B	64.3B	60.7B
Short-term debt	10.1B	9.9B	11B	10.8B	12B	11.6B	11.4B	10.5B	10B	9.1B	10.1B	8.5B
Total current liabilities	95.1B	95.5B	93.9B	91.5B	89.6B	95B	96.1B	92B	89.6B	82.4B	93.5B	85.6B
Long-term debt	72B	71.6B	68.9B	64.6B	64.6B	65.4B	65.1B	65.2B	64B	66.5B	65.6B	64.5B
Total liabilities	220.6B	217.9B	213.7B	207.6B	205.4B	207.4B	208.6B	204.8B	199.9B	195B	206B	198.7B
Shareholders' equity	192.9B	188.4B	188.3B	187.2B	189.5B	180.2B	180.7B	183.1B	177.8B	175.3B	174.6B	181.8B
Total debt	82.1B	81.5B	79.9B	75.5B	76.6B	77.1B	76.5B	75.7B	74B	75.6B	75.6B	73.1B
Net debt	39.1B	42.8B	40B	37.3B	34.4B	39.2B	40.9B	43B	40.9B	46B	52.5B	41.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	4.8B	18.1B	35.6B	25.5B	-27B	29.8B	64.8B	32.6B	29.9B	29.8B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-11.4B	-8.6B	5B	-3.6B	14.1B	-27.9B	-17.3B	18.7B	7.9B	4.2B
Operating cash flow	-4.5B	11.1B	43B	24.9B	-8.4B	5.8B	52.6B	52.7B	40.9B	42.9B
Capital expenditure	2.1B	8.8B	4.4B	4.8B	2.5B	14.2B	1.4B	2.6B	1.6B	-18.9B
Investing cash flow	-9.3B	12.1B	8.5B	6.3B	2.8B	13.8B	-754M	3.1B	2B	-19.9B
Dividends paid	-9.7B	-10.9B	-15.7B	-15.2B	-7.4B	-6.3B	-7.4B	-8.4B	-8.7B	-8.5B
Share repurchases	-160M	-717M	-5.1B	-11.4B	-2.1B	-3.2B	-19B	-15.5B	-13.9B	-13.9B
Financing cash flow	2B	-24B	-28.8B	-30B	-2.8B	-30.3B	-38.1B	-33B	-33.6B	-31.6B
Net change in cash	-11.8B	-834M	22.7B	1.2B	-8.5B	-10.7B	13.8B	22.8B	9.4B	-8.6B
Free cash flow	-1.5B	14.8B	30.1B	19.2B	17.5B	26.1B	45.8B	31.2B	35.1B	23.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	11.3B	1.6B	11B	7.4B	7.3B	4.2B	9B	6B	7.9B	6.9B	9.3B	15.8B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-4.3B	3.4B	-803M	1B	6.8B	881M	-1.8B	3.6B	921M	1.4B	-17.1B	5.3B
Operating cash flow	7.7B	4.3B	10.7B	10.7B	14.8B	4.6B	7.9B	11.9B	12.2B	9.4B	6.1B	21.4B
Capital expenditure	184M	541M	323M	710M	94M	493M	559M	-5.4B	-4.6B	-5.2B	-3.8B	-4B
Investing cash flow	-154M	737M	-125M	459M	240M	1.5B	-719M	-5.9B	-3.5B	-5.6B	-3.8B	-4.6B
Dividends paid	-2.2B	-2.2B	-2.2B	-2.2B	-2.2B	-2.1B	-2.2B	-2.1B	-2.1B	-2.1B	-2.1B	-2.2B
Share repurchases	-2.8B	-4.7B	-3.3B	-4B	-3.5B	-3.6B	-3.3B	-3.5B	-3.6B	-3.4B	-3.2B	-3B
Financing cash flow	-8B	-10.2B	-7.3B	-10.5B	-6.4B	-9.5B	-8.3B	-8.9B	-8.6B	-5.8B	-8.8B	-8B
Net change in cash	-542M	-5.1B	3.3B	711M	8.7B	-3.3B	-1B	-2.8B	116M	-1.9B	-6.5B	8.8B
Free cash flow	7.1B	5.6B	9.3B	9.1B	10B	6.7B	5.5B	6.5B	7.7B	4.2B	2.3B	17.4B

Shell plc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history