Shell plc reported Q1 2026 adjusted earnings of $6.9 billion on May 7, 2026, more than doubling the $3.3 billion posted in Q4 2025. The company’s full-year 2025 adjusted earnings reached $18.5 billion on revenue of $266.89 billion. This post covers Shell statistics across revenue, earnings, cash flow, shareholder returns, production, and valuation through the most recently available quarter.
Shell Statistics in 2026 – TL;DR
Shell’s Q1 2026 EPS of $2.44 beat the $2.13 analyst estimate by 14.55%.
Full-year 2025 revenue was $266.89 billion, down 6.1% from $284.31 billion in 2024.
Shell returned $22.4 billion to shareholders in 2025 through $13.9 billion in buybacks and $8.5 billion in dividends.
The company agreed to acquire ARC Resources for approximately $13.6 billion, adding 370,000 barrels of oil equivalent per day to production.
Shell’s market capitalization stood at approximately $240.6 billion as of May 12, 2026.
How Much Revenue Does Shell Generate?
Shell reported $266.89 billion in revenue for full-year 2025, a 6.1% decline from $284.31 billion in 2024. The decline followed a broader trend of falling crude oil prices through most of 2025, with Brent averaging over $10 per barrel less than the prior year. Q1 2026 revenue came in at $69.7 billion, slightly above the prior quarter’s $64.09 billion.
| Year | Revenue | YoY Change |
|---|---|---|
| 2025 | $266.89B | -6.13% |
| 2024 | $284.31B | -10.20% |
| 2023 | $316.62B | -16.97% |
| 2022 | $381.31B | +45.82% |
| 2021 | $261.50B | +44.84% |
Source: Shell Annual Reports, Stockanalysis.com
What Are Shell’s Earnings and Profitability?
Shell’s full-year 2025 adjusted earnings totaled $18.5 billion, down from $23.7 billion in 2024. Income attributable to shareholders, the GAAP-basis figure, actually increased to $17.84 billion from $16.09 billion, largely because 2024 included $7.4 billion in identified items (write-offs and impairments) that dragged down reported earnings. Q1 2026 adjusted earnings jumped to $6.9 billion, driven by higher Brent prices averaging $81 per barrel and strong trading results.
| Metric | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Adjusted Earnings | $18.5B | $23.7B | -21.9% |
| Income Attr. to Shareholders | $17.84B | $16.09B | +10.8% |
| Q4 Adjusted Earnings | $3.3B | $3.66B | -9.8% |
| Q1 2026 Adjusted Earnings | $6.9B | — | — |
Source: Shell Q4 2025 & Q1 2026 SEC Filings
How Much Cash Does Shell Generate?
Operating cash flow for 2025 was $42.9 billion, down from $54.7 billion in 2024. Free cash flow reached $26.1 billion after $20.9 billion in capital expenditures. Q1 2026 operating cash flow came in at $6.1 billion, weighed down by an $11.2 billion working capital outflow linked to commodity price swings on inventory and receivables. Excluding that working capital impact, underlying cash generation remained at $17.2 billion for the quarter.
| Cash Flow Metric | FY 2025 | FY 2024 |
|---|---|---|
| Operating Cash Flow | $42.9B | $54.7B |
| Free Cash Flow | $26.1B | ~$26.0B |
| Cash Capital Expenditure | $20.9B | ~$21.5B |
| Q1 2026 CFFO | $6.1B | — |
| Q1 2026 Adj. EBITDA | $17.7B | — |
Source: Shell Q4 2025 and Q1 2026 Unaudited Results
Shell Shareholder Returns and Buybacks
Shell distributed $22.4 billion to shareholders in 2025, split between $13.9 billion in share repurchases and $8.5 billion in cash dividends. That payout amounted to roughly 52% of operating cash flow, at the top end of Shell’s 40-50% distribution target. The company completed its 17th consecutive quarter of $3 billion-plus buybacks in Q4 2025. In May 2026, Shell announced a new $3.0 billion buyback program alongside a 5% dividend increase to $0.3906 per share.
Shell Statistics By Quarter (2025)
Shell’s quarterly adjusted earnings ranged from $3.3 billion in Q4 2025 to $5.6 billion in Q1 2025. Cash flow from operations held steadier, with Q3 delivering the strongest quarter at $12.2 billion. The Q4 2025 decline reflected lower oil prices (Brent averaged $64/bbl in Q4), seasonally weaker marketing results, and non-cash tax adjustments in joint ventures.
| Quarter | Adj. Earnings | CFFO | Income Attr. to Shareholders |
|---|---|---|---|
| Q1 2025 | $5.6B | $9.3B | $4.8B |
| Q2 2025 | $5.3B | $12.0B | $5.0B |
| Q3 2025 | $4.3B | $12.2B | $3.9B |
| Q4 2025 | $3.3B | $9.4B | $4.1B |
| Q1 2026 | $6.9B | $6.1B | $5.7B |
Source: Shell Quarterly Results, SEC Filings (2025-2026)
What Is Shell’s Balance Sheet Position?
Net debt rose to $52.6 billion at the end of Q1 2026, up from $45.7 billion at year-end 2025. The increase reflected the large working capital outflow, a $3.2 billion non-cash increase in variable shipping lease liabilities, and ongoing buyback spending. Gearing climbed to 23.2% from 20.7%. Shell expects the working capital outflow to reverse in subsequent quarters as commodity prices stabilize.
| Balance Sheet Item | Q1 2026 | Q4 2025 |
|---|---|---|
| Net Debt | $52.6B | $45.7B |
| Gearing | 23.2% | 20.7% |
| Cash Capex (Quarter) | $6.0B | $6.0B |
| ROACE | 9.9% | 9.4% (FY2025) |
Source: Shell Q1 2026 Unaudited Results
Shell’s ARC Resources Acquisition
On April 29, 2026, Shell confirmed the acquisition of ARC Resources Ltd. for an equity value of approximately $13.6 billion, paid in a mix of cash and shares. The deal adds 370,000 barrels of oil equivalent per day of low-cost Canadian production. Shell expects this to push its compound annual production growth rate to 4% through 2030, up from 1% without the acquisition. Cash capital expenditure guidance for 2026 was revised to $24-26 billion, including roughly $4 billion related to the ARC deal. The transaction is expected to close in the second half of 2026.
Shell Workforce and Cost Reductions
Shell employed 84,000 people at year-end 2025, down from 96,000 in 2024. The reduction came through a combination of operational efficiency programs, divestments of the Nigeria onshore business, Canadian oil sands, and the Singapore chemicals and refinery complex. Structural cost reductions reached $5.1 billion since 2022, hitting the lower end of the $5-7 billion savings target three years ahead of the 2028 deadline. Nearly 60% of those savings came from operational efficiencies and a leaner corporate center.
Shell Stock and Valuation
Shell’s market capitalization was approximately $240.6 billion as of May 12, 2026. The stock trades on both the NYSE and London Stock Exchange under the ticker SHEL. Following the Q1 2026 earnings beat, shares dropped about 3.4% to $84.26, as investors focused on growing net debt and the temporary buyback pause pending ARC regulatory approval. Six analysts revised earnings estimates upward after the results, with full-year 2026 EPS projections reaching $5.07.
| Valuation Metric | Value |
|---|---|
| Market Cap (May 2026) | ~$240.6B |
| Q1 2026 EPS | $2.44 |
| PE Ratio (Trailing) | ~14.1x |
| Dividend Yield | ~3.4% |
| Dividend Per Share (Q1 2026) | $0.3906 |
Source: Stockanalysis.com, Shell Q1 2026 Results
FAQs
What was Shell’s revenue in 2025?
Shell reported full-year 2025 revenue of $266.89 billion, a 6.1% decrease from $284.31 billion in 2024, driven by lower average crude oil and LNG prices throughout the year.
How much did Shell earn in Q1 2026?
Shell posted Q1 2026 adjusted earnings of $6.9 billion and EPS of $2.44, beating the analyst consensus estimate of $2.13 by 14.55%. Brent averaged $81 per barrel during the quarter.
How much does Shell return to shareholders?
Shell returned $22.4 billion to shareholders in 2025, about 52% of operating cash flow, through $13.9 billion in buybacks and $8.5 billion in dividends. It has run 17 straight quarters of $3B+ buybacks.
How many employees does Shell have?
Shell had 84,000 employees at the end of 2025, down from 96,000 a year earlier, following divestments and cost-reduction programs that delivered $5.1 billion in structural savings since 2022.
What is Shell’s market cap in 2026?
Shell’s market capitalization was approximately $240.6 billion as of May 12, 2026. The stock trades on the NYSE and London Stock Exchange under the ticker SHEL.
Sources:
https://stockanalysis.com/stocks/shel/revenue
https://www.shell.com/investors/results-and-reporting/quarterly-results.html
