SHEL Q2 2025 Earnings
Reported Jul 31, 2025 at 6:19 AM ET · SEC Source
Q2 25 EPS
$0.72
MISS 43.14%
Est. $1.27
Q2 25 Revenue
$65.41B
MISS 1.21%
Est. $66.21B
vs S&P Since Q2 25
-6.2%
TRAILING MARKET
SHEL +9.2% vs S&P +15.3%
Market Reaction
Did SHEL Beat Earnings? Q2 2025 Results
Shell plc delivered a disappointing second quarter, with adjusted earnings per share of $0.72 falling sharply short of the $1.27 consensus estimate, a miss of 43.14%, as softer commodity prices and weak trading margins dragged results well below expe… Read more Shell plc delivered a disappointing second quarter, with adjusted earnings per share of $0.72 falling sharply short of the $1.27 consensus estimate, a miss of 43.14%, as softer commodity prices and weak trading margins dragged results well below expectations. Revenue came in at $65.41 billion, edging past estimates by just enough to underline the scale of the year-on-year decline, with sales slipping 12.2% compared to the same period a year ago. The primary culprit was a combination of lower realised liquids and gas prices alongside deteriorating chemicals and refining margins, which pushed the Chemicals and Products segment to a loss of $174.00 million for the quarter. Income attributable to shareholders fell 25% sequentially to $3.60 billion, while Adjusted EBITDA dropped 13% to $13.31 billion. Despite the headline weakness, operating cash flow reached $11.94 billion and Shell announced a fresh $3.50 billion buyback programme. Looking ahead, the company guided Q3 Upstream production of 1,700 to 1,900 thousand boe/d, while a pension-related OCI charge of approximately $4.65 billion looms for the coming quarter.
Key Takeaways
- • Lower trading and optimisation margins across Integrated Gas and Chemicals and Products
- • Lower realised liquids and gas prices in Upstream and Integrated Gas
- • Higher Marketing margins driven by improved Mobility unit margins and seasonal volume increases
- • Lower operating expenses across segments contributing to $3.9 billion cumulative structural cost reductions since 2022
- • Refinery utilisation improved to 94% from 85% in Q1 due to lower maintenance
- • Chemicals manufacturing plant utilisation declined to 72% from 81% due to higher maintenance
SHEL YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
SHEL Revenue by Segment
With YoY comparisons, source: SEC Filings
SHEL Earnings Trends
SHEL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SHEL EPS Trend
Earnings per share: estimate vs actual
SHEL Revenue Trend
Quarterly revenue: estimate vs actual
SHEL Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $2.21 | $1.22 | -44.91% | $69.69B | -13.27% |
| Q4 25 MISS FY | $1.29 | $0.57 | -55.91% | $64.09B | -2.62% |
| FY Full Year | — | $3.15 | — | $266.89B | — |
| Q3 25 MISS | $1.74 | $0.93 | -46.46% | $68.15B | -4.60% |
| Q2 25 MISS | $1.27 | $0.72 | -43.14% | $65.41B | -1.21% |