Companies /Energy

Shell Plc ADR (Representing - )

NYSE: SHEL Oil & Gas Integrated
$90.91
â–² $0.21 (+0.23%) today
Markets closed · 6:45pm ET

Q2 2025 Earnings

Reported Jul 31, 2025, 6:19am ET · SEC source
$0.72
Miss −43.14%
EPS · est. $1.27
$65.4B
Miss −1.21%
Revenue · est. $66.2B
+0.9%
Beating market
SHEL vs S&P since report
5 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−2%0Jul 31Aug 1report 6:19am ETearnings−2.5%−0.9%
−2%0Jul 31Aug 1earnings−2.5%−0.9%
SHEL −0.9%S&P 500 −2.5%
−4%−2%0Jul 31Aug 1report 6:19am ETearnings−3.2%−0.9%
−4%−2%0Jul 31Aug 1earnings−3.2%−0.9%
SHEL −0.9%NASDAQ −3.2%
−2%0+2%Jul 30Aug 8report 6:19am ETearnings−0.8%−0.3%
−2%0+2%Jul 30Aug 8earnings−0.8%−0.3%
SHEL −0.3%S&P 500 −0.8%
−4%−2%0+2%Jul 30Aug 8report 6:19am ETearnings−0.7%−0.3%
−4%−2%0+2%Jul 30Aug 8earnings−0.7%−0.3%
SHEL −0.3%NASDAQ −0.7%
+0.68%
Day of report
−0.29%
Next session
−1.16%
One week
+2.19%
30 days

S&P 500 over the same 30 days: +1.30%.

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 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

Forward Guidance & Outlook

For Q3 2025, Shell expects Integrated Gas production of approximately 910–970 thousand boe/d and LNG liquefaction volumes of approximately 6.7–7.3 million tonnes. Upstream production is expected to be approximately 1,700–1,900 thousand boe/d. Marketing sales volumes are expected to be approximately 2,600–3,100 thousand b/d. Refinery utilisation is expected at 88%–96% and chemicals manufacturing plant utilisation at 78%–86%. Corporate Adjusted Earnings are expected to be a net expense of approximately $500–$700 million. Full-year 2025 cash capital expenditure is expected within $20–$22 billion. A post-balance sheet event will result in a Q3 2025 OCI loss of approximately $4.654 billion related to the Dutch pension fund transition to a defined contribution plan.

SHEL YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$30.0B$60.0B$74.5B$65.4BRevenue$3.5B$3.6BNet Income
$0$30.0B$60.0BRevenueNet Income

SHEL Revenue by Segment

Marketing$28.2B
Chemicals and Products$18.4B
Integrated Gas$9.6B
Renewables and Energy Solutions$8.0B
Upstream$1.2B

Figures from SEC filings and company reports. Not investment advice.