SHEL Q3 2025 Earnings
Reported Oct 30, 2025 at 7:17 AM ET · SEC Source
Q3 25 EPS
$0.93
MISS 46.46%
Est. $1.74
Q3 25 Revenue
$68.15B
MISS 4.60%
Est. $71.44B
vs S&P Since Q3 25
-5.1%
TRAILING MARKET
SHEL +2.2% vs S&P +7.2%
Market Reaction
Did SHEL Beat Earnings? Q3 2025 Results
Shell delivered a disappointing third quarter, missing analyst expectations on both the top and bottom lines as a weaker commodity environment weighed on results. The energy giant posted earnings per share of $0.93, falling well short of the $1.74 co… Read more Shell delivered a disappointing third quarter, missing analyst expectations on both the top and bottom lines as a weaker commodity environment weighed on results. The energy giant posted earnings per share of $0.93, falling well short of the $1.74 consensus estimate by 46.46%, while revenue came in at $68.15 billion, trailing forecasts by 4.60% and slipping 4.1% from a year earlier. The most material driver of the earnings shortfall relative to expectations was the year-over-year decline in Adjusted Earnings, which fell from $6.03 billion in Q3 2024 despite a strong sequential rebound, with Adjusted EBITDA rising 11% quarter-over-quarter to $14.77 billion. A Ukrainian drone strike that forced Shell and its Karachaganak consortium partners to cut production in Kazakhstan by an estimated 25-30% added an unwelcome operational headwind. Looking ahead, Shell guided Q4 2025 upstream production of 1,770-1,970 thousand boe/d and LNG liquefaction volumes of 7.4-8.0 million tonnes, with full-year capital expenditure expected within $20-$22 billion.
Key Takeaways
- • Higher trading and optimisation margins across segments
- • Higher sales volumes due to lower maintenance across the portfolio
- • Favourable tax movements
- • LNG liquefaction volumes increased 8% QoQ due to lower maintenance and LNG Canada ramp-up
- • Refinery utilisation improved to 96% from 94% in Q2
- • Higher Products margins driven by trading and optimisation and refining margins
- • Seasonal uplift in Marketing Mobility margins
SHEL YoY Financials
Q3 2025 vs Q3 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% |