Companies /Energy
Shell Plc ADR (Representing - )
NYSE: SHEL Oil & Gas Integrated
$100.20
▲ $3.35 (+3.46%) today
Markets closed · 10:27pm ET

Shell (SHEL) Q3 2025 Earnings

Reported Oct 30, 2025, 7:17am ET · SEC source
$0.93
Miss −46.46%
EPS · est. $1.74
$68.2B
Miss −4.60%
Revenue · est. $71.4B
−1.3%
Trailing market
SHEL vs S&P since report
5 quarters
Consecutive EPS misses

How Did SHEL Stock React to Q3 2025 Earnings?

% change · around the report
−1.4%−0.7%0+0.7%Oct 30Oct 31report 7:17am ETearnings−1.1%−0.8%
−1.4%−0.7%0+0.7%Oct 30Oct 31earnings−1.1%−0.8%
SHEL −0.8%S&P 500 −1.1%
−1.6%−0.8%0+0.8%Oct 30Oct 31report 7:17am ETearnings−1.3%−0.8%
−1.6%−0.8%0+0.8%Oct 30Oct 31earnings−1.3%−0.8%
SHEL −0.8%NASDAQ −1.3%
−2%0Oct 29Nov 7report 7:17am ETearnings−2.8%−2.0%
−2%0Oct 29Nov 7earnings−2.8%−2.0%
SHEL −2.0%S&P 500 −2.8%
−4%−2%0Oct 29Nov 7report 7:17am ETearnings−4.3%−2.0%
−4%−2%0Oct 29Nov 7earnings−4.3%−2.0%
SHEL −2.0%NASDAQ −4.3%
−1.09%
Day of report
+0.25%
Next session
−0.68%
One week
−1.03%
30 days

S&P 500 over the same 30 days: +0.25%.

Did SHEL Beat Earnings? Q3 2025 Results

No. Shell reported Q3 2025 earnings of $0.93 a share on Oct 30, 2025, missing the $1.74 consensus estimate by 46.5%. Revenue was $68.2B against a $71.4B estimate.

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

What Was Shell's Outlook in Q3 2025?

For Q4 2025, Shell expects full-year 2025 cash capital expenditure within $20-$22 billion. Integrated Gas production is expected at approximately 920-980 thousand boe/d with LNG liquefaction volumes of approximately 7.4-8.0 million tonnes. Upstream production is expected at approximately 1,770-1,970 thousand boe/d. Marketing sales volumes are expected at approximately 2,500-3,000 thousand b/d. Refinery utilisation is expected at approximately 87-95%, and chemicals manufacturing plant utilisation at approximately 71-79%. Corporate Adjusted Earnings are expected to be a net expense of approximately $600-$800 million in Q4 2025.

SHEL YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$20.0B$40.0B$60.0B$71.1B$68.2BRevenue$4.3B$5.3BNet Income
$0$20.0B$40.0B$60.0BRevenueNet Income
SHEL income statement, Q3 2025 versus Q3 2024
Metric Q3 2025 Q3 2024 Year over year
Revenue $68.2B $71.1B −4.1%
Net Income $5.3B $4.3B +24.0%

SHEL Revenue by Segment

Marketing$29.6B
Chemicals and Products$19.4B
Integrated Gas$9.7B
Renewables and Energy Solutions$8.5B
Upstream$844.0M

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