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SHEL Q4 2025 Earnings
Reported Feb 5, 2026 at 6:17 AM ET · SEC Source
Q4 25 EPS
$0.57
MISS 55.91%
Est. $1.29
Q4 25 Revenue
$64.09B
MISS 2.62%
Est. $65.82B
vs S&P Since Q4 25
-5.9%
TRAILING MARKET
SHEL +2.5% vs S&P +8.4%
Full Year 2025 Results
FY 25 EPS
$3.15
FY 25 Revenue
$266.89B
Market Reaction
Did SHEL Beat Earnings? Q4 2025 Results
Shell delivered a disappointing fourth quarter, with adjusted earnings per share of $0.57 falling short of the $1.29 consensus estimate by 55.91%, while revenue of $64.09 billion missed expectations by 2.62% and slid 3.3% from a year earlier. The pri… Read more Shell delivered a disappointing fourth quarter, with adjusted earnings per share of $0.57 falling short of the $1.29 consensus estimate by 55.91%, while revenue of $64.09 billion missed expectations by 2.62% and slid 3.3% from a year earlier. The primary culprit was a sharp sequential decline in Adjusted Earnings, which tumbled 40% to $3.26 billion, driven by unfavourable non-cash deferred tax reassessments, lower commodity prices, and a struggling Chemicals segment that posted negative Adjusted Earnings of $589 million in the quarter. Marketing also weighed heavily, with Adjusted Earnings dropping 56% quarter-on-quarter to $578 million amid seasonal volume weakness and compressed margins. Adding to investor scrutiny, net debt climbed to $45.70 billion and gearing rose to 20.7%, though Shell held its shareholder return posture firm, announcing a fresh $3.50 billion buyback programme alongside a dividend increase. Looking ahead, the company guided 2026 capital expenditure at $20 to $22 billion, even as analysts flag a looming production gap that may require significant acquisitions or exploration success to bridge.
Key Takeaways
- • Lower realised liquids and LNG prices pressured earnings year-over-year
- • Unfavourable tax movements including annual non-cash deferred tax reassessment in Q4
- • Lower Marketing margins due to seasonal volume declines
- • Higher volumes partly offset price declines
- • $5.1 billion in pre-tax structural cost reductions since 2022, with $2.0 billion delivered in 2025
- • Chemicals segment continued to be loss-making with negative Adjusted Earnings of $589 million in Q4
- • Adura joint venture incorporation generated significant disposal gains in Upstream
SHEL YoY Financials
Q4 2025 vs Q4 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% |