Companies /Energy

Shell Plc ADR (Representing - )

NYSE: SHEL Oil & Gas Integrated
$90.91
â–² $0.21 (+0.23%) today
Markets closed · 8:39pm ET

Q4 2025 Earnings

Reported Feb 5, 2026, 6:17am ET · SEC source
$0.57
Miss −55.91%
EPS · est. $1.29
$64.1B
Miss −2.62%
Revenue · est. $65.8B
+14.1%
Beating market
SHEL vs S&P since report
5 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−4%−2%0Feb 5Feb 6report 6:17am ETearnings+0.2%−2.9%
−4%−2%0Feb 5Feb 6earnings+0.2%−2.9%
SHEL −2.9%S&P 500 +0.2%
−4%−2%0Feb 5Feb 6report 6:17am ETearnings+0.1%−2.9%
−4%−2%0Feb 5Feb 6earnings+0.1%−2.9%
SHEL −2.9%NASDAQ +0.1%
−3%0+3%Feb 4Feb 13report 6:17am ETearnings−1.0%+0.9%
−3%0+3%Feb 4Feb 13earnings−1.0%+0.9%
SHEL +0.9%S&P 500 −1.0%
−3%0+3%Feb 4Feb 13report 6:17am ETearnings−1.2%+0.9%
−3%0+3%Feb 4Feb 13earnings−1.2%+0.9%
SHEL +0.9%NASDAQ −1.2%
−5.28%
Day of report
+0.88%
Next session
+4.81%
One week
+14.04%
30 days

S&P 500 over the same 30 days: −0.06%.

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 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

Forward Guidance & Outlook

For Q1 2026: Integrated Gas production expected at approximately 920-980 thousand boe/d; LNG liquefaction volumes approximately 7.4-8.0 million tonnes; Upstream production approximately 1,700-1,900 thousand boe/d; Marketing sales volumes approximately 2,550-2,750 thousand b/d; Refinery utilisation approximately 90-98%; Chemicals manufacturing plant utilisation approximately 79-87%; Corporate Adjusted Earnings expected to be a net expense of approximately $400-$600 million. Full year 2026 cash capital expenditure expected to be $20-$22 billion. A new $3.5 billion share buyback programme is expected to be completed by Q1 2026 results announcement.

SHEL YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$20.0B$40.0B$60.0B$66.3B$64.1BRevenue$928.0M$4.1BNet Income
$0$20.0B$40.0B$60.0BRevenueNet Income

SHEL Revenue by Segment

Marketing$26.9B
Chemicals and Products$17.7B
Integrated Gas$9.5B
Renewables and Energy Solutions$8.4B
Upstream$1.6B

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