Companies /Energy

Shell Plc ADR (Representing - )

NYSE: SHEL Oil & Gas Integrated
$90.91
â–² $0.21 (+0.23%) today
Markets closed · 7:57pm ET

Q1 2026 Earnings

Reported May 7, 2026, 6:15am ET · SEC source
$1.22
Miss −44.91%
EPS · est. $2.21
$69.7B
Miss −13.27%
Revenue · est. $80.4B
+0.7%
Beating market
SHEL vs S&P since report
5 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−1.6%−0.8%0May 7May 8report 6:15am ETearnings+0.4%−1.9%
−1.6%−0.8%0May 7May 8earnings+0.4%−1.9%
SHEL −1.9%S&P 500 +0.4%
−2%0+2%May 7May 8report 6:15am ETearnings+1.8%−1.9%
−2%0+2%May 7May 8earnings+1.8%−1.9%
SHEL −1.9%NASDAQ +1.8%
−2%0+2%May 6May 15report 6:15am ETearnings+0.8%−1.4%
−2%0+2%May 6May 15earnings+0.8%−1.4%
SHEL −1.4%S&P 500 +0.8%
−2%0+2%+4%May 6May 15report 6:15am ETearnings+1.9%−1.4%
−2%0+2%+4%May 6May 15earnings+1.9%−1.4%
SHEL −1.4%NASDAQ +1.9%
−3.39%
Day of report
−0.32%
Next session
+0.32%
One week
+1.41%
30 days

S&P 500 over the same 30 days: +0.75%.

Did SHEL Beat Earnings? Q1 2026 Results

Shell plc posted a sharply stronger first quarter in 2026, reporting earnings per share of $1.22 on revenue of $69.69 billion, as a dramatic recovery in trading and optimisation activity across its Downstream and Renewables businesses powered adjusted earnings to $6.92 billion, more than doubling from $3.26 billion in the prior quarter. The Chemicals and Products segment was the standout, swinging to adjusted earnings of $1.93 billion from a loss of $66 million in Q4 2025, aided by refinery utilisation climbing to 99% and improved refining margins. GAAP income attributable to shareholders rose to $5.69 billion, while adjusted EBITDA reached $17.74 billion. The results arrived against a complex operational backdrop, with an attack on Shell's Pearl GTL facility in Qatar in March and Strait of Hormuz disruptions weighing on LNG volumes and lifting net debt to $52.61 billion. Looking ahead, Shell guided Q2 2026 LNG liquefaction volumes of 6.8 to 7.4 million tonnes, reflecting continued conflict-related constraints, while announcing a $3 billion share buyback and advancing its $13.60 billion acquisition of ARC Resources.

Key Takeaways
  • Higher contributions from trading and optimisation across Downstream, Renewables and Energy Solutions
  • Higher realised prices from liquid products and upstream operations
  • Higher refining margins with refinery utilisation at 99%
  • Lower operating expenses across the group declining to $8,716 million from $9,559 million
  • Higher Lubricants margins from improved unit margins and seasonally higher volumes
  • Chemicals manufacturing plant utilisation improved to 85% from 76%
  • ROACE improved to 9.9% from 9.4% in Q4 2025
  • Underlying operating expenses declined to $8,585 million from $9,436 million sequentially
  • Cash flow from operating activities excluding working capital movements was $17,241 million vs $8,164 million in Q4 2025

Forward Guidance & Outlook

Full year 2026 cash capital expenditure is expected to be $24-$26 billion, including ~$4 billion related to the ARC Resources acquisition. For Q2 2026: Integrated Gas production is expected at 580-640 thousand boe/d; LNG liquefaction volumes approximately 6.8-7.4 million tonnes (reflecting Middle East conflict impact including Qatar and higher planned maintenance). Upstream production is expected at 1,620-1,820 thousand boe/d with higher planned maintenance. Marketing sales volumes expected at 2,500-2,700 thousand b/d. Refinery utilisation expected at 91%-99%; Chemicals manufacturing plant utilisation at 76%-84%. Corporate Adjusted Earnings expected to be a net expense of approximately $600-$800 million in Q2 2026.

SHEL YoY Financials

Revenue$69.7B
Net Income$5.7B

SHEL Revenue by Segment

Marketing$30.7B
Chemicals and Products$19.2B
Integrated Gas$7.7B
Renewables and Energy Solutions$10.6B
Upstream$1.4B

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