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Shell

Shell (SHEL) Q2 2026 Earnings

Reported Jul 30, 2026 at 6:25 AM ET · SEC Source

Q2 26 EPS

$1.92

MISS 39.65%

Est. $3.18

Q2 26 Revenue

$94.66B

BEAT +12.91%

Est. $83.84B

vs S&P Since Q2 26

-4.3%

TRAILING MARKET

SHEL +0.0% vs S&P +4.3%

Market Reaction

Did SHEL Beat Earnings? Q2 2026 Results

Shell plc delivered a mixed second quarter for 2026, posting earnings per share of $1.92 against a consensus estimate of $3.18, a miss of 39.65%, even as revenue surged to $94.66 billion, well above the $83.84 billion analysts had expected and up 44.… Read more Shell plc delivered a mixed second quarter for 2026, posting earnings per share of $1.92 against a consensus estimate of $3.18, a miss of 39.65%, even as revenue surged to $94.66 billion, well above the $83.84 billion analysts had expected and up 44.7% from a year earlier. The EPS shortfall was partly rooted in lower volumes tied to the Middle East conflict's disruption of Qatari production, which weighed on output despite strong LNG trading and optimization, favorable tax movements, and a dramatic recovery in Chemicals and Products, where Adjusted Earnings reached $2.88 billion compared to just $118 million a year prior. Adjusted EBITDA climbed to $20.71 billion from $13.31 billion in Q2 2025, and free cash flow reached $17.52 billion for the quarter. Looking ahead, Shell guided full-year capital expenditure of $24 to $26 billion and launched a new $4.20 billion share buyback programme expected to complete by Q3 2026 results, signaling continued confidence in its financial position.

Key Takeaways

  • • Higher realized oil and gas prices
  • • Higher LNG trading and optimisation results
  • • Higher Chemicals margins and refining margins
  • • Higher crude and oil products trading and optimisation
  • • Favorable tax movements
  • • LNG Canada ramp-up driving 17% YoY increase in LNG liquefaction volumes in H1
  • • $5.8 billion in pre-tax structural cost reductions since 2022
  • • Refinery utilisation at 102% in Q2 vs 99% in Q1
  • • Net gains on sales and revaluation of non-current assets of $642 million in Q2
  • • Working capital inflows of $3.4 billion in Q2 supporting operating cash flow
  • • ROACE improved to 12.4% in Q2 from 9.9% in Q1 and 9.4% in Q2 2025
  • • Adjusted EBITDA of $20.7 billion in Q2 vs $13.3 billion in Q2 2025

SHEL Forward Guidance & Outlook

Full year 2026 cash capital expenditure is expected to be $24-$26 billion. For Q3 2026, Integrated Gas production is expected to be approximately 570-630 thousand boe/d and LNG liquefaction volumes approximately 7.1-7.7 million tonnes (excluding ARC Resources and Qatar volumes). Upstream production is expected to be approximately 1,680-1,880 thousand boe/d, reflecting higher maintenance across the portfolio. Marketing sales volumes are expected to be approximately 2,550-2,750 thousand b/d. Refinery utilisation is expected to be approximately 93%-101% and Chemicals manufacturing plant utilisation approximately 78%-86%. Corporate Adjusted Earnings are expected to be a net expense of approximately $500-$700 million. Shell has commenced a new share buyback programme of $4.2 billion ($3.0 billion new plus $1.2 billion carried over), expected to be completed by Q3 2026 results. UK draft tax legislation published July 13, 2026 could potentially limit the use of foreign tax attributes against UK profits; Shell is monitoring the development.

24/7 Wall St

SHEL YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

SHEL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26
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