SHEL Q1 2026 Earnings
Reported May 7, 2026 at 6:15 AM ET · SEC Source
Q1 26 EPS
$1.22
MISS 44.91%
Est. $2.21
Q1 26 Revenue
$69.69B
MISS 13.27%
Est. $80.35B
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 adjuste… Read more 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
SHEL 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
Q1 2026 vs Q1 2025, 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% |