Shell plc (LON:SHEL) has announced its 4th quarter and full year unaudited results.
| SUMMARY OF UNAUDITED RESULTS | ||||||||||||||||||||||||||
| Quarters | $ million | Full year | ||||||||||||||||||||||||
| Q4 2025 | Q3 2025 | Q4 2024 | %¹ | Reference | 2025 | 2024 | % | |||||||||||||||||||
| 4,134 | 5,322 | 928 | -22 | Income/(loss) attributable to Shell plc shareholders | 17,838 | 16,094 | +11 | |||||||||||||||||||
| 3,256 | 5,432 | 3,661 | -40 | Adjusted Earnings | A | 18,529 | 23,716 | -22 | ||||||||||||||||||
| 12,799 | 14,773 | 14,281 | -13 | Adjusted EBITDA | A | 56,135 | 65,803 | -15 | ||||||||||||||||||
| 9,438 | 12,207 | 13,162 | -23 | Cash flow from operating activities | 42,863 | 54,687 | -22 | |||||||||||||||||||
| (5,190) | (2,257) | (4,431) | Cash flow from investing activities | (16,812) | (15,155) | |||||||||||||||||||||
| 4,249 | 9,950 | 8,731 | Free cash flow | G | 26,052 | 39,533 | ||||||||||||||||||||
| 6,015 | 4,907 | 6,924 | Cash capital expenditure | C | 20,915 | 21,085 | ||||||||||||||||||||
| 9,559 | 9,275 | 9,401 | +3 | Operating expenses | F | 35,674 | 36,917 | -3 | ||||||||||||||||||
| 9,436 | 8,998 | 9,138 | +5 | Underlying operating expenses | F | 35,032 | 35,707 | -2 | ||||||||||||||||||
| 9.4% | 9.4% | 11.3% | ROACE | D | 9.4% | 11.3% | ||||||||||||||||||||
| 75,643 | 73,977 | 77,078 | Total debt | E | 75,643 | 77,078 | ||||||||||||||||||||
| 45,687 | 41,204 | 38,809 | Net debt | E | 45,687 | 38,809 | ||||||||||||||||||||
| 20.7% | 18.8% | 17.7% | Gearing | E | 20.7% | 17.7% | ||||||||||||||||||||
| 2,859 | 2,821 | 2,815 | +1 | Oil and gas production available for sale (thousand boe/d) | 2,800 | 2,836 | -1 | |||||||||||||||||||
| 0.72 | 0.91 | 0.15 | -21 | Basic earnings per share ($) | 3.03 | 2.55 | +19 | |||||||||||||||||||
| 0.57 | 0.93 | 0.60 | -39 | Adjusted Earnings per share ($) | B | 3.15 | 3.76 | -16 | ||||||||||||||||||
| 0.372 | 0.358 | 0.358 | +4 | Dividend per share ($) | 1.446 | 1.390 | +4 | |||||||||||||||||||
1.Q4 on Q3 change
Quarter Analysis1
Income attributable to Shell plc shareholders, compared with the third quarter 2025, reflected unfavourable tax movements, including the annual (non-cash) reassessment of deferred taxes, lower Marketing margins, lower realised prices and higher operating expenses.
Fourth quarter 2025 income attributable to Shell plc shareholders also included gains on disposal of assets, mainly related to the incorporation of the Adura joint venture in the UK2, and impairment charges. These items are included in identified items amounting to a net gain of $1.2 billion in the quarter. This compares with identified items in the third quarter 2025 which amounted to a net loss of $0.1 billion.
Adjusted Earnings andAdjusted EBITDA3 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of $0.3 billion.
Cash flow from operating activities for the fourth quarter 2025 was $9.4 billion and primarily driven by Adjusted EBITDA, working capital inflows of $1.3 billion and dividends (net of profits) from joint ventures and associates of $0.9 billion. These inflows were partly offset by tax payments of $2.6 billion and net outflows relating to the timing impact of payments for emissions certificates and biofuel programmes of $0.8 billion4.
Cash flow from investing activities for the fourth quarter 2025 was an outflow of $5.2 billion, and included cash capital expenditure of $6.0 billion. This outflow was partly offset by interest received of $0.5 billion.
Net debt and Gearing: At the end of the fourth quarter 2025, net debt was $45.7 billion, compared with $41.2 billion at the end of the third quarter 2025. This reflects free cash flow of $4.2 billion, more than offset by share buybacks of $3.4 billion, cash dividends paid to Shell plc shareholders of $2.1 billion, lease additions of $1.8 billion and interest payments of $1.2 billion. Gearing was 20.7% at the end of the fourth quarter 2025, compared with 18.8% at the end of the third quarter 2025, mainly driven by higher net debt.
Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.5 billion comprising repurchases of shares of $3.4 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends to be paid to Shell plc shareholders for the fourth quarter 2025 amount to $0.372 per share. Shell has now completed $3.5 billion of share buybacks announced in the third quarter 2025 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the first quarter 2026 results announcement.
Full Year Analysis1
Income attributable to Shell plc shareholders, compared with the full year 2024, reflected lower realised liquids and LNG prices, lower trading and optimisation and lower Chemicals margins, partly offset by higher volumes, lower operating expenses, favourable tax movements and higher Marketing margins.
Our continued focus on performance, discipline and simplification has helped deliver $5.1 billion of pre-tax structural cost reductions5 since 2022. Of these reductions, $2.0 billion was delivered in the full year 2025.
Full year 2025 income attributable to Shell plc shareholders also included impairment charges, gains on disposal of assets, mainly related to the incorporation of the Adura joint venture in the UK2, and favourable movements due to the fair value accounting of commodity derivatives. These items are included in identified items amounting to a net loss of $0.1 billion. This compares with identified items in the full year 2024 which amounted to a net loss of $7.4 billion.
Adjusted Earnings andAdjusted EBITDA3 for the full year 2025 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of $0.6 billion.
Cash flow from operating activities for the full year 2025 was $42.9 billion, and primarily driven by Adjusted EBITDA and dividends (net of profits) from joint ventures and associates of $2.6 billion. This inflow was partly offset by tax payments of $11.6 billion and working capital outflows of $1.8 billion.
Cash flow from investing activities for the full year 2025 was an outflow of $16.8 billion and included cash capital expenditure of $20.9 billion. This outflow was partly offset by divestment proceeds of $2.4 billion and interest received of $2.0 billion.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.See Note 7 “Other notes to the unaudited Condensed Consolidated Financial Statements” for further details.
3.Adjusted EBITDA is without taxation, exploration well write-offs and depreciation, depletion and amortisation (DD&A) expenses.
4.Includes $1.4 billion payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act).
5.See Reference J “Structural cost reduction” for further details.
