REG-Shell Plc 4th Quarter 2025 and Full Year Unaudited Results
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260205:nGNE9d7lkt&default-theme=true
SHELL PLC 4th QUARTER 2025 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 and Adjusted 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
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
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 and Adjusted 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.
This Unaudited Condensed Financial Report, together with supplementary
financial and operational disclosure for this quarter, is available at
www.shell.com/investors 6. Details of progress to date on the financial
targets that were
announced during Capital Markets Day in March 2025 is available
at www.shell.com
(https://www.globenewswire.com/Tracker?data=kLFh6qe-diyw94ahNvmQvV8H7Y-NxZT7rZQXqHMQakxdrJ9tLxRXLw2HhWUpjmxTv0PaRdrXaQAju0DcnE39UVYO6CoTZpal15g2Ch5DtgZXxk0nUAsd9NvXPA6jAJBxuXzmhEK4KI7FQxrqI2r_FQa3n9my78Oc1K3SVsUwfwzn5LFnTF5xnuTrolDmVv42NLxCsvWTLjmI6j8GunSSmq8uqsAAuY6bK07LkiruVow3EZaYBYb6csY5NTEue14KnvQqiOUbrm5nj_5AqW5dfbGeyGPHnUFqkI40IQVaU_fNCY-RAu3AJ1bMZ5oP0XwTkbuafZ-_mHKfjOPrG2gRL_TygtWb3M_Clue-eE69ERlcr9V2ThPtc0LtAFwZsXwuWflfnKgIMklSC5vrcxJuqdV-IGWORyi6GRJFFvcN1zl2SzIUkZ44lrz6BPhdsGxrEwqPSiGswMlnCWi6BtKO59-N0RK5ppsZm4bsaycrIpR0ZZovYKOqOb6pm5XXQ1q_vZ-iRGGjDYXgwQ67wbt1_pGqWWkqKLwxsZKBxFhfhnboOGYO764J5QGI7VXA6j5pcD4s_bsjU8eyOmSikm6awQF42op9xp2h_nCTo71giprB8aPzE0eim7xnf-nQA5-3)/
(https://www.globenewswire.com/Tracker?data=TpCvTjBDDkpijoalZGmibyrcqQvYbGJwbqLWjNv-PnREuX12ghGUBqr-GAUnWZyqkYEtovzZ1GbVBUZZMy6w1fxlQq7KqkaO6vhUE1nyZrw_40XihGZUurSVtFFlc77TjJjkqvmtLQqOaKOoBW3jJcbMJzBV87jAstegeI46HL_Y2Mx-mXUZxUzctDPmfQeWt6bjwau4j0HiyJ3_-IUd7waisBO8m4itq7UvZHvTJCISwprjuYBLmbh0S3sUVCwXuZz4DQ-Rg6eUKTPtMiqgR8_LSSeJyfrclgq6s4m_OVRX9okBtllMhJUkod0_9jEsi7b6pPtNj-OG9yy8tKOYbGt9kOZ4fZroOSPyrvx4SX-X6htMZJ7pvie-bA1EXx1GIwLMa1EaTIijS4pFEXzVB1U8A_AP02lhVThqYA6nSPCvlVWQ7tyfEiZPWBR7vsh7MLPsaE55bX3LWhUbnatXNa0lG6U_2RblvocWIXDmRKuqMxyhEaKYh1qlI5dbZkdS6Ru84IXdPpuM52gsW56IQzDmfVJT-3QqA0AkuVYsT6XNJalTryOu_hDbPcJZFphrvoUixRUIIbZnVBySwXOdCkI_dknq4pIp3h7Vn4rz4_HvyLYkJ8_7PdC3KOO4Qf4k)2025-progress-on-cmd25
(https://www.globenewswire.com/Tracker?data=1PHO5xSNLuvGaQCcEgVV_RaYnVp81cKuBFTAOnRopHjRNqwBgdCiH6tXPbLV9hS64UmZz_ONU0HP9pLNwiu3O3S5Q9yXn2ryE5svEnsMy4Xsx84Cqj4LwLGz7jBxM5x6SS4Z2reeS6-Iqw6eFmzNxQuWmjNddI2EhM7_8bPh9wVcizZ-wpL_kmmVyecDbS349HE3Tr1DWUihSclaKJu-V8QFHr-7hTHIoaCI7NhyDhED3yLUXiRCSAZH5SN2coG-txOYp7rLeumXrEWz6mca8_kSQOtgLiiXXFNBhMRyp6OblklqsRU_YDrK59293k4b5gcrFkCdE6u56j5bFr_lhOMTwN-XqG0Xr9h1RULwSSyYiXH1BcENXx0tdjbdj3Q2bJCeJMl7M2urtxEbjOwhvC6Kd80iwxX1w9nMO0MPgPdXNx7x83RFhOtb-rtx8ISSLW_Oi-c_MkHY524AMpBah6r9qOvVeMtnNUYH340RRdDW8pKdHvPPvcSjyrb13yw42_oKY-TV_c9VjWenlinAFk_WiNElPgz8T2wHaePQaU_5Gp2nwoq4Hv0-RFuzUtGq4ovVHWhhK_CosiOb36dq05xCUmm_TLOnLsSSyuFH839Bs9xv4FH15-8Wz-GCchf6xBM7ZD8_j4d4R2O2G5lCZcz9RMm8DDujShSk7b1K4Q0=).html
(https://www.globenewswire.com/Tracker?data=Qe9rpdhNf97k1Qp4j5aL1IfJmcTw_D2_DZAYWHj8TWFWzCrBAGAy_dlI2-uhFg7AGlQ9sZw_Tf1PhxB4K4MXokBl5LDo0AbC3Bo1xxcYHgcExI5Evo-hd2Keyhgpt4ENxKHIlp-dztcYlzssBeGLKrjv4OmtnNUBlMinea7JPBaDUOKAp_fMYI_aMrByPdgWEdefeoRsqTgxuCPGaFZZ2x4KS2LEvdatAcJWxCKot5Ij6IgpwD8ch7Bp_v7KUiZpGSA0f_hl7KkNoHDKnEy9Codi6p5yfRbdx6LTWYTIN-Q7rnumXW1v5gWU88ORzhN0wXpsFuYrPwyTKKbxvfkugaITxGw2CEytIB-KEmhPZMoaBmjpKhr5ooPgL70OD9Y-M1uU1oQpZe7gmebPio2GhQ67kOBul9_r2_0PPXfu2N3tol69ovHRFMw7xE6Pm2phc0tj8ew7vzpEqfihXxQWiJPXL270nkkji_HlwGuHyXaQlDzE2rNeHcKYeoFxTyhTk5-9pwWGxUF3wU79R0-p0UGMGocqHrZrbIW0PjMfIphAXn2UKnH76Bl9ve0iRMWzF_8r2TpNkZyqfUlnJ55uMeEejVRZS5_T3odyb17OYpFdHeFMx577SylZIInPv8L3t1DZJ_41eDntbpvq3LZ5Og==) 6.
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.
6.Not incorporated by reference.
PORTFOLIO DEVELOPMENTS
Integrated Gas
In December 2025, we took a final investment decision (FID) on the Gorgon
Stage 3 development in Australia (Shell interest 25%).
Upstream
In October 2025, we announced, together with Sunlink Energies and Resources
Limited, a FID on the HI gas project offshore Nigeria (Shell interest 40%).
In November 2025, we completed the previously announced agreement to increase
our stake in the OML 118 Production Sharing Contract (OML 118 PSC) in Nigeria
from 55% to 65%.
In December 2025, we, along with Equinor ASA, completed a deal to combine our
UK offshore oil and gas operations to form a new company Adura, which is
jointly owned by Equinor (50%) and Shell (50%).
In December 2025, following an auction, we secured additional equity in
Brazil's pre-salt oil projects. With this acquisition, we will increase our
participating interest in the Atapu unit from 16.663% to 16.917% and the Mero
unit from 19.3% to 20%. Both projects are located in the offshore Santos
Basin.
In December 2025, we announced a FID on a waterflood project at the Kaikias
field (Shell 100% working interest) in the US Gulf of America.
Page 2
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
PERFORMANCE BY SEGMENT
INTEGRATED GAS
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 %¹ Reference 2025 2024 %
1,839 2,355 1,744 -22 Income/(loss) for the period 8,821 9,590 -8
178 212 (421) Of which: Identified items A 797 (1,800)
1,661 2,143 2,165 -23 Adjusted Earnings A 8,024 11,390 -30
4,127 4,257 4,568 -3 Adjusted EBITDA A 16,994 20,978 -19
3,956 3,038 4,391 +30 Cash flow from operating activities A 14,086 16,909 -17
1,207 1,169 1,337 Cash capital expenditure C 4,689 4,767
128 130 116 -2 Liquids production available for sale (thousand b/d) 128 132 -3
4,760 4,667 4,574 +2 Natural gas production available for sale (million scf/d) 4,654 4,769 -2
948 934 905 +2 Total production available for sale (thousand boe/d) 931 954 -2
7.81 7.29 7.06 +7 LNG liquefaction volumes (million tonnes) 28.42 29.09 -2
19.79 18.88 15.50 +5 LNG sales volumes (million tonnes) 72.94 65.82 +11
1.Q4 on Q3 change
The Integrated Gas segment includes liquefied natural gas (LNG) and the
conversion of natural gas into gas-to-liquids (GTL) fuels and other products.
The segment includes natural gas and liquids exploration and extraction, and
the operation of the upstream and midstream infrastructure necessary to
deliver these to market. Integrated Gas also includes the marketing, trading
and optimisation of LNG.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected
unfavourable tax movements ($260 million), lower realised prices (decrease of
$163 million), and higher operating expenses (increase of $147 million),
partly offset by higher volumes (increase of $101 million).
Identified items in the fourth quarter 2025 included favourable movements of
$225 million due to the fair value accounting of commodity derivatives. These
favourable movements compare with the third quarter 2025 which included
favourable movements of $129 million due to the fair value accounting of
commodity derivatives, and onerous contract related remeasurement of $99
million. As part of Shell's normal business, commodity derivative contracts
are entered into as hedges for mitigation of economic exposures on future
purchases, sales and inventory.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the fourth quarter 2025 was primarily
driven by Adjusted EBITDA, net cash inflows related to derivatives of $319
million and working capital inflows of $301 million, partly offset by tax
payments of $724 million.
Total oil and gas production, compared with the third quarter 2025, increased
by 2% mainly due to ramp-up in Canada. LNG liquefaction volumes increased by
7% mainly due to lower maintenance across the portfolio and LNG Canada
ramp-up.
Full Year Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, reflected the combined
effect of lower contributions from trading and optimisation and lower realised
prices (decrease of $3,034 million), higher depreciation, depletion and
amortisation expenses (increase of $407 million), and lower volumes (decrease
of $250 million), partly offset by lower well write-offs (decrease of $252
million), and favourable tax movements ($102 million).
Identified items in the full year 2025 included favourable movements of
$1,171 million due to the fair value accounting of commodity derivatives,
partly offset by impairment charges of $433 million. These favourable
movements and charges are part of identified items and compare with the full
year 2024 which included unfavourable movements of $1,088 million
Page 3
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
due to the fair value accounting of commodity derivatives, impairment charges
of $363 million, and a net loss of $96 million related to sale of assets. As
part of Shell's normal business, commodity derivative contracts are entered
into as hedges for mitigation of economic exposures on future purchases, sales
and inventory.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the full year 2025 was primarily
driven by Adjusted EBITDA, and net cash inflows related to derivatives of
$1,487 million. These inflows were partly offset by tax payments of $3,261
million and working capital outflows of $835 million.
Total oil and gas production, compared with the full year 2024, decreased by
2% mainly due to natural field decline across the portfolio. LNG liquefaction
volumes decreased by 2% mainly due to ownership restructuring in Trinidad and
Tobago, and higher maintenance across the portfolio, partly offset by LNG
Canada ramp-up.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation, exploration well write-offs and DD&A
expenses.
Page 4
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
UPSTREAM
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 %¹ Reference 2025 2024 %
3,648 1,707 1,031 +114 Income/(loss) for the period 9,443 7,772 +22
2,079 (97) (651) Of which: Identified items A 2,001 (623)
1,570 1,804 1,682 -13 Adjusted Earnings A 7,442 8,395 -11
6,114 6,557 7,676 -7 Adjusted EBITDA A 26,696 31,264 -15
4,287 4,841 4,509 -11 Cash flow from operating activities A 19,573 21,244 -8
2,682 1,885 2,076 Cash capital expenditure C 9,316 7,890
1,393 1,399 1,332 — Liquids production available for sale (thousand b/d) 1,365 1,320 +3
2,894 2,513 3,056 +15 Natural gas production available for sale (million scf/d) 2,684 2,964 -9
1,892 1,832 1,859 +3 Total production available for sale (thousand boe/d) 1,828 1,831 —
1.Q4 on Q3 change
The Upstream segment includes exploration and extraction of crude oil, natural
gas and natural gas liquids. The segment also markets and transports oil and
gas, and operates the infrastructure necessary to deliver these to the market.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected lower
realised liquid prices (decrease of $486 million) and higher operating
expenses (increase of $115 million), partly offset by a comparative favourable
movement related to the rebalancing of participation interests in Brazil in
the third quarter 2025 ($271 million)2.
Identified items in the fourth quarter 2025 included gains on the disposal
of assets of $2,282 million, mainly related to the incorporation of the Adura
joint venture in the UK3. These gains compare with the third quarter 2025
which included losses of $101 million related to the impact of inflationary
adjustments in Argentinian peso on a deferred tax position, partly offset by a
gain of $42 million related to the impact of the strengthening Brazilian real
on a deferred tax position.
Adjusted EBITDA4 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the fourth quarter 2025 was primarily
driven by Adjusted EBITDA, partly offset by tax payments of $1,859 million.
Total production, compared with the third quarter 2025, increased mainly due
to new oil production and comparative help from higher planned maintenance in
the third quarter of 2025.
Full Year Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, reflected lower realised
liquids prices (decrease of $2,924 million), and the comparative unfavourable
impact of gas storage effects (decrease of $662 million). These net
unfavourable movements were partly offset by lower well write-offs (decrease
of $915 million) and higher volumes (increase of $901 million).
Identified items in the full year 2025 included gains on the disposal of
assets of $2,806 million, mainly related to the incorporation of the Adura
joint venture in the UK3, partly offset by a charge of $536 million related to
the UK Energy Profits Levy5 and impairment charges of $162 million. These
gains and charges compare with the full year 2024 which included a loss of
$325 million related to the impact of the weakening Brazilian real on a
deferred tax position, net impairment charges and reversals of $323 million
and charges of $214 million related to redundancy and restructuring, partly
offset by gains of $638 million related to the impact of inflationary
adjustments in Argentinian peso on a deferred tax position.
Adjusted EBITDA4 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the full year 2025 was primarily
driven by Adjusted EBITDA and dividends (net of profits) from joint ventures
and associates of $1,448 million. These inflows were partly offset by tax
payments of $7,415 million and movements in decommissioning and other
provisions of $1,087 million.
Page 5
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Total production for the full year 2025 was in line with the full year
2024, with reductions due to the Shell Petroleum Development Company of
Nigeria (SPDC) Limited divestment and field decline offset by new oil
production.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Reflects the finalisation of the redetermination proposal for the unitised
Tupi field and subsequent submission to the Brazilian National Agency of
Petroleum, Natural Gas and Biofuels (ANP)
3.See Note 7 “Other notes to the unaudited Condensed Consolidated Financial
Statements” for further details.
4.Adjusted EBITDA is without taxation, exploration well write-offs and DD&A
expenses.
5.Included in Other identified items. See Note 2 "Segment Information".
Page 6
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
MARKETING
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 %¹ Reference 2025 2024 %
(99) 576 103 -117 Income/(loss) for the period 2,057 1,709 +20
(547) (759) (736) Of which: Identified items A (1,708) (1,991)
578 1,316 839 -56 Adjusted Earnings A 3,994 3,885 +3
1,604 2,340 1,709 -31 Adjusted EBITDA A 7,993 7,476 +7
(75) 1,788 1,363 -104 Cash flow from operating activities A 6,339 7,363 -14
688 489 811 Cash capital expenditure C 1,862 2,445
2,701 2,824 2,795 -4 Marketing sales volumes (thousand b/d) 2,753 2,843 -3
1.Q4 on Q3 change
The Marketing segment comprises the Mobility, Lubricants, and Sectors and
Decarbonisation businesses. Mobility operates Shell’s retail network
including electric vehicle charging services and the wholesale commercial
fuels business which provides fuels for transport and industry. Lubricants
produces, markets and sells lubricants for road transport and machinery used
in manufacturing, mining, power generation, agriculture and construction.
Sectors and Decarbonisation sells fuels, speciality products and services,
including low-carbon energy solutions to a range of commercial customers
including the aviation, marine, and agricultural sectors.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected lower
Marketing margins (decrease of $490 million) including lower Mobility and
Lubricants margins due to seasonal impact of lower volumes and lower Sectors
and Decarbonisation margins and unfavourable tax movements ($285 million),
which included the (non-cash) reassessment of deferred tax in a joint venture.
Identified items in the fourth quarter 2025 included impairment charges of
$527 million. These charges compare with the third quarter 2025 which included
impairment charges of $579 million and provisions of $186 million2, both items
in the third quarter mainly related to the decision not to restart
construction of the planned biofuels facility at the Shell Energy and
Chemicals Park in Rotterdam.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the fourth quarter 2025 was primarily
driven by net outflows relating to the timing impact of payments for emission
certificates and biofuel programmes of $1,230 million, non-cash cost of
supplies adjustment of $174 million, taxes paid of $149 million and working
capital outflows of $112 million. These outflows were partly offset by inflows
from Adjusted EBITDA and dividends (net of profits) from joint ventures and
associates of $308 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the
third quarter 2025, decreased mainly due to seasonality.
Full Year Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, reflected higher
Marketing margins (increase of $413 million) including higher Mobility and
Lubricants margins due to improved unit margins, partly compensated by lower
Sectors and Decarbonisation margins. This was partly offset by unfavourable
tax movements ($326 million).
Identified items in the full year 2025 included impairment charges of $1,384
million and provisions of $186 million2, both of which included the impact of
the decision not to restart construction of the planned biofuels facility at
the Shell Energy and Chemicals Park in Rotterdam. These charges and provisions
compare with the full year 2024 which included impairment charges of $1,423
million mainly related to the pausing of construction of the biofuels
facility, net losses of $386 million related to the sale of assets and charges
of $215 million related to redundancy and restructuring.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Page 7
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Cash flow from operating activities for the full year 2025 was primarily
driven by Adjusted EBITDA and dividends (net of profits/losses) from joint
ventures and associates of $729 million. These inflows were partly offset by
working capital outflows of $609 million, taxes paid of $566 million, net
outflows relating to the timing impact of payments related to emission
certificates and biofuel programmes of $310 million and non-cash cost of
supplies adjustment of $305 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the
full year 2024, decreased mainly in Mobility due to portfolio changes,
including the impact of divestments, and in Sectors and Decarbonisation.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Included in Other identified items. See Note 2 "Segment Information".
3.Adjusted EBITDA is without taxation and DD&A expenses.
Page 8
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
CHEMICALS AND PRODUCTS
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 %¹ Reference 2025 2024 %
(560) 1,074 (276) -152 Income/(loss) for the period 262 1,670 -84
(310) 564 (99) Of which: Identified items A (377) (1,177)
(66) 550 (229) -112 Adjusted Earnings A 1,051 2,934 -64
939 1,667 475 -44 Adjusted EBITDA A 4,880 6,783 -28
1,775 2,088 2,032 -15 Cash flow from operating activities A 5,366 7,253 -26
1,016 813 1,392 Cash capital expenditure C 3,063 3,290
1,178 1,176 1,215 — Refinery processing intake (thousand b/d) 1,217 1,344 -9
2,136 2,147 2,926 — Chemicals sales volumes (thousand tonnes) 9,260 11,875 -22
1.Q4 on Q3 change
The Chemicals and Products segment includes chemicals manufacturing plants
with their own marketing network; and refineries, which turn crude oil and
other feedstocks into a range of oil products that are moved and marketed
around the world for domestic, industrial and transport use. The segment also
includes the pipeline business, trading and optimisation of crude oil, oil
products and petrochemicals, and oil sands activities (the extraction of
bitumen from mined oil sands and its conversion into synthetic crude oil).1
Quarter Analysis2
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected lower
Chemicals margins (decrease of $263 million) and lower Products margins
(decrease of $155 million), mainly driven by lower trading and optimisation
and partly offset by higher refining margins. Adjusted Earnings also reflected
higher operating expenses (increase of $125 million) and unfavourable tax
movements ($117 million), which included the (non-cash) reassessment of
deferred tax in a joint venture.
In the fourth quarter 2025, Chemicals had negative Adjusted Earnings of $589
million and Products had positive Adjusted Earnings of $523 million.
Identified items in the fourth quarter 2025 included impairment charges of
$187 million and net losses from the disposal of assets of $127 million. These
charges and losses compare with the third quarter 2025 which included net
gains from the disposal of assets of $710 million mainly relating to gains
from the sale of our interest in Colonial Enterprises, Inc., and impairment
charges of $107 million.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the fourth quarter 2025 was primarily
driven by Adjusted EBITDA, working capital inflows of $561 million, dividends
(net of profits) from joint ventures and associates of $308 million and net
inflows related to the timing impact of payments for emission certificates and
biofuel programmes of $276 million. These inflows were partly offset by
non-cash cost of supplies adjustment of $248 million.
Refinery utilisation was 95% compared with 96% in the third quarter 2025.
Chemicals manufacturing plant utilisation was 76% compared with 80% in the
third quarter 2025, mainly due to higher planned and unplanned maintenance.
Full Year Analysis2
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, reflected lower Products
margins (decrease of $972 million) driven mainly by lower trading and
optimisation, partly offset by higher refining margins. Adjusted Earnings also
reflected lower Chemicals margins (decrease of $604 million) and unfavourable
tax movements ($485 million). These net unfavourable movements were partly
offset by lower operating expenses (decrease of $138 million).
In the full year 2025, Chemicals had negative Adjusted Earnings of $1,125
million and Products had positive Adjusted Earnings of $2,177 million.
Page 9
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Identified items in the full year 2025 included impairment charges of $634
million and net gains from the disposal of assets of $564 million mainly
relating to gains from the sale of our interest in Colonial Enterprises, Inc.
These charges and gains compare with the full year 2024 which included net
impairment charges and reversals of $1,176 million mainly relating to assets
in Singapore.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the full year 2025 was primarily
driven by Adjusted EBITDA, net inflows related to the timing impact of
payments for emission certificates and biofuel programmes of $1,260 million
and dividends (net of profits) from joint ventures and associates of $404
million. These inflows were partly offset by net cash outflows relating to
commodity derivatives of $761 million and non-cash cost of supplies adjustment
of $567 million.
Refinery utilisation was 92% compared with 85% in the full year 2024, mainly
due to lower planned maintenance in 2025.
Chemicals manufacturing plant utilisation was 78% compared with 76% in the
full year 2024.
1.In November 2025, we completed the previously announced agreement with
Canadian Natural Resources Limited to swap our remaining 10% mining interest
and associated synthetic crude oil reserves in exchange for an additional 10%
interest in the Scotford upgrader and Quest Carbon Capture (CCS) facility (oil
sands swap). Following completion of this swap, Shell no longer has any oil
sands activities.
2.All earnings amounts are shown post-tax, unless stated otherwise.
3.Adjusted EBITDA is without taxation and DD&A expenses.
Page 10
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
RENEWABLES AND ENERGY SOLUTIONS
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 %¹ Reference 2025 2024 %
(98) 110 (1,226) -189 Income/(loss) for the period (489) (1,229) +60
(229) 18 (914) Of which: Identified items A (661) (732)
131 92 (311) +43 Adjusted Earnings A 172 (497) +135
329 223 (123) +47 Adjusted EBITDA A 764 (22) +3,541
(405) 660 850 -161 Cash flow from operating activities A 623 3,798 -84
391 517 1,277 Cash capital expenditure C 1,866 2,549
72 72 76 — External power sales (terawatt hours)2 290 306 -5
160 150 165 +7 Sales of pipeline gas to end-use customers (terawatt hours)3 626 652 -4
1.Q4 on Q3 change
2.Physical power sales to third parties; excluding financial trades and
physical trade with brokers, investors, financial institutions, trading
platforms, and wholesale traders.
3.Physical natural gas sales to third parties; excluding financial trades and
physical trade with brokers, investors, financial institutions, trading
platforms, and wholesale traders. Excluding sales of natural gas by other
segments and LNG sales.
The Renewables and Energy Solutions segment includes renewable power
generation; the marketing, trading and optimisation of power and pipeline gas;
and carbon credits. It also includes the production and marketing of hydrogen;
development of commercial carbon capture and storage hubs; investment in
nature-based projects that avoid or reduce carbon emissions; and Shell
Ventures, which invests in or works with start-ups and other early-stage
businesses to help them scale-up and grow.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected a
favourable fair valuation of an investment ($67 million).
Most Renewables and Energy Solutions activities were loss-making in the fourth
quarter 2025, these were more than offset by positive Adjusted Earnings from
trading and optimisation and energy marketing.
Identified items in the fourth quarter 2025 included net impairment charges
of $156 million. These net charges compare with the third quarter 2025 which
included gains of $134 million related to the disposal of assets, partly
offset by unfavourable movements of $87 million due to the fair value
accounting of commodity derivatives. As part of Shell's normal business,
commodity derivative contracts are entered into as hedges for mitigation of
economic exposures on future purchases, sales and inventory.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the fourth quarter 2025 was primarily
driven by working capital outflows of $704 million and net cash outflows
related to derivatives of $150 million. These outflows were partly offset by
Adjusted EBITDA.
Full Year Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, reflected lower operating
expenses (decrease of $279 million) and higher margins (increase of $229
million), mainly due to higher generation and energy marketing margins.
Most Renewables and Energy Solutions activities were loss-making for the full
year 2025, these were more than offset by positive Adjusted Earnings from
trading and optimisation.
Identified items in the full year 2025 included impairment charges of $334
million and unfavourable movements of $299 million relating to the fair value
accounting of commodity derivatives. These charges and unfavourable movements
compare with the full year 2024 which included net impairment charges and
reversals of $1,085 million mainly relating to renewable generation assets in
North America, partly offset by favourable movements of $300 million relating
to the fair value accounting of commodity derivatives and a net gain on sale
of assets of $94 million.
Page 11
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the full year 2025 was primarily
driven by Adjusted EBITDA and working capital inflows of $508 million. These
inflows were partly offset by net cash outflows related to derivatives of $657
million.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation and DD&A expenses.
Additional Growth Measures
Quarters Full year
Q4 2025 Q3 2025 Q4 2024 %¹ 2025 2024 %
Renewable power generation capacity (gigawatt):
4.2 3.8 3.4 +10 – In operation2 4.2 3.4 +24
1.9 2.6 4.0 -26 – Under construction and/or committed for sale3 1.9 4.0 -53
1.Q4 on Q3 change
2.Shell's equity share of renewable generation capacity post commercial
operation date. It excludes Shell's equity share of associates where
information cannot be obtained.
3.Shell's equity share of renewable generation capacity under construction
and/or committed for sale under long-term offtake agreements (PPA). It
excludes Shell's equity share of associates where information cannot be
obtained.
Renewable power generation capacity under construction and/or committed for
sale decreased compared to 2024 due to transfers to capacity in operation,
withdrawal from the Atlantic Shores Offshore Wind project, and other dilution
in ownership interests and divestments.
Page 12
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
CORPORATE
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 Reference 2025 2024
(550) (402) (335) Income/(loss) for the period (1,974) (2,992)
18 (20) 45 Of which: Identified items A (104) (1,024)
(567) (383) (380) Adjusted Earnings A (1,870) (1,968)
(313) (272) (24) Adjusted EBITDA A (1,193) (675)
(100) (208) 16 Cash flow from operating activities A (3,123) (1,882)
The Corporate segment covers the non-operating activities supporting Shell.
The segment comprises Shell’s holdings and treasury organisation;
headquarters and central functions; self-insurance activities; and a centrally
managed longer-term innovation portfolio. All finance expenses, income and
related taxes are included in Corporate Adjusted Earnings rather than in the
earnings of business segments.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected
unfavourable tax movements ($278 million) partly offset by favourable net
interest movements ($114 million).
Adjusted EBITDA2 was mainly driven by unfavourable foreign exchange rate
effects.
Cash flow from operating activities for the fourth quarter 2025 was primarily
driven by Adjusted EBITDA.
Full Year Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, were primarily driven by
favourable tax movements ($825 million), partly offset by unfavourable net
interest movements ($440 million) and currency exchange rate effects ($191
million).
Identified items in the full year 2024 included reclassifications from equity
to profit and loss of cumulative currency translation differences related to
funding structure changes resulting in unfavourable movements of $1,122
million. These currency translation differences were previously recognised in
other comprehensive income and accumulated in equity as part of accumulated
other comprehensive income.
Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate
effects.
Cash flow from operating activities for the full year 2025 was primarily
driven by working capital outflows of $1,505 million, which included a
reduction in joint venture deposits, as well as Adjusted EBITDA and tax
payments of $425 million.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation and DD&A expenses.
Page 13
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
PRELIMINARY RESERVES UPDATE
When final volumes are reported in the 2025 Annual Report and Accounts and
2025 Form 20-F, Shell expects that SEC proved oil and gas reserves
additions/reductions before taking into account production will be
approximately a 0.4 billion boe reduction, and that 2025 production will be
approximately 1.1 billion boe. As a result, total proved reserves on an SEC
basis are expected to be approximately 8.1 billion boe. Acquisitions and
divestments of 2025 reserves are expected to account for a net decrease of
approximately 1.2 billion boe largely related to the oil sands swap in Canada
(0.7 billion boe synthetic crude oil, of which 50% contributable to
non-controlling interest) and the Nigeria onshore SPDC divestment (0.4 billion
boe).
The proved Reserves Replacement Ratio on an SEC basis is expected to be -40%
for the year and 55% for the 3-year average. Excluding the impact of
acquisitions and divestments, the proved Reserves Replacement Ratio is
expected to be 73% for the year and 84% for the 3-year average.
Further information will be provided in the 2025 Annual Report and Accounts
and 2025 Form 20-F.
Page 14
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
OUTLOOK FOR THE FIRST QUARTER 2026
Full year 2025 cash capital expenditure was $21 billion. Our cash capital
expenditure for the full year 2026 is expected to be $20 - $22 billion.
Integrated Gas production is expected to be approximately 920 - 980 thousand
boe/d. LNG liquefaction volumes are expected to be approximately 7.4 - 8.0
million tonnes.
Upstream production is expected to be approximately 1,700 - 1,900 thousand
boe/d.
Marketing sales volumes are expected to be approximately 2,550 - 2,750
thousand b/d.
Refinery utilisation is expected to be approximately 90% - 98%. Chemicals
manufacturing plant utilisation is expected to be approximately 79% - 87%.
Corporate Adjusted Earnings1 were a net expense of $567 million for the
fourth quarter 2025. Corporate Adjusted Earnings are expected to be a net
expense of approximately $400 - $600 million in the first quarter 2026.
1.For the definition of Adjusted Earnings and the most comparable GAAP measure
see Reference A.
FORTHCOMING EVENTS
Date Event
March 12, 2026 Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2025
March 16, 2026 LNG Outlook publication and LNG Portfolio: Strategic Spotlight1
May 7, 2026 First quarter 2026 results and dividends
May 19, 2026 Annual General Meeting
July 30, 2026 Second quarter 2026 results and dividends
October 29, 2026 Third quarter 2026 results and dividends
1 Together with 2025 AGM shareholder resolution response
Page 15
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
64,093 68,153 66,281 Revenue1 266,886 284,312
(215) 507 (156) Share of profit/(loss) of joint ventures and associates 1,618 2,993
2,848 1,751 683 Interest and other income/(expenses)2 5,227 1,724
66,725 70,410 66,807 Total revenue and other income/(expenses) 273,731 289,029
42,102 45,145 43,610 Purchases 177,194 188,120
5,830 5,609 5,839 Production and manufacturing expenses 21,898 23,379
3,432 3,258 3,231 Selling, distribution and administrative expenses 12,607 12,439
298 409 331 Research and development 1,170 1,099
391 175 861 Exploration 1,136 2,411
6,581 6,607 7,520 Depreciation, depletion and amortisation2 25,299 26,872
1,193 1,284 1,213 Interest expense 4,671 4,787
59,827 62,486 62,605 Total expenditure 243,975 259,107
6,898 7,924 4,205 Income/(loss) before taxation 29,756 29,922
2,718 2,504 3,164 Taxation charge/(credit)2 11,637 13,401
4,180 5,420 1,041 Income/(loss) for the period 18,120 16,521
46 98 113 Income/(loss) attributable to non-controlling interest 282 427
4,134 5,322 928 Income/(loss) attributable to Shell plc shareholders 17,838 16,094
0.72 0.91 0.15 Basic earnings per share ($)3 3.03 2.55
0.71 0.90 0.15 Diluted earnings per share ($)3 3.00 2.53
1.See Note 2 “Segment information”.
2.See Note 7 “Other notes to the unaudited Condensed Consolidated Financial
Statements”.
3.See Note 3 “Earnings per share”.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
4,180 5,420 1,041 Income/(loss) for the period 18,120 16,521
Other comprehensive income/(loss) net of tax:
Items that may be reclassified to income in later periods:
348 (268) (4,899) – Currency translation differences1 5,917 (3,248)
— 10 (11) – Debt instruments remeasurements 24 5
22 (86) 224 – Cash flow hedging gains/(losses) (199) 216
16 — — – Net investment hedging gains/(losses) 16 —
(6) 11 (50) – Deferred cost of hedging (32) (73)
(3) (18) (91) – Share of other comprehensive income/(loss) of joint ventures and associates 165 (118)
377 (351) (4,827) Total 5,892 (3,218)
Items that are not reclassified to income in later periods:
7 (4,628) 239 – Retirement benefits remeasurements1 (4,156) 1,407
14 (31) (50) – Equity instruments remeasurements (41) 28
25 — 46 – Share of other comprehensive income/(loss) of joint ventures and associates (34) 47
46 (4,659) 235 Total (4,231) 1,482
423 (5,010) (4,592) Other comprehensive income/(loss) for the period 1,661 (1,736)
4,603 411 (3,552) Comprehensive income/(loss) for the period 19,780 14,785
110 140 50 Comprehensive income/(loss) attributable to non-controlling interest 476 406
4,493 271 (3,602) Comprehensive income/(loss) attributable to Shell plc shareholders 19,304 14,379
1.See Note 7 “Other notes to the unaudited Condensed Consolidated Financial
Statements”.
Page 16
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
CONDENSED CONSOLIDATED BALANCE SHEET
$ million
December 31, 2025 December 31, 2024
Assets
Non-current assets
Goodwill 15,662 16,032
Other intangible assets 11,010 9,480
Property, plant and equipment 185,077 185,219
Joint ventures and associates1 27,775 23,445
Investments in securities 1,557 2,255
Deferred tax1 8,173 6,857
Retirement benefits1 5,052 10,003
Trade and other receivables 8,252 6,018
Derivative financial instruments2 619 374
263,178 259,683
Current assets
Inventories 22,216 23,426
Trade and other receivables 44,597 45,860
Derivative financial instruments2 9,114 9,673
Cash and cash equivalents 30,216 39,110
106,143 118,069
Assets classified as held for sale1 1,030 9,857
107,173 127,926
Total assets 370,351 387,609
Liabilities
Non-current liabilities
Debt 66,515 65,448
Trade and other payables 4,463 3,290
Derivative financial instruments2 1,108 2,185
Deferred tax1 11,983 13,505
Retirement benefits1 7,136 6,752
Decommissioning and other provisions 21,411 21,227
112,616 112,407
Current liabilities
Debt 9,128 11,630
Trade and other payables 57,770 60,693
Derivative financial instruments2 5,664 7,391
Income taxes payable 3,150 4,648
Decommissioning and other provisions 5,884 4,469
81,595 88,831
Liabilities directly associated with assets classified as held for sale1 820 6,203
82,415 95,034
Total liabilities 195,031 207,441
Equity attributable to Shell plc shareholders 174,392 178,307
Non-controlling interest1 928 1,861
Total equity 175,319 180,168
Total liabilities and equity 370,351 387,609
1. See Note 7 “Other notes to the unaudited Condensed Consolidated
Financial Statements”.
2. See Note 6 “Derivative financial instruments and debt excluding lease
liabilities”.
Page 17
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to Shell plc shareholders
$ million Share capital 1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest Total equity
At January 1, 2025 510 (803) 19,766 158,834 178,307 1,861 180,168
Comprehensive income/(loss) for the period — — 1,466 17,838 19,304 476 19,780
Transfer from other comprehensive income — — 26 (26) — — —
Dividends³ — — — (8,472) (8,472) (147) (8,620)
Repurchases of shares4 (33) — 33 (14,070) (14,070) — (14,070)
Share-based compensation — (43) (58) (394) (494) — (494)
Other changes — — — (179) (179) (1,263) 5 (1,442)
At December 31, 2025 477 (847) 21,233 153,528 174,392 928 175,319
At January 1, 2024 544 (997) 21,145 165,915 186,607 1,755 188,362
Comprehensive income/(loss) for the period — — (1,715) 16,094 14,379 406 14,785
Transfer from other comprehensive income — — 193 (193) — — —
Dividends3 — — — (8,668) (8,668) (308) (8,976)
Repurchases of shares4 (34) — 34 (14,057) (14,057) — (14,057)
Share-based compensation — 194 109 (354) (51) — (51)
Other changes — — — 97 97 8 105
At December 31, 2024 510 (803) 19,766 158,834 178,307 1,861 180,168
1. See Note 4 “Share capital”.
2. See Note 5 “Other reserves”.
3. The amount charged to retained earnings is based on prevailing
exchange rates on payment date.
4. Includes shares committed to repurchase under an irrevocable
contract and repurchases subject to settlement at the end of the quarter.
5. See Note 7 “Other notes to the unaudited Condensed Consolidated
Financial Statements”.
Page 18
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
6,898 7,924 4,205 Income before taxation for the period 29,756 29,922
Adjustment for:
741 822 665 – Interest expense (net) 2,714 2,415
6,581 6,607 7,520 – Depreciation, depletion and amortisation1 25,299 26,872
94 49 649 – Exploration well write-offs 377 1,622
(2,121) (1,068) 288 – Net (gains)/losses on sale and revaluation of non-current assets and businesses (3,190) 288
215 (507) 156 – Share of (profit)/loss of joint ventures and associates (1,618) (2,993)
987 700 1,241 – Dividends received from joint ventures and associates 4,572 3,632
738 352 131 – (Increase)/decrease in inventories 1,916 1,273
647 569 751 – (Increase)/decrease in current receivables 2,240 6,578
(109) (949) 1,524 – Increase/(decrease) in current payables (5,959) (5,789)
(327) (153) 111 – Derivative financial instruments (98) 2,484
(162) (61) (58) – Retirement benefits (341) (326)
(994) 515 (256) – Decommissioning and other provisions (1,385) (828)
(1,110) 74 (856) – Other1 218 1,539
(2,638) (2,668) (2,910) Tax paid (11,638) (12,002)
9,438 12,207 13,162 Cash flow from operating activities 42,863 54,687
(5,250) (4,557) (6,486) Capital expenditure (18,947) (19,601)
(724) (342) (421) Investments in joint ventures and associates (1,886) (1,404)
(42) (8) (17) Investments in equity securities (82) (80)
(6,015) (4,907) (6,924) Cash capital expenditure (20,915) (21,085)
(101) 747 493 Proceeds from sale of property, plant and equipment and businesses1 1,148 1,621
148 1,023 305 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 1,205 590
6 2 6 Proceeds from sale of equity securities 33 582
472 468 581 Interest received 1,956 2,399
856 903 1,762 Other investing cash inflows1 2,625 4,576
(555) (494) (655) Other investing cash outflows (2,863) (3,838)
(5,190) (2,257) (4,431) Cash flow from investing activities (16,812) (15,155)
(62) (72) 65 Net increase/(decrease) in debt with maturity period within three months (262) (310)
Other debt:
2,425 176 (13) – New borrowings 2,920 363
(2,416) (2,801) (2,664) – Repayments (11,806) (9,672)
(1,197) (848) (1,379) Interest paid (4,104) (4,557)
96 (61) (833) Derivative financial instruments 1,256 (594)
(1) 7 (10) Change in non-controlling interest (18) (15)
Cash dividends paid to:
(2,068) (2,103) (2,114) – Shell plc shareholders (8,471) (8,668)
(28) (6) (53) – Non-controlling interest (147) (295)
(3,425) (3,610) (3,579) Repurchases of shares (13,879) (13,898)
(373) (155) (309) Shares held in trust: net sales/(purchases) and dividends received (1,300) (789)
(7,049) (9,473) (10,889) Cash flow from financing activities (35,811) (38,435)
(39) (106) (985) Effects of exchange rate changes on cash and cash equivalents 863 (761)
(2,838) 371 (3,142) Increase/(decrease) in cash and cash equivalents (8,895) 336
33,053 32,682 42,252 Cash and cash equivalents at beginning of period 39,110 38,774
30,216 33,053 39,110 Cash and cash equivalents at end of period 30,216 39,110
1.See Note 7 “Other notes to the unaudited Condensed Consolidated Financial
Statements”.
Page 19
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
These unaudited Condensed Consolidated Financial Statements of Shell plc
(“the Company”) and its subsidiaries (collectively referred to as
“Shell”) have been prepared on the basis of the same accounting principles
as those used in the Company's Annual Report and Accounts (pages 240 to 312)
for the year ended December 31, 2024, as filed with the Registrar of Companies
for England and Wales and as filed with the Autoriteit Financiële Markten
(the Netherlands) and Amendment No. 1 to Form 20-F ("Form 20-F/A") (pages 10
to 83) for the year ended December 31, 2024, as filed with the US Securities
and Exchange Commission, and should be read in conjunction with these filings.
The financial information presented in the unaudited Condensed Consolidated
Financial Statements does not constitute statutory accounts within the meaning
of section 434(3) of the Companies Act 2006 (“the Act”). Statutory
accounts for the year ended December 31, 2024, were published in Shell's
Annual Report and Accounts, a copy of which was delivered to the Registrar of
Companies for England and Wales. The auditor's report on those accounts was
unqualified, did not include a reference to any matters to which the auditor
drew attention by way of emphasis without qualifying the report and did not
contain a statement under sections 498(2) or 498(3) of the Act. The statutory
accounts for the year ended December 31, 2025, will be delivered to the
Registrar of Companies for England and Wales in due course.
Key accounting considerations, significant judgements and estimates
Future long-term commodity price assumptions, which represent a significant
estimate, were changed in the second quarter 2025. These remained unchanged in
the second half 2025.
The discount rates applied for impairment testing and the discount rate
applied to provisions are reviewed on a regular basis. These discount rates
applied in 2025 remain unchanged compared with 2024.
2. Segment information
With effect from January 1, 2025, segment earnings are presented on an
Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure
used by the Chief Executive Officer, who serves as the Chief Operating
Decision Maker, for the purposes of making decisions about allocating
resources and assessing performance. This aligns with Shell's focus on
performance, discipline and simplification.
The Adjusted Earnings measure is presented on a current cost of supplies (CCS)
basis and aims to facilitate a comparative understanding of Shell's financial
performance from period to period by removing the effects of oil price changes
on inventory carrying amounts and removing the effects of identified items.
Identified items are in some cases driven by external factors and may, either
individually or collectively, hinder the comparative understanding of Shell's
financial results from period to period.
The segment earnings measure used until December 31, 2024 was CCS earnings.
The difference between CCS earnings and Adjusted Earnings are the identified
items. Comparative periods are presented below on an Adjusted Earnings basis.
ADJUSTED EARNINGS BY SEGMENT
Q4 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Income/(loss) attributable to Shell plc shareholders 4,134
Income/(loss) attributable to non-controlling interest 46
Income/(loss) for the period 1,839 3,648 (99) (560) (98) (550) 4,180
Current cost of supplies adjustment before taxation 174 248 422
Tax on current cost of supplies adjustment (44) (64) (108)
Identified items before taxation (237) (2,067) 587 382 238 (8) (1,105)
Tax on identified items 59 (11) (40) (72) (9) (10) (83)
Adjusted Earnings 1,661 1,570 578 (66) 131 (567) 3,307
Adjusted Earnings attributable to Shell plc shareholders 3,256
Adjusted Earnings attributable to non-controlling interest 51
Page 20
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Income/(loss) attributable to Shell plc shareholders 5,322
Income/(loss) attributable to non-controlling interest 98
Income/(loss) for the period 2,355 1,707 576 1,074 110 (402) 5,420
Current cost of supplies adjustment before taxation (25) 53 28
Tax on current cost of supplies adjustment 6 (12) (6)
Identified items before taxation (215) 60 988 (720) 8 13 133
Tax on identified items 2 37 (230) 156 (26) 7 (53)
Adjusted Earnings 2,143 1,804 1,316 550 92 (383) 5,523
Adjusted Earnings attributable to Shell plc shareholders 5,432
Adjusted Earnings attributable to non-controlling interest 91
Q4 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Income/(loss) attributable to Shell plc shareholders 928
Income/(loss) attributable to non-controlling interest 113
Income/(loss) for the period 1,744 1,031 103 (276) (1,226) (335) 1,041
Current cost of supplies adjustment before taxation (2) (73) (75)
Tax on current cost of supplies adjustment 2 21 23
Identified items before taxation 514 491 753 291 958 2 3,008
Tax on identified items (92) 160 (17) (191) (43) (47) (230)
Adjusted Earnings 2,165 1,682 839 (229) (311) (380) 3,766
Adjusted Earnings attributable to Shell plc shareholders 3,661
Adjusted Earnings attributable to non-controlling interest 106
Full year 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Income/(loss) attributable to Shell plc shareholders 17,838
Income/(loss) attributable to non-controlling interest 282
Income/(loss) for the period 8,821 9,443 2,057 262 (489) (1,974) 18,120
Current cost of supplies adjustment before taxation 305 567 872
Tax on current cost of supplies adjustment (75) (154) (230)
Identified items before taxation (698) (2,399) 2,080 404 805 64 256
Tax on identified items (99) 399 (372) (27) (144) 40 (203)
Adjusted Earnings 8,024 7,442 3,994 1,051 172 (1,870) 18,814
Adjusted Earnings attributable to Shell plc shareholders 18,529
Adjusted Earnings attributable to non-controlling interest 285
Page 21
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Full year 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Income/(loss) attributable to Shell plc shareholders 16,094
Income/(loss) attributable to non-controlling interest 427
Income/(loss) for the period 9,590 7,772 1,709 1,670 (1,229) (2,992) 16,521
Current cost of supplies adjustment before taxation 254 109 363
Tax on current cost of supplies adjustment (69) (23) (91)
Identified items before taxation 2,176 1,100 2,402 1,364 720 1,105 8,867
Tax on identified items (376) (477) (411) (187) 12 (81) (1,521)
Adjusted Earnings 11,390 8,395 3,885 2,934 (497) (1,968) 24,139
Adjusted Earnings attributable to Shell plc shareholders 23,716
Adjusted Earnings attributable to non-controlling interest 424
CASH CAPITAL EXPENDITURE BY SEGMENT
Cash capital expenditure is a measure used by the Chief Executive Officer for
the purposes of making decisions about allocating resources and assessing
performance.
Q4 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Capital expenditure 1,020 2,401 681 792 325 31 5,250
Investments in joint ventures and associates 187 281 5 222 28 — 724
Investments in equity securities — — 3 2 37 — 42
Cash capital expenditure 1,207 2,682 688 1,016 391 31 6,015
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Capital expenditure 1,002 1,947 481 769 325 32 4,557
Investments in joint ventures and associates 167 (62) 8 44 184 2 342
Investments in equity securities — — — — 9 — 8
Cash capital expenditure 1,169 1,885 489 813 517 34 4,907
Q4 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Capital expenditure 1,123 2,205 798 1,121 1,214 25 6,486
Investments in joint ventures and associates 214 (117) 13 271 36 4 421
Investments in equity securities — (11) — — 28 — 17
Cash capital expenditure 1,337 2,076 811 1,392 1,277 30 6,924
Page 22
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Full year 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Capital expenditure 3,952 8,849 1,841 2,716 1,476 112 18,947
Investments in joint ventures and associates 736 467 18 344 314 5 1,886
Investments in equity securities — — 3 2 76 2 82
Cash capital expenditure 4,689 9,316 1,862 3,063 1,866 119 20,915
Full year 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Capital expenditure 4,095 7,739 2,357 2,943 2,338 129 19,601
Investments in joint ventures and associates 672 150 88 347 138 9 1,404
Investments in equity securities — 1 — — 73 6 80
Cash capital expenditure 4,767 7,890 2,445 3,290 2,549 144 21,085
REVENUE BY SEGMENT
Third-party revenue includes revenue from sources other than from contracts
with customers, which mainly comprises the impact of fair value accounting of
commodity derivatives.
Q4 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Revenue:
Third-party 9,542 1,559 26,881 17,655 8,446 10 64,093
Inter-segment 2,804 8,300 1,717 8,488 1,222 — 22,531
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Revenue:
Third-party 9,736 844 29,648 19,418 8,500 6 68,153
Inter-segment 2,397 9,313 1,796 9,774 1,162 — 24,442
Q4 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Revenue:
Third-party 9,294 1,652 27,524 19,992 7,808 10 66,281
Inter-segment 2,024 9,931 984 8,656 1,879 — 23,474
Full year 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Revenue:
Third-party 38,457 5,105 111,854 77,071 34,359 39 266,886
Inter-segment 10,288 35,968 7,539 35,292 4,383 — 93,471
Page 23
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Full year 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Revenue:
Third-party 37,290 6,606 120,089 90,918 29,366 43 284,312
Inter-segment 8,715 39,939 4,938 38,381 4,971 — 96,944
Identified items
The objective of identified items is to remove material impacts on net
income/loss arising from transactions which are generally uncontrollable and
unusual (infrequent or non-recurring) in nature or giving rise to a mismatch
between accounting and economic results, or certain transactions that are
generally excluded from underlying results in the industry.
Identified items comprise: divestment gains and losses, impairments and
impairment reversals, redundancy and restructuring, fair value accounting of
commodity derivatives and certain gas contracts that gives rise to a mismatch
between accounting and economic results, the impact of exchange rate movements
and inflationary adjustments on certain deferred tax balances, and other
items.
Q4 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses) (12) 2,318 (9) (172) (41) 17 2,100
Impairment reversals/(impairments) 23 (210) (540) (222) (178) (8) (1,136)
Redundancy and restructuring (15) (42) (46) (17) (3) — (123)
Fair value accounting of commodity derivatives and certain gas contracts1 241 — (13) 32 (16) — 244
Other2 — 1 21 (2) — — 20
Total identified items included in Income/(loss) before taxation 237 2,067 (587) (382) (238) 8 1,105
Total identified items included in Taxation (charge)/credit (59) 11 40 72 9 10 83
Identified items included in Income/(loss) for the period
Divestment gains/(losses) (7) 2,282 1 (127) (31) 11 2,130
Impairment reversals/(impairments) 21 (151) (527) (187) (156) (6) (1,006)
Redundancy and restructuring (11) (20) (34) (13) (2) — (81)
Fair value accounting of commodity derivatives and certain gas contracts1 225 — (8) 18 (15) — 220
Impact of exchange rate movements and inflationary adjustments on tax balances3 6 (33) — — — 13 (14)
Other2 (56) 1 21 (1) (24) — (60)
Impact on Income/(loss) for the period 178 2,079 (547) (310) (229) 18 1,188
Impact on Income/(loss) attributable to non-controlling interest — — — — — — —
Impact on Income/(loss) attributable to Shell plc shareholders 178 2,079 (547) (310) (229) 18 1,188
1.Fair value accounting of commodity derivatives and certain gas contracts: In
the ordinary course of business, Shell enters into contracts to supply or
purchase oil and gas products, as well as power and environmental products.
Shell also enters into contracts for tolling, pipeline and storage capacity.
Derivative contracts are entered into for mitigation of resulting economic
exposures (generally price exposure) and these derivative contracts are
carried at period-end market price (fair value), with movements in fair value
recognised in income for the period. Supply and purchase contracts entered
into for operational purposes, as well as contracts for tolling, pipeline and
storage capacity, are, by contrast, recognised when the transaction occurs;
furthermore, inventory is carried at historical cost or net realisable value,
whichever is lower. As a consequence, accounting mismatches occur because: (a)
the supply or purchase transaction is recognised in a different period; or (b)
the inventory is measured on a different basis. In addition, certain contracts
are, due to pricing or delivery conditions, deemed to contain embedded
derivatives or written options and are also required to be carried at fair
value even though they are entered into for operational purposes. The
accounting impacts are reported as identified items.
2.Other identified items represent other credits or charges that based on
Shell management's assessment hinder the comparative understanding of Shell's
financial results from period to period.
3.Impact of exchange rate movements and inflationary adjustments on tax
balances represents the impact on tax balances of exchange rate movements and
inflationary adjustments arising on: (a) the conversion to dollars of the
local currency tax base of non-monetary assets and liabilities, as well as
recognised tax losses (this primarily impacts the Integrated Gas and Upstream
segments); and (b) the conversion of dollar-denominated inter-segment loans to
local currency, leading to taxable exchange rate gains or losses (this
primarily impacts the Corporate segment).
Page 24
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses) 31 7 26 917 149 — 1,130
Impairment reversals/(impairments) (36) (3) (730) (144) (13) (2) (930)
Redundancy and restructuring (29) (5) (36) (36) (18) (10) (134)
Fair value accounting of commodity derivatives and certain gas contracts1 147 (4) (24) (22) (121) — (23)
Other1 101 (55) (224) 5 (4) — (176)
Total identified items included in Income/(loss) before taxation 215 (60) (988) 720 (8) (13) (133)
Total identified items included in Taxation (charge)/credit (2) (37) 230 (156) 26 (7) 53
Identified items included in Income/(loss) for the period
Divestment gains/(losses) 32 16 32 710 134 — 923
Impairment reversals/(impairments) (32) 6 (579) (107) (11) (2) (724)
Redundancy and restructuring (21) (3) (27) (28) (14) (7) (100)
Fair value accounting of commodity derivatives and certain gas contracts1 129 (1) (26) (14) (87) — —
Impact of exchange rate movements and inflationary adjustments on tax balances1 5 (59) — — — (11) (65)
Other1 99 (55) (159) 4 (4) — (115)
Impact on Income/(loss) for the period 212 (97) (759) 564 18 (20) (81)
Impact on Income/(loss) attributable to non-controlling interest — — — — — — —
Impact on Income/(loss) attributable to Shell plc shareholders 212 (97) (759) 564 18 (20) (81)
1.For a detailed description, see the corresponding footnotes to the Q4 2025
identified items table above.
Q4 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses) (99) (66) (216) 42 51 — (288)
Impairment reversals/(impairments) (523) (183) (493) (288) (1,065) (1) (2,554)
Redundancy and restructuring (27) (62) (70) (5) (11) (1) (175)
Fair value accounting of commodity derivatives and certain gas contracts1 136 (14) 58 (38) 67 — 209
Other1 — (165) (33) (2) — — (200)
Total identified items included in Income/(loss) before taxation (514) (491) (753) (291) (958) (2) (3,008)
Total identified items included in Taxation (charge)/credit 92 (160) 17 191 43 47 230
Identified items included in Income/(loss) for the period
Divestment gains/(losses) (96) (51) (247) 33 40 — (321)
Impairment reversals/(impairments) (339) (152) (458) (224) (996) (1) (2,170)
Redundancy and restructuring (16) (34) (52) (3) (8) (1) (115)
Fair value accounting of commodity derivatives and certain gas contracts1 109 (4) 46 (17) 50 — 184
Impact of exchange rate movements and inflationary adjustments on tax balances1 (57) (199) — — — 46 (210)
Other1 (22) (212) (25) 113 — — (147)
Impact on Income/(loss) for the period (421) (651) (736) (99) (914) 45 (2,778)
Impact on Income/(loss) attributable to non-controlling interest — — — — — — —
Impact on Income/(loss) attributable to Shell plc shareholders (421) (651) (736) (99) (914) 45 (2,778)
1.For a detailed description, see the corresponding footnotes to the Q4 2025
identified items table above.
Page 25
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Full year 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses) 81 2,823 (96) 720 39 13 3,581
Impairment reversals/(impairments) (685) (237) (1,630) (737) (367) (11) (3,668)
Redundancy and restructuring (52) (67) (148) (103) (31) (19) (421)
Fair value accounting of commodity derivatives and certain gas contracts1 1,322 (4) (2) (187) (397) — 733
Other1 32 (115) (203) (99) (50) (47) (482)
Total identified items included in Income/(loss) before taxation 698 2,399 (2,080) (404) (805) (64) (256)
Total identified items included in Taxation (charge)/credit 99 (399) 372 27 144 (40) 203
Identified items included in Income/(loss) for the period
Divestment gains/(losses) 78 2,656 (72) 564 68 9 3,303
Impairment reversals/(impairments) (433) (162) (1,384) (634) (334) (8) (2,955)
Redundancy and restructuring (37) (30) (107) (83) (24) (13) (293)
Fair value accounting of commodity derivatives and certain gas contracts1 1,171 (1) (7) (149) (299) — 714
Impact of exchange rate movements and inflationary adjustments on tax balances1 34 62 — — — (45) 51
Other1 (17) (523) (138) (75) (73) (47) (873)
Impact on Income/(loss) for the period 797 2,001 (1,708) (377) (661) (104) (53)
Impact on Income/(loss) attributable to non-controlling interest — — — — — — —
Impact on Income/(loss) attributable to Shell plc shareholders 797 2,001 (1,708) (377) (661) (104) (53)
1.For a detailed description, see the corresponding footnotes to the Q4 2025
identified items table above.
Full year 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses) (100) 89 (400) 6 119 (3) (288)
Impairment reversals/(impairments) (555) (362) (1,747) (1,205) (1,181) (1) (5,051)
Redundancy and restructuring (106) (320) (296) (195) (97) 2 (1,012)
Fair value accounting of commodity derivatives and certain gas contracts1 (1,286) (58) 49 (117) 399 — (1,012)
Other1,2 (129) (449) (8) 146 39 (1,103) (1,504)
Total identified items included in Income/(loss) before taxation (2,176) (1,100) (2,402) (1,364) (720) (1,105) (8,867)
Total identified items included in Taxation (charge)/credit 376 477 411 187 (12) 81 1,521
Identified items included in Income/(loss) for the period
Divestment gains/(losses) (96) 67 (386) 4 94 (2) (319)
Impairment reversals/(impairments) (363) (323) (1,423) (1,176) (1,085) (1) (4,371)
Redundancy and restructuring (71) (214) (215) (142) (71) 1 (712)
Fair value accounting of commodity derivatives and certain gas contracts1 (1,088) (14) 40 (86) 300 — (849)
Impact of exchange rate movements and inflationary adjustments on tax balances1 (49) 313 — — — 99 363
Other1,2 (132) (451) (6) 223 30 (1,122) (1,459)
Impact on Income/(loss) for the period (1,800) (623) (1,991) (1,177) (732) (1,024) (7,347)
Impact on Income/(loss) attributable to non-controlling interest — — — 18 — — 18
Impact on Income/(loss) attributable to Shell plc shareholders (1,800) (623) (1,991) (1,195) (732) (1,024) (7,365)
Page 26
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
1.For a detailed description, see the corresponding footnotes to the Q4 2025
identified items table above.
2.Corporate includes reclassifications from equity to profit and loss of
cumulative currency translation differences related to funding structures
resulting in unfavourable movements of $1,122 million. These currency
translation differences were previously recognised in other comprehensive
income and accumulated in equity as part of accumulated other comprehensive
income.
The identified items categories above may include after-tax impacts of
identified items of joint ventures and associates which are fully reported
within "Share of profit/(loss) of joint ventures and associates" in the
Consolidated Statement of Income, and fully reported as identified items
included in Income/(loss) before taxation in the table above. Identified items
related to subsidiaries are consolidated and reported across appropriate lines
of the Consolidated Statement of Income.
3. Earnings per share
EARNINGS PER SHARE
Quarters Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
4,134 5,322 928 Income/(loss) attributable to Shell plc shareholders ($ million) 17,838 16,094
Weighted average number of shares used as the basis for determining:
5,739.6 5,845.8 6,148.4 Basic earnings per share (million) 5,890.8 6,299.6
5,799.7 5,906.0 6,213.9 Diluted earnings per share (million) 5,948.6 6,363.7
4. Share capital
ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
Number of shares Nominal value
($ million)
At January 1, 2025 6,115,031,158 510
Repurchases of shares (396,394,760) (33)
At December 31, 2025 5,718,636,398 477
At January 1, 2024 6,524,109,049 544
Repurchases of shares (409,077,891) (34)
At December 31, 2024 6,115,031,158 510
At Shell plc’s Annual General Meeting on May 20, 2025, the Board was
authorised to allot ordinary shares in Shell plc, and to grant rights to
subscribe for, or to convert, any security into ordinary shares in Shell plc,
up to an aggregate nominal amount of approximately €140 million
(representing approximately 2,007 million ordinary shares of €0.07 each),
and to list such shares or rights on any stock exchange. This authority
expires at the earlier of the close of business on August 19, 2026, or the
end of the Annual General Meeting to be held in 2026, unless previously
renewed, revoked or varied by Shell plc in a general meeting.
Page 27
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
5. Other reserves
OTHER RESERVES
$ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total
At January 1, 2025 37,298 154 270 1,417 (19,373) 19,766
Other comprehensive income/(loss) attributable to Shell plc shareholders — — — — 1,466 1,466
Transfer from other comprehensive income — — — — 26 26
Repurchases of shares — — 33 — — 33
Share-based compensation — — — (58) — (58)
At December 31, 2025 37,298 154 303 1,359 (17,880) 21,233
At January 1, 2024 37,298 154 236 1,308 (17,851) 21,145
Other comprehensive income/(loss) attributable to Shell plc shareholders — — — — (1,715) (1,715)
Transfer from other comprehensive income — — — — 193 193
Repurchases of shares — — 34 — — 34
Share-based compensation — — — 109 — 109
At December 31, 2024 37,298 154 270 1,417 (19,373) 19,766
The merger reserve and share premium reserve were established as a consequence
of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent
company of Royal Dutch Petroleum Company and The “Shell” Transport and
Trading Company, p.l.c., now The Shell Transport and Trading Company Limited,
in 2005. The merger reserve increased in 2016 following the issuance of shares
for the acquisition of BG Group plc. The capital redemption reserve was
established in connection with repurchases of shares of Shell plc. The share
plan reserve is in respect of equity-settled share-based compensation plans.
6. Derivative financial instruments and debt excluding lease liabilities
As disclosed in the Consolidated Financial Statements for the year ended
December 31, 2024, presented in the Annual Report and Accounts and Form 20-F/A
for that year, Shell is exposed to the risks of changes in fair value of its
financial assets and liabilities. The fair values of the financial assets and
liabilities are defined as the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Methods and assumptions used to estimate
the fair values at December 31, 2025, are consistent with those used in the
year ended December 31, 2024, though the carrying amounts of derivative
financial instruments have changed since that date. The movement of the
derivative financial instruments between December 31, 2024 and December 31,
2025, is a decrease of $559 million for the current assets and a decrease of
$1,727 million for the current liabilities.
The table below provides the comparison of the fair value with the carrying
amount of debt excluding lease liabilities, disclosed in accordance with IFRS
7 Financial Instruments: Disclosures.
DEBT EXCLUDING LEASE LIABILITIES
$ million December 31, 2025 December 31, 2024
Carrying amount1 46,710 48,376
Fair value2 43,142 44,119
1. In the fourth quarter 2025, Shell issued $2.35 billion under the US
shelf programme. Shell issued no debt under the Euro medium-term note
programme since September 2020.
2. Mainly determined from the prices quoted for these securities.
Page 28
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
7. Other notes to the unaudited Condensed Consolidated Financial Statements
Consolidated Statement of Income
Interest and other income
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
2,848 1,751 683 Interest and other income/(expenses) 5,227 1,724
Of which:
452 468 548 Interest income 1,960 2,372
21 16 25 Dividend income (from investments in equity securities) 81 83
2,121 1,068 (288) Net gains/(losses) on sales and revaluation of non-current assets and businesses 3,190 (288)
(34) 82 267 Net foreign exchange gains/(losses) on financing activities (537) (1,025)
288 117 131 Other 532 582
Net gains/(losses) on sales and revaluation of non-current assets and
businesses in the fourth quarter 2025 principally relates to the disposal of
Shell's UK offshore oil and gas assets in exchange for a 50% interest in the
newly formed Adura joint venture (see Joint ventures and associates below).
Net gains/(losses) on sales and revaluation of non-current assets and
businesses in the third quarter 2025 principally relates to the sale of
Shell's 16.125% interest in Colonial Enterprises, Inc.
Depreciation, depletion and amortisation
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
6,581 6,607 7,520 Depreciation, depletion and amortisation 25,299 26,872
Of which:
5,751 5,823 5,829 Depreciation 22,167 22,703
837 787 1,797 Impairments 3,174 4,502
(7) (3) (106) Impairment reversals (42) (333)
Impairments recognised in the fourth quarter 2025 of $1,150 million pre-tax
($1,019 million post-tax), of which
$837 million recognised in depreciation, depletion and amortisation and $313
million recognised in share of profit of
joint ventures and associates, mainly relate to Marketing ($541 million),
Chemicals and Products ($228 million), Upstream ($210 million) and
Renewables and Energy Solutions ($178 million). These impairments relate to
various smaller impairments within respective segments.
Impairments recognised in the third quarter 2025 of $787 million pre-tax
($580 million post-tax) mainly relate to Marketing ($588 million) and
Chemicals and Products ($144 million). The impairment in Marketing was
principally triggered by the decision not to restart construction of the
planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam.
Impairments recognised in the fourth quarter 2024 of $2,659 million pre-tax
($2,245 million post-tax), of which
$1,797 million recognised in depreciation, depletion and amortisation and
$863 million recognised in share of profit of
joint ventures and associates, mainly relate to Renewables and Energy
Solutions ($1,068 million), Integrated Gas ($532 million), Marketing
($495 million), Chemicals and Products ($315 million) and Upstream
($248 million).
Page 29
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Taxation charge/credit
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
2,718 2,504 3,164 Taxation charge/(credit) 11,637 13,401
Of which:
2,639 2,397 3,125 Income tax excluding Pillar Two income tax 11,337 13,150
80 106 39 Income tax related to Pillar Two income tax 299 251
As required by IAS 12 Income Taxes, Shell has applied the exception to
recognising and disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes.
Consolidated Statement of Comprehensive Income
Currency translation differences
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
348 (268) (4,899) Currency translation differences 5,917 (3,248)
Of which:
308 (234) (5,028) Recognised in Other comprehensive income 5,809 (4,504)
40 (33) 129 (Gain)/loss reclassified to profit or loss 108 1,256
Retirement benefits remeasurements
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
7 (4,628) 239 Retirement benefits remeasurements (4,156) 1,407
Retirement benefits remeasurements in the third quarter 2025 principally
relate to recognition of an adjustment to reduce the Dutch pension fund
surplus and recognising a minimum funding liability (see Retirement benefits
below).
Condensed Consolidated Balance Sheet
Joint ventures and associates
December 31, 2025 December 31, 2024
Joint ventures and associates 27,775 23,445
In the fourth quarter 2025, the Company obtained a 50% interest in a newly
formed joint venture Adura Energy Limited, in exchange for the contribution of
Shell's UK offshore oil and gas assets into the joint venture. The excess of
the fair value of the assets and liabilities contributed over the pre-existing
carrying amounts was recognised in the Consolidated Statement of Income in the
fourth quarter 2025 (see Interest and other income above).
Deferred tax
$ million
December 31, 2025 December 31, 2024
Non-current assets
Deferred tax 8,173 6,857
Non-current liabilities
Deferred tax 11,983 13,505
Net deferred liability (3,810) (6,648)
The presentation in the balance sheet takes into consideration the offsetting
of deferred tax assets and deferred tax liabilities within the same tax
jurisdiction, where this is permitted. The overall deferred tax position in a
particular tax
Page 30
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
jurisdiction determines whether a deferred tax balance related to that
jurisdiction is presented within deferred tax assets or deferred tax
liabilities.
Shell's net deferred tax position was a liability of $3,810 million at
December 31, 2025 (December 31, 2024: $6,648 million). The net decrease in
the net deferred tax liability is mainly driven by retirement benefits
remeasurements in the third quarter 2025 (see Retirement benefits below) and
various other smaller items.
Retirement benefits
$ million
December 31, 2025 December 31, 2024
Non-current assets
Retirement benefits 5,052 10,003
Non-current liabilities
Retirement benefits 7,136 6,752
Surplus/(deficit) (2,084) 3,251
On July 1, 2023, new pension legislation ("Wet Toekomst Pensioenen" (WTP))
came into effect in the Netherlands, with an expected implementation required
prior to January 1, 2028. In July 2025, the Trustee Board of the Stichting
Shell Pensioen Fonds (“SSPF”), Shell's defined benefit pension fund in the
Netherlands, formally accepted the transition plan to transition from a
defined benefit pension fund to a defined contribution plan with effect from
January 1, 2027, subject to the local funding level of the plan remaining
above an agreed level (125%) during a predetermined transition period.
In accordance with asset ceiling principles, in July 2025, Shell recognised an
adjustment to reduce the pension fund surplus of $5,521 million to nil, and
recognised a liability for a minimum funding requirement that was estimated in
the third quarter 2025 at $750 million, resulting in a loss in Other
comprehensive income. In addition, a net deferred tax liability (see Deferred
tax above) of $1,617 million was unwound, leading to an overall net post-tax
loss of $4,654 million recognised in Other comprehensive income (see
Retirement benefits remeasurements above). The asset ceiling and the minimum
funding requirement recognised will continue to be monitored and remeasured in
accordance with IAS 19 Employee Benefits.
Subsequently, at the date of transition and settlement (expected December 31,
2026), the surplus at that date will be de-recognised, resulting in an
identified loss in the Consolidated Statement of Income. The extent to which
the funding level will meet the agreed 125% threshold is subject to
uncertainty.
Assets classified as held for sale
$ million
December 31, 2025 December 31, 2024
Assets classified as held for sale 1,030 9,857
Liabilities directly associated with assets classified as held for sale 820 6,203
Assets classified as held for sale and associated liabilities at December 31,
2025, principally relate to UK Southern North Sea offshore natural gas assets
in Upstream and two retail operations in Marketing. The disposal of Shell's
Southern North Sea UK offshore natural gas assets was no longer highly
probable in January 2026 and accordingly these will cease to be classified as
held for sale.
Assets classified as held for sale and associated liabilities at December 31,
2024, principally relate to Shell's UK offshore oil and gas assets in
Upstream, mining interests in Canada in Chemicals and Products and an energy
and chemicals park in Chemicals and Products in Singapore. In 2025, Shell's UK
offshore oil & gas assets were derecognised in exchange for a 50% interest in
a newly formed joint venture (see Joint venture and associates above), the
mining interests in Canada were derecognised (see Non-controlling interest
above) and the chemicals park in Singapore was sold.
The major classes of assets and liabilities classified as held for sale at
December 31, 2025, are Property, plant and equipment ($662 million; December
31, 2024: $8,283 million) and Decommissioning and other provisions
($515 million; December 31, 2024: $3,053 million).
Page 31
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Non-controlling interest
December 31, 2025 December 31, 2024
Non-controlling interest 928 1,861
The decrease in non-controlling interest since December 31, 2024, is mainly
attributable to the completion in the fourth quarter 2025 of the swap of
Shell's remaining 10% mining interest in exchange for an additional 10%
interest in the Scotford upgrader and Quest Carbon Capture (CCS) facility.
Consolidated Statement of Cash Flows
Cash flow from operating activities - Other
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
(1,110) 74 (856) Cash flow from operating activities - Other 218 1,539
Cash flow from operating activities - Other for the fourth quarter 2025
includes $838 million of net outflows (third quarter 2025: $108 million net
inflows; fourth quarter 2024: $1,447 million net outflows) due to the timing
of payments relating to emission certificates and biofuel programmes in Europe
and North America.
Proceeds from sale of property, plant and equipment and businesses
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
(101) 747 493 Proceeds from sale of property, plant and equipment and businesses 1,148 1,621
Proceeds from sale of property, plant and equipment and businesses in the
fourth quarter 2025 include $365 million related to cash disposed through the
completion of two disposals in the fourth quarter 2025.
Other investing cash inflows
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
856 903 1,762 Other investing cash inflows 2,625 4,576
Cash flow from investing activities - Other investing cash inflows for the
fourth quarter 2025 mainly relates to sale of loans and loan repayments. In
the third quarter 2025 it mainly relates to the sale of pension-related debt
securities and repayments of short-term loans.
8. Reconciliation of Operating expenses and Total Debt
RECONCILIATION OF OPERATING EXPENSES
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
5,830 5,609 5,839 Production and manufacturing expenses 21,898 23,379
3,432 3,258 3,231 Selling, distribution and administrative expenses 12,607 12,439
298 409 331 Research and development 1,170 1,099
9,559 9,275 9,401 Operating expenses 35,674 36,917
Page 32
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
RECONCILIATION OF TOTAL DEBT
December 31, 2025 September 30, 2025 December 31, 2024 $ million December 31, 2025 December 31, 2024
9,128 10,022 11,630 Current debt 9,128 11,630
66,515 63,955 65,448 Non-current debt 66,515 65,448
75,643 73,977 77,078 Total debt 75,643 77,078
Page 33
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES
A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation
and amortisation (“Adjusted EBITDA”) and Cash flow from operating
activities
The “Adjusted Earnings” measure aims to facilitate a comparative
understanding of Shell’s financial performance from period to period by
removing the effects of oil price changes on inventory carrying amounts and
removing the effects of identified items. These items are in some cases driven
by external factors and may, either individually or collectively, hinder the
comparative understanding of Shell’s financial results from period to
period. This measure excludes earnings attributable to non-controlling
interest when presenting the total Shell Group result but includes this item
when presenting individual segment Adjusted Earnings as set out in the table
below.
See Note 2 “Segment information” for the reconciliation of Adjusted
Earnings.
We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted
for current cost of supplies; identified items; tax charge/(credit);
depreciation, amortisation and depletion; exploration well write-offs and net
interest expense. All items include the non-controlling interest component.
Management uses this measure to evaluate Shell's performance in the period and
over time.
Q4 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Adjusted Earnings 3,256
Add: Non-controlling interest 51
Adjusted Earnings plus non-controlling interest 1,661 1,570 578 (66) 131 (567) 3,307
Add: Taxation charge/(credit) excluding tax impact of identified items 836 1,686 415 159 109 (297) 2,909
Add: Depreciation, depletion and amortisation excluding impairments 1,540 2,663 593 861 88 6 5,751
Add: Exploration well write-offs 32 62 — — — — 94
Add: Interest expense excluding identified items 59 171 19 15 3 924 1,191
Less: Interest income — 38 1 30 3 380 452
Adjusted EBITDA 4,127 6,114 1,604 939 329 (313) 12,799
Less: Current cost of supplies adjustment before taxation 174 248 422
Joint ventures and associates (dividends received less profit) 59 143 308 308 83 — 900
Derivative financial instruments 319 8 16 (92) (150) (186) (85)
Taxation paid (724) (1,859) (149) 47 7 39 (2,638)
Other (125) (1,043) (1,568) 260 30 56 (2,390)
(Increase)/decrease in working capital 301 924 (112) 561 (704) 304 1,275
Cash flow from operating activities 3,956 4,287 (75) 1,775 (405) (100) 9,438
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Adjusted Earnings 5,432
Add: Non-controlling interest 91
Adjusted Earnings plus non-controlling interest 2,143 1,804 1,316 550 92 (383) 5,523
Add: Taxation charge/(credit) excluding tax impact of identified items 511 1,901 433 254 41 (578) 2,562
Add: Depreciation, depletion and amortisation excluding impairments 1,579 2,675 588 881 94 6 5,823
Add: Exploration well write-offs 1 47 — — — — 49
Add: Interest expense excluding identified items 55 175 15 8 2 1,029 1,283
Less: Interest income 32 45 12 26 6 346 468
Adjusted EBITDA 4,257 6,557 2,340 1,667 223 (272) 14,773
Less: Current cost of supplies adjustment before taxation (25) 53 28
Joint ventures and associates (dividends received less profit) 92 (78) 56 (27) (1) — 42
Derivative financial instruments 83 (9) (3) (165) (272) 230 (136)
Taxation paid (796) (1,611) (111) (20) 28 (158) (2,668)
Other 202 16 (299) 543 (277) 68 252
(Increase)/decrease in working capital (802) (34) (220) 143 960 (75) (28)
Cash flow from operating activities 3,038 4,841 1,788 2,088 660 (208) 12,207
Page 34
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Q4 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Adjusted Earnings 3,661
Add: Non-controlling interest 106
Adjusted Earnings plus non-controlling interest 2,165 1,682 839 (229) (311) (380) 3,766
Add: Taxation charge/(credit) excluding tax impact of identified items 635 2,618 266 (198) 97 (46) 3,371
Add: Depreciation, depletion and amortisation excluding impairments 1,440 2,803 587 896 96 8 5,829
Add: Exploration well write-offs 277 372 — — — — 649
Add: Interest expense excluding identified items 54 201 17 16 2 923 1,213
Less: Interest income 3 — — 10 7 529 548
Adjusted EBITDA 4,568 7,676 1,709 475 (123) (24) 14,281
Less: Current cost of supplies adjustment before taxation (2) (73) (75)
Joint ventures and associates (dividends received less profit) 110 (22) 172 139 51 — 451
Derivative financial instruments 120 (28) (8) 230 533 (527) 319
Taxation paid (635) (2,019) (130) 36 (41) (120) (2,910)
Other 114 (486) (1,227) (313) 77 375 (1,461)
(Increase)/decrease in working capital 114 (611) 845 1,394 353 312 2,407
Cash flow from operating activities 4,391 4,509 1,363 2,032 850 16 13,162
Full year 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Adjusted Earnings 18,529
Add: Non-controlling interest 285
Adjusted Earnings plus non-controlling interest 8,024 7,442 3,994 1,051 172 (1,870) 18,814
Add: Taxation charge/(credit) excluding tax impact of identified items 2,647 8,411 1,652 410 233 (1,283) 12,070
Add: Depreciation, depletion and amortisation excluding impairments 6,107 9,904 2,303 3,466 362 26 22,167
Add: Exploration well write-offs 36 341 — — — — 377
Add: Interest expense excluding identified items 217 718 57 52 10 3,613 4,667
Less: Interest income 37 120 14 99 13 1,679 1,960
Adjusted EBITDA 16,994 26,696 7,993 4,880 764 (1,193) 56,135
Less: Current cost of supplies adjustment before taxation 305 567 872
Joint ventures and associates (dividends received less profit) (43) 1,448 729 404 102 — 2,640
Derivative financial instruments 1,487 38 36 (761) (657) 528 670
Taxation paid (3,261) (7,415) (566) 3 27 (425) (11,638)
Other (255) (1,826) (939) 1,400 (121) (527) (2,269)
(Increase)/decrease in working capital (835) 632 (609) 6 508 (1,505) (1,803)
Cash flow from operating activities 14,086 19,573 6,339 5,366 623 (3,123) 42,863
Full year 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Adjusted Earnings 23,716
Add: Non-controlling interest 424
Adjusted Earnings plus non-controlling interest 11,390 8,395 3,885 2,934 (497) (1,968) 24,139
Add: Taxation charge/(credit) excluding tax impact of identified items 3,520 9,865 1,305 364 87 (128) 15,013
Add: Depreciation, depletion and amortisation excluding impairments 5,594 10,971 2,235 3,495 383 25 22,703
Add: Exploration well write-offs 291 1,331 — — — — 1,622
Add: Interest expense excluding identified items 189 720 52 70 6 3,660 4,697
Less: Interest income 8 18 1 79 2 2,265 2,372
Adjusted EBITDA 20,978 31,264 7,476 6,783 (22) (675) 65,803
Less: Current cost of supplies adjustment before taxation 254 109 363
Joint ventures and associates (dividends received less profit) (137) (946) 262 304 190 — (328)
Derivative financial instruments (1,466) 24 59 219 3,012 (376) 1,472
Taxation paid (2,955) (7,851) (562) (146) (457) (31) (12,002)
Other 23 (1,464) (616) (321) 152 264 (1,961)
(Increase)/decrease in working capital 467 216 998 524 923 (1,065) 2,062
Cash flow from operating activities 16,909 21,244 7,363 7,253 3,798 (1,882) 54,687
Page 35
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Identified items
The objective of identified items is to remove material impacts on net
income/loss arising from transactions which are generally uncontrollable and
unusual (infrequent or non-recurring) in nature or giving rise to a mismatch
between accounting and economic results, or certain transactions that are
generally excluded from underlying results in the industry.
Identified items comprise: divestment gains and losses, impairments and
impairment reversals, redundancy and restructuring, fair value accounting of
commodity derivatives and certain gas contracts that gives rise to a mismatch
between accounting and economic results, the impact of exchange rate movements
and inflationary adjustments on certain deferred tax balances, and other
items.
See Note 2 “Segment information” for details.
B. Adjusted Earnings per share
Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference
A), divided by the weighted average number of shares used as the basis for
basic earnings per share (see Note 3).
C. Cash capital expenditure
Cash capital expenditure represents cash spent on maintaining and developing
assets as well as on investments in the period. Management regularly monitors
this measure as a key lever to delivering sustainable cash flows. Cash capital
expenditure is the sum of the following lines from the Consolidated Statement
of Cash Flows: Capital expenditure, Investments in joint ventures and
associates and Investments in equity securities.
See Note 2 “Segment information” for the reconciliation of cash capital
expenditure.
D. Capital employed and Return on average capital employed
Return on average capital employed ("ROACE") measures the efficiency of
Shell’s utilisation of the capital that it employs.
The measure refers to Capital employed which consists of total equity, current
debt, and non-current debt reduced by cash and cash equivalents.
In this calculation, the sum of Adjusted Earnings (see Reference A) plus
non-controlling interest (NCI) excluding identified items for the current and
previous three quarters, adjusted for after-tax interest expense and after-tax
interest income, is expressed as a percentage of the average capital employed
excluding cash and cash equivalents for the same period.
$ million Quarters
Q4 2025 Q3 2025 Q4 2024
Current debt 11,630 12,015 9,931
Non-current debt 65,448 64,597 71,610
Total equity 180,168 189,538 188,362
Less: Cash and cash equivalents (39,110) (42,252) (38,774)
Capital employed – opening 218,134 223,898 231,128
Current debt 9,128 10,022 11,630
Non-current debt 66,515 63,955 65,448
Total equity 175,319 177,822 180,168
Less: Cash and cash equivalents (30,216) (33,053) (39,110)
Capital employed – closing 220,747 218,745 218,134
Capital employed – average 219,441 221,322 224,630
Page 36
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
$ million Quarters
Q4 2025 Q3 2025 Q4 2024
Adjusted Earnings - current and previous three quarters (Reference A) 18,529 18,933 23,716
Add: Income/(loss) attributable to NCI - current and previous three quarters 282 349 427
Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters 3 (9) 14
Less: Identified items attributable to NCI (Reference A) - current and previous three quarters — — 18
Adjusted Earnings plus NCI excluding identified items - current and previous three quarters 18,814 19,274 24,139
Add: Interest expense after tax - current and previous three quarters 2,673 2,663 2,701
Less: Interest income after tax on cash and cash equivalents - current and previous three quarters 954 1,061 1,389
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income - current and previous three quarters 20,534 20,876 25,452
Capital employed – average 219,441 221,322 224,630
ROACE on an Adjusted Earnings plus NCI basis 9.4% 9.4% 11.3%
E. Net debt and gearing
Net debt is defined as the sum of current and non-current debt, less cash and
cash equivalents, adjusted for the fair value of derivative financial
instruments used to hedge foreign exchange and interest rate risk relating to
debt, and associated collateral balances. Management considers this adjustment
useful because it reduces the volatility of net debt caused by fluctuations in
foreign exchange and interest rates, and eliminates the potential impact of
related collateral payments or receipts. Debt-related derivative financial
instruments are a subset of the derivative financial instrument assets and
liabilities presented on the balance sheet. Collateral balances are reported
under “Trade and other receivables” or “Trade and other payables” as
appropriate.
Gearing is a measure of Shell's capital structure and is defined as net debt
(total debt less cash and cash equivalents) as a percentage of total capital
(net debt plus total equity).
$ million
December 31, 2025 September 30, 2025 December 31, 2024
Current debt 9,128 10,022 11,630
Non-current debt 66,515 63,955 65,448
Total debt 75,643 73,977 77,078
Of which: Lease liabilities 28,933 28,571 28,702
Add: Debt-related derivative financial instruments: net liability/(asset) 547 684 2,469
Add: Collateral on debt-related derivatives: net liability/(asset) (287) (403) (1,628)
Less: Cash and cash equivalents (30,216) (33,053) (39,110)
Net debt 45,687 41,204 38,809
Total equity 175,319 177,822 180,168
Total capital 221,006 219,026 218,974
Gearing 20.7 % 18.8 % 17.7 %
Page 37
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
F. Operating expenses and Underlying operating expenses
Operating expenses*
Operating expenses is a measure of Shell’s cost management performance,
comprising the following items from the Consolidated Statement of Income:
production and manufacturing expenses; selling, distribution and
administrative expenses; and research and development expenses.
Q4 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Production and manufacturing expenses 1,156 2,269 263 1,686 452 4 5,830
Selling, distribution and administrative expenses 47 144 2,381 532 166 162 3,432
Research and development 29 76 44 28 18 102 298
Operating expenses 1,232 2,489 2,688 2,246 636 268 9,559
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Production and manufacturing expenses 940 2,198 359 1,636 467 9 5,609
Selling, distribution and administrative expenses 25 (22) 2,541 418 165 130 3,258
Research and development 47 71 70 46 28 146 409
Operating expenses 1,012 2,247 2,970 2,100 660 285 9,275
Q4 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Production and manufacturing expenses 982 2,470 270 1,632 480 5 5,839
Selling, distribution and administrative expenses 39 96 2,258 471 241 126 3,231
Research and development 40 69 73 46 37 66 331
Operating expenses 1,061 2,635 2,602 2,149 757 196 9,401
Full year 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Production and manufacturing expenses 3,943 8,546 1,150 6,402 1,836 21 21,898
Selling, distribution and administrative expenses 140 207 9,293 1,835 623 510 12,607
Research and development 134 250 206 136 91 352 1,170
Operating expenses 4,216 9,004 10,649 8,373 2,549 883 35,674
Full year 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Production and manufacturing expenses 4,153 9,351 1,322 6,605 1,934 14 23,379
Selling, distribution and administrative expenses 164 176 9,150 1,636 887 426 12,439
Research and development 125 263 209 151 94 257 1,099
Operating expenses 4,442 9,790 10,681 8,392 2,915 697 36,917
*Operational measure for US reporting purposes
Page 38
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Underlying operating expenses
Underlying operating expenses is a measure aimed at facilitating a comparative
understanding of performance from period to period by removing the effects of
identified items, which, either individually or collectively, can cause
volatility, in some cases driven by external factors.
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
9,559 9,275 9,401 Operating expenses 35,674 36,917
(122) (133) (174) Redundancy and restructuring (charges)/reversal (417) (1,009)
(2) (144) (88) Other (225) (202)
(124) (277) (262) Total identified items (642) (1,210)
9,436 8,998 9,138 Underlying operating expenses 35,032 35,707
G. Free cash flow and Organic free cash flow
Free cash flow is used to evaluate cash available for financing activities,
including dividend payments and debt servicing, after investment in
maintaining and growing the business. It is defined as the sum of “Cash flow
from operating activities” and “Cash flow from investing activities”.
Cash flows from acquisition and divestment activities are removed from Free
cash flow to arrive at the Organic free cash flow, a measure used by
management to evaluate the generation of free cash flow without these
activities.
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
9,438 12,207 13,162 Cash flow from operating activities 42,863 54,687
(5,190) (2,257) (4,431) Cash flow from investing activities (16,812) (15,155)
4,249 9,950 8,731 Free cash flow 26,052 39,533
53 1,773 805 Less: Divestment proceeds (Reference I) 2,386 2,793
103 — 1 Add: Tax paid on divestments (reported under "Other investing cash outflows") 246 1
822 85 525 Add: Cash outflows related to inorganic capital expenditure1 1,829 776
5,121 8,263 8,453 Organic free cash flow 2 25,741 37,517
1.Cash outflows related to inorganic capital expenditure includes portfolio
actions which expand Shell's activities through acquisitions and restructuring
activities as reported in capital expenditure lines in the Consolidated
Statement of Cash Flows.
2.Free cash flow less divestment proceeds, adding back outflows related to
inorganic expenditure.
H. Cash flow from operating activities excluding working capital
movements
Working capital movements are defined as the sum of the following items in the
Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories,
(ii) (increase)/decrease in current receivables, and (iii) increase/(decrease)
in current payables.
Cash flow from operating activities excluding working capital movements is a
measure used by Shell to analyse its operating cash generation over time
excluding the timing effects of changes in inventories and operating
receivables and payables from period to period.
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
9,438 12,207 13,162 Cash flow from operating activities 42,863 54,687
738 352 131 (Increase)/decrease in inventories 1,916 1,273
647 569 751 (Increase)/decrease in current receivables 2,240 6,578
(109) (949) 1,524 Increase/(decrease) in current payables (5,959) (5,789)
1,275 (28) 2,407 (Increase)/decrease in working capital (1,803) 2,062
8,164 12,235 10,755 Cash flow from operating activities excluding working capital movements 44,666 52,625
Page 39
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
I. Divestment proceeds
Divestment proceeds represent cash received from divestment activities in the
period. Management regularly monitors this measure as a key lever to deliver
free cash flow.
Quarters $ million Full year
Q4 2025 Q3 2025 Q4 2024 2025 2024
(101) 747 493 Proceeds from sale of property, plant and equipment and businesses 1,148 1,621
148 1,023 305 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 1,205 590
6 2 6 Proceeds from sale of equity securities 33 582
53 1,773 805 Divestment proceeds 2,386 2,793
J. Structural cost reduction*
The structural cost reduction target is used for the purpose of demonstrating
how management drives cost discipline across the entire organisation,
simplifying our processes and portfolio, and streamlining the way we work.
Structural cost reduction describes the decrease in underlying operating
expenses (see Reference F above) as a result of operational efficiencies,
divestments, workforce reductions and other cost-saving measures that are
expected to be sustainable compared with 2022 levels.
The total change between periods in underlying operating expenses will reflect
both structural cost reductions and other changes in spend, including market
factors, such as inflation and foreign exchange impacts, as well as changes in
activity levels and costs associated with new operations.
Structural cost reductions are stewarded internally to support management's
oversight of spending over time. The 2028 target reflects annualised saving
achieved by end-2028.
$ million
Structural cost reduction up to fourth quarter 2025 compared with 2022 levels (5,135)
Underlying operating expenses 2025 35,032
Underlying operating expenses 2024 35,707
Total decrease in Underlying operating expenses (675)
Of which:
Structural cost reductions 2025 (2,016)
Change in Underlying operating expenses excluding structural cost reduction 1,341
Underlying operating expenses 2024 35,707
Underlying operating expenses 2022 39,456
Total decrease in Underlying operating expenses (3,749)
Of which:
Structural cost reductions 2022-2024 (3,119)
Change in Underlying operating expenses excluding structural cost reduction (630)
*Operational measure for US reporting purposes
Page 40
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
CAUTIONARY STATEMENT
All amounts shown throughout this Unaudited Condensed Financial Report are
unaudited. All peak production figures in Portfolio Developments are quoted at
100% expected production. The numbers presented throughout this Unaudited
Condensed Financial Report may not sum precisely to the totals provided and
percentages may not precisely reflect the absolute figures, due to rounding.
The companies in which Shell plc directly and indirectly owns investments are
separate legal entities. In this Unaudited Condensed Financial Report,
“Shell”, “Shell Group” and “Group” are sometimes used for
convenience to reference Shell plc and its subsidiaries in general. Likewise,
the words “we”, “us” and “our” are also used to refer to Shell plc
and its subsidiaries in general or to those who work for them. These terms are
also used where no useful purpose is served by identifying the particular
entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and
“Shell companies” as used in this Unaudited Condensed Financial Report,
refer to entities over which Shell plc either directly or indirectly has
control. The terms “joint venture”, “joint operations”, “joint
arrangements”, and “associates” may also be used to refer to a
commercial arrangement in which Shell has a direct or indirect ownership
interest with one or more parties. The term “Shell interest” is used for
convenience to indicate the direct and/or indirect ownership interest held by
Shell in an entity or unincorporated joint arrangement, after exclusion of all
third-party interest.
Forward-Looking statements
This Unaudited Condensed Financial Report contains forward-looking statements
(within the meaning of the U.S. Private Securities Litigation Reform Act of
1995) concerning the financial condition, results of operations and businesses
of Shell. All statements other than statements of historical fact are, or may
be deemed to be, forward-looking statements. Forward-looking statements are
statements of future expectations that are based on management’s current
expectations and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied in these statements.
Forward-looking statements include, among other things, statements concerning
the potential exposure of Shell to market risks and statements expressing
management’s expectations, beliefs, estimates, forecasts, projections and
assumptions. These forward-looking statements are identified by their use of
terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’;
“aspire”; “aspiration”; ‘‘believe’’; “commit”;
“commitment”; ‘‘could’’; “desire”; ‘‘estimate’’;
‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’;
“milestones”; ‘‘objectives’’; ‘‘outlook’’;
‘‘plan’’; ‘‘probably’’; ‘‘project’’;
‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’;
‘‘target’’; “vision”; ‘‘will’’; “would” and similar
terms and phrases. There are a number of factors that could affect the future
operations of Shell and could cause those results to differ materially from
those expressed in the forward-looking statements included in this Unaudited
Condensed Financial Report, including (without limitation): (a) price
fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s
products; (c) currency fluctuations; (d) drilling and production results; (e)
reserves estimates; (f) loss of market share and industry competition; (g)
environmental and physical risks, including climate change; (h) risks
associated with the identification of suitable potential acquisition
properties and targets, and successful negotiation and completion of such
transactions; (i) the risk of doing business in developing countries and
countries subject to international sanctions; (j) legislative, judicial,
fiscal and regulatory developments including tariffs and regulatory measures
addressing climate change; (k) economic and financial market conditions in
various countries and regions; (l) political risks, including the risks of
expropriation and renegotiation of the terms of contracts with governmental
entities, delays or advancements in the approval of projects and delays in the
reimbursement for shared costs; (m) risks associated with the impact of
pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict
in the Middle East, and a significant cyber security, data privacy or IT
incident; (n) the pace of the energy transition; and (o) changes in trading
conditions. No assurance is provided that future dividend payments will match
or exceed previous dividend payments. All forward-looking statements contained
in this Unaudited Condensed Financial Report are expressly qualified in their
entirety by the cautionary statements contained or referred to in this
section. Readers should not place undue reliance on forward-looking
statements. Additional risk factors that may affect future results are
contained in Shell plc’s Form 20-F and amendment thereto for the year ended
December 31, 2024 (available at
www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov).
These risk factors also expressly qualify all forward-looking statements
contained in this Unaudited Condensed Financial Report and should be
considered by the reader. Each forward-looking statement speaks only as of the
date of this Unaudited Condensed Financial Report, February 5, 2026. Neither
Shell plc nor any of its subsidiaries undertake any obligation to publicly
update or revise any forward-looking statement as a result of new information,
future events or other information. In light of these risks, results could
differ materially from those stated, implied or inferred from the
forward-looking statements contained in this Unaudited Condensed Financial
Report.
Shell’s net carbon intensity
Also, in this Unaudited Condensed Financial Report we may refer to Shell’s
“net carbon intensity” (NCI), which includes Shell’s carbon emissions
from the production of our energy products, our suppliers’ carbon emissions
in supplying energy for that production and our customers’ carbon emissions
associated with their use of the energy products we sell. Shell’s NCI also
includes the emissions associated with the production and use of energy
products produced by others which Shell purchases for resale. Shell only
controls its own emissions. The use of the terms Shell’s “net carbon
intensity” or NCI is for convenience only and not intended to suggest these
emissions are those of Shell plc or its subsidiaries.
Shell’s net-zero emissions target
Shell’s operating plan and outlook are forecasted for a three-year period
and ten-year period, respectively, and are updated every year. They reflect
the current economic environment and what we can reasonably expect to see over
the next three and ten years. Accordingly, the outlook reflects our Scope 1,
Scope 2 and NCI targets over the next ten years. However, Shell’s operating
plan and outlook cannot reflect our 2050 net-zero emissions target, as this
target is outside our planning period. Such future operating plans and
outlooks could include changes to our portfolio, efficiency improvements and
the use of carbon capture and storage and carbon credits. In the future, as
society moves towards net-zero emissions, we expect Shell’s operating plans
and outlooks to reflect this movement. However, if society is not net zero in
2050, as of today, there would be significant risk that Shell may not meet
this target.
Forward-Looking non-GAAP measures
This Unaudited Condensed Financial Report may contain certain forward-looking
non-GAAP measures such as cash capital expenditure and Adjusted Earnings. We
are unable to provide a reconciliation of these forward-looking non-GAAP
measures to the most comparable GAAP financial measures because certain
information needed to reconcile those non-GAAP measures to the most comparable
GAAP financial measures is dependent on future events some of which are
outside the control of Shell, such as oil and gas prices, interest rates and
exchange rates. Moreover, estimating such GAAP measures with the required
precision necessary to provide a meaningful reconciliation is extremely
difficult and could not be accomplished without unreasonable effort. Non-GAAP
measures in respect of future periods which cannot be reconciled to the most
comparable GAAP financial measure are calculated in a manner which is
consistent with the accounting policies applied in Shell plc’s consolidated
financial statements.
The contents of websites referred to in this Unaudited Condensed Financial
Report do not form part of this Unaudited Condensed Financial Report.
We may have used certain terms, such as resources, in this Unaudited Condensed
Financial Report that the United States Securities and Exchange Commission
(SEC) strictly prohibits us from including in our filings with the SEC.
Investors are urged to consider closely the disclosure in our Form 20-F and
any amendment thereto, File No 1-32575, available on the SEC website
www.sec.gov.
Page 41
SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
This announcement contains inside information.
February 5, 2026
The information in this Unaudited Condensed Financial Report reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.
Contacts:
- Sean Ashley, Company Secretary
- Media: International +44 (0) 207 934 5550; U.S. and Canada:
https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html
Page 42Recent news on Shell
See all newsREG-Shell announces commencement of a share buyback programme
AnnouncementREG-Shell plc Fourth Quarter 2025 Interim Dividend
AnnouncementREG-Shell Plc 4th Quarter 2025 and Full Year Unaudited Results
AnnouncementREG-Transaction in Own Shares
AnnouncementREG-Voting Rights and Capital
Announcement