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Mar 31, 2025
Shell Q1 2025 Earnings Report
Shell reported strong earnings supported by higher margins in Integrated Gas and Upstream, with notable portfolio moves including the Pavilion Energy acquisition.
Key Takeaways
Shell delivered a strong Q1 2025, with $4.8 billion in net income and $69.2 billion in revenue. Strong performance in Integrated Gas and Upstream, combined with capital discipline, drove results. The company also launched a new $3.5 billion buyback program.
Adjusted EPS came in at $1.84 (ADS), beating estimates.
Net income reached $4.8 billion, up significantly from Q4 2024.
Revenue totaled $69.2 billion for the quarter.
New $3.5B share buyback program launched amid a strong balance sheet.
Revenue by Segment
Forward Guidance
Shell expects Q2 2025 to reflect seasonal maintenance and the impact of recent divestments, while continuing to focus on capital returns and operational resilience.
Positive Outlook
- LNG production expected between 6.3–6.9 million tonnes.
- Stable upstream production despite asset sales.
- Higher expected refinery utilization (87–95%).
- Capex guidance maintained at $20–22B.
- Ongoing $3.5B buyback program boosts returns.
Challenges Ahead
- Scheduled maintenance to affect Integrated Gas output.
- SPDC divestment lowers Upstream production.
- Chemical segment faces weak margins.
- Renewables segment continues to post losses.
- Net debt increased due to acquisitions and payouts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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