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Jun 30
Shell Q2 2025 Earnings Report
Shell reported solid earnings despite a decline in energy prices and lower trading margins in Q2 2025.
Key Takeaways
Shell posted strong Q2 2025 results with $3.6 billion in net income and continued shareholder returns, though impacted by softer commodity prices and lower trading margins.
Net income for Q2 2025 was $3.6 billion, with adjusted earnings of $4.26 billion.
Free cash flow reached $6.53 billion, driven by strong operating cash flow of $11.94 billion.
Marketing margins improved significantly, offsetting lower trading results in other segments.
Shell launched a new $3.5 billion share buyback program to be completed by Q3 2025.
Shell
Shell
Shell Revenue by Segment
Revenue by Segment
Integrated Gas Revenue
CapyFin.comUpstream Revenue
CapyFin.comMarketing Revenue
CapyFin.comChemicals & Products Revenue
CapyFin.comRenewables & Energy Solutions Revenue
CapyFin.comOthers Revenue
CapyFin.com Forward Guidance
Shell expects steady production and refinery utilization in Q3 2025 while maintaining disciplined capex and shareholder returns.
Positive Outlook
- New $3.5 billion buyback program to be completed by Q3 2025
- Stable upstream production forecast (1,700–1,900 kboe/d)
- Expected refinery utilization of 88%–96%
- LNG liquefaction guided at 6.7–7.3 million tonnes
- Marketing volumes expected between 2,600–3,100 kb/d
Challenges Ahead
- Lower trading and optimization margins remain a drag
- Commodity prices remain volatile
- Renewables and Energy Solutions continues to post losses
- Higher net debt due to dividends and buybacks
- Cash capex range tightened at $20–$22 billion for full year