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Jun 30, 2025
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.
Revenue by Segment
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
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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