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Sep 30, 2025
Shell Q3 2025 Earnings Report
Shell posted stronger results in Q3 2025 driven by higher trading margins, increased sales volumes, and favorable tax movements.
Key Takeaways
Shell delivered a solid third quarter, with net income rising to $5.32 billion and adjusted earnings of $5.43 billion. Strong trading performance and increased volumes across segments contributed to the improved results.
Net income rose to $5.32 billion from $4.29 billion in Q3 2024.
Adjusted EPS per ADS was $1.86, reflecting robust earnings across segments.
Free cash flow reached nearly $10 billion, supporting buybacks and dividends.
Gearing improved to 18.8% due to reduced net debt and stable capital structure.
Revenue by Segment
Forward Guidance
Shell expects steady performance in Q4 2025 with continued strong production and disciplined capital expenditure.
Positive Outlook
- Integrated Gas production forecasted at 920–980k boe/d
- LNG liquefaction expected to reach up to 8.0 million tonnes
- Upstream production seen between 1,770–1,970k boe/d
- Refinery utilisation to remain high at 87–95%
- Capex to stay within $20–$22 billion for FY25
Challenges Ahead
- Marketing volumes may be impacted by seasonal and portfolio changes
- Chemicals manufacturing utilisation could remain below optimal at 71–79%
- Corporate adjusted earnings expected to be a net expense of $600–$800 million
- Macro uncertainty and commodity price volatility remain key risks
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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