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Sep 30
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.
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 Revenue
CapyFin.comOthers Revenue
CapyFin.com 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
- Renewables segment continues to report losses excluding trading