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Dec 31, 2025
Shell Q4 2025 Earnings Report
Reported solid profitability and cash generation despite lower earnings in a softer macro environment.
Key Takeaways
Shell delivered positive earnings and strong cash flow in Q4 2025, supported by resilient upstream and integrated gas performance, while announcing higher shareholder returns through dividends and buybacks.
Net income attributable to shareholders remained solid at over $4.1 billion.
Free cash flow stayed positive despite lower commodity prices.
Dividend was increased by 4% and a $3.5 billion share buyback was announced.
Balance sheet remained strong with gearing just above 20%.
Revenue by Segment
Forward Guidance
Shell expects disciplined capital spending and stable production levels in early 2026, with continued focus on shareholder returns.
Positive Outlook
- Capital expenditure guidance maintained at $20–22 billion for 2026.
- Integrated Gas production expected to remain stable.
- Upstream production outlook broadly steady.
- Refinery utilisation expected to remain high.
- Continued commitment to shareholder distributions.
Challenges Ahead
- Corporate adjusted earnings expected to remain a net expense.
- Macroeconomic and commodity price uncertainty persists.
- Lower prices could pressure near-term earnings.
- Working capital movements may affect cash flow.
- Energy transition investments may weigh on returns.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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