Shell (SHEL) Q2 2025 earnings summary

Executive summary

• Achieved robust cash generation and strong operational performance in Q2 2025, with $3.9 billion in structural cost reductions since 2022 and continued portfolio enhancements in LNG and deep-water assets, despite a challenging macroeconomic and geopolitical environment.

• Q2 2025 income attributable to shareholders was $3.6 billion, down 25% sequentially, with H1 2025 income at $8.4 billion, mainly due to lower trading margins and realised prices, partially offset by cost reductions.

• Announced a $3.5 billion share buyback for the next three months, marking the 15th consecutive quarter of at least $3 billion in buybacks, and distributed $5.7 billion to shareholders in Q2 2025.

• Shipped first LNG cargo from LNG Canada in June 2025, supporting ambitions for 4–5% annual LNG sales growth to 2030.

Financial highlights

• Q2 2025 adjusted earnings were $4.3 billion; cash flow from operations reached $11.9 billion; free cash flow was $6.5 billion; adjusted EBITDA was $13.3 billion.

• Q2 2025 revenue was $65.4 billion, down from $74.5 billion in Q2 2024; H1 2025 revenue was $134.6 billion.

• Dividend per share for Q2 2025 was $0.358, up 4% year-over-year.

• Net debt at June 30, 2025 was $43.2 billion, with gearing at 19–19.1%.

Outlook and guidance

• Full-year 2025 cash capital expenditure outlook remains at $20–22 billion, focusing on highest-return opportunities.

• Targeting >10% nFCF per share growth per annum through 2030 and 40–50% of CFFO distributed to shareholders, currently at 46%.

• Committed to halving Scope 1 and 2 emissions under operational control by 2030 and reducing net carbon intensity of sold products by 15–20% by 2030.

• Q3 2025 guidance: Integrated Gas production 910–970 kboe/d; LNG liquefaction 6.7–7.3 mt; Upstream production 1,700–1,900 kboe/d; Marketing sales 2,600–3,100 kb/d.