Shell (SHEL) Q3 2025 earnings summary

Executive summary

• Adjusted earnings reached $5.4 billion in Q3 2025, with net income attributable to shareholders at $5.3 billion, driven by strong operational performance, higher trading margins, and record upstream and LNG production.

• Cash flow from operations was $12.2 billion and free cash flow $10.0 billion, with net debt reduced to $41.2 billion and gearing at 18.8%.

• Marketing delivered its second-highest quarterly adjusted earnings in over a decade, while chemicals and downstream segments continued to face margin and seasonal challenges.

• Portfolio simplification advanced with the sale of 400 retail sites, Colonial Pipeline interest, and completion of the Nigerian onshore (SPDC) sale.

• A new $3.5 billion share buyback program was announced, marking the 16th consecutive quarter of at least $3 billion in buybacks.

Financial highlights

• Q3 2025 revenue was $68.2 billion, adjusted EBITDA $14.8 billion, and adjusted earnings per share $0.93, with a dividend per share of $0.358.

• Total shareholder distributions in Q3 2025 were $5.7 billion, including $3.6 billion in share buybacks and $2.1 billion in dividends.

• Free cash flow for nine months 2025 was $21.8 billion, and operating expenses for Q3 2025 were $9.3 billion.

• ROACE for Q3 2025 was 9.4%.

Outlook and guidance

• Full-year 2025 cash capital expenditure is expected to be $20–$22 billion, with Q4 2025 guidance for Integrated Gas production at 920–980 kboe/d, Upstream at 1,770–1,970 kboe/d, and Marketing sales at 2,500–3,000 kb/d.

• Refinery utilization expected at 87–95% and chemicals plant utilization at 71–79% for Q4 2025.

• Ongoing focus on cost reduction in chemicals, with further OpEx and CapEx cuts planned to achieve free cash flow neutrality by 2026.

• Ambition to achieve over 10% nFCF per share growth annually through 2030 and a 15–20% reduction in net carbon intensity of sold products by 2030.