Shell (SHEL) Q3 2026 earnings summary

Executive summary

• Q3 Adjusted Earnings were $10.814B, Adjusted EBITDA $22.736B and CFFO $21.043B; income attributable to shareholders was $12.057B.

• Record Chemicals & Products contribution and strong operating performance supported cash generation, while Middle East disruption affected operations and volumes.

Financial highlights

• Free cash flow was $16.322B; cash capital expenditure was $7.922B and divestment proceeds were $2.7B.

• Adjusted Earnings rose from $9.836B in Q2 2026; CFFO was $21.043B versus $21.4B in Q2.

• Basic EPS was $2.15 and Adjusted EPS was $1.93; Q3 identified items were a net gain of $0.8B.

• Cash taxes paid lagged P&L accruals due to price timing and payment phasing; a $3.4B derivative inflow reflected normal-course risk management and margining movements.

Outlook and guidance

• FY 2026 cash capital expenditure guidance is $23B–$25B, including ARC; 2027–2028 guidance is $20B–$22B annually.

• Q4 production outlook is 1,080–1,180 kboe/d for Integrated Gas and 1,700–1,900 kboe/d for Upstream, including Gulf of America weather impacts.

• Q4 outlook includes Marketing sales volumes of 2,400–2,600 kb/d, refinery utilisation of 92%–100% and Chemicals plant utilisation of 78%–86%.

• Q4 Corporate Adjusted Earnings outlook is a net expense of $600M–$800M, including an estimated non-cash Netherlands pension-plan loss of $6.4B, subject to change.