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Shell
Shell (SHEL) investor relations material
Shell Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved $18.5 billion in adjusted earnings for 2025, with Q4 at $3.3 billion, supported by strong operational performance despite lower commodity prices and non-cash tax impacts.
Delivered $5.1 billion in structural cost reductions by end-2025, three years ahead of schedule, with a cumulative target of $5–7 billion by 2028.
Distributed over $22 billion to shareholders in 2025, representing 52% of CFFO, with a 4% dividend increase and a $3.5 billion buyback, marking 17 consecutive quarters of $3 billion+ buybacks.
Maintained a robust safety focus, achieving a 30% reduction in process safety incidents year-over-year.
Executed major portfolio actions, including divestments in Nigeria and Singapore, and growth in LNG and deepwater assets.
Financial highlights
Full-year 2025 adjusted earnings were $18.5 billion, with cash flow from operations at $42.9 billion and free cash flow at $26.1 billion.
Q4 2025 adjusted EBITDA was $12.8 billion; Q4 CFFO was $9.4 billion.
Upstream and Integrated Gas segments delivered strong results, with LNG sales up 11% year-over-year and production increases in key regions.
Mobility and lubricants achieved record margins and ROACE, with mobility over 15% and lubricants over 21%.
Dividend per share increased to $0.372 for Q4 2025.
Outlook and guidance
Cash CapEx for 2026 is guided at $20–22 billion, with the same range targeted through 2028.
Targeting over 10% annual growth in normalized free cash flow per share through 2030.
Committed to distributing 40–50% of CFFO to shareholders through the cycle.
Further cost reductions and performance improvements expected, with AI as a transformative enabler.
Structural cost reduction target of $5–7 billion by end-2028.
Explain Canadian oil sands asset swap
Address 2050 net-zero target planning gap
Outlook for Chemicals & Products margins?
Chemicals FCF neutrality timeline?
Capital reallocation for resource growth?
Key drivers for 10% FCF/share growth?
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Next Shell earnings date
Q1 20267 May, 2026
Shell
Next Shell earnings date
Q1 20267 May, 2026
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Frequently asked questions
Over 100 Years in Oil and Gas
Royal Dutch Shell, commonly known as Shell, is a British international energy company that has been part of the oil and gas industry for over a century. Shell's vast operations include the exploration, production, refining, distribution, and marketing of oil and natural gas, as well as the generation of renewable energy. The company can be recognized by its distinctive logo featuring a scallop shell.
A Long History in the Oil and Gas Industry
Royal Dutch Shell, more commonly known as Shell, was established in 1907 through the amalgamation of two separate entities: Royal Dutch Petroleum Company (founded in 1890 by Dutch entrepreneurs) and Shell Transport and Trading Company Ltd (started in 1897 by British businessman Marcus Samuel), and the merger was intended to compete against the then-dominant American oil company, Standard Oil. The name "Shell" was derived from the seashells that Samuel's company initially imported from the Far East.
In its early years, Shell capitalized on the burgeoning automobile industry's growing need for petroleum. The company expanded its operations worldwide, drilling in Venezuela, Russia, and the Middle East. By the mid-20th century, Shell had become one of the world's "supermajors" in the oil industry, and the modern company has existed in its current form since 2005.
Products and Services
Shell's product range is vast, encompassing various forms of energy. It is involved in the extraction of crude oil and natural gas, refining these resources into usable fuels and chemicals, and distributing them worldwide. The company also operates a network of retail service stations and supplies lubricants and bitumen. Moreover, Shell has branched out into renewable energy resources, venturing into biofuels, electric vehicle charging, and carbon capture and storage.
Market Presence and Impact
Shell's operations span across the globe, reaching customers in over 70 countries. Its products fuel vehicles, power industries, and heat homes, meeting the energy needs of millions of people every day. Shell's retail network is one of the largest in the world, supplying fuel and services to motorists and businesses. The oil and gas industry is competitive and filled with massive multinational companies like BP, ExxonMobil, and Chevron, to name a few.
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