Shell demonstrated strong operational performance with significant achievements in cost reduction and strategic project start-ups despite facing challenges in the Chemicals segment and navigating a difficult macroeconomic environment.

Company Guidance -

Q3 2025

During Shell's second quarter 2025 financial results announcement, several key metrics and strategic developments were highlighted. Shell reported $4.3 billion in adjusted earnings and $11.9 billion in cash flow from operations. The company achieved $800 million in structural cost reductions in the first half of 2025, contributing to a total of $3.9 billion since 2022, with a target of $5 to $7 billion by 2028. LNG sales are projected to grow by 4% to 5%, bolstered by the start-up of LNG Canada, where Shell holds a 40% interest. Additionally, Shell announced a $3.5 billion share buyback program, marking the 15th consecutive quarter of buybacks totaling $3 billion or more. Marketing recorded its best Q2 results in nearly a decade, driven by strong performance in Mobility and Lubricants. Shell's gearing stood at 19.1%, and its rolling shareholder distributions were 46% of cash flow from operations (CFFO), within the target range of 40% to 50% through the cycle.

Structural Cost Reduction Achievement

Shell achieved $800 million in structural cost reductions in the first half of 2025, bringing the total since 2022 to $3.9 billion, on track for the target of $5 billion to $7 billion by 2028.

LNG Canada Start-up

The start-up of LNG Canada, where Shell holds a 40% interest, marks a strategic milestone with transit routes to Asia that are over 50% shorter than those from the U.S. Gulf Coast.

Robust Q2 Financial Performance

Shell delivered adjusted earnings of $4.3 billion and cash flow from operations of $11.9 billion in a challenging macro environment.

Shareholder Distributions

Another $3.5 billion share buyback program was announced, making it the 15th consecutive quarter with $3 billion or more in buybacks.

Shell (SHEL) Earnings, Revenues Date & History

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SHEL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	1.44 / -	1.92	―	―	―
Jul 31, 2025	2025 (Q2)	1.29 / 1.44	1.98	-27.27% (-0.54)
May 02, 2025	2025 (Q1)	1.63 / 1.84	2.4	-23.33% (-0.56)
Jan 30, 2025	2024 (Q4)	1.34 / 1.20	2.22	-45.95% (-1.02)
Oct 31, 2024	2024 (Q3)	1.70 / 1.92	1.86	3.23% (+0.06)
Aug 01, 2024	2024 (Q2)	1.88 / 1.98	1.5	32.00% (+0.48)
May 02, 2024	2024 (Q1)	1.93 / 2.40	2.78	-13.67% (-0.38)
Feb 01, 2024	2023 (Q4)	1.82 / 2.22	2.78	-20.14% (-0.56)
Nov 02, 2023	2023 (Q3)	1.86 / 1.86	2.6	-28.46% (-0.74)
Jul 27, 2023	2023 (Q2)	1.70 / 1.50	3.08	-51.30% (-1.58)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SHEL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$71.72	$72.21	+0.68%
May 02, 2025	$64.11	$65.93	+2.84%
Jan 30, 2025	$63.41	$65.24	+2.89%
Oct 31, 2024	$63.52	$65.43	+3.01%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.