Shell demonstrated resilience and operational excellence in Q2 2025, achieving strong financial results and progressing strategically despite external challenges. Operational efficiencies, cost reductions, and strategic milestones like LNG Canada were major positives. However, the Chemicals & Products segment continued to face significant challenges, and broader economic uncertainties remain a concern.

Company Guidance

In the second quarter of 2025, Shell reported robust financial results despite challenging geopolitical and macroeconomic conditions. The company achieved $800 million in structural cost reductions in the first half of the year, contributing to a total of $3.9 billion since 2022, and is on track to reach a target of $5 billion to $7 billion by 2028. Shell's adjusted earnings for Q2 were approximately $4.3 billion, with $11.9 billion in cash flow from operations. Integrated Gas and Upstream segments performed well despite higher maintenance costs and weaker margins, while the Chemicals & Products segment faced challenges due to weak margins and unplanned downtime. The marketing segment delivered its best Q2 results in nearly a decade, particularly in Mobility and Lubricants. Shell announced a $3.5 billion share buyback program, maintaining a shareholder distribution range of 40% to 50% of cash flow from operations. The company also highlighted strategic progress, such as the start-up of LNG Canada, which is expected to contribute to a 4% to 5% growth in LNG sales.

Strong Operational Performance

Despite a challenging macro environment, Shell delivered robust Q2 results with adjusted earnings of $4.3 billion and $11.9 billion cash flow from operations.

Significant Cost Reductions

Achieved $800 million in cost reductions in H1 2025, totaling $3.9 billion since 2022, on track for a $5-7 billion target by 2028.

LNG Canada Milestone

Start-up of LNG Canada, with a strategic location providing a 50% shorter transit route to Asia, supporting a 4-5% growth in LNG sales.

Upstream Business Excellence

The Upstream business consistently beat consensus over the last 4-6 quarters, driven by reliability, availability, and operational improvements.

Record Marketing Performance

Marketing recorded its best Q2 results in nearly a decade, with significant contributions from Mobility and Lubricants.

Shareholder Returns

Announced a $3.5 billion share buyback program, marking the 15th consecutive quarter of $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)	1.49 / -	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	$71.01	$71.50	+0.69%
May 02, 2025	$63.48	$65.28	+2.84%
Jan 30, 2025	$62.78	$64.60	+2.90%
Oct 31, 2024	$62.90	$64.78	+2.99%

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.