Shell (SHEL)
NYSE:SHEL
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Earnings Data
Report Date
Jul 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
2.7Last Year’s EPS
1.44Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive outlook: management reported strong Q1 adjusted earnings (~$7B) and robust cash flow (>$17B ex working capital), delivered notable operational milestones (record Brazil production, Mars 1bn barrel milestone, Bonga turnaround), advanced portfolio strategy (ARC acquisition raising 2030 CAGR to 4%), and increased shareholder returns (5% dividend uplift and $3B buyback). These positives were balanced against significant but largely described-as-transitory headwinds: a large $11B working capital outflow, lease-accounting driven net debt impacts, damage to Pearl GTL Train 2 with ~1-year repair, IG volume disruptions from Qatar, and continued depressed chemicals margins. Management framed the negatives as manageable, timing-related or accounting effects and emphasized balance-sheet strength and optionality, leading to an overall constructive tone.Company Guidance
Strong Adjusted Earnings and Cash Flow
Adjusted earnings for Q1 were just under $7 billion and cash flow from operations (excluding working capital) exceeded $17 billion, demonstrating strong cash generation in a volatile quarter.
Upstream Operational Milestones
Record production in Brazil, Mars platform reached 1 billion barrels of oil produced (Gulf of America milestone), and Bonga turnaround completed 10 days ahead of plan — indicating strong operational execution.
Integrated Gas Resilience and LNG Canada Ramp-Up
Ramp-up of LNG Canada helped offset cyclones in Australia and a Qatar production shutdown; LNG trading and optimization results were broadly in line with the prior quarter, with expected price-lag benefits to IG performance in Q2.
Refining and Products Outperformance
Refining utilization was 99% for the quarter, driven by impressive refining performance and materially higher trading & optimization contributions; marketing and lubricants also posted strong results (lubricant sales seasonally higher).
Strategic M&A: ARC Resources Acquisition
Announced acquisition of ARC Resources (high-quality, low-cost Montney operator) which is expected to raise Shell's expected compound annual production growth rate to 2030 from ~1% to 4% (increase to 4% vs ~1%), add contiguous acreage, liquid-rich portfolio and LNG upside; transaction structure 75% stock / 25% cash and adds ~ $4 billion to 2026 cash CapEx.
Capital Allocation and Shareholder Returns
Board announced a $3 billion share buyback program for the next three months and a 5% dividend increase; reaffirmed 40–50% of CFFO through-the-cycle distribution policy. Management highlighted $65 billion of share buybacks over the last four years as evidence of buyback discipline.
Balance Sheet Flexibility (Excluding Leases)
Reported net debt was $52.6 billion at quarter end, but excluding lease obligations net debt was approximately $22 billion — management characterized the balance sheet as strong and flexible amid volatility.
Chemicals: Early Signs of Improvement
Chemicals margins remain depressed but Q1 (excluding working capital) was free-cash-flow-positive for the chemicals business; management pursuing hundreds of millions in OpEx/CapEx savings and pursuing strategic options (including potential sale or capital markets transactions) to improve returns.
SHEL Earnings History
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 |
|---|---|---|---|
May 07, 2026 | $87.20 | $84.24 | -3.39% |
Feb 05, 2026 | $78.06 | $73.94 | -5.28% |
Oct 30, 2025 | $74.14 | $73.34 | -1.08% |
Jul 31, 2025 | $69.69 | $70.17 | +0.68% |
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.
FAQ
When does Shell (SHEL) report earnings?
Shell (SHEL) is schdueled to report earning on Jul 30, 2026, Before Open (Confirmed).
What is Shell (SHEL) earnings time?
Shell (SHEL) earnings time is at Jul 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is SHEL EPS forecast?
SHEL EPS forecast for the fiscal quarter 2026 (Q2) is 2.7.
