The earnings call reflects a positive sentiment overall, with strong earnings growth, strategic repositioning, and continued shareholder returns. However, challenges in certain segments and macroeconomic uncertainties were acknowledged.

Company Guidance -

Q1 2025

In the first quarter of 2025, Shell reported adjusted earnings of $5.6 billion, a 52% increase from the previous quarter, and generated $11.9 billion in cash flow from operations, excluding a $2.7 billion working capital outflow. The company completed key portfolio actions, such as divesting from assets in Singapore and onshore Nigeria and acquiring Pavilion Energy to strengthen its LNG capabilities. Shell made significant investment decisions, including the Gato do Mato project in Brazil and the expansion of the Northern Lights carbon capture project in Norway. Operational milestones included the launch of the Penguins FPSO in the UK and the start of production at Dover in the Gulf of America. Despite macroeconomic uncertainties, Shell announced a $3.5 billion share buyback program, continuing its strategy of consistent shareholder distributions within a 40% to 50% range of cash flow from operations. The company remains focused on cost discipline, with future opportunities for cost savings and operational efficiencies expected to drive continued growth and resilience.

Record Adjusted Earnings Increase

Adjusted earnings were $5.6 billion, up 52% compared with Q4.

Strong Cash Flow Generation

Generated $11.9 billion of cash flow from operations, excluding working capital.

Strategic Portfolio Repositioning

Completed divestments of the Energy and Chemicals Park in Singapore and onshore Nigeria. Acquired Pavilion Energy, enhancing LNG trading capabilities.

Significant Project Developments

Final investment decisions for Gato do Mato in Brazil and Phase 2 of Northern Lights carbon capture in Norway.

Shareholder Returns

Announced a $3.5 billion share buyback program, marking the 14th consecutive quarter with buybacks of at least $3 billion.

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
Jul 31, 2025	2025 (Q2)	1.50 / -	1.98	―	―	―
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)
May 04, 2023	2023 (Q1)	2.10 / 2.78	2.4	15.83% (+0.38)

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 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%
Aug 01, 2024	$70.26	$69.99	-0.38%

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.