Shell (SHEL) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 07, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

1.53

Last Year’s EPS

1.84

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 9 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 05, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call communicated strong execution on cost reduction, cash generation, disciplined capital allocation and clear progress on emissions and LNG growth, supported by improving ROACE in key businesses and multiple successful portfolio moves. Material negatives include four workplace fatalities, ongoing Chemicals underperformance that drags returns, a decline in reserve life from strategic divestments and near-term sensitivity to oil prices and tax adjustments. Management emphasizes strategic patience, further cost and portfolio actions, and selective M&A to fill future resource gaps.

Company Guidance

Shell reiterated a disciplined capital and returns framework: a cash CapEx range of $20–22bn (2026), shareholder distributions of 40–50% of CFFO (2025 delivered at the top end), a 4% dividend increase and a $3.5bn buyback to complete by May (17th consecutive quarter ≥$3bn), and a target to grow normalized free cash flow per share >10% p.a. through 2030; cost‑out guidance remains $5–7bn structural savings by 2028 (already $5.1bn achieved by end‑2025, ~60% from operational efficiencies). Key 2025 metrics supporting this guidance: Q4 adjusted earnings $3.3bn and CFFO $9.4bn; FY adjusted earnings $18.5bn, CFFO ≈$43bn and free cash flow ≈$26bn; gearing ~21% (9% excl. leases); ROACE 9.4% (Mobility >15%, Lubricants >21%). Operational and ESG milestones reiterated include LNG sales growth 4–5% p.a. to 2030 (sales +11% in 2025), commitments to bring >1m boe/d of new peak production by 2030 (>25% already started), elimination of 100% routine flaring, ~70% progress toward the Scope 1&2 2030 target, product carbon intensity −9% and customer‑use emissions −18% vs 2016.

Structural cost reduction target met early

Achieved $5.1 billion of structural cost reductions by end-2025 (target $5–7 billion by 2028), delivered three years early; nearly 60% of reductions came from operational efficiencies, a leaner corporate centre and faster decision-making.

Strong cash generation and earnings for 2025

Full-year adjusted earnings of $18.5 billion; cash flow from operations (CFFO) close to $43 billion; free cash flow just over $26 billion; Q4 CFFO $9.4 billion and Q4 adjusted earnings $3.3 billion.

Disciplined capital allocation and shareholder returns

Ended 2025 in the middle of the $20–22 billion cash CapEx range; delivered shareholder distributions at the top end of the 40–50% of CFFO range in 2025; announced a 4% dividend increase and a $3.5 billion share buyback to be completed by May (17th consecutive quarter with ≥$3 billion in buybacks).

Operational performance improvements and ROACE progress

Group ROACE improved to 9.4% (up year-over-year despite Brent being >$10/bbl lower on average versus prior year). Mobility ROACE increased to over 15% and Lubricants to over 21%, both achieving record contributions in 2025.

LNG sales and LNG Canada ramp-up

LNG sales grew 11% in 2025 (highest number of cargoes delivered in a single year); ramp-up of LNG Canada continuing to full capacity; acquisition of Pavilion Energy completed to strengthen LNG position.

Progress on emissions and decarbonization targets

Achieved ~70% of the target to halve Scope 1 & 2 emissions (operational control) by 2030 vs 2016; lowered net carbon intensity of products by 9% in 2025 vs 2016 (target 15–20% by 2030); reduced customer emissions from product use by 18% in 2025 (met 15–20% ambition); eliminated 100% of routine flaring in Upstream operations.

Portfolio reshaping and value-driven disposals/decisions

Completed divestment of SPDC (Nigeria), closed Adura JV (UK North Sea largest independent producer), divested loss-making Chemicals asset in Singapore, closed or divested ~800 lower-performing branded Mobility sites, and stopped construction of a biofuels plant in Rotterdam to preserve capital discipline.

Progress on new production and deepwater strength

Committed to bring new oil & gas projects online that will add >1 million boe/d peak by 2030; by end-2025 more than 1/4 of that new production had started up; increased interests and took FIDs in deepwater projects (Gulf of America, Brazil, Nigeria) including Kaikias waterflood and Orca (formerly Gato do Mato).

Safety process improvements

Process safety incidents reduced by 30% in 2025 versus prior year; continued emphasis on safety despite the occurrence of fatalities (see lowlights).

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
May 07, 2026	2026 (Q1)	1.53 / -	1.84	―	―	―
Feb 05, 2026	2025 (Q4)	1.23 / 1.14	1.2	-5.00% (-0.06)
Oct 30, 2025	2025 (Q3)	1.68 / 1.86	1.92	-3.12% (-0.06)
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)

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
Feb 05, 2026	$78.79	$74.63	-5.28%
Oct 30, 2025	$74.84	$74.02	-1.10%
Jul 31, 2025	$70.34	$70.82	+0.68%
May 02, 2025	$62.88	$64.67	+2.85%

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.