NYSE : SHEL
Shell plc — Financial statements
Energy · Oil & Gas Integrated · United Kingdom
Last price 108.83 USD (Oct 30, 2026, 12:07 PM EDT) · Market cap 311.42B
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Financial statements
Shell plc (SHEL) reported revenue of 321.30B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 321.30B | 266.89B | 284.31B | 316.62B | 381.31B | 261.50B |
| Cost of Revenue | 234.78B | 199.09B | 211.50B | 238.12B | 284.01B | 198.73B |
| Gross Profit | 86.51B | 67.79B | 72.81B | 78.50B | 97.31B | 62.77B |
| Selling, General & Admin | 11.68B | 12.61B | 12.44B | 13.43B | 12.88B | 11.33B |
| Research & Development | 974.00M | 1.17B | 1.10B | 1.29B | 1.07B | 815.00M |
| Operating Expenses | 37.51B | 37.96B | 39.36B | 43.87B | 32.98B | 37.96B |
| Operating Income | 49.00B | 29.83B | 33.45B | 34.63B | 64.33B | 24.81B |
| Interest Expense | -4.95B | -4.67B | -4.79B | -4.67B | -3.18B | -3.61B |
| Interest & Investment Income | 1.62B | 2.04B | 2.46B | 2.36B | 1.26B | 602.00M |
| Earnings From Equity Investments | 1.22B | 1.62B | 2.99B | 3.73B | 3.97B | 4.10B |
| Currency Exchange Gain (Loss) | -43.00M | -537.00M | -1.02B | -458.00M | -340.00M | 118.00M |
| Other Non Operating Income (Expenses) | 552.00M | 532.00M | 582.00M | 677.00M | 477.00M | 341.00M |
| EBT Excluding Unusual Items | 47.39B | 28.82B | 33.67B | 36.26B | 66.52B | 26.36B |
| Impairment of Goodwill | -161.00M | -161.00M | -510.00M | -635.00M | -361.00M | -167.00M |
| Gain (Loss) on Sale of Assets | 3.90B | 3.19B | -288.00M | 257.00M | 642.00M | 6.00B |
| Asset Writedown | -1.16B | -2.09B | -2.95B | -3.26B | -861.00M | -2.36B |
| Other Unusual Items | -1.13B | |||||
| Pretax Income | 49.97B | 29.76B | 29.92B | 32.63B | 64.81B | 29.83B |
| Income Tax Expense | 17.08B | 11.64B | 13.40B | 12.99B | 21.94B | 9.20B |
| Earnings From Continuing Operations | 32.89B | 18.12B | 16.52B | 19.64B | 42.87B | 20.63B |
| Minority Interest in Earnings | -182.00M | -282.00M | -427.00M | -277.00M | -565.00M | -529.00M |
| Net Income | 32.71B | 17.84B | 16.09B | 19.36B | 42.31B | 20.10B |
| Net Income to Common | 32.71B | 17.84B | 16.09B | 19.36B | 42.31B | 20.10B |
| Shares Outstanding (Basic) | 5.65B | 5.89B | 6.30B | 6.73B | 7.35B | 7.76B |
| Shares Outstanding (Diluted) | 5.70B | 5.95B | 6.36B | 6.80B | 7.41B | 7.81B |
| EPS (Basic) | 5.79 | 3.03 | 2.55 | 2.88 | 5.76 | 2.59 |
| EPS (Diluted) | 5.74 | 3.00 | 2.53 | 2.85 | 5.71 | 2.57 |
| Free Cash Flow | 37.36B | 23.92B | 35.09B | 31.20B | 45.81B | 26.10B |
| Free Cash Flow Per Share | 6.56 | 4.02 | 5.51 | 4.59 | 6.18 | 3.34 |
| Dividend Per Share | 1.54 | 1.45 | 1.39 | 1.29 | 1.04 | 0.89 |
| Gross Margin | 26.93% | 25.40% | 25.61% | 24.79% | 25.52% | 24.00% |
| Operating Margin | 15.25% | 11.18% | 11.77% | 10.94% | 16.87% | 9.49% |
| Profit Margin | 10.18% | 6.68% | 5.66% | 6.11% | 11.10% | 7.69% |
| Free Cash Flow Margin | 11.63% | 8.96% | 12.34% | 9.85% | 12.02% | 9.98% |
| EBITDA | 67.56B | 47.66B | 53.06B | 62.90B | 82.52B | 49.84B |
| EBITDA Margin | 21.03% | 17.86% | 18.66% | 19.86% | 21.64% | 19.06% |
| D&A For EBITDA | 18.57B | 17.82B | 19.61B | 28.27B | 18.19B | 25.03B |
| EBIT | 49.00B | 29.83B | 33.45B | 34.63B | 64.33B | 24.81B |
| EBIT Margin | 15.25% | 11.18% | 11.77% | 10.94% | 16.87% | 9.49% |
| Effective Tax Rate | 34.18% | 39.11% | 44.79% | 39.82% | 33.85% | 30.84% |
| Revenue as Reported | 328.53B | 273.73B | 289.03B | 323.18B | 386.20B | 272.66B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 36.42B | 30.22B | 39.11B | 38.77B | 40.25B | 36.97B |
| Cash & Short-Term Investments | 36.42B | 30.22B | 39.11B | 38.77B | 40.25B | 36.97B |
| Accounts Receivable | 58.87B | 30.20B | 31.23B | 36.46B | 39.54B | 34.95B |
| Other Receivables | 10.08B | 8.92B | 10.66B | 12.46B | 9.29B | |
| Receivables | 58.87B | 40.27B | 40.15B | 47.12B | 52.00B | 44.23B |
| Inventory | 29.77B | 22.22B | 23.43B | 26.02B | 31.89B | 25.26B |
| Prepaid Expenses | 4.32B | 5.71B | 6.16B | 14.51B | 8.97B | |
| Other Current Assets | 16.74B | 10.14B | 19.53B | 16.05B | 27.29B | 13.33B |
| Total Current Assets | 141.81B | 107.17B | 127.93B | 134.12B | 165.94B | 128.76B |
| Property, Plant & Equipment | 203.37B | 185.08B | 185.22B | 194.84B | 198.64B | 194.93B |
| Long-Term Investments | 28.61B | 29.33B | 25.70B | 27.70B | 27.23B | 27.21B |
| Goodwill | 16.07B | 15.66B | 16.03B | 16.66B | 16.04B | 14.92B |
| Other Intangible Assets | 10.26B | 11.01B | 9.48B | 10.25B | 9.66B | 9.77B |
| Long-Term Accounts Receivable | 8.26B | 778.00M | 875.00M | 1.03B | 1.09B | 1.28B |
| Long-Term Deferred Tax Assets | 5.57B | 8.17B | 6.86B | 6.45B | 7.82B | 12.43B |
| Other Long-Term Assets | 6.62B | 13.14B | 15.52B | 15.22B | 16.61B | 15.07B |
| Total Assets | 420.57B | 370.35B | 387.61B | 406.27B | 443.02B | 404.38B |
| Accounts Payable | 70.93B | 28.14B | 29.77B | 34.59B | 42.63B | 34.14B |
| Accrued Expenses | 14.06B | 14.95B | 16.56B | 18.55B | 14.96B | |
| Short-Term Debt | 506.00M | 642.00M | 845.00M | 1.03B | 515.00M | |
| Current Portion of Long-Term Debt | 1.97B | 4.03B | 6.30B | 4.52B | 3.59B | 3.56B |
| Current Portion of Leases | 6.97B | 4.61B | 4.71B | 4.64B | 4.38B | 4.14B |
| Current Income Taxes Payable | 5.82B | 3.15B | 4.65B | 3.42B | 4.87B | 3.25B |
| Other Current Liabilities | 17.30B | 27.92B | 34.02B | 30.89B | 46.26B | 34.98B |
| Total Current Liabilities | 102.99B | 82.42B | 95.03B | 95.47B | 121.31B | 95.55B |
| Long-Term Debt | 39.95B | 42.22B | 41.50B | 48.56B | 51.53B | 57.50B |
| Long-Term Leases | 27.18B | 24.32B | 23.99B | 23.07B | 23.26B | 23.37B |
| Pension & Post-Retirement Benefits | 6.26B | 7.14B | 6.75B | 7.55B | 7.30B | 11.32B |
| Long-Term Deferred Tax Liabilities | 14.79B | 11.98B | 13.51B | 15.35B | 16.19B | 12.55B |
| Other Long-Term Liabilities | 29.89B | 26.96B | 26.66B | 27.91B | 30.84B | 28.77B |
| Total Liabilities | 221.06B | 195.03B | 207.44B | 217.91B | 250.43B | 229.05B |
| Common Stock | 478.00M | 477.00M | 510.00M | 544.00M | 584.00M | 641.00M |
| Additional Paid-In Capital | 10.74B | 154.00M | 154.00M | 154.00M | 154.00M | 154.00M |
| Retained Earnings | 167.21B | 153.53B | 158.83B | 165.91B | 169.48B | 153.03B |
| Comprehensive Income & Other | 20.02B | 20.23B | 18.81B | 19.99B | 20.25B | 18.14B |
| Total Common Equity | 198.44B | 174.39B | 178.31B | 186.61B | 190.47B | 171.97B |
| Minority Interest | 1.08B | 927.00M | 1.86B | 1.75B | 2.12B | 3.36B |
| Shareholders' Equity | 199.51B | 175.32B | 180.17B | 188.36B | 192.60B | 175.33B |
| Total Liabilities & Equity | 420.57B | 370.35B | 387.61B | 406.27B | 443.02B | 404.38B |
| Total Debt | 76.08B | 75.69B | 77.14B | 81.64B | 83.80B | 89.09B |
| Net Cash (Debt) | -39.65B | -45.47B | -38.03B | -42.87B | -43.55B | -52.12B |
| Net Cash Per Share | -6.96 | -7.64 | -5.98 | -6.30 | -5.88 | -6.68 |
| Filing Date Shares Outstanding | 5.73B | 5.66B | 6.04B | 6.48B | 6.95B | 7.62B |
| Total Common Shares Outstanding | 5.73B | 5.72B | 6.12B | 6.52B | 7.00B | 7.66B |
| Working Capital | 38.83B | 24.76B | 32.89B | 38.65B | 44.63B | 33.22B |
| Book Value Per Share | 34.63 | 30.50 | 29.16 | 28.60 | 27.20 | 22.46 |
| Tangible Book Value | 172.10B | 147.72B | 152.79B | 159.69B | 164.77B | 147.27B |
| Tangible Book Value Per Share | 30.04 | 25.83 | 24.99 | 24.48 | 23.53 | 19.24 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 32.71B | 17.84B | 16.09B | 19.36B | 42.31B | 20.10B |
| Depreciation & Amortization | 24.16B | 23.42B | 25.03B | 28.27B | 18.19B | 25.03B |
| Loss (Gain) From Sale of Assets | -3.90B | -3.19B | 288.00M | -246.00M | -642.00M | -6.00B |
| Asset Writedown & Restructuring Costs | 1.32B | 2.25B | 3.46B | 3.89B | 1.22B | 2.53B |
| Loss (Gain) on Equity Investments | -1.22B | -1.62B | -2.99B | -3.73B | -3.97B | -4.10B |
| Other Operating Activities | 11.99B | 5.96B | 10.74B | -500.00M | 16.33B | 17.90B |
| Change in Accounts Receivable | -14.85B | 2.24B | 6.58B | 12.40B | -8.99B | -20.57B |
| Change in Inventory | -5.48B | 1.92B | 1.27B | 6.33B | -8.36B | -7.32B |
| Change in Accounts Payable | 13.23B | -5.96B | -5.79B | -11.58B | 12.33B | 17.52B |
| Operating Cash Flow | 57.98B | 42.86B | 54.69B | 54.19B | 68.41B | 45.10B |
| Capital Expenditures | -20.61B | -18.95B | -19.60B | -22.99B | -22.60B | -19.00B |
| Sale of Property, Plant & Equipment | 2.99B | 1.15B | 1.62B | 2.56B | 1.43B | 14.23B |
| Investment in Securities | -1.23B | -730.00M | -312.00M | -874.00M | -1.60B | 183.00M |
| Other Investing Activities | 1.90B | 1.72B | 3.14B | 3.57B | 326.00M | -177.00M |
| Investing Cash Flow | -16.95B | -16.81B | -15.15B | -17.73B | -22.45B | -4.76B |
| Short-Term Debt Issued | 318.00M | 14.00M | ||||
| Long-Term Debt Issued | 2.92B | 363.00M | 1.03B | 269.00M | 1.79B | |
| Total Debt Issued | 2.66B | 2.92B | 363.00M | 1.03B | 587.00M | 1.80B |
| Short-Term Debt Repaid | -262.00M | -310.00M | -211.00M | |||
| Long-Term Debt Repaid | -11.81B | -9.67B | -10.65B | -8.46B | -21.53B | |
| Total Debt Repaid | -13.01B | -12.07B | -9.98B | -10.86B | -8.46B | -21.53B |
| Net Debt Issued (Repaid) | -10.36B | -9.15B | -9.62B | -9.83B | -7.87B | -19.73B |
| Repurchase of Common Stock | -13.56B | -15.18B | -14.69B | -15.51B | -19.03B | -3.17B |
| Common Dividends Paid | -8.48B | -8.47B | -8.67B | -8.39B | -7.41B | -6.25B |
| Other Financing Activities | -4.87B | -3.01B | -5.46B | -4.50B | -7.65B | -5.51B |
| Financing Cash Flow | -37.28B | -35.81B | -38.44B | -38.23B | -41.95B | -34.66B |
| Foreign Exchange Rate Adjustments | -371.00M | 866.00M | -761.00M | 306.00M | -736.00M | -539.00M |
| Net Cash Flow | 3.37B | -8.89B | 336.00M | -1.47B | 3.28B | 5.14B |
| Free Cash Flow | 37.36B | 23.92B | 35.09B | 31.20B | 45.81B | 26.10B |
| Free Cash Flow Margin | 11.63% | 8.96% | 12.34% | 9.85% | 12.02% | 9.98% |
| Free Cash Flow Per Share | 6.56 | 4.02 | 5.51 | 4.59 | 6.18 | 3.34 |
| Levered Free Cash Flow | 29.05B | 22.73B | 28.54B | 28.21B | 25.71B | 18.69B |
| Unlevered Free Cash Flow | 32.14B | 25.65B | 31.53B | 31.13B | 27.70B | 20.94B |
| Cash Interest Paid | 4.35B | 4.10B | 4.56B | 4.44B | 3.68B | 4.01B |
| Cash Income Tax Paid | 11.09B | 11.64B | 12.00B | 13.71B | 13.12B | 5.48B |
| Change in Working Capital | -7.10B | -1.80B | 2.06B | 7.14B | -5.02B | -10.37B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 308.44B | 210.96B | 189.55B | 213.69B | 196.28B | 167.81B |
| Enterprise Value | 349.54B | 253.94B | 223.39B | 256.35B | 250.05B | 228.60B |
| Last Close Price | 108.69 | 71.52 | 58.54 | 59.06 | 49.14 | 36.12 |
| PE Ratio | 9.38 | 11.83 | 11.78 | 11.04 | 4.64 | 8.35 |
| PS Ratio | 0.96 | 0.79 | 0.67 | 0.68 | 0.52 | 0.64 |
| PB Ratio | 1.55 | 1.20 | 1.05 | 1.13 | 1.02 | 0.96 |
| P/TBV Ratio | 1.79 | 1.43 | 1.24 | 1.34 | 1.19 | 1.14 |
| P/FCF Ratio | 8.26 | 8.82 | 5.40 | 6.85 | 4.28 | 6.43 |
| P/OCF Ratio | 5.32 | 4.92 | 3.47 | 3.94 | 2.87 | 3.72 |
| EV/Sales Ratio | 1.09 | 0.95 | 0.79 | 0.81 | 0.66 | 0.87 |
| EV/EBITDA Ratio | 5.17 | 5.33 | 4.21 | 4.08 | 3.03 | 4.59 |
| EV/EBIT Ratio | 7.13 | 8.51 | 6.68 | 7.40 | 3.89 | 9.21 |
| EV/FCF Ratio | 9.36 | 10.62 | 6.37 | 8.22 | 5.46 | 8.76 |
| Debt / Equity Ratio | 0.38 | 0.43 | 0.43 | 0.43 | 0.43 | 0.51 |
| Debt / EBITDA Ratio | 1.04 | 1.42 | 1.32 | 1.30 | 1.02 | 1.79 |
| Debt / FCF Ratio | 2.04 | 3.17 | 2.20 | 2.62 | 1.83 | 3.41 |
| Net Debt / Equity Ratio | 0.20 | 0.26 | 0.21 | 0.23 | 0.23 | 0.30 |
| Net Debt / EBITDA Ratio | 0.59 | 0.95 | 0.72 | 0.68 | 0.53 | 1.05 |
| Net Debt / FCF Ratio | 1.06 | 1.90 | 1.08 | 1.37 | 0.95 | 2.00 |
| Asset Turnover | 0.81 | 0.70 | 0.72 | 0.75 | 0.90 | 0.67 |
| Inventory Turnover | 8.91 | 8.72 | 8.55 | 8.22 | 9.94 | 8.89 |
| Quick Ratio | 0.93 | 0.85 | 0.83 | 0.90 | 0.76 | 0.85 |
| Current Ratio | 1.38 | 1.30 | 1.35 | 1.41 | 1.37 | 1.35 |
| Return on Equity (ROE) | 17.43% | 10.19% | 8.97% | 10.31% | 23.31% | 12.36% |
| Return on Assets (ROA) | 7.67% | 4.92% | 5.27% | 5.10% | 9.49% | 3.96% |
| Return on Invested Capital (ROIC) | 13.94% | 8.28% | 8.22% | 8.92% | 18.36% | 7.43% |
| Return on Capital Employed (ROCE) | 15.40% | 10.40% | 11.40% | 11.10% | 20.00% | 8.00% |
| Earnings Yield | 10.66% | 8.46% | 8.49% | 9.06% | 21.56% | 11.98% |
| FCF Yield | 12.11% | 11.34% | 18.51% | 14.60% | 23.34% | 15.55% |
| Dividend Yield | 2.88% | 3.92% | 4.48% | 3.95% | 3.70% | 4.08% |
| Payout Ratio | 26.96% | 47.50% | 53.86% | 43.35% | 17.50% | 31.11% |
| Buyback Yield / Dilution | 5.87% | 6.52% | 6.41% | 8.24% | 5.08% | -0.14% |
| Total Shareholder Return | 8.74% | 10.44% | 10.90% | 12.19% | 8.78% | 3.93% |