Is Shell financially healthy?

On 30 September 2026 Shell held 36.43B USD in cash and short-term investments against total debt of 76.08B USD. Its current ratio is 1.38: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 36.81B USD of free cash flow.

Shell's revenue grew 8.1% a year over its last five fiscal years, from 180.54B USD in fiscal year 2020 to 266.89B USD in fiscal year 2025. Over the last twelve months it was up 19.4% on the twelve months before.

Where can I find Shell's annual report (20-F)?

Shell, a company based outside the US, files its annual report (Form 20-F) and its interim reports (Form 6-K) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Shell
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SHEL

Arincen ScoreBeta75/100

75/100B

97.270

USD

-1.60

(-1.62%)

Market Closed

Last updated: 10 Nov, 15:59 GMT-5 · Delayed 15 min

Fair valueNot reliable

Q4 FY2026 · Earnings report

EPS estimate 3.49Revenue estimate 100.68B

Q4 FY2026 · Earnings report

Thursday 4 February

EPS estimate 3.49Revenue estimate 100.68B

Fair valueNot reliable

Q4 FY2026 · Earnings report

EPS estimate 3.49Revenue estimate 100.68B

Q4 FY2026 · Earnings report

Thursday 4 February

EPS estimate 3.49Revenue estimate 100.68B

Overview Financials Forecast Earnings Dividends Company

Shell financials

Yes. Shell earned 32.70B USD of net income over the last twelve months, 10.2% of its revenue. It made a profit in 27 of its 28 fiscal years since 1998. Its last loss was in fiscal year 2020.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 321.25B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 32.70B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 36.81B USD
Cash and short-term investments: 36.43B USD
Total debt: 76.08B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 198.44B USD

Cash, debt and equity as of 30 Sept 2026.

Shell earnings

Next earnings · Q4 FY2026

4 Feb 2027

EPS estimate

3.49 USD

Revenue estimate

100.68B USD

Last quarter · Q3 FY2026

EPS3.86Beat +9.0%Revenue92.85BMissed -0.4%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q4 FY2026	4 Feb 2027	3.49	—	—	+206.14%	100.68B	—	—	+57.08%
Q3 FY2026	29 Oct 2026	3.54	3.86	+9.04%	+107.53%	93.25B	92.85B	-0.43%	+37.06%
Q2 FY2026	30 Jul 2026	3.23	3.52	+8.98%	+147.89%	86.22B	94.66B	+9.79%	+44.73%
Q1 FY2026	7 May 2026	2.14	2.44	+14.02%	+32.61%	77.54B	69.69B	-10.12%	+0.66%
Q4 FY2025	5 Feb 2026	1.21	1.14	-5.79%	-5.00%	62.64B	64.09B	+2.31%	-3.30%
Q3 FY2025	30 Oct 2025	1.72	1.86	+8.14%	-21.19%	67.73B	67.74B	+0.02%	-4.71%
Q2 FY2025	31 Jul 2025	1.13	1.42	+25.66%	-27.92%	70.23B	65.41B	-6.87%	-12.16%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	9.63	—	—	-13.65%	306.47B	—	—	-7.42%
FY2027	11.15	—	—	-13.82%	331.05B	—	—	-6.46%
FY2026	12.94	—	—	+106.73%	353.93B	—	—	+32.82%
FY2025	6.38	6.26	-1.88%	-20.86%	270.82B	266.48B	-1.61%	-6.27%
FY2024	7.68	7.91	+3.03%	-5.38%	301.32B	284.31B	-5.64%	-10.20%
FY2023	7.98	8.36	+4.74%	-22.45%	330.93B	316.62B	-4.32%	-16.97%
FY2022	10.29	10.78	+4.79%	+117.34%	388.38B	381.32B	-1.82%	+45.82%

Shell growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 321.25B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 32.70B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 18.48%
Operating margin: 14.41%
Net margin: 10.18%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	266.89B	-6.13%	17.84B	+10.83%	15.92%	10.33%	6.68%	56.66B	-1.42%
FY2024	284.31B	-10.20%	16.09B	-16.87%	16.16%	10.55%	5.66%	57.48B	-4.77%
FY2023	316.62B	-16.97%	19.36B	-54.24%	14.91%	9.71%	6.11%	60.36B	-34.78%
FY2022	381.31B	+45.82%	42.31B	+110.48%	20.66%	16.55%	11.10%	92.55B	+63.79%
FY2021	261.50B	+44.84%	20.10B	—	13.71%	8.52%	7.69%	56.51B	+2,440.74%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	92.80B	12.05B	21.75%	18.95%	12.99%
Q2 FY2026	94.66B	10.82B	19.52%	16.03%	11.43%
Q1 FY2026	69.69B	5.69B	19.28%	14.87%	8.17%
Q4 FY2025	64.09B	4.13B	11.36%	4.93%	6.45%
Q3 FY2025	68.15B	5.32B	16.99%	11.35%	7.81%

How Shell makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Oil products114.66B 43.0%

Crude oil35.71B 13.4%

LNG33.47B 12.5%

Natural gas and NGL22.83B 8.6%

Other19.96B 7.5%

Power12.26B 4.6%

Lubricants11.54B 4.3%

Revenue from other sources9.53B 3.6%

Chemicals products6.92B 2.6%

Revenue266.89B 100.0%

Cost of revenue224.39B 84.1%

Gross profit42.50B 15.9%

Research and development1.17B 0.4%

Selling and administration12.61B 4.7%

Other operating expenses1.14B 0.4%

Operating income27.58B 10.3%

Tax11.64B 4.4%

Net income17.84B 6.7%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Shell revenue breakdown

By product

FY2025

43.0%Oil products13.4%Crude oil12.5%LNG8.6%Natural gas and NGL7.5%Other4.6%Power4.3%Lubricants3.6%Revenue from other sources2.6%Chemicals products

Segment	Revenue	Share of revenue	Change on the year
Oil products	114.66B	43.0%	-11.5%
Crude oil	35.71B	13.4%	-12.1%
LNG	33.47B	12.5%	+8.2%
Natural gas and NGL	22.83B	8.6%	+18.2%
Other	19.96B	7.5%	-10.6%
Power	12.26B	4.6%	+6.0%
Lubricants	11.54B	4.3%	+0.3%
Revenue from other sources	9.53B	3.6%	-4.3%
Chemicals products	6.92B	2.6%	-18.8%

By region

FY2025

31.1%Europe30.7%Asia Oceania And Africa19.5%United States9.7%United Kingdom9.0%Other Americas

Region	Revenue	Share of revenue	Change on the year
Europe	91.81B	31.1%	-0.7%
Asia Oceania And Africa	90.84B	30.7%	-7.6%
United States	57.73B	19.5%	-11.3%
United Kingdom	28.75B	9.7%	+2.6%
Other Americas	26.51B	9.0%	-6.6%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	42.86B	23.92B
FY2024	54.69B	35.09B
FY2023	54.19B	31.20B
FY2022	68.41B	45.81B
FY2021	45.10B	26.10B
FY2020	34.11B	17.52B
FY2019	42.18B	19.21B
FY2018	53.09B	30.07B
FY2017	35.65B	14.81B
FY2016	20.62B	-1.50B

Shell financial health

Full balance sheet

Cash and short-term investments: 36.43B USD
Total debt: 76.08B USD
Net cash: -39.65B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 36.81B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 1.38
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 0.38
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 8 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 2.76

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	30.22B	104.58B	23.92B
FY2024	39.11B	77.14B	35.09B
FY2023	38.77B	81.64B	31.20B
FY2022	40.25B	83.80B	45.81B
FY2021	36.97B	89.09B	26.10B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	370.35B	195.03B	174.39B
FY2024	387.61B	207.44B	178.31B
FY2023	406.27B	217.91B	186.61B
FY2022	443.02B	250.43B	190.47B
FY2021	404.38B	229.05B	171.97B
FY2020	379.27B	220.73B	155.31B
FY2019	404.34B	213.87B	186.48B
FY2018	399.19B	196.66B	198.65B
FY2017	407.10B	209.29B	194.36B
FY2016	411.28B	222.76B	186.65B

Shell valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 8.37
Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 7.52
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 0.87
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 1.40
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 4.18

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

278.52B USD

Total debt

76.08B USD

−

Cash and short-term investments

36.43B USD

Enterprise value

318.17B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	10.10	—	—	—	—
FY2027 (est.)	8.72	10.10	—	—	—
FY2026 (est.)	7.52	8.72	—	—	—
Now (TTM)	8.37	8.53	0.87	1.40	4.18
FY2025	12.13	5.68	0.81	1.24	5.13
FY2024	12.28	9.82	0.69	1.11	4.09
FY2023	11.42	8.57	0.69	1.17	4.31
FY2022	4.94	7.13	0.55	1.10	2.73
FY2021	8.38	4.22	0.64	0.98	3.90

Shell against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Chevron, ConocoPhillips, Exxonmobil Holdings, Marathon Petroleum, Valero Energy, and Phillips 66, the US Energy companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Below its median8.4
4.347.2
Gross marginAt its median15.9%
13.7%20.7%
Against its peers: 4 of 7Peers' median 14.6%
Operating marginAt its median10.3%
8.5%16.6%
Against its peers: 3 of 7Peers' median 6.7%
Net marginAt its median6.7%
5.7%11.1%
Against its peers: 3 of 7Peers' median 5.0%
Return on equityBelow its median10.2%
9.0%22.2%
Against its peers: 5 of 7Peers' median 11.8%
Free cash flow marginLowest in 5 years9.0%
9.0%12.3%
Against its peers: 3 of 7Peers' median 5.7%
Revenue growthAt its median-6.1%
-17.0%45.8%
Against its peers: 6 of 7Peers' median -4.6%
EPS growthAbove its median18.6%
-50.1%122.2%
Against its peers: 3 of 7Peers' median -13.2%
Debt to EBITDAHighest in 5 years1.85×
0.91×1.85×
Against its peers: 5 of 7Peers' median 1.37×
Current ratioLowest in 5 years1.30
1.301.40
Against its peers: 2 of 7Peers' median 1.28

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	8.4	4.347.2	Below its median	—
Gross margin	15.9%	13.7%20.7%	At its median	4 of 7
Operating margin	10.3%	8.5%16.6%	At its median	3 of 7
Net margin	6.7%	5.7%11.1%	At its median	3 of 7
Return on equity	10.2%	9.0%22.2%	Below its median	5 of 7
Free cash flow margin	9.0%	9.0%12.3%	Lowest in 5 years	3 of 7
Revenue growth	-6.1%	-17.0%45.8%	At its median	6 of 7
EPS growth	18.6%	-50.1%122.2%	Above its median	3 of 7
Debt to EBITDA	1.85×	0.91×1.85×	Highest in 5 years	5 of 7
Current ratio	1.30	1.301.40	Lowest in 5 years	2 of 7

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Shell dividends

Annual dividend: 3.12 USD
Dividend yield (indicated)What is dividend yield? Dividend yield is a year of dividends as a percentage of the share price: the income a shareholder receives for each dollar invested at today's price.: 3.21%
Payout ratioWhat is the payout ratio? The payout ratio is the share of a company's earnings paid out as dividends: dividends per share divided by earnings per share (EPS).: 32.73%
Years of dividend growthWhat are years of dividend growth? The years in a row a company has raised its dividend per share. 25 years make an S&P 500 company a Dividend Aristocrat; 50 make a Dividend King.: 5
Frequency: Quarterly
Next payment: 0.78 USD
Next ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.: 13 Nov 2026
Next payment date: 21 Dec 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	2.86	2.75	2.47	1.98	1.64	1.91	3.76	3.76	3.76	3.76

Shell ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 13.15%
Institutional holders: 1,592 (-64)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 99.01%

Who owns the shares

Institutions 13.1% Others 86.9%

As of 30 Jun 2026

Shares free to trade

Free float 2.83B shares ·99.0% Closely held 28.43M shares ·1.0%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	2.95B	2.97B	-6.52%
FY2024	3.15B	3.18B	-6.41%
FY2023	3.31B	3.40B	-8.24%
FY2022	3.67B	3.71B	-5.08%
FY2021	3.88B	3.90B	+0.14%

Common questions about Shell's financials

Source: Financial Modeling Prep

Shell
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SHEL

Shell financials

Shell earnings

Revenue

EPS

Shell growth and profitability

Revenue / Net income

How Shell makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Shell revenue breakdown

By product

By region

Operating and free cash flow

Shell financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Shell valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Shell against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Shell dividends

Dividends per share

Shell ownership

Who owns the shares

Shares free to trade

Shares outstanding

Common questions about Shell's financials

Is Shell profitable?

Is Shell financially healthy?

Is Shell growing?

Where can I find Shell's annual report (20-F)?

Need help?

Shell DQuotes are delayed by 15 minutes

SHEL

Shell financials

Shell earnings

Revenue

EPS

Shell growth and profitability

Revenue / Net income

How Shell makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Shell revenue breakdown

By product

By region

Operating and free cash flow

Shell financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Shell valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Shell against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Shell dividends

Dividends per share

Shell ownership

Who owns the shares

Shares free to trade

Shares outstanding

Common questions about Shell's financials

Is Shell profitable?

Is Shell financially healthy?

Is Shell growing?

Where can I find Shell's annual report (20-F)?

Need help?

Shell
D
Quotes are delayed by 15 minutes