75/100B97.270
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Q4 FY2026 · Earnings report
EPS estimate 3.49Revenue estimate 100.68B
Q4 FY2026 · Earnings report
EPS estimate 3.49Revenue estimate 100.68B
Shell free cash flow 1998–2026What 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.
Shell's free cash flow in Q3 FY2026, the three months to 30 September 2026, was 12.91B USD, up 68.8% on the same quarter a year before. Shell's free cash flow over the last twelve months was 36.81B USD, up 39.7% on the twelve months before. In fiscal year 2025 it was 23.92B USD, down 31.8% on the year before.
Last updated 11 Nov 2026 · Next report 4 Feb 2027
Free cash flow
Free cash flow · +20.6% a year over 10 yearsFree cash flow margin
Growth
| Fiscal year | Period ending | Free cash flow | Growth | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| TTM | 30 Sept 2026 | 36.81B | +39.70% | 11.46% | 57.42B | -20.61B | 12.92 |
| FY2025 | 31 Dec 2025 | 23.92B | -31.84% | 8.96% | 42.86B | -18.95B | 8.04 |
| FY2024 | 31 Dec 2024 | 35.09B | +12.46% | 12.34% | 54.69B | -19.60B | 11.03 |
| FY2023 | 31 Dec 2023 | 31.20B | -31.90% | 9.85% | 54.19B | -22.99B | 9.18 |
| FY2022 | 31 Dec 2022 | 45.81B | +75.51% | 12.01% | 68.41B | -22.60B | 12.36 |
| FY2021 | 31 Dec 2021 | 26.10B | +49.00% | 9.98% | 45.10B | -19.00B | 6.69 |
| FY2020 | 31 Dec 2020 | 17.52B | -8.78% | 9.70% | 34.11B | -16.59B | 4.49 |
| FY2019 | 31 Dec 2019 | 19.21B | -36.13% | 5.57% | 42.18B | -22.97B | 4.74 |
| FY2018 | 31 Dec 2018 | 30.07B | +103.13% | 7.74% | 53.09B | -23.01B | 7.20 |
| FY2017 | 31 Dec 2017 | 14.81B | — | 4.85% | 35.65B | -20.85B | 3.57 |
| FY2016 | 31 Dec 2016 | -1.50B | -140.80% | -0.64% | 20.62B | -22.12B | -0.38 |
| FY2015 | 31 Dec 2015 | 3.68B | -72.11% | 1.39% | 29.81B | -26.13B | 1.15 |
| FY2014 | 31 Dec 2014 | 13.19B | +4,371.19% | 3.13% | 45.04B | -31.85B | 4.18 |
| FY2013 | 31 Dec 2013 | 295.00M | -97.83% | 0.07% | 40.44B | -40.15B | 0.09 |
| FY2012 | 31 Dec 2012 | 13.56B | +29.55% | 2.90% | 46.14B | -32.58B | 4.33 |
| FY2011 | 31 Dec 2011 | 10.47B | +2,453.66% | 2.23% | 36.77B | -26.30B | 3.37 |
| FY2010 | 31 Dec 2010 | 410.00M | — | 0.11% | 27.35B | -26.94B | 0.13 |
| FY2009 | 31 Dec 2009 | -5.03B | -156.79% | -1.76% | 21.49B | -26.52B | -1.64 |
| FY2008 | 31 Dec 2008 | 8.85B | -10.44% | 1.90% | 43.92B | -35.07B | 2.87 |
| FY2007 | 31 Dec 2007 | 9.89B | +12.66% | 2.78% | 34.46B | -24.58B | 3.15 |
| FY2006 | 31 Dec 2006 | 8.77B | -36.89% | 2.75% | 31.70B | -22.92B | 2.72 |
| FY2005 | 31 Dec 2005 | 13.90B | +75.27% | 4.53% | 29.81B | -15.90B | 4.13 |
| FY2004 | 31 Dec 2004 | 7.93B | -16.21% | 2.98% | 21.50B | -13.57B | 2.34 |
| FY2003 | 31 Dec 2003 | 9.47B | +126.43% | 4.77% | 21.72B | -12.25B | 2.82 |
| FY2002 | 31 Dec 2002 | 4.18B | -42.78% | 2.51% | 16.28B | -12.10B | 1.24 |
| FY2001 | 31 Dec 2001 | 7.31B | -39.86% | 5.40% | 16.93B | -9.63B | 2.49 |
| FY2000 | 31 Dec 2000 | 12.15B | +232.88% | 8.15% | 18.36B | -6.21B | 4.14 |
| FY1999 | 31 Dec 1999 | 3.65B | +95.19% | 3.46% | 11.06B | -7.41B | 0.31 |
| FY1998 | 31 Dec 1998 | 1.87B | — | 2.00% | 14.73B | -12.86B | 0.16 |
| Quarter | Period ending | Free cash flow | Growth on a year before | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| Q3 FY2026 | 30 Sept 2026 | 12.91B | +68.80% | 13.92% | 20.49B | -7.58B | 4.57 |
| Q2 FY2026 | 30 Jun 2026 | 17.40B | +168.24% | 18.38% | 21.43B | -4.03B | 6.17 |
| Q1 FY2026 | 31 Mar 2026 | 2.31B | -58.34% | 3.31% | 6.06B | -3.76B | 0.81 |
| Q4 FY2025 | 31 Dec 2025 | 4.19B | -37.28% | 6.54% | 9.44B | -5.25B | 1.44 |
| Q3 FY2025 | 30 Sept 2025 | 7.65B | -23.45% | 11.22% | 12.21B | -4.56B | 2.59 |
| Q2 FY2025 | 30 Jun 2025 | 6.49B | -28.42% | 9.92% | 11.94B | -5.45B | 2.16 |
| Q1 FY2025 | 31 Mar 2025 | 5.53B | -40.82% | 7.99% | 9.28B | -3.75B | 1.74 |
| Q4 FY2024 | 31 Dec 2024 | 6.68B | +19.08% | 10.08% | 13.17B | -6.49B | 2.15 |
| Q3 FY2024 | 30 Sept 2024 | 9.99B | +41.30% | 14.06% | 14.68B | -4.69B | 3.13 |
| Q2 FY2024 | 30 Jun 2024 | 9.06B | -13.82% | 12.17% | 13.51B | -4.45B | 2.82 |
| Q1 FY2024 | 31 Mar 2024 | 9.35B | +16.90% | 12.90% | 13.33B | -3.98B | 2.88 |
| Q4 FY2023 | 31 Dec 2023 | 5.61B | -64.92% | 7.12% | 12.57B | -6.96B | 1.69 |
| Q3 FY2023 | 30 Sept 2023 | 7.07B | -2.72% | 9.26% | 12.33B | -5.26B | 2.10 |
| Q2 FY2023 | 30 Jun 2023 | 10.52B | -12.21% | 14.10% | 15.13B | -4.61B | 3.07 |
| Q1 FY2023 | 31 Mar 2023 | 8.00B | -24.39% | 9.20% | 14.16B | -6.16B | 2.29 |
| Q4 FY2022 | 31 Dec 2022 | 15.99B | +727.06% | 15.78% | 22.41B | -6.42B | 4.49 |
| Q3 FY2022 | 30 Sept 2022 | 7.27B | -36.09% | 7.59% | 12.54B | -5.27B | 1.98 |
| Q2 FY2022 | 30 Jun 2022 | 11.98B | +42.85% | 11.97% | 18.66B | -6.68B | 3.19 |
| Q1 FY2022 | 31 Mar 2022 | 10.58B | +139.92% | 12.56% | 14.82B | -4.24B | 2.76 |
| Q4 FY2021 | 31 Dec 2021 | 1.93B | +78.82% | 2.27% | 8.17B | -6.24B | 0.50 |
| Q3 FY2021 | 30 Sept 2021 | 11.38B | +69.20% | 18.95% | 16.03B | -4.65B | 2.93 |
| Q2 FY2021 | 30 Jun 2021 | 8.39B | — | 13.86% | 12.62B | -4.23B | 2.14 |
| Q1 FY2021 | 31 Mar 2021 | 4.41B | -58.36% | 7.92% | 8.29B | -3.89B | 1.13 |
| Q4 FY2020 | 31 Dec 2020 | 1.08B | -69.63% | 2.46% | 6.29B | -5.21B | 0.28 |
| Q3 FY2020 | 30 Sept 2020 | 6.72B | +7.41% | 15.27% | 10.40B | -3.68B | 1.72 |
| Q2 FY2020 | 30 Jun 2020 | -873.00M | -114.84% | -2.69% | 2.56B | -3.44B | -0.22 |
| Q1 FY2020 | 31 Mar 2020 | 10.59B | +201.74% | 17.64% | 14.85B | -4.26B | 2.71 |
| Q4 FY2019 | 31 Dec 2019 | 3.56B | -76.07% | 4.24% | 10.27B | -6.71B | 0.89 |
| Q3 FY2019 | 30 Sept 2019 | 6.26B | -0.51% | 7.23% | 12.25B | -5.99B | 1.55 |
| Q2 FY2019 | 30 Jun 2019 | 5.88B | +39.20% | 6.50% | 11.03B | -5.15B | 1.44 |
| Q1 FY2019 | 31 Mar 2019 | 3.51B | -25.07% | 4.19% | 8.63B | -5.12B | 0.85 |
| Q4 FY2018 | 31 Dec 2018 | 14.87B | +951.91% | 14.55% | 22.02B | -7.15B | 3.59 |
| Q3 FY2018 | 30 Sept 2018 | 6.29B | +145.40% | 6.28% | 12.09B | -5.80B | 1.51 |
| Q2 FY2018 | 30 Jun 2018 | 4.23B | -24.89% | 4.37% | 9.50B | -5.28B | 1.01 |
| Q1 FY2018 | 31 Mar 2018 | 4.68B | -9.98% | 5.25% | 9.47B | -4.79B | 1.12 |
| Q4 FY2017 | 31 Dec 2017 | 1.41B | -59.09% | 1.66% | 7.28B | -5.86B | 0.34 |
| Q3 FY2017 | 30 Sept 2017 | 2.56B | -20.12% | 3.38% | 7.58B | -5.02B | 0.62 |
| Q2 FY2017 | 30 Jun 2017 | 5.63B | — | 7.80% | 11.29B | -5.66B | 1.36 |
| Q1 FY2017 | 31 Mar 2017 | 5.20B | — | 7.25% | 9.51B | -4.31B | 1.27 |
| Q4 FY2016 | 31 Dec 2016 | 3.46B | — | 5.34% | 9.17B | -5.71B | 0.85 |
| Q3 FY2016 | 30 Sept 2016 | 3.21B | -33.39% | 5.19% | 8.49B | -5.28B | 0.79 |
| Q2 FY2016 | 30 Jun 2016 | -3.50B | — | -6.00% | 2.29B | -5.80B | -0.87 |
| Q1 FY2016 | 31 Mar 2016 | -4.66B | -623.34% | -9.60% | 661.00M | -5.32B | -1.29 |
| Q4 FY2015 | 31 Dec 2015 | -1.88B | -310.79% | -3.23% | 5.42B | -7.30B | -0.58 |
| Q3 FY2015 | 30 Sept 2015 | 4.82B | -2.53% | 7.01% | 11.23B | -6.41B | 1.51 |
| Q2 FY2015 | 30 Jun 2015 | -155.00M | -120.16% | -0.21% | 6.05B | -6.21B | -0.05 |
| Q1 FY2015 | 31 Mar 2015 | 891.00M | -86.47% | 1.36% | 7.11B | -6.22B | 0.28 |
| Q4 FY2014 | 31 Dec 2014 | 890.00M | — | 0.96% | 9.61B | -8.72B | 0.28 |
| Q3 FY2014 | 30 Sept 2014 | 4.94B | +205.00% | 4.58% | 12.81B | -7.87B | 1.56 |
| Q2 FY2014 | 30 Jun 2014 | 769.00M | -77.76% | 0.69% | 8.64B | -7.87B | 0.24 |
| Q1 FY2014 | 31 Mar 2014 | 6.59B | +78.17% | 6.01% | 13.98B | -7.40B | 2.09 |
| Q4 FY2013 | 31 Dec 2013 | -8.48B | — | -7.76% | 6.03B | -14.51B | -2.70 |
| Q3 FY2013 | 30 Sept 2013 | 1.62B | +51.50% | 1.39% | 10.41B | -8.79B | 0.52 |
| Q2 FY2013 | 30 Jun 2013 | 3.46B | -44.88% | 3.07% | 12.44B | -8.99B | 1.09 |
| Q1 FY2013 | 31 Mar 2013 | 3.70B | -47.06% | 3.28% | 11.56B | -7.86B | 1.17 |
| Q4 FY2012 | 31 Dec 2012 | -761.00M | — | -0.64% | 9.91B | -10.67B | -0.24 |
| Q3 FY2012 | 30 Sept 2012 | 1.07B | -75.59% | 0.95% | 9.48B | -8.41B | 0.34 |
| Q2 FY2012 | 30 Jun 2012 | 6.27B | +23.95% | 5.36% | 13.31B | -7.03B | 2.00 |
| Q1 FY2012 | 31 Mar 2012 | 6.98B | +56.04% | 5.82% | 13.44B | -6.46B | 2.24 |
| Q4 FY2011 | 31 Dec 2011 | -3.45B | — | -2.98% | 6.47B | -9.91B | -1.11 |
| Q3 FY2011 | 30 Sept 2011 | 4.38B | — | 3.55% | 11.65B | -7.26B | 1.40 |
| Q2 FY2011 | 30 Jun 2011 | 5.06B | +219.65% | 4.17% | 10.04B | -4.98B | 1.63 |
| Q1 FY2011 | 31 Mar 2011 | 4.48B | — | 4.07% | 8.62B | -4.15B | 1.45 |
| Q4 FY2010 | 31 Dec 2010 | -115.00M | — | -0.11% | 5.46B | -5.57B | -0.04 |
| Q3 FY2010 | 30 Sept 2010 | -593.00M | -152.43% | -0.65% | 9.02B | -9.61B | -0.19 |
| Q2 FY2010 | 30 Jun 2010 | 1.58B | — | 1.72% | 8.10B | -6.51B | 0.52 |
| Q1 FY2010 | 31 Mar 2010 | -465.00M | -129.54% | -0.53% | 4.78B | -5.25B | -0.15 |
| Q4 FY2009 | 31 Dec 2009 | -1.34B | -139.31% | -1.55% | 6.17B | -7.51B | -0.44 |
| Q3 FY2009 | 30 Sept 2009 | 1.13B | -71.96% | 1.49% | 7.35B | -6.22B | 0.37 |
| Q2 FY2009 | 30 Jun 2009 | -5.89B | — | -8.89% | 919.00M | -6.81B | -1.92 |
| Q1 FY2009 | 31 Mar 2009 | 1.57B | -83.31% | 2.65% | 7.56B | -5.99B | 0.51 |
| Q4 FY2008 | 31 Dec 2008 | 3.40B | — | 4.19% | 11.29B | -7.89B | 1.11 |
| Q3 FY2008 | 30 Sept 2008 | 4.03B | -3.54% | 3.07% | 16.43B | -12.39B | 1.31 |
| Q2 FY2008 | 30 Jun 2008 | -3.18B | -208.23% | -2.42% | 4.17B | -7.35B | -1.03 |
| Q1 FY2008 | 31 Mar 2008 | 9.43B | +72.10% | 8.25% | 16.86B | -7.43B | 3.04 |
| Q4 FY2007 | 31 Dec 2007 | -1.90B | — | -1.78% | 6.11B | -8.01B | -0.61 |
| Q3 FY2007 | 30 Sept 2007 | 4.18B | -3.80% | 4.61% | 9.73B | -5.55B | 1.33 |
| Q2 FY2007 | 30 Jun 2007 | 2.94B | +92.41% | 3.47% | 8.59B | -5.65B | 0.94 |
| Q1 FY2007 | 31 Mar 2007 | 5.48B | +48.94% | 7.46% | 10.84B | -5.36B | 1.74 |
| Q4 FY2006 | 31 Dec 2006 | -275.00M | -102.94% | -0.36% | 6.79B | -7.07B | -0.09 |
| Q3 FY2006 | 30 Sept 2006 | 4.35B | — | 5.16% | 9.76B | -5.41B | 1.35 |
| Q2 FY2006 | 30 Jun 2006 | 1.53B | -51.80% | 1.84% | 8.16B | -6.63B | 0.47 |
| Q1 FY2006 | 31 Mar 2006 | 3.68B | -28.68% | 4.84% | 7.50B | -3.82B | 1.13 |
| Q4 FY2005 | 31 Dec 2005 | 9.35B | — | 12.38% | 14.80B | -5.45B | 2.87 |
| Q3 FY2005 | 30 Sept 2005 | -3.47B | — | -4.54% | 315.00M | -3.79B | -1.03 |
| Q2 FY2005 | 30 Jun 2005 | 3.17B | — | 3.84% | 6.91B | -3.74B | 1.08 |
| Q1 FY2005 | 31 Mar 2005 | 5.16B | — | 7.15% | 8.09B | -2.93B | 1.63 |
| Q4 FY2004 | 31 Dec 2004 | -4.65B | — | -6.10% | 0.00 | -4.65B | -1.38 |
| Q3 FY2004 | 30 Sept 2004 | -3.19B | — | -4.52% | 0.00 | -3.19B | -0.94 |
Figures in USD. Free cash flow is operating cash flow less capital expenditure. Quarterly growth is on the same quarter a year before; TTM is the last four quarters.
See also:Revenue,Net income,EPS,Shares outstanding,Operating income,Cash on hand,Total debt,Stock buybacks,Cash flow
Common questions about Shell's free cash flow
Source: Financial Modeling Prep