Shell (SHEL) Financial Statements & Analysis

Shell (SHEL) Income Statement

Shell reported revenue of $266.89B in fiscal 2025 (fiscal year ended Dec 31, 2025), down 6.1% from $284.31B a year earlier. Net income was $17.84B, up 10.8% year over year, a net margin of 6.7%. Gross margin was 15.9% and operating margin 10.3%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $94.66B, up 44.7% from the same quarter a year earlier.

Shell Income Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Shell plc income statement - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	266.89	284.31	316.62	381.31	261.50	180.54	344.88	388.38	305.18
Cost of Revenue	224.39	238.37	238.12	302.54	198.73	193.54	308.12	343.50	276.32
Gross Profit	42.50	45.94	78.50	78.78	62.77	-13.00	36.76	44.88	28.86
Operating Expenses
Research & Development	1.17	1.10	1.29	1.08	0.82	0.91	0.96	0.99	0.92
Selling, General & Administrative	12.61	12.44	13.43	12.88	11.33	9.88	10.49	11.36	10.51
Operating Expenses	14.91	15.95	47.76	15.67	40.49	12.54	13.81	13.69	13.38
Operating Income	27.58	29.99	30.74	63.11	22.28	-25.53	22.95	31.19	15.48
Other Income/Expense
Interest Income	1.96	2.37	6.56	1.05	11.15	0.68	1.08	0.88	0.90
Interest Expense	4.74	4.86	-4.67	5.35	-3.61	4.21	4.56	3.58	3.93
Other Income/Expense	2.17	-0.07	1.89	0.32	7.55	-1.44	2.54	4.43	2.65
Income
Income Before Tax	29.76	29.92	32.63	64.82	29.83	-26.97	25.49	35.62	18.13
Income Tax Expense	11.64	13.40	12.99	21.94	9.20	-5.43	9.05	11.72	4.70
Net Income	17.84	16.09	19.36	42.31	20.10	-21.68	15.84	23.35	12.98
Net Income - Continuous Operations	17.84	16.09	19.64	42.87	20.10	-21.68	15.84	23.35	12.98
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	56.66	57.48	62.90	92.55	49.84	2.22	55.15	60.90	48.28
EBIT	34.50	34.78	34.63	70.16	24.81	-	-	-	-
Depreciation & Amortization	22.17	22.70	23.46	22.39	25.03	24.98	25.11	21.70	26.22
Earnings Per Share
Basic EPS	6.00	5.00	3.00	12.00	3.00	-6.00	4.00	6.00	3.00
Diluted EPS	6.00	5.00	6.00	11.00	5.00	-6.00	4.00	6.00	3.00
Basic Shares Outstanding	2.95	3.15	6.73	3.67	7.76	3.90	4.03	4.14	4.11
Diluted Shares Outstanding	2.97	3.18	6.80	3.71	7.81	3.90	4.06	4.17	4.15

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Shell Financial Statements

What was Shell's revenue in fiscal 2025?

Shell reported revenue of $266.89B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 6.1% from $284.31B a year earlier.

Is Shell profitable?

Yes. Shell earned net income of $17.84B in fiscal 2025, a net margin of 6.7%. In fiscal 2024 it earned $16.09B.

What is Shell's operating margin?

Shell's operating income was $27.58B on revenue of $266.89B in fiscal 2025, an operating margin of 10.3%, compared with 10.5% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition