Shell (SHEL) Cash Flow: Operating & Free Cash Flow

Shell (SHEL) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Shell generated $42.86B of operating cash flow and spent $18.95B on capital expenditures. That left free cash flow of $23.92B, down 31.8% from $35.08B a year earlier, or 9.0% of revenue. It returned $22.35B to shareholders through $8.47B in dividends and $13.88B in share buybacks.

Shell Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for Shell plc (SHEL) - 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
Operating Activities
Net Income	29.76	29.92	32.63	64.82	29.83	-26.97	25.49	35.62	18.13
Depreciation & Amortization	22.17	26.87	31.29	22.39	23.07	24.98	25.11	21.70	26.22
Change in Working Capital	-1.80	2.06	7.15	-5.43	-10.37	4.61	-4.78	3.44	-2.25
Change in Accounts Receivable	2.24	6.58	12.40	-8.99	-20.57	9.63	-0.92	1.96	-2.58
Change in Inventory	1.92	1.27	6.33	-8.36	-7.32	4.48	-2.64	2.82	-2.08
Change in Accounts Payable	-5.96	0.00	-11.58	0.00	0.00	0.00	0.00	0.00	0.00
Change in Other Working Capital	1.55	-5.79	-1.59	11.92	17.52	-9.49	-1.22	-1.34	2.41
Other Operating Activities	1.55	-4.17	-3.16	-13.36	2.57	31.48	-3.64	-7.68	-6.45
Net Cash from Operating Activities	42.86	54.68	54.19	68.41	45.11	34.11	42.18	53.09	35.65
Investing Activities
Capital Expenditures	-18.95	-19.60	-22.99	-22.60	-19.00	-16.59	-22.97	-23.01	-20.85
Acquisitions	-1.89	-0.81	-1.20	-1.46	0.11	0.22	1.86	0.71	9.20
Purchases of Investments	-0.08	-0.08	-1.40	-0.26	-0.22	-0.22	-0.21	0.00	-0.60
Sales/Maturities of Investments	0.03	0.58	0.05	0.12	0.30	0.28	0.47	0.00	0.00
Other Investing Activities	2.87	4.76	3.57	1.76	14.06	3.03	5.07	8.64	-0.64
Net Cash from Investing Activities	-16.81	-15.16	-17.73	-22.45	-4.76	-13.28	-15.78	-13.66	-8.03
Financing Activities
Debt Repayment	-11.81	-9.62	-10.65	-7.87	-19.73	5.59	-3.42	-8.33	-11.83
Common Stock Issued	-1.30	0.00	-0.89	0.00	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-13.88	-14.69	-14.62	-19.03	-3.17	-2.08	-11.36	-5.06	-0.72
Dividends Paid	-8.47	-8.67	-8.39	-7.41	-6.25	-7.42	-15.20	-15.68	-10.88
Other Financing Activities	1.24	-5.46	-4.50	-7.65	-5.51	-3.30	-5.24	-3.48	-3.66
Net Cash from Financing Activities	-35.81	-38.43	-38.24	-41.95	-34.66	-7.22	-35.21	-32.55	-27.09
Summary
Effect of Forex Changes on Cash	0.87	-0.76	0.31	-0.74	-0.54	0.17	0.12	-0.45	0.65
Net Change in Cash	-8.89	0.34	-1.47	3.28	5.14	13.78	-8.69	6.43	1.18
Cash at Beginning of Period	39.11	38.77	40.25	36.97	31.83	18.06	26.74	20.31	19.13
Cash at End of Period	30.22	39.11	38.77	40.25	36.97	31.83	18.05	26.74	20.31
Free Cash Flow	23.92	35.08	31.20	45.81	26.11	17.52	19.21	30.07	14.81
Supplemental Disclosures
Interest Paid	4.10	4.56	4.44	3.68	4.01	-	-	-	-
Income Taxes Paid	11.64	12.00	13.71	13.12	5.48	-	-	-	-

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

Frequently Asked Questions About Shell Cash Flow

What is Shell's free cash flow?

Shell generated free cash flow of $23.92B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $42.86B minus $18.95B of capital expenditures. That was down 31.8% from $35.08B a year earlier. Free cash flow equaled 9.0% of revenue.

How much does Shell spend on capital expenditures?

Shell spent $18.95B on capital expenditures in fiscal 2025, compared with $19.60B a year earlier. That equals 44.2% of operating cash flow.

Does Shell pay dividends or buy back shares?

Yes. In fiscal 2025 Shell returned $8.47B in dividends and $13.88B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition