COVERAGE / SHEL / Energy

Shell plc

Crude Petroleum & Natural Gas

COVERAGE STATUSACTIVE

DATA THROUGH2025-12-31

RESEARCH REPORTS2

SELECTED FILINGS1

Fundamental matrix

Latest / 2025-12-31 · Prior / 2024-12-31 · USD · Annual periods

Revenue

$266.89bn

Prior / $284.31bn

Change / -6.13%

SOURCE / 2026-03-12

Operating income

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Net income

$18.12bn

Prior / $16.52bn

Change / +9.67%

SOURCE / 2026-03-12

Diluted EPS

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Free cash flow

Not available

Prior / Not available

Change / Unavailable

SOURCE / 2026-03-12

Gross margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Operating margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Return on avg. equity

10.27%

Prior / 9.05%

Change / +1.22 pp

SOURCE / 2026-03-12

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "revenue": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 266886000000,
    "accn": "0001628280-26-017024",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-03-12",
    "frame": "CY2025",
    "tag": "ifrs-full:Revenue",
    "unit": "USD"
  },
  "netIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 18119000000,
    "accn": "0001628280-26-017024",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-03-12",
    "frame": "CY2025",
    "tag": "ifrs-full:ProfitLoss",
    "unit": "USD"
  },
  "operatingCashFlow": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 42863000000,
    "accn": "0001628280-26-017024",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-03-12",
    "frame": "CY2025",
    "tag": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-12-31",
    "val": 370350000000,
    "accn": "0001628280-26-017024",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-03-12",
    "frame": "CY2025Q4I",
    "tag": "ifrs-full:Assets",
    "unit": "USD"
  },
  "totalLiabilities": {
    "end": "2025-12-31",
    "val": 195031000000,
    "accn": "0001628280-26-017024",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-03-12",
    "frame": "CY2025Q4I",
    "tag": "ifrs-full:Liabilities",
    "unit": "USD"
  },
  "shareholdersEquity": {
    "end": "2025-12-31",
    "val": 174392000000,
    "accn": "0001628280-26-017024",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-03-12",
    "frame": "CY2025Q4I",
    "tag": "ifrs-full:EquityAttributableToOwnersOfParent",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-12-31",
    "val": 107173000000,
    "accn": "0001628280-26-017024",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-03-12",
    "frame": "CY2025Q4I",
    "tag": "ifrs-full:CurrentAssets",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-12-31",
    "val": 82415000000,
    "accn": "0001628280-26-017024",
    "fy": 2025,
    "fp": "FY",
    "form": "20-F",
    "filed": "2026-03-12",
    "frame": "CY2025Q4I",
    "tag": "ifrs-full:CurrentLiabilities",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-12-31	$266.89bn	$18.12bn	Not available	Not available
2024-12-31	$284.31bn	$16.52bn	Not available	Not available
2023-12-31	$316.62bn	$19.64bn	Not available	Not available
2022-12-31	$381.31bn	$42.87bn	Not available	Not available

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-12-31. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	Unavailable	Unavailable	28.66x	8
P/S	Unavailable	Unavailable	2.09x	8
P/B	Unavailable	Unavailable	2.97x	8
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	Unavailable	Unavailable	5.11%	2

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Not calculated: instrument/share basis requires further review. DAILY-BAR SOURCE ↗

Company & operating context

Shell plc is an SEC-reporting issuer listed on NYSE under SHEL. Its SEC industry description is Crude Petroleum & Natural Gas. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Producers, refiners and service providers respond differently to commodity prices, project spending and capacity utilization.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

20-FFILED / 2026-03-12PERIOD / 2025-12-31

SHEL filed this 20-F on 2026-03-12 for the reported period 2025-12-31. Reading focus: Realized prices, production volumes, refining economics and capital expenditure. This is a metadata-based reading guide; it does not assert that a particular event or risk change occurred in the document.

ORIGINAL SEC DISCLOSURE ↗

Research archive

HR-0133SHELEarnings Review

SHEL: the annual earnings and cash-flow comparison ↗

Shell plc

Research abstract

A two-period review of SHEL revenue, profitability and cash conversion; reported revenue growth was -6.13%.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

HR-0134SHELCompany Research

SHEL: reading the FY2025 financial structure ↗

Shell plc

Research abstract

Annual revenue of USD 266.886 billion and net income of USD 18.119 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Commodity cycles, project execution, reserve replacement, environmental liabilities and geopolitical exposure.

Realized prices, production volumes, refining economics and capital expenditure.

ENERGY SYSTEM ↗

Sources & dates

SEC annual filing · 2025-12-31 ↗Source date 2026-03-12
SEC annual filing · 2024-12-31 ↗Source date 2026-03-12
SEC annual filing · 2023-12-31 ↗Source date 2026-03-12
SEC annual filing · 2022-12-31 ↗Source date 2025-07-02
SEC issuer record ↗Source date 2026-09-18