| Quarters | $ million | Nine months | ||||||
| Q3 2025 | Q2 2025 | Q3 2024 | %¹ | Reference | 2025 | 2024 | % | |
| 5,322 | 3,601 | 4,291 | +48 | Income/(loss) attributable to Shell plc shareholders | 13,703 | 15,166 | -10 | |
| 5,432 | 4,264 | 6,028 | +27 | Adjusted Earnings | A | 15,273 | 20,055 | -24 |
| 14,773 | 13,313 | 16,005 | +11 | Adjusted EBITDA | A | 43,336 | 51,523 | -16 |
| 12,207 | 11,937 | 14,684 | +2 | Cash flow from operating activities | 33,425 | 41,522 | -20 | |
| (2,257) | (5,406) | (3,857) | Cash flow from investing activities | (11,622) | (10,723) | |||
| 9,950 | 6,531 | 10,827 | Free cash flow | G | 21,803 | 30,799 | ||
| 4,907 | 5,817 | 4,950 | Cash capital expenditure | C | 14,899 | 14,161 | ||
| 9,275 | 8,265 | 9,570 | +12 | Operating expenses | F | 26,115 | 27,517 | -5 |
| 8,998 | 8,145 | 8,864 | +10 | Underlying operating expenses | F | 25,596 | 26,569 | -4 |
| 9.4% | 9.4% | 12.8% | ROACE | D | 9.4% | 12.8% | ||
| 73,977 | 75,675 | 76,613 | Total debt | E | 73,977 | 76,613 | ||
| 41,204 | 43,216 | 35,234 | Net debt | E | 41,204 | 35,234 | ||
| 18.8% | 19.1% | 15.7% | Gearing | E | 18.8% | 15.7% | ||
| 2,821 | 2,682 | 2,801 | +5 | Oil and gas production available for sale (thousand boe/d) | 2,781 | 2,843 | -2 | |
| 0.91 | 0.61 | 0.69 | +49 | Basic earnings per share ($) | 2.31 | 2.39 | -3 | |
| 0.93 | 0.72 | 0.96 | +29 | Adjusted Earnings per share ($) | B | 2.57 | 3.16 | -19 |
| 0.3580 | 0.3580 | 0.3440 | — | Dividend per share ($) | 1.0740 | 1.0320 | +4 | |
1.Q3 on Q2 change
Quarter Analysis1
Income attributable to Shell plc shareholders, compared with the second quarter 2025, reflected higher trading and optimisation margins, higher sales volumes and favourable tax movements, partly offset by higher operating expenses.
Third quarter 2025 income attributable to Shell plc shareholders also included gains on disposal of assets and impairment charges. These items are included in identified items amounting to a net loss of $0.1 billion in the quarter. This compares with identified items in the second quarter 2025 which amounted to a net loss of $0.3 billion.
Adjusted Earnings andAdjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items.
Cash flow from operating activities for the third quarter 2025 was $12.2 billion and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $2.7 billion.
Cash flow from investing activities for the third quarter 2025 was an outflow of $2.3 billion, and included cash capital expenditure of $4.9 billion. This outflow was partly offset by divestment proceeds of $1.8 billion.
Net debt and Gearing: At the end of the third quarter 2025, net debt was $41.2 billion, compared with $43.2 billion at the end of the second quarter 2025. This reflects free cash flow of $10.0 billion, partly offset by share buybacks of $3.6 billion, cash dividends paid to Shell plc shareholders of $2.1 billion, lease additions of $1.1 billion and interest payments of $0.8 billion. Gearing was 18.8% at the end of the third quarter 2025, compared with 19.1% at the end of the second quarter 2025, mainly driven by lower net debt, partly offset by lower equity which included a 0.4 percentage point increase related to a non-cash adjustment to the previously recognised pension surplus in the Netherlands, following formal acceptance by the Trustee Board of the transition plan related to changes in pension legislation3.
Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.6 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends to be paid to Shell plc shareholders for the third quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the second quarter 2025 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the fourth quarter 2025 results announcement.
Nine Months Analysis1
Income attributable to Shell plc shareholders, compared with the first nine months 2024, reflected lower realised liquids and LNG prices, lower trading and optimisation margins, and lower chemicals and refining margins, partly offset by favourable tax movements and lower operating expenses.
First nine months 2025 income attributable to Shell plc shareholders also included impairment charges and gains on disposal of assets, a charge related to the UK Energy Profits Levy and favourable movements due to the fair value accounting of commodity derivatives. These items are included in identified items amounting to a net loss of $1.2 billion. This compares with identified items in the first nine months 2024 which amounted to a net loss of $4.6 billion.
Adjusted Earnings andAdjusted EBITDA2 for the first nine months 2025 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of $0.3 billion.
Cash flow from operating activities for the first nine months 2025 was $33.4 billion and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $9.0 billion and working capital outflows of $3.1 billion.
Cash flow from investing activities for the first nine months 2025 was an outflow of $11.6 billion and included cash capital expenditure of $14.9 billion. This outflow was partly offset by divestment proceeds of $2.3 billion and interest received of $1.5 billion.
This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors4.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation, exploration well write-offs and depreciation, depletion and amortisation (DD&A) expenses.
3.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements” for further details. 4.Not incorporated by reference.