Shell plc
Financial Performance
Shell Revenue & Financials
Revenue
$266.9B (FY2025)
Market Cap
$265B
Net Income
$17.8B
Employees
85,000
What is Shell's revenue?
Shell had $266.9B in revenue for fiscal year 2025, down 6.1% from 2024. Net income was $17.8B.
- Latest revenue
- $266.9B (FY2025)
- Year-over-year
- -6.1%
- Growth rate (CAGR)
- 1.5% over 9 years
- Peak revenue
- $388.4B (FY2018)
- Years of data
- 10
- Employees
- 85,000
Financial Analysis
Shell's results swing with commodity cycles. Revenue fell from $381.3 billion in 2022 to $266.9 billion in 2025, while income attributable to shareholders went from $42.3 billion to $17.8 billion. Adjusted earnings were $18.5 billion in 2025 versus $23.7 billion in 2024, and free cash flow was about $26 billion. Higher prices in 2026 lifted Q2 adjusted earnings to $9.8 billion and CFFO to $21.4 billion, while structural cost cuts reached $5.8 billion since 2022. The 2026 cash capex outlook is $24-26 billion.
Revenue Trend Analysis
YoY Change
-6.1%
9-Year CAGR
+1.5%
Peak Year
2018
Trend
Volatile
Shell plc has 10 full fiscal year figures on this page, compounding at +1.5% annually over 9 years. The most recent year saw a 6.1% decline versus the prior year. Annual revenue peaked in fiscal year 2018 at $388.4B. Of 9 comparable year-over-year steps, 4 showed growth and 5 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $266.9B | $27.6B | $17.8B | -6.1% | Shell plc annual report (Form 20-F, SEC EDGAR, filed 2026-03-12) Fiscal year ended 2025-12-31. Operating income was reported at $27.582 billion. The company generated $42.9 billion in cash flow from operations with a free cash flow of $26 billion. Total assets at year-end were $370.350 billion. |
| FY2024 | $284.3B | — | $16.1B | -10.2% | Shell plc annual report (Form 20-F, SEC EDGAR, filed 2026-03-12) Fiscal year ended 2024-12-31. |
| FY2023 | $316.6B | — | $19.4B | -17.0% | Shell plc annual report (Form 20-F, SEC EDGAR, filed 2026-03-12) Fiscal year ended 2023-12-31. |
| FY2022 | $381.3B | — | $42.3B | +45.8% | Shell plc annual report (Form 20-F, SEC EDGAR, filed 2025-07-02) Fiscal year ended 2022-12-31. |
| FY2021 | $261.5B | — | $20.1B | +44.8% | Shell plc annual report (Form 20-F, SEC EDGAR, filed 2025-07-02) Fiscal year ended 2021-12-31. |
| FY2020 | $180.5B | — | -$21.7B | -47.7% | Shell plc annual report (Form 20-F, SEC EDGAR, filed 2023-03-09) Fiscal year ended 2020-12-31. |
| FY2019 | $344.9B | — | $15.8B | -11.2% | Shell plc annual report (Form 20-F, SEC EDGAR, filed 2022-03-10) Fiscal year ended 2019-12-31. |
| FY2018 | $388.4B | — | $23.4B | +27.3% | Shell plc annual report (Form 20-F, SEC EDGAR, filed 2021-03-11) Fiscal year ended 2018-12-31. |
| FY2017 | $305.2B | — | $13B | +30.6% | Shell plc annual report (Form 20-F, SEC EDGAR, filed 2020-03-12) Fiscal year ended 2017-12-31. |
| FY2016 | $233.6B | — | $4.6B | — | Shell plc annual report (Form 20-F, SEC EDGAR, filed 2019-03-14) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Shell plc balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 20-F, linked on each row.
| Fiscal Year | Operating cash flow | Total assets | Total liabilities | Shareholders' equity | Source |
|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $42.9B | $370.4B | $195B | $174.4B | Form 20-F |
| FY2024ended Dec 31, 2024 | $54.7B | $387.6B | $207.4B | $178.3B | Form 20-F |
| FY2023ended Dec 31, 2023 | $54.2B | $406.3B | $217.9B | $186.6B | Form 20-F |
| FY2022ended Dec 31, 2022 | $68.4B | $443B | $250.4B | $190.5B | Form 20-F |
| FY2021ended Dec 31, 2021 | $45.1B | $404.4B | $229.1B | $172B | Form 20-F |
| FY2020ended Dec 31, 2020 | $34.1B | $379.3B | $220.7B | $155.3B | Form 20-F |
| FY2019ended Dec 31, 2019 | $42.2B | $404.3B | $213.9B | $186.5B | Form 20-F |
| FY2018ended Dec 31, 2018 | $53.1B | $399.2B | $196.7B | $198.6B | Form 20-F |
| FY2017ended Dec 31, 2017 | $35.6B | $407.1B | $209.3B | $194.4B | Form 20-F |
| FY2016ended Dec 31, 2016 | $20.6B | $411.3B | $222.8B | $186.6B | Form 20-F |
Keep researching Shell
Shell Revenue and Financial FAQ
What is Shell's stock symbol and exchange listings?
Shell plc is listed on the London Stock Exchange (LSE: SHEL), Euronext Amsterdam (AMS: SHEL), and the New York Stock Exchange as American Depositary Receipts (NYSE: SHEL).
What was Shell's sales revenue and operating profit in its 2025 annual report?
According to Shell plc's Form 20-F annual report filed with the SEC, Shell generated $266.89 billion in total revenue for fiscal year 2025, down 6.1% from $284.31 billion in 2024. Shell reported an operating income of $27.58 billion, pre-tax profit of $29.76 billion, net income of $17.84 billion, and operating cash flow (CFFO) of $42.86 billion, with total assets standing at $370.35 billion.
What is Shell's annual revenue scale?
Shell generated $266.9 billion in 2025 and $284.3 billion in 2024, following $316.6 billion in 2023 and an all-time peak of $381.3 billion in 2022 during global commodity spikes, ranking consistently among the ten largest global corporations by revenue.
How much cash flow from operations (CFFO) does Shell generate?
Shell regularly delivers between $40 billion and $68 billion in annual cash flow from operations ($42.86B in 2025 and $54.69B in 2024), driven by its massive Integrated Gas trading operations and low-cost deepwater oil extraction.
What is Shell's dividend policy and share buyback track record?
Shell commits to returning 30% to 40% of its operating cash flow to shareholders. It targets 4% annual base dividend growth, supplemented by regular quarterly share repurchase programs of $3.0 billion to $3.5 billion.
What is Shell's net debt and gearing ratio?
Shell dramatically reduced its net debt from over $75 billion following the BG Group acquisition down to approximately $40 billion to $43 billion, maintaining a conservative gearing ratio between 18% and 20%.
What was Shell's peak historical net income?
In fiscal year 2022, fueled by global gas supply shocks and surging refining margins, Shell reported an all-time record Adjusted Earnings of $39.9 billion, the highest annual profit in the company's 115-year history.
How much does Shell spend on annual Capital Expenditures (Capex)?
Shell maintains disciplined capital expenditures between $20 billion and $25 billion annually, prioritizing high-return Integrated Gas developments and deepwater oil projects while moderating speculative renewable spending.
What are Shell's credit ratings from major rating agencies?
Shell holds strong investment-grade credit ratings of Aa2 from Moody's and A+ from S&P Global, supported by its colossal cash reserves, diversified global cash flow streams, and conservative debt profile.
How does crude oil price volatility impact Shell's cash flows?
A $10 change in the price per barrel of Brent crude impacts Shell's annual operating cash flows by approximately $3.5 billion to $4.0 billion, buffered substantially by counter-cyclical gas trading and retail marketing profits.
What percentage of Shell's earnings is generated by Integrated Gas?
Integrated Gas typically contributes between 40% and 55% of Shell's total adjusted earnings, making liquefied natural gas the single most decisive driver of corporate profitability.
What was the financial impact of Shell's exit from Russia in 2022?
Following the invasion of Ukraine, Shell took a non-cash post-tax impairment charge of $3.9 billion to fully exit its Russian oil and gas joint ventures, including its 27.5% stake in the Sakhalin-2 LNG facility.
What is Shell's market capitalization valuation?
Shell regularly trades with a market capitalization between $200 billion and $230 billion (£160B-£180B), positioning it as the most valuable corporate enterprise listed on the London Stock Exchange.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Shell Revenue & Financials." CorpDigest, https://corpdigest.com/company/shell/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Shell reported $266.9B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/shell/financials" target="_blank" rel="noopener">CorpDigest — Shell financials</a></div>Related Financial Audits
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