Shell has reported revenue of $94.7bn for the second quarter of 2026 (Q2 2026), a 45% increase from $65.4bn in the same period of the previous year.
The company’s income attributable to shareholders for the quarter was $10.8bn, a 196% increase from $3.6bn in Q2 2025.
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The oil and gas company’s adjusted earnings for Q2 2026 were $9.8bn, up from $4.3bn, reflecting a 128% increase. Shell indicated that the surge was driven by strong results across the group, even with disruption in the Middle East, supported by record upstream output in Brazil and peak refinery utilisation.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 56% to $20.7bn from $13.3bn.
Cash flow from operating activities surged to $21.4bn, an 80% rise from $11.9bn in Q2 2025.
Free cash flow also saw a significant increase, reaching $17.5bn, compared to $6.5bn in the previous year.
For the first half of 2026 (H1 2026), Shell’s income attributable to shareholders was $16.5bn, a significant rise from $8.4bn in H1 2025.
Revenue for the half-year period increased to $164.4bn from $134.7bn, reflecting growth of 22%.
Adjusted earnings for H1 were $16.8bn, up from $9.8bn in the previous year.
The company’s adjusted EBITDA for the half-year reached $38.5bn, compared to $28.6bn in H1 2025.
Operationally, Shell’s Integrated Gas segment reported adjusted earnings of $4.5bn for H1 2026, up from $4.2bn in the same period last year.
The company’s net debt decreased to $41.8bn at the end of Q2, down from $43.2bn a year earlier, resulting in a gearing ratio of 18.7%.
Looking ahead, Shell expects its cash capital expenditure (capex) for the full year to be between $24bn and $26bn.
Shell CEO Wael Sawan said: “Shell’s operational performance enabled very strong results during another quarter of severe disruption in global energy markets, as we worked hard to provide critical energy supplies and products to our customers.
“Consistent with our strategy, we remain disciplined in our capital allocation, divesting non-core assets and investing in higher-quality growth opportunities, including the announced ARC acquisition.
“Today, we commence another $3bn of share buybacks, in line with our 40–50% of CFFO [cash flow from operations] through the cycle distribution policy.”
In April 2026, Shell signed a definitive agreement to acquire ARC Resources, a company focused on the Montney shale basin in British Columbia and Alberta, Canada.
The transaction, valued at $16.4bn, has received unanimous support from the boards of both companies and was approved by ARC shareholders, with around 99.54% of votes in favour.
The deal is due to be finalised in Q3 2026, pending remaining regulatory approvals.
In June 2026, Shell agreed to divest its 50% non-operated working interest in the Na Kika platform and associated fields in the Gulf of Mexico, along with its fully owned Coulomb tieback.
The total consideration for this transaction is $1.7bn, subject to customary adjustments and certain contingent payments.
The transaction, effective from 1 July 2025, is expected to close by the end of 2026, contingent upon regulatory approvals.
