Shell has reported net income of $4.1bn, or $0.71 per diluted share, for the fourth quarter of 2025 (Q4 2025), compared to $928m, or $0.15 per diluted share, for the same period in 2024.
Adjusted earnings for Q4 2025 were reported at $3.3bn, reflecting an 11% decline from the previous year and falling short of analyst expectations, which were around $3.5bn.
In Q4 2025, income attributable to Shell shareholders included gains from asset disposals, primarily linked to the establishment of the Adura joint venture in the UK. However, this was also offset by impairment charges.
Total revenue for the quarter was $66.7bn, almost unchanged from $66.8bn in the fourth quarter of 2024.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at $12.7bn in Q4 2025, compared to $14.2bn in the same quarter of 2024.
The company reported total expenditure of $59.8bn in Q4 2025, compared to $62.6bn for the same period in 2024.
Shell completed $3.5bn in share buybacks, which were announced in its Q3 2025 results. Additionally, the company launched a new share buyback programme worth $3.5bn.
For the full year 2025, Shell reported net income of $18.1bn, an increase from $16.5bn in 2024.
Income attributable to Shell shareholders in 2025 was affected by lower realised liquids and liquefied natural gas prices, reduced trading and optimisation revenues, and declining chemicals margins.
These declines were partially offset by higher sales volumes, lower operating expenses, favourable tax movements and improved marketing margins.
The company’s total revenue for 2025 was $273.7bn, down from $289.1bn in 2024.
Adjusted EBITDA for the year totalled $56.1bn, compared to $65.8bn in the previous year. Additionally, total expenditure for the year was reported at $243.9bn, a decrease from $259.1bn in 2024.
In 2025, Shell undertook significant strategic portfolio actions including exiting Nigeria Onshore, Canadian Oil Sands and Singapore Chemicals & Refinery.
At the same time, the company strengthened its integrated gas and upstream portfolios through the Pavilion acquisition and increased equity in its deep-water assets.
Shell CEO Wael Sawan said: “2025 was a year of accelerated momentum, with strong operational and financial performance across Shell.
“We generated free cash flow of $26bn, made significant progress in focusing our portfolio and reached $5bn of cost savings since 2022, with more to come.
“In Q4, despite lower earnings in a softer macro, cash delivery remained solid and today we announce a 4% increase in our dividend and $3.5bn share buyback, making this the 17th consecutive quarter of at least $3bn of buybacks.”
In October 2025, Shell reported net income of $5.32bn for Q3, compared to $4.29bn for the same period last year.
