Shell plc (SHEL) Income Statement
SHEL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSHEL revenue and net income
Where SHEL's revenue goes
2025Each bar shows an amount and its share of revenue. SHEL kept 6.7% of revenue as net income.
SHEL profit margins
SHEL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −6.1% | −11.2% | +8.1% | +0.1% |
| Gross profit | −7.5% | −18.6% | — | +10.6% |
| Operating income | −8.0% | −24.1% | — | — |
| Net income | +10.8% | −25.0% | — | +24.8% |
| EPS (diluted) | −16.3% | −16.2% | +38.3% | +6.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SHEL quarterly EPS vs estimates
Shell beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 29, 2026 (estimate $3.25).
SHEL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $266.89B | $284.31B | $316.62B | $381.31B | $261.50B | $180.54B | $344.88B | $388.38B | $305.18B | $233.59B |
| Cost of revenue | $224.39B | $238.37B | $269.41B | $302.54B | $225.66B | $193.54B | $308.12B | $343.50B | $276.32B | $216.00B |
| Gross profit | $42.49B | $45.94B | $47.21B | $78.78B | $35.85B | −$12.99B | $36.76B | $44.88B | $28.86B | $17.59B |
| Research & development | $1.17B | $1.10B | $1.29B | $1.07B | $815.0M | $907.0M | $962.0M | $986.0M | $922.0M | $1.01B |
| Sales, general & admin | $12.61B | $12.44B | $13.43B | $12.88B | $11.33B | $9.88B | $10.49B | $11.36B | $10.51B | $12.10B |
| Total operating expenses | $14.91B | $15.95B | $16.47B | $15.67B | $13.57B | $12.54B | $13.81B | $13.69B | $13.38B | $15.22B |
| Operating income | $27.58B | $29.99B | $30.74B | $63.11B | $22.28B | −$25.53B | $22.95B | $31.19B | $15.48B | $2.37B |
| Interest income | $1.96B | $2.37B | $2.16B | $398.0M | $852.0M | $869.0M | $1.08B | $876.0M | $904.0M | $451.0M |
| Interest expense | $4.74B | $4.86B | $4.63B | $5.35B | $3.61B | $4.21B | $4.56B | $3.58B | $3.93B | $3.50B |
| Income before taxes | $29.76B | $29.92B | $32.63B | $64.81B | $29.83B | −$26.97B | $25.48B | $35.62B | $18.13B | $5.61B |
| Income taxes | $11.64B | $13.40B | $12.99B | $21.94B | $9.20B | −$5.43B | $9.05B | $11.71B | $4.70B | $829.0M |
| Net income | $17.84B | $16.09B | $19.36B | $42.31B | $20.10B | −$21.68B | $15.84B | $23.35B | $12.98B | $4.58B |
| EBITDA | $56.66B | $57.48B | $60.36B | $92.55B | $56.51B | $2.22B | $55.15B | $60.90B | $48.28B | $34.10B |
| EPS (diluted) | $6.28 | $7.50 | $8.34 | $10.68 | $4.98 | $1.24 | $4.06 | $5.11 | $3.79 | $1.82 |
| Gross margin | 15.9% | 16.2% | 14.9% | 20.7% | 13.7% | −7.2% | 10.7% | 11.6% | 9.5% | 7.5% |
| Operating margin | 10.3% | 10.5% | 9.7% | 16.6% | 8.5% | −14.1% | 6.7% | 8.0% | 5.1% | 1.0% |
| Net margin | 6.7% | 5.7% | 6.1% | 11.1% | 7.7% | −12.0% | 4.6% | 6.0% | 4.3% | 2.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.66B | $69.69B | $64.00B | $68.15B | $65.41B | $69.23B | $66.28B | $71.09B | $74.46B | $72.48B | $78.73B | $76.35B |
| Cost of revenue | $76.19B | $56.26B | $54.00B | $56.58B | $55.68B | $56.53B | $59.45B | $59.94B | $62.56B | $58.33B | $67.54B | $61.24B |
| Gross profit | $18.48B | $13.43B | $10.00B | $11.58B | $9.73B | $12.71B | $6.83B | $11.15B | $11.90B | $14.15B | $11.19B | $15.11B |
| Research & development | $277.0M | $167.0M | $297.6M | $409.0M | $278.0M | $185.0M | $331.0M | $294.0M | $263.0M | $212.0M | $469.0M | $267.0M |
| Sales, general & admin | $2.91B | $2.80B | $3.43B | $3.26B | $3.08B | $2.84B | $3.23B | $3.14B | $3.09B | $2.98B | $3.85B | $3.70B |
| Total operating expenses | $3.30B | $3.07B | $3.60B | $3.84B | $3.71B | $3.23B | $4.42B | $3.74B | $3.85B | $3.94B | $4.56B | $4.15B |
| Operating income | $15.18B | $10.37B | $12.13B | $7.73B | $6.01B | $9.47B | $2.41B | $7.41B | $8.04B | $10.21B | $6.63B | $10.96B |
| Interest income | $315.0M | $372.0M | $452.0M | $585.0M | $601.0M | $566.0M | $96.0M | $778.0M | $690.0M | $807.0M | $595.0M | $618.0M |
| Interest expense | $1.11B | $1.47B | $1.19B | $1.28B | $1.07B | $1.12B | $1.28B | $1.17B | $1.24B | $1.16B | $1.18B | $1.13B |
| Income before taxes | $15.75B | $9.33B | $6.89B | $7.92B | $5.97B | $8.96B | $4.21B | $7.27B | $7.40B | $11.04B | $1.63B | $11.29B |
| Income taxes | $4.95B | $3.57B | $2.71B | $2.50B | $2.33B | $4.08B | $3.16B | $2.88B | $3.75B | $3.60B | $1.10B | $4.12B |
| Net income | $10.82B | $5.69B | $4.13B | $5.32B | $3.60B | $4.78B | $928.0M | $4.29B | $3.52B | $7.36B | $472.0M | $7.04B |
| EBITDA | $22.43B | $16.54B | $12.13B | $15.03B | $12.51B | $15.23B | $11.32B | $14.02B | $14.28B | $18.09B | $16.93B | $18.14B |
| EPS (diluted) | $3.52 | $2.44 | $1.14 | $1.86 | $1.44 | $1.84 | $1.20 | $1.92 | $1.98 | $2.40 | $2.22 | $1.86 |
| Gross margin | 19.5% | 19.3% | 15.6% | 17.0% | 14.9% | 18.4% | 10.3% | 15.7% | 16.0% | 19.5% | 14.2% | 19.8% |
| Operating margin | 16.0% | 14.9% | 19.0% | 11.3% | 9.2% | 13.7% | 3.6% | 10.4% | 10.8% | 14.1% | 8.4% | 14.3% |
| Net margin | 11.4% | 8.2% | 6.5% | 7.8% | 5.5% | 6.9% | 1.4% | 6.0% | 4.7% | 10.2% | 0.6% | 9.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SHEL's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SHEL financial results
In fiscal year 2025 (ended December 31, 2025), Shell reported revenue of $266.9 billion, down 6.1% from the year before. It had net income of $17.8 billion (up 10.8%), a net profit margin of 6.7%. Diluted earnings per share came to $6.28. Over five years revenue grew at an average rate of 8.1% a year.
See the SHEL stock overview for the latest quote and news, or the SHEL chart for price history and technical indicators.
SHEL income statement FAQ
What is Shell's annual revenue?
Shell reported total revenue of $266.9 billion for fiscal year 2025, which ended on December 31, 2025. That was down 6.1% from $284.3 billion the previous year.
Is Shell profitable?
Yes. Shell reported net income of $17.8 billion in fiscal 2025, a net profit margin of 6.7%; its operating margin was 10.3%.
What is Shell's gross margin?
Shell's gross margin was 15.9% in fiscal 2025: for every $100 of revenue, Shell kept $16 after the direct cost of its products and services.
How much does Shell spend on research and development?
Shell spent $1.2 billion on research and development in fiscal 2025, 0.4% of revenue.
How fast is Shell growing?
Revenue grew 8.1% a year on average over the last five fiscal years, from $180.5 billion to $266.9 billion.
What are Shell's earnings per share?
Shell earned $6.28 per diluted share in fiscal 2025, compared with $7.50 a year earlier.
When will Shell report its next earnings?
Shell is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Shell's fiscal year end?
Shell's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.