Shell
SHEL NYSE Integrated Oil & Gas Financials FY2016–FY2025
Shell's revenue fell 6.1% to $266.9 billion in fiscal 2025. Its net margin was 6.7%, up from 5.7% a year earlier. It paid out $22.4 billion in dividends and buybacks. The diluted share count fell 6.5%.
Last close · Oct 23, 2026
$108.18
2.2%
Revenue
Total sales reported in the income statement.
$266.9B
6.1%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$17.8B
10.8%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.6%
1.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$643.5B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
About these figures. Shell is a foreign company: it files an annual report on Form 20-F, prepared under international accounting standards (IFRS), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.
What Shell does
No business description yet.
- Legal name
- Shell plc
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001628280-26-017024
0001306965
Revenue and margins
Shell had $266.9B of revenue in fiscal 2025, down 6.1% on the year before.
FY16
Revenue $233.6B
FY17
Revenue $305.2B
FY18
Revenue $388.4B
FY19
Revenue $344.9B
FY20
Revenue $180.5B
FY21
Revenue $261.5B
FY22
Revenue $381.3B
FY23
Revenue $316.6B
FY24
Revenue $284.3B
FY25
Revenue $266.9B
FY16
Gross —
Operating —
Net 2.0%
FCF —
FY17
Gross —
Operating —
Net 4.3%
FCF —
FY18
Gross —
Operating —
Net 6.0%
FCF —
FY19
Gross —
Operating —
Net 4.6%
FCF —
FY20
Gross —
Operating —
Net −12.0%
FCF —
FY21
Gross —
Operating —
Net 7.7%
FCF —
FY22
Gross —
Operating —
Net 11.1%
FCF —
FY23
Gross —
Operating —
Net 6.1%
FCF —
FY24
Gross —
Operating —
Net 5.7%
FCF —
FY25
Gross —
Operating —
Net 6.7%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 20.0% a year. Loss periods are shown in red.
FY16
Net income $4.6B
FY17
Net income $13.0B
FY18
Net income $23.4B
FY19
Net income $15.8B
FY20
Net income −$21.7B
FY21
Net income $20.1B
FY22
Net income $42.3B
FY23
Net income $19.4B
FY24
Net income $16.1B
FY25
Net income $17.8B
FY16
Diluted EPS $0.58
FY17
Diluted EPS $1.56
FY18
Diluted EPS $2.80
FY19
Diluted EPS $1.95
FY20
Diluted EPS −$2.78
FY21
Diluted EPS $2.57
FY22
Diluted EPS $5.71
FY23
Diluted EPS $2.85
FY24
Diluted EPS $2.53
FY25
Diluted EPS $3.00
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets —
FY17
Return on capital 6.3%
Return on equity 6.8%
Return on assets 3.2%
FY18
Return on capital 10.3%
Return on equity 11.9%
Return on assets 5.8%
FY19
Return on capital 7.5%
Return on equity 8.2%
Return on assets 3.9%
FY20
Return on capital −7.2%
Return on equity −12.7%
Return on assets −5.5%
FY21
Return on capital 10.0%
Return on equity 12.3%
Return on assets 5.1%
FY22
Return on capital 19.4%
Return on equity 23.4%
Return on assets 10.0%
FY23
Return on capital 9.6%
Return on equity 10.3%
Return on assets 4.6%
FY24
Return on capital 8.5%
Return on equity 8.8%
Return on assets 4.1%
FY25
Return on capital 9.6%
Return on equity 10.1%
Return on assets 4.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $20.6B
Capital spending —
FY17
Cash from operations $35.7B
Capital spending —
FY18
Cash from operations $53.1B
Capital spending —
FY19
Cash from operations $42.2B
Capital spending —
FY20
Cash from operations $34.1B
Capital spending —
FY21
Cash from operations $45.1B
Capital spending —
FY22
Cash from operations $68.4B
Capital spending —
FY23
Cash from operations $54.2B
Capital spending —
FY24
Cash from operations $54.7B
Capital spending —
FY25
Cash from operations $42.9B
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Shell returned $22.4B to shareholders in fiscal 2025. The diluted share count fell 6.5%.
FY16
Dividends $9.7B
Buybacks $0.0M
FY17
Dividends $10.9B
Buybacks $0.0M
FY18
Dividends $15.7B
Buybacks $3.9B
FY19
Dividends $15.2B
Buybacks $10.2B
FY20
Dividends $7.4B
Buybacks $1.7B
FY21
Dividends $6.3B
Buybacks $2.9B
FY22
Dividends $7.4B
Buybacks $18.4B
FY23
Dividends $8.4B
Buybacks $14.6B
FY24
Dividends $8.7B
Buybacks $13.9B
FY25
Dividends $8.5B
Buybacks $13.9B
Dividends
Buybacks
FY16
Diluted shares 7.89B
FY17
Diluted shares 8.30B
FY18
Diluted shares 8.35B
FY19
Diluted shares 8.11B
FY20
Diluted shares 7.80B
FY21
Diluted shares 7.81B
FY22
Diluted shares 7.41B
FY23
Diluted shares 6.80B
FY24
Diluted shares 6.36B
FY25
Diluted shares 5.95B
Balance sheet
Cash, debt and the ratios that show how comfortably Shell can carry it.
FY16
Cash $19.1B
Debt $92.5B
FY17
Cash $20.3B
Debt $85.7B
FY18
Cash $26.7B
Debt $76.8B
FY19
Cash $18.1B
Debt $96.4B
FY20
Cash $31.8B
Debt $108.0B
FY21
Cash $37.0B
Debt $89.1B
FY22
Cash $40.2B
Debt $83.8B
FY23
Cash $38.8B
Debt $81.5B
FY24
Cash $39.1B
Debt $77.1B
FY25
Cash $30.2B
Debt $75.6B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $37.0B | $40.2B | $38.8B | $39.1B | $30.2B |
| Debt incl. finance leases | $89.1B | $83.8B | $81.5B | $77.1B | $75.6B |
| Net debt / EBITDA | 0.9x | 0.5x | 0.6x | 0.6x | 0.8x |
| Debt / equity | 0.5x | 0.4x | 0.4x | 0.4x | 0.4x |
| Interest coverage | 9.3x | 21.4x | 8.0x | 7.3x | 7.4x |
| Current ratio | 1.4x | 1.4x | 1.4x | 1.4x | 1.3x |
| Quick ratio | 1.1x | 1.1x | 1.1x | 1.1x | 1.0x |
| Total assets | $404.4B | $443.0B | $406.3B | $387.6B | $370.4B |
| Total liabilities | $229.1B | $250.4B | $217.9B | $207.4B | $195.0B |
| Shareholders' equity | $172.0B | $190.5B | $186.6B | $178.3B | $174.4B |
| Net debt (− = net cash) | $52.1B | $43.5B | $42.8B | $38.0B | $45.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 6 / 8 | 4 / 8 | 5 / 8 |
| Accruals ratio | −8.2% | −9.7% | −6.6% |
| Altman Z'' | 3.48 | 3.41 | 3.36 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Shell SHEL | $643.5B | −6.1% | — | — | 9.6% | — | 5 | |
| ExxonMobil XOM | $764.7B | −5.0% | — | 7.1% | 10.3% | 23.5x | 4 | Compare → |
| TotalEnergies TTE | — | −6.2% | — | — | 10.1% | — | — | Compare → |
| BP BP | — | −1.1% | 6.6% | 5.9% | 6.5% | — | — | Compare → |
| Chevron CVX | $460.6B | −6.8% | — | 8.8% | 6.7% | 22.4x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $233.6B | $305.2B | $388.4B | $344.9B | $180.5B | $261.5B | $381.3B | $316.6B | $284.3B | $266.9B |
| Research and development | $1.0B | $922M | $986M | $962M | $907M | $815M | $1.1B | $1.3B | $1.1B | $1.2B |
| Interest expense | $3.2B | $4.0B | $3.7B | $4.7B | $4.1B | $3.6B | $3.2B | $4.7B | $4.8B | $4.7B |
| Pretax income | $5.6B | $18.1B | $35.6B | $25.5B | −$27.0B | $29.8B | $64.8B | $32.6B | $29.9B | $29.8B |
| Income tax | $829M | $4.7B | $11.7B | $9.1B | −$5.4B | $9.2B | $21.9B | $13.0B | $13.4B | $11.6B |
| Net income | $4.6B | $13.0B | $23.4B | $15.8B | −$21.7B | $20.1B | $42.3B | $19.4B | $16.1B | $17.8B |
| Diluted EPS | $0.58 | $1.56 | $2.80 | $1.95 | −$2.78 | $2.57 | $5.71 | $2.85 | $2.53 | $3.00 |
| Diluted shares | 7.89B | 8.30B | 8.35B | 8.11B | 7.80B | 7.81B | 7.41B | 6.80B | 6.36B | 5.95B |
| Cash flow | ||||||||||
| Cash from operations | $20.6B | $35.7B | $53.1B | $42.2B | $34.1B | $45.1B | $68.4B | $54.2B | $54.7B | $42.9B |
| Depreciation and amortization | $25.0B | $26.2B | $22.1B | $28.7B | $52.4B | $26.9B | $18.5B | $31.3B | $26.9B | $25.3B |
| Stock-based compensation | $693M | $802M | $531M | $537M | $359M | $539M | $807M | $700M | $732M | $774M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $3.9B | $10.2B | $1.7B | $2.9B | $18.4B | $14.6B | $13.9B | $13.9B |
| Dividends paid | $9.7B | $10.9B | $15.7B | $15.2B | $7.4B | $6.3B | $7.4B | $8.4B | $8.7B | $8.5B |
| Dividends and buybacks | $9.7B | $10.9B | $19.6B | $25.4B | $9.1B | $9.1B | $25.8B | $23.0B | $22.6B | $22.4B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $19.1B | $20.3B | $26.7B | $18.1B | $31.8B | $37.0B | $40.2B | $38.8B | $39.1B | $30.2B |
| Total debt | $92.5B | $85.7B | $76.8B | $96.4B | $108.0B | $89.1B | $83.8B | $81.5B | $77.1B | $75.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $86.6B | $95.4B | $97.5B | $92.7B | $92.0B | $128.8B | $165.9B | $134.1B | $127.9B | $107.2B |
| Current liabilities | $73.8B | $79.8B | $77.8B | $79.6B | $73.7B | $95.5B | $121.3B | $95.5B | $95.0B | $82.4B |
| Inventory | $21.8B | $25.2B | $21.1B | $24.1B | $19.5B | $25.3B | $31.9B | $26.0B | $23.4B | $22.2B |
| Property and equipment, net | $236.1B | $226.4B | $223.2B | $238.3B | $209.7B | $194.9B | $198.6B | — | — | — |
| Total assets | $411.3B | $407.1B | $399.2B | $404.3B | $379.3B | $404.4B | $443.0B | $406.3B | $387.6B | $370.4B |
| Total liabilities | $222.8B | $209.3B | $196.7B | $213.9B | $220.7B | $229.1B | $250.4B | $217.9B | $207.4B | $195.0B |
| Shareholders' equity | $186.6B | $194.4B | $198.6B | $186.5B | $155.3B | $172.0B | $190.5B | $186.6B | $178.3B | $174.4B |
| Margins | ||||||||||
| EBITDA margin | 14.5% | 15.9% | 15.8% | 17.1% | 16.4% | 23.1% | 22.7% | 21.7% | 21.7% | 22.4% |
| Net margin | 2.0% | 4.3% | 6.0% | 4.6% | −12.0% | 7.7% | 11.1% | 6.1% | 5.7% | 6.7% |
| Returns | ||||||||||
| Return on capital | — | 6.3% | 10.3% | 7.5% | −7.2% | 10.0% | 19.4% | 9.6% | 8.5% | 9.6% |
| Return on capital employed | — | 6.7% | 12.1% | 9.3% | −7.3% | 10.9% | 21.6% | 11.8% | 11.5% | 11.9% |
| Return on equity | — | 6.8% | 11.9% | 8.2% | −12.7% | 12.3% | 23.4% | 10.3% | 8.8% | 10.1% |
| Return on assets | — | 3.2% | 5.8% | 3.9% | −5.5% | 5.1% | 10.0% | 4.6% | 4.1% | 4.7% |
| Growth | ||||||||||
| Revenue growth | −11.8% | 30.7% | 27.3% | −11.2% | −47.7% | 44.8% | 45.8% | −17.0% | −10.2% | −6.1% |
| Net income growth | 136.0% | 183.7% | 80.0% | −32.2% | −236.9% | — | 110.5% | −54.2% | −16.9% | 10.8% |
| EPS growth | 93.3% | 169.0% | 79.5% | −30.4% | −242.6% | — | 122.2% | −50.1% | −11.2% | 18.6% |
| Share count change | 23.4% | 5.2% | 0.6% | −2.8% | −3.9% | 0.1% | −5.1% | −8.2% | −6.4% | −6.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.2x | 1.4x | 0.8x | 1.3x | 2.6x | 0.9x | 0.5x | 0.6x | 0.6x | 0.8x |
| Debt / equity | 0.5x | 0.4x | 0.4x | 0.5x | 0.7x | 0.5x | 0.4x | 0.4x | 0.4x | 0.4x |
| Interest coverage | 2.8x | 5.5x | 10.5x | 6.4x | −5.6x | 9.3x | 21.4x | 8.0x | 7.3x | 7.4x |
| Current ratio | 1.2x | 1.2x | 1.3x | 1.2x | 1.3x | 1.4x | 1.4x | 1.4x | 1.4x | 1.3x |
| Quick ratio | 0.9x | 0.9x | 1.0x | 0.9x | 1.0x | 1.1x | 1.1x | 1.1x | 1.1x | 1.0x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.3% | 0.3% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 7.0 | 4.0 | 4.0 | 7.0 | 8.0 | 6.0 | 4.0 | 5.0 |
| Altman Z'' | 2.6 | 3.0 | 3.6 | 3.0 | 1.9 | 3.1 | 3.8 | 3.5 | 3.4 | 3.4 |
| Accruals ratio | — | −5.5% | −7.4% | −6.6% | −14.2% | −6.4% | −6.2% | −8.2% | −9.7% | −6.6% |
Source: SEC EDGAR XBRL filings (CIK 0001306965). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.