Shell plc reported fourth-quarter 2025 adjusted earnings of $3.3 billion and cash flow from operations (CFFO) of $9.4 billion, supported by solid performance from its upstream and integrated gas businesses despite a softer commodity price environment.
Shell CEO Wael Sawan
For the full year, Shell generated $42.9 billion in CFFO and $26 billion in free cash flow, reflecting what CEO Wael Sawan described as “strong operational and financial performance” across the portfolio. Upstream and integrated gas remained key earnings drivers in the quarter, contributing $1.57 billion and $1.66 billion, respectively, in adjusted earnings.
Shell said it maintained disciplined capital spending, with 2025 cash capex totaling $20.9 billion and a similar $20 billion to $22 billion range expected for 2026. Structural cost reductions reached $5.1 billion since 2022, including $2 billion delivered in 2025.
The company also highlighted continued shareholder returns and balance sheet strength. Shell increased its quarterly dividend by 4% to $0.372 per share and announced a new $3.5-billion share buyback program, marking its 17th consecutive quarter of at least $3 billion in buybacks. Net debt stood at approximately $45.7 billion at year-end, with gearing of 20.7%.
Portfolio high-grading remained a focus during 2025, with Shell exiting selected downstream and legacy positions—including Nigeria onshore and Canadian oil sands—while expanding its upstream and LNG footprint through deepwater equity increases and the acquisition of Pavilion Energy.
The company said it will continue prioritizing capital discipline, upstream and LNG growth, and portfolio optimization as it moves into 2026.
Pictured above: Shell’s Prelude FLNG
