Shell (SHEL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SHEL SEC filings page.
Shell (SHEL) reported $266.9B in revenue for fiscal year 2025, down 6.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Shell’s profits recovered in FY2025, but cash generation weakened while a smaller balance sheet still funded shareholder distributions.
In FY2025, net income recovered to$18.1B even as operating cash flow fell to$42.9B . That divergence means the reported profit improvement did not arrive as additional cash; operating cash flow was still 2.4x net income, so noncash charges or working-capital movements materially shaped cash generation.
The balance sheet is becoming smaller rather than more leveraged: total assets fell to
Cash allocation remains demanding: buybacks and dividends totaled
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Shell's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Shell's revenue declined 6.1% year-over-year, from $284.3B to $266.9B. This contraction results in a growth score of 17/100.
Shell carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.
Shell's current ratio of 1.30 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.
Not available for Shell, so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
Shell earns a strong 10.2% return on equity (ROE), meaning it generates $10 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 76/100. This is up from 9.0% the prior year.
Shell passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
For every $1 of reported earnings, Shell generates $2.40 in operating cash flow ($42.9B OCF vs $17.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Shell generated $266.9B in revenue in fiscal year 2025. This represents a decrease of 6.1% from the prior year.
Shell reported $17.8B in net income in fiscal year 2025. This represents an increase of 10.8% from the prior year.
Shell earned $3.00 per diluted share (EPS) in fiscal year 2025. This represents an increase of 18.6% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Shell held $30.2B in cash against $66.5B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Shell's net profit margin was 6.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.0 percentage points from the prior year.
Shell's ROE was 10.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Shell invested $1.2B in research and development in fiscal year 2025. This represents an increase of 6.5% from the prior year.
Shell spent $14.1B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 0.1% from the prior year.
Not reported for fiscal year 2025.
SHEL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F/A | FY2120-F/A | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $266.9B-6.1% | $284.3B-10.2% | $316.6B-17.0% | $381.3B+45.8% | $261.5B+44.8% | $180.5B-47.7% | $344.9B-11.2% | $388.4B+27.3% | $305.2B+30.6% | $233.6B-11.8% | $265.0B |
| R&D Expenses | $1.2B+6.5% | $1.1B-14.6% | $1.3B+19.7% | $1.1B+31.9% | $815.0M-10.1% | $907.0M-5.7% | $962.0M-2.4% | $986.0M+6.9% | $922.0M-9.1% | $1.0B-7.2% | $1.1B |
| Interest Expense | $4.7B-2.4% | $4.8B+2.4% | $4.7B+46.9% | $3.2B-11.8% | $3.6B-11.8% | $4.1B-12.8% | $4.7B+25.2% | $3.7B-7.3% | $4.0B+26.2% | $3.2B+69.7% | $1.9B |
| Income Tax | $11.6B-13.2% | $13.4B+3.2% | $13.0B-40.8% | $21.9B+138.5% | $9.2Bn/m | -$5.4B-160.0% | $9.1B-22.7% | $11.7B+149.5% | $4.7B+466.3% | $829.0Mn/m | -$153.0M |
| Net Income | $17.8B+10.8% | $16.1B-16.9% | $19.4B-54.2% | $42.3B+110.5% | $20.1Bn/m | -$21.7B-236.9% | $15.8B-32.2% | $23.4B+79.9% | $13.0B+183.7% | $4.6B+135.9% | $1.9B |
| EPS (Basic) | $3.03+18.8% | $2.55-11.5% | $2.88-50.0% | $5.76+122.4% | $2.59n/m | -$2.78-241.1% | $1.97-30.1% | $2.82+78.5% | $1.58+172.4% | $0.58+87.1% | $0.31 |
| EPS (Diluted) | $3.00+18.6% | $2.53-11.2% | $2.85-50.1% | $5.71+122.2% | $2.57n/m | -$2.78-242.6% | $1.95-30.4% | $2.80+79.5% | $1.56+169.0% | $0.58+93.3% | $0.30 |
| Diluted Shares (Avg) | 5.95B-6.5% | 6.36B-6.4% | 6.80B-8.2% | 7.41B-5.1% | 7.81B+0.1% | 7.80B-3.9% | 8.11B-2.8% | 8.35B+0.6% | 8.30B+5.2% | 7.89B+23.4% | 6.39B |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, SG&A Expenses, Operating Income, EBITDA.
SHEL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F/A | FY2120-F/A | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $370.4B-4.5% | $387.6B-4.6% | $406.3B-8.3% | $443.0B+9.6% | $404.4B+6.6% | $379.3B-6.2% | $404.3B+1.3% | $399.2B-1.9% | $407.1B-1.0% | $411.3B | N/A |
| Current Assets | $107.2B-16.2% | $127.9B-4.6% | $134.1B-19.2% | $165.9B+28.9% | $128.8B+40.0% | $92.0B-0.8% | $92.7B-4.9% | $97.5B+2.2% | $95.4B+10.2% | $86.6B | N/A |
| Cash & Equivalents | $30.2B-22.7% | $39.1B+0.9% | $38.8B-3.7% | $40.2B+8.9% | $37.0B+16.1% | $31.8B+76.3% | $18.1B-32.5% | $26.7B+31.7% | $20.3B+6.2% | $19.1B-39.8% | $31.8B |
| Inventory | $22.2B-5.2% | $23.4B-10.0% | $26.0B-18.4% | $31.9B+26.3% | $25.3B+29.8% | $19.5B-19.2% | $24.1B+14.0% | $21.1B-16.3% | $25.2B+15.8% | $21.8B | N/A |
| Accounts Receivable | $44.6B-2.8% | $45.9B-13.9% | $53.3B-19.9% | $66.5B+25.0% | $53.2B+58.2% | $33.6B-22.5% | $43.4B+2.3% | $42.4B-4.8% | $44.6B-2.4% | $45.7B | N/A |
| Goodwill | $15.7B-2.3% | $16.0B-3.8% | $16.7B+3.9% | $16.0B+7.5% | $14.9B-34.3% | $22.7B-3.3% | $23.5B-0.4% | $23.6B-2.5% | $24.2B+0.9% | $24.0B | N/A |
| Total Liabilities | $195.0B-6.0% | $207.4B-4.8% | $217.9B-13.0% | $250.4B+9.3% | $229.1B+3.8% | $220.7B+3.2% | $213.9B+8.8% | $196.7B-6.0% | $209.3B-6.1% | $222.8B | N/A |
| Current Liabilities | $82.4B-13.3% | $95.0B-0.5% | $95.5B-21.3% | $121.3B+27.0% | $95.5B+29.6% | $73.7B-7.4% | $79.6B+2.3% | $77.8B-2.4% | $79.8B+8.0% | $73.8B | N/A |
| Non-Current Liabilities | $112.6B+0.2% | $112.4B-8.2% | $122.4B-5.2% | $129.1B-3.3% | $133.5B-9.2% | $147.0B+9.5% | $134.2B+13.0% | $118.8B-8.2% | $129.5B-13.0% | $148.9B | N/A |
| Long-Term Debt | $66.5B+1.6% | $65.4B-8.6% | $71.6B-4.3% | $74.8B-7.5% | $80.9B-11.2% | $91.1B+12.0% | $81.4B+22.0% | $66.7B-9.7% | $73.9B-11.0% | $83.0B | N/A |
| Total Equity | $174.4B-2.2% | $178.3B-4.4% | $186.6B-2.0% | $190.5B+10.8% | $172.0B+10.7% | $155.3B-16.7% | $186.5B-6.1% | $198.6B+2.2% | $194.4B+4.1% | $186.6B+13.7% | $164.1B |
| Retained Earnings | $153.5B-3.3% | $158.8B-4.3% | $165.9B-2.1% | $169.5B+10.8% | $153.0B+7.3% | $142.6B-17.3% | $172.4B-5.6% | $182.6B+2.8% | $177.6B+1.2% | $175.6B | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
SHEL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F/A | FY2120-F/A | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $42.9B-21.6% | $54.7B+0.9% | $54.2B-20.8% | $68.4B+51.7% | $45.1B+32.3% | $34.1B-19.1% | $42.2B-20.5% | $53.1B+48.9% | $35.6B+72.9% | $20.6B-30.8% | $29.8B |
| Depreciation & Amortization | $25.3B-5.9% | $26.9B-14.1% | $31.3B+68.9% | $18.5B-31.2% | $26.9B-48.7% | $52.4B+82.7% | $28.7B+29.7% | $22.1B-15.6% | $26.2B+4.9% | $25.0B-6.4% | $26.7B |
| Investing Cash Flow | -$16.8Bn/m | -$15.2Bn/m | -$17.7Bn/m | -$22.4Bn/m | -$4.8Bn/m | -$13.3Bn/m | -$15.8Bn/m | -$13.7Bn/m | -$8.0Bn/m | -$31.0Bn/m | -$22.4B |
| Financing Cash Flow | -$35.8Bn/m | -$38.4Bn/m | -$38.2Bn/m | -$42.0Bn/m | -$34.7Bn/m | -$7.2Bn/m | -$35.2Bn/m | -$32.5Bn/m | -$27.1Bn/m | -$771.0M-120.2% | $3.8B |
| Dividends Paid | $8.5B-2.3% | $8.7B+3.3% | $8.4B+13.3% | $7.4B+18.4% | $6.3B-15.8% | $7.4B-51.2% | $15.2B-3.0% | $15.7B+44.1% | $10.9B+12.4% | $9.7B+3.3% | $9.4B |
| Share Buybacks | $14.1B+0.1% | $14.1B-3.5% | $14.6B-21.4% | $18.5B+428.0% | $3.5B+189.4% | $1.2B-88.2% | $10.3B+127.6% | $4.5B | N/A | N/A | $1.0M |
Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow.
SHEL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F/A | FY2120-F/A | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 6.7%+1.0pp | 5.7%-0.5pp | 6.1%-5.0pp | 11.1%+3.4pp | 7.7%+19.7pp | -12.0%-16.6pp | 4.6%-1.4pp | 6.0%+1.8pp | 4.3%+2.3pp | 2.0%+1.2pp | 0.7% |
| Return on Equity | 10.2%+1.2pp | 9.0%-1.3pp | 10.4%-11.8pp | 22.2%+10.5pp | 11.7%+25.7pp | -14.0%-22.5pp | 8.5%-3.3pp | 11.8%+5.1pp | 6.7%+4.2pp | 2.5%+1.3pp | 1.2% |
| Return on Assets | 4.8%+0.7pp | 4.2%-0.6pp | 4.8%-4.8pp | 9.6%+4.6pp | 5.0%+10.7pp | -5.7%-9.6pp | 3.9%-1.9pp | 5.9%+2.7pp | 3.2%+2.1pp | 1.1% | N/A |
| Current Ratio | 1.300.0x | 1.35-0.1x | 1.400.0x | 1.370.0x | 1.35+0.1x | 1.25+0.1x | 1.16-0.1x | 1.25+0.1x | 1.200.0x | 1.17 | N/A |
| Debt-to-Equity | 0.380.0x | 0.370.0x | 0.380.0x | 0.39-0.1x | 0.47-0.1x | 0.59+0.2x | 0.44+0.1x | 0.340.0x | 0.38-0.1x | 0.44 | N/A |
| Liabilities-to-Equity | 1.120.0x | 1.160.0x | 1.17-0.1x | 1.310.0x | 1.33-0.1x | 1.42+0.3x | 1.15+0.2x | 0.99-0.1x | 1.08-0.1x | 1.19 | N/A |
| Asset Turnover | 0.720.0x | 0.730.0x | 0.78-0.1x | 0.86+0.2x | 0.65+0.2x | 0.48-0.4x | 0.85-0.1x | 0.97+0.2x | 0.75+0.2x | 0.57 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Shell SHEL | FY2025 | $266.9B | $17.8B | 6.7% | $307.7B | 55/100 |
| Chevron Corporation CVX | FY2025 | $189.0B | $12.3B | 6.5% | $444.7B | 58/100 |
| ExxonMobil XOM | FY2025 | $332.2B | $28.8B | 8.7% | $732.9B | 61/100 |
| TotalEnergies SE TTE | FY2025 | $201.2B | $13.1B | 6.5% | $200.6B | 51/100 |
| BP p.l.c. BP | FY2025 | $192.5B | $55.0M | 0.0% | $128.9B | 48/100 |
| PETROLEO BRASILEIRO S.A.-PETROBRAS PBR | FY2025 | $89.2B | $19.7B | 22.1% | $165.1B | 56/100 |
Where Shell Ranks
Frequently Asked Questions
What is Shell's annual revenue?
Shell (SHEL) reported $266.9B in total revenue for fiscal year 2025. This represents a -6.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Shell's revenue growing?
Shell (SHEL) revenue declined by 6.1% year-over-year, from $284.3B to $266.9B in fiscal year 2025.
Is Shell profitable?
Yes, Shell (SHEL) reported a net income of $17.8B in fiscal year 2025, with a net profit margin of 6.7%.
How much debt does Shell have?
As of fiscal year 2025, Shell (SHEL) had $30.2B in cash and equivalents against $66.5B in long-term debt.
What is Shell's net profit margin?
Shell (SHEL) had a net profit margin of 6.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Shell's return on equity (ROE)?
Shell (SHEL) has a return on equity of 10.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Shell's operating cash flow?
Shell (SHEL) generated $42.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Shell's total assets?
Shell (SHEL) had $370.4B in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Shell spend on research and development?
Shell (SHEL) invested $1.2B in research and development during fiscal year 2025.
What is Shell's current ratio?
Shell (SHEL) had a current ratio of 1.30 as of fiscal year 2025, which is considered adequate.
What is Shell's debt-to-equity ratio?
Shell (SHEL) had a debt-to-equity ratio of 0.38 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Shell's liabilities-to-equity ratio?
Shell (SHEL) had a liabilities-to-equity ratio of 1.12 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Shell's return on assets (ROA)?
Shell (SHEL) had a return on assets of 4.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Shell's P/E ratio?
Shell (SHEL) trades at 17.3x earnings, its market capitalization divided by $17.8B net income, FY2025. The market capitalization is $307.7B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Shell's price-to-sales ratio?
Shell (SHEL) trades at 1.2x sales, its market capitalization divided by $266.9B revenue, FY2025. The market capitalization is $307.7B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Shell's Piotroski F-Score?
Shell (SHEL) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Shell's earnings high quality?
Shell (SHEL) has an earnings quality ratio of 2.40x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Shell?
Shell (SHEL) scores 55 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Shell it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.