Highlights

  • Operating cash flow for the quarter stood at USD 12.2 billion, mainly supported by adjusted EBITDA.
  • Net debt decreased to USD 41.2 billion, bringing gearing down to 18.8%.
  • Total shareholder distributions amounted to USD 5.7 billion, including share buybacks and dividends.

Shell plc (LON:SHEL) has announced its unaudited results for the third quarter ended 30 September 2025, reporting higher trading and optimisation margins, increased sales volumes, and favourable tax movements compared with the previous quarter. The quarter also included asset disposals and impairment charges, with total shareholder distributions reaching USD 5.7 billion.

Earnings and Financial Overview

Income attributable to Shell shareholders in the third quarter of 2025 rose compared to the previous quarter, reflecting improved trading margins, increased sales volumes, and favourable tax outcomes. These gains were partially offset by higher operating expenses.

The quarter’s results included gains on asset disposals and impairment charges, which together contributed to identified items amounting to a net loss of USD 0.1 billion. This compares with identified items of USD 0.3 billion in the second quarter of 2025.

Adjusted Earnings and Adjusted EBITDA were influenced by similar factors, excluding identified items.

Cash Flow and Capital Expenditure

Shell reported USD 12.2 billion in cash flow from operating activities for the third quarter, primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of USD 2.7 billion.

Cash flow from investing activities showed an outflow of USD 2.3 billion, which included USD 4.9 billion in capital expenditure. This was partially balanced by USD 1.8 billion in proceeds from divestments.

Debt and Gearing

At the end of the third quarter, net debt stood at USD 41.2 billion, compared with USD 43.2 billion at the end of the previous quarter. This reduction was mainly supported by USD 10.0 billion in free cash flow, offset by USD 3.6 billion in share buybacks, USD 2.1 billion in cash dividends, USD 1.1 billion in lease additions, and USD 0.8 billion in interest payments.

Shell’s gearing ratio was 18.8%, down from 19.1% in the prior quarter, driven by lower net debt and a small non-cash pension-related adjustment in the Netherlands.

Shareholder Returns

During the quarter, total shareholder distributions reached USD 5.7 billion, comprising USD 3.6 billion in share repurchases and USD 2.1 billion in cash dividends. The third-quarter dividend payable to shareholders is USD 0.3580 per share.

Nine-Month Performance Summary

For the first nine months of 2025, income attributable to Shell plc shareholders was affected by lower realised liquids and LNG prices, reduced trading margins, and lower refining and chemical margins. These factors were partially offset by favourable tax changes and reduced operating costs.

Identified items for the nine-month period amounted to a net loss of USD 1.2 billion, compared with a net loss of USD 4.6 billion during the same period in 2024.

Operating cash flow for the first nine months of 2025 totalled USD 33.4 billion, partly offset by USD 9.0 billion in tax payments and USD 3.1 billion in working capital outflows. Cash flow from investing activities was an outflow of USD 11.6 billion, which included USD 14.9 billion in capital expenditure and was partly offset by USD 2.3 billion in divestment proceeds and USD 1.5 billion in interest received.

SHEL shares traded at GBX 2,872.00 per share on 30 October 2025.