On February 5, 2026, the company published $SHEL (-4,28 %) published its financial results for the fourth quarter and the full year 2025. The figures show a challenging final quarter, while the return of capital to shareholders is being further expanded.
Key financial figures Q4 2025 Compared to the third quarter of 2025, Shell recorded declines in its key earnings figures in the last three months of the year:
- Adjusted Earnings: Profit fell to USD 3.26 billion. This corresponds to a decline of around 40% compared to the previous quarter (USD 5.43 billion).
- Net income: Profit attributable to shareholders amounted to USD 4.13 billion (Q3: USD 5.32 billion).
- Operating cash flow: Cash flow from operating activities fell to USD 9.44 billion.
- Debt: Net debt rose to USD 45.7 billion at the end of the year.
Reasons for the development Management cited several factors that had a negative impact on earnings in the fourth quarter:
- Tax effects: Unfavorable tax movements, including deferred taxes, weighed on earnings.
- Margin pressure: Earnings were impacted by significantly lower margins in the refining and marketing business.
- Price level: Lower realized prices for oil and gas had a negative impact.
- Bright spot: By contrast, higher trading volumes in the LNG (liquefied natural gas) segment had a positive effect, cushioning a sharper decline.
Full year 2025 Looking at the full financial year, the following picture emerges:
- Total profit amounted to USD 17.84 billion (+11% compared to 2024).
- Adjusted annual profit, on the other hand, fell by 22% to USD 18.53 billion.
Shareholder return (dividend & buybacks) Despite the weaker quarterly result, Shell is continuing its policy of capital reduction:
- Dividend: The quarterly dividend will be increased by 4% to USD 0.372 per share (previously USD 0.358).
- Share buybacks: Shell announced a new USD 3.5 billion share buyback program. This is to be completed by the publication of the Q1 figures 2026.
Summary Shell closes 2025 with an operationally weaker fourth quarter, mainly impacted by margin pressure and tax effects. However, the full-year results and the announced dividend increase and new share buybacks continue to signal a focus on shareholder value.