Shell reports $3.3bn Q4 2025 earnings, boosts dividend and extends share buyback streak

Shell plc has reported adjusted earnings of $3.3 billion for the fourth quarter of 2025, supported by strong operational performance in its Upstream and Integrated Gas businesses despite a lower price environment. Cash flow from operations (CFFO) for the quarter came in at $9.4 billion, with year-end movements partly offsetting underlying performance.

For the full year 2025, Shell delivered resilient CFFO of $42.9 billion, with shareholder distributions accounting for around 52% of that total. The company ended the year with a strong balance sheet, recording net debt of approximately $45.7 billion, or $16.8 billion excluding leases, and gearing of 20.7%.

Shell said it has now achieved $5.1 billion in structural cost reductions since 2022, including $2.0 billion delivered during 2025. Capital discipline remained a key focus, with cash capital expenditure of $20.9 billion for the year. The company expects cash capex of between $20 billion and $22 billion in 2026.

Reflecting its cash performance, Shell announced a 4% increase in its dividend to $0.372 per share for the fourth quarter and launched a $3.5 billion share buyback programme, which is expected to be completed by the announcement of its first-quarter 2026 results. This marks the 17th consecutive quarter in which Shell has committed to at least $3 billion in share buybacks.

During 2025, the group also executed significant portfolio changes, exiting Nigeria Onshore, Canadian Oil Sands, and Singapore Chemicals & Refinery assets. At the same time, Shell strengthened its Integrated Gas and Upstream portfolios through the acquisition of Pavilion and increased equity positions across its Deepwater portfolio.

Shell plc Chief Executive Officer, Wael Sawan said, “2025 was a year of accelerated momentum, with strong operational and financial performance across Shell. We generated free cash flow of $26 billion, made significant progress in focusing our portfolio, and reached $5 billion of cost savings since 2022, with more to come.

“In Q4, despite lower earnings in a softer macro, cash delivery remained solid, and today we announce a 4% increase in our dividend, and $3.5 billion share buyback, making this the 17th consecutive quarter of at least $3 billion of buybacks.”