Shell Adjusted Earnings Fall to $18.5 Billion in 2025

The Tip Desk · March 12, 2026 · 2 min read

The energy company reported a decline in Adjusted Earnings from $23.7 billion in 2024 to $18.5 billion in 2025.

Shell Plc, an energy company, reported Adjusted Earnings of $18.5 billion for 2025, down from $23.7 billion in 2024. The company said the results were driven by strong operational performance, LNG sales growth, and portfolio optimisation, despite a lower price environment.

Income attributable to Shell plc shareholders for 2025 was $17.8 billion, an increase from $16.1 billion in 2024. However, the company saw a decline in Adjusted EBITDA, which fell to $56.1 billion from $65.8 billion in the previous year. Revenue also decreased to $266.9 billion in 2025, compared to $284.3 billion in 2024.

Cash flow from operating activities fell to $42.9 billion in 2025 from $54.7 billion in 2024. This decline contributed to a drop in free cash flow, which reached $26.1 billion in 2025 compared to $39.5 billion in 2024. The company said it achieved cumulative structural cost reductions of $5.1 billion since 2022.

Shareholder distributions totaled $22.4 billion in 2025, consisting of $8.5 billion in cash dividends and $13.9 billion in share repurchases. The company reported that shareholder distributions as a percentage of cash flow from operating activities rose to 52% in 2025, up from 41% in 2024. Dividends per share increased to $1.446 in 2025 from $1.390 in 2024.

Net debt rose to $45.7 billion at the end of 2025, compared to $38.8 billion at the end of 2024. This increase in debt contributed to a rise in gearing, which reached 20.7% in 2025 from 17.7% in 2024.

For the first half of 2025, the company reported that income attributable to shareholders was impacted by lower refining and chemical margins, lower realised liquids and LNG prices, and lower trading and optimisation margins. These were partly offset by lower operating expenses and favourable tax movements.

Shell announced a share buyback programme of $3.5 billion expected to be completed by the third quarter 2025 results announcement.