Shell's revenue growth remains stagnant at 0.5% as of 2026Q1, while operating margins exhibit significant volatility, ranging from a low of 3.6% in 2024Q4 to a peak of 14.9% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 266.82B | 266.89B | 284.31B | 316.62B | 381.31B | 261.5B | 180.54B | 344.88B | 388.38B | 305.18B | 233.59B | 264.96B | 421.11B | 451.24B | 467.15B | 470.17B | 368.06B | 285.13B | 465.81B | 355.78B | 318.85B | 306.73B | 266.39B | 198.36B | 166.6B | 135.21B | 149.15B | 105.37B | 93.69B |
| Revenue Growth % | -5.07% | -6.13% | -10.2% | -16.97% | 45.82% | 44.84% | -47.65% | -11.2% | 27.26% | 30.65% | -11.84% | -37.08% | -6.68% | -3.41% | -0.64% | 27.74% | 29.08% | -38.79% | 30.92% | 11.58% | 3.95% | 15.15% | 34.29% | 19.06% | 23.22% | -9.34% | 41.55% | 12.46% | - |
| Cost of Goods Sold | 225.16B | 224.39B | 238.37B | 269.41B | 302.54B | 225.66B | 193.54B | 308.12B | 343.5B | 276.32B | 216B | 249.45B | 381.81B | 403.09B | 410.56B | 409.82B | 323.23B | 228.38B | 385.15B | 298.41B | 264.55B | 252.62B | 223.26B | 165.15B | 138B | 107.84B | 118.33B | 81.84B | 76.67B |
| COGS % of Revenue | - | 84.08% | 83.84% | 85.09% | 79.34% | 86.29% | 107.2% | 89.34% | 88.45% | 90.54% | 92.47% | 94.15% | 90.67% | 89.33% | 87.88% | 87.17% | 87.82% | 80.1% | 82.68% | 83.87% | 82.97% | 82.36% | 83.81% | 83.26% | 82.83% | 79.76% | 79.34% | 77.67% | 81.84% |
| Gross Profit | 41.65B | 42.49B | 45.94B | 47.21B | 78.78B | 35.85B | -12.99B | 36.76B | 44.88B | 28.86B | 17.59B | 15.51B | 39.29B | 48.14B | 56.6B | 60.35B | 44.83B | 56.75B | 80.66B | 57.37B | 54.29B | 54.11B | 43.13B | 33.22B | 28.6B | 27.37B | 30.82B | 23.53B | 17.02B |
| Gross Margin % | 15.61% | 15.92% | 16.16% | 14.91% | 20.66% | 13.71% | -7.2% | 10.66% | 11.55% | 9.46% | 7.53% | 5.85% | 9.33% | 10.67% | 12.12% | 12.83% | 12.18% | 19.9% | 17.32% | 16.13% | 17.03% | 17.64% | 16.19% | 16.74% | 17.17% | 20.24% | 20.66% | 22.33% | 18.16% |
| Gross Profit Growth % | - | -7.5% | -2.68% | -40.08% | 119.75% | 375.87% | -135.36% | -18.09% | 55.51% | 64.05% | 13.43% | -60.53% | -18.39% | -14.94% | -6.21% | 34.62% | -21.01% | -29.63% | 40.58% | 5.67% | 0.34% | 25.46% | 29.84% | 16.12% | 4.5% | -11.18% | 30.99% | 38.25% | - |
| Operating Expenses | 14.31B | 14.91B | 15.95B | 16.47B | 15.67B | 13.57B | 12.54B | 13.81B | 13.69B | 13.38B | 15.22B | 18.77B | 19.41B | 21.27B | 18.88B | 17.75B | 18.58B | 35.19B | 33.79B | 16.62B | 16.62B | 16.77B | 14.46B | 13.86B | 10.28B | 7.37B | 6.32B | 8.29B | 13.91B |
| OpEx % of Revenue | - | 5.59% | 5.61% | 5.2% | 4.11% | 5.19% | 6.94% | 4% | 3.52% | 4.38% | 6.52% | 7.08% | 4.61% | 4.71% | 4.04% | 3.77% | 5.05% | 12.34% | 7.25% | 4.67% | 5.21% | 5.47% | 5.43% | 6.99% | 6.17% | 5.45% | 4.24% | 7.87% | 14.85% |
| Selling, General & Admin | 12.57B | 12.61B | 12.44B | 13.43B | 12.88B | 11.33B | 9.88B | 10.49B | 11.36B | 10.51B | 12.1B | 11.96B | 13.96B | 14.68B | 14.46B | 14.36B | 15.53B | 17.43B | 16.91B | 16.62B | 16.62B | 16.77B | 15.1B | 13.28B | 11.55B | 9.14B | 9.03B | 9.03B | 10.76B |
| SG&A % of Revenue | - | 4.72% | 4.38% | 4.24% | 3.38% | 4.33% | 5.47% | 3.04% | 2.93% | 3.44% | 5.18% | 4.51% | 3.32% | 3.25% | 3.1% | 3.05% | 4.22% | 6.11% | 3.63% | 4.67% | 5.21% | 5.47% | 5.67% | 6.69% | 6.94% | 6.76% | 6.06% | 8.57% | 11.48% |
| Research & Development | 1.15B | 1.17B | 1.1B | 1.29B | 1.07B | 815M | 907M | 962M | 986M | 922M | 1.01B | 1.09B | 1.22B | 1.32B | 1.31B | 1.13B | 1.02B | 1.13B | 3.23B | 1.71B | 1.56B | 588M | 553M | 584M | 0 | 1.27B | 389M | 1.59B | 2.4B |
| R&D % of Revenue | - | 0.44% | 0.39% | 0.41% | 0.28% | 0.31% | 0.5% | 0.28% | 0.25% | 0.3% | 0.43% | 0.41% | 0.29% | 0.29% | 0.28% | 0.24% | 0.28% | 0.39% | 0.69% | 0.48% | 0.49% | 0.19% | 0.21% | 0.29% | - | 0.94% | 0.26% | 1.51% | 2.56% |
| Other Operating Expenses | 1000K | 1.14B | 2.41B | 1.75B | 1.71B | 1.42B | 1.75B | 2.35B | 1.34B | 1.95B | 2.11B | 5.72B | 4.22B | 5.28B | 3.1B | 2.27B | 2.04B | 16.64B | 15.65B | 0 | 0 | 0 | -1.19B | 0 | -1.75B | -3.04B | -3.86B | -1.24B | 756M |
| Operating Income | 27.34B | 27.58B | 29.99B | 30.74B | 63.11B | 22.28B | -25.53B | 22.95B | 31.19B | 15.48B | 2.37B | -3.26B | 19.88B | 26.87B | 37.72B | 42.6B | 26.24B | 21.56B | 46.87B | 40.75B | 37.68B | 37.34B | 28.67B | 19.35B | 18.33B | 20B | 24.5B | 15.23B | 3.1B |
| Operating Margin % | 10.25% | 10.33% | 10.55% | 9.71% | 16.55% | 8.52% | -14.14% | 6.65% | 8.03% | 5.07% | 1.01% | -1.23% | 4.72% | 5.95% | 8.07% | 9.06% | 7.13% | 7.56% | 10.06% | 11.45% | 11.82% | 12.17% | 10.76% | 9.76% | 11% | 14.79% | 16.43% | 14.46% | 3.31% |
| Operating Income Growth % | - | -8.04% | -2.42% | -51.3% | 183.22% | 187.28% | -211.26% | -26.43% | 101.47% | 554.03% | 172.59% | -116.4% | -26.02% | -28.77% | -11.45% | 62.32% | 21.71% | -53.99% | 15.01% | 8.16% | 0.9% | 30.26% | 48.13% | 5.6% | -8.38% | -18.36% | 60.85% | 390.72% | - |
| EBITDA | 50.07B | 49.75B | 56.86B | 53.84B | 85.5B | 45.35B | -549M | 48.05B | 52.89B | 41.7B | 27.36B | 23.45B | 44.38B | 48.38B | 52.34B | 55.83B | 41.84B | 36.02B | 60.52B | 53.93B | 50.29B | 49.32B | 41.51B | 31.06B | 26.95B | 26.12B | 32.38B | 21.75B | 12.53B |
| EBITDA Margin % | 18.77% | 18.64% | 20% | 17.01% | 22.42% | 17.34% | -0.3% | 13.93% | 13.62% | 13.67% | 11.71% | 8.85% | 10.54% | 10.72% | 11.2% | 11.87% | 11.37% | 12.63% | 12.99% | 15.16% | 15.77% | 16.08% | 15.58% | 15.66% | 16.17% | 19.32% | 21.71% | 20.64% | 13.37% |
| EBITDA Growth % | 1.11% | -12.51% | 5.61% | -37.03% | 88.52% | 8361.2% | -101.14% | -9.15% | 26.83% | 52.43% | 16.66% | -47.15% | -8.27% | -7.56% | -6.25% | 33.43% | 16.15% | -40.49% | 12.22% | 7.24% | 1.97% | 18.81% | 33.64% | 15.27% | 3.17% | -19.35% | 48.88% | 73.64% | - |
| D&A (Non-Cash Add-back) | 22.73B | 22.17B | 26.87B | 23.11B | 22.39B | 23.07B | 24.98B | 25.11B | 21.7B | 26.22B | 24.99B | 26.71B | 24.5B | 21.51B | 14.62B | 13.23B | 15.6B | 14.46B | 13.66B | 13.18B | 12.62B | 11.98B | 12.85B | 11.71B | 8.62B | 6.12B | 7.88B | 6.52B | 9.42B |
| EBIT | 34.71B | 34.5B | 34.78B | 37.26B | 70.16B | 33.44B | -22.76B | 30.04B | 39.2B | 22.06B | 9.11B | 3.97B | 30.11B | 35.15B | 52.06B | 57.01B | 36.35B | 21.56B | 52B | 40.75B | 37.68B | 37.34B | 32.41B | 19.35B | 18.33B | 20B | 24.5B | 15.23B | 3.1B |
| Net Interest Income | -3.2B | -2.78B | -2.4B | -2.06B | -4.3B | -3.07B | -3.53B | -3.48B | -2.7B | -3.02B | -3.05B | -1.52B | -1.58B | -1.28B | -1.17B | -1.25B | -524M | 1.42B | 3.95B | 0 | 0 | 0 | 366M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.89B | 1.96B | 2.46B | 2.57B | 1.05B | 539M | 679M | 1.08B | 876M | 904M | 451M | 402M | 218M | 276M | 378M | 209M | 485M | 1.97B | 5.13B | 0 | 0 | 0 | 463M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.08B | 4.74B | 4.86B | 4.63B | 5.35B | 3.61B | 4.21B | 4.56B | 3.58B | 3.93B | 3.5B | 1.93B | 1.8B | 1.56B | 1.55B | 1.46B | 1.01B | 542M | 1.18B | 0 | 0 | 0 | 755M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2.72B | 2.17B | -70M | 1.89B | 1.71B | 7.55B | -1.44B | 2.54B | 4.43B | 2.65B | 3.24B | 5.31B | 8.44B | 6.72B | 12.79B | 12.95B | 9.1B | -542M | 3.95B | 9.82B | 6.95B | 7.23B | 2.99B | 2.38B | -629M | -104M | -464M | -711M | -699M |
| Pretax Income | 30.06B | 29.76B | 29.92B | 32.63B | 64.81B | 29.83B | -26.97B | 25.48B | 35.62B | 18.13B | 5.61B | 2.05B | 28.31B | 33.59B | 50.51B | 55.54B | 35.34B | 21.02B | 50.82B | 50.58B | 44.63B | 44.57B | 31.66B | 21.73B | 17.7B | 19.9B | 24.04B | 14.52B | 2.4B |
| Pretax Margin % | 11.27% | 11.15% | 10.52% | 10.3% | 17% | 11.41% | -14.94% | 7.39% | 9.17% | 5.94% | 2.4% | 0.77% | 6.72% | 7.44% | 10.81% | 11.81% | 9.6% | 7.37% | 10.91% | 14.22% | 14% | 14.53% | 11.88% | 10.96% | 10.62% | 14.72% | 16.12% | 13.78% | 2.57% |
| Income Tax | 11.1B | 11.64B | 13.4B | 12.99B | 21.94B | 9.2B | -5.43B | 9.05B | 11.71B | 4.7B | 829M | -153M | 13.69B | 17.07B | 23.45B | 24.48B | 14.87B | 8.3B | 24.34B | 18.65B | 18.32B | 18B | 12.17B | 9.57B | 7.8B | 8.69B | 11.27B | 5.7B | 1.91B |
| Effective Tax Rate % | 36.94% | 39.11% | 44.79% | 39.82% | 33.85% | 30.84% | 20.15% | 35.52% | 32.89% | 25.9% | 14.79% | -7.47% | 48.34% | 50.8% | 46.42% | 44.06% | 42.07% | 39.5% | 47.9% | 36.88% | 41.04% | 40.39% | 38.43% | 44.04% | 44.05% | 43.69% | 46.9% | 39.23% | 79.54% |
| Net Income | 18.71B | 17.84B | 16.09B | 19.36B | 42.31B | 20.1B | -21.68B | 15.84B | 23.35B | 12.98B | 4.58B | 1.94B | 15.05B | 16.37B | 26.59B | 30.92B | 20.13B | 12.52B | 26.28B | 31.33B | 25.44B | 25.31B | 18.54B | 12.31B | 9.72B | 10.85B | 12.72B | 8.58B | 350M |
| Net Margin % | 7.01% | 6.68% | 5.66% | 6.11% | 11.1% | 7.69% | -12.01% | 4.59% | 6.01% | 4.25% | 1.96% | 0.73% | 3.57% | 3.63% | 5.69% | 6.58% | 5.47% | 4.39% | 5.64% | 8.81% | 7.98% | 8.25% | 6.96% | 6.21% | 5.84% | 8.03% | 8.53% | 8.15% | 0.37% |
| Net Income Growth % | 38.42% | 10.84% | -16.87% | -54.24% | 110.48% | 192.72% | -236.84% | -32.16% | 79.95% | 183.65% | 135.95% | -87.12% | -8.06% | -38.44% | -13.99% | 53.61% | 60.78% | -52.36% | -16.13% | 23.15% | 0.52% | 36.52% | 50.57% | 26.65% | -10.41% | -14.68% | 48.17% | 2352.57% | - |
| Net Income (Continuing) | 18.96B | 18.12B | 16.52B | 19.64B | 42.87B | 20.63B | -21.53B | 16.43B | 23.91B | 13.44B | 4.78B | 2.2B | 8.61B | 16.53B | 26.96B | 31.09B | 20.47B | 12.72B | 26.48B | 31.33B | 25.44B | 25.62B | 19.49B | 12.03B | 9.72B | 11.2B | 12.76B | 8.82B | 492M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -234M | 25M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.02B | 928M | 1.86B | 1.75B | 2.13B | 3.36B | 3.23B | 3.99B | 3.89B | 3.46B | 1.86B | 1.25B | 820M | 1.1B | 1.43B | 1.49B | 1.77B | 1.7B | 1.58B | 2.01B | 9.22B | 7B | 5.31B | 3.43B | 3.58B | 3.48B | 2.88B | 2.84B | 2.7B |
| EPS (Diluted) | 6.56 | 6.02 | 5.06 | 5.70 | 11.42 | 5.14 | -5.56 | 3.90 | 5.60 | 3.12 | 1.16 | 0.60 | 4.76 | 5.20 | 8.48 | 9.94 | 6.56 | 4.08 | 8.52 | 9.98 | 7.90 | 7.56 | 1.58 | 1.82 | 1.72 | 0.92 | 1.08 | 0.74 | 0.03 |
| EPS Growth % | 50.7% | 18.97% | -11.23% | -50.09% | 122.18% | 192.45% | -242.56% | -30.36% | 79.49% | 168.97% | 93.33% | -87.39% | -8.46% | -38.68% | -14.69% | 51.52% | 60.78% | -52.11% | -14.63% | 26.33% | 4.5% | 378.48% | -13.19% | 5.81% | 86.96% | -14.81% | 45.95% | 2383.22% | - |
| EPS (Basic) | - | 6.08 | 5.10 | 5.76 | 11.52 | 5.18 | -5.56 | 3.94 | 5.64 | 3.16 | 1.16 | 0.62 | 4.76 | 5.20 | 8.50 | 9.96 | 6.56 | 4.08 | 8.54 | 10.00 | 7.94 | 7.58 | 1.58 | 1.82 | 1.72 | 0.94 | 1.08 | 0.74 | 0.03 |
| Diluted Shares Outstanding | 2.85B | 2.97B | 3.18B | 3.4B | 3.71B | 3.9B | 3.9B | 4.06B | 4.17B | 4.15B | 3.95B | 3.2B | 3.16B | 3.15B | 3.13B | 3.11B | 3.07B | 3.06B | 3.09B | 3.14B | 3.22B | 3.37B | 3.39B | 3.36B | 3.36B | 2.94B | 2.94B | 11.74B | 11.74B |
| Basic Shares Outstanding | 2.83B | 2.95B | 3.15B | 3.31B | 3.67B | 3.88B | 3.9B | 4.03B | 4.14B | 4.11B | 3.92B | 3.16B | 3.16B | 3.15B | 3.13B | 3.11B | 3.07B | 3.06B | 3.08B | 3.13B | 3.21B | 3.34B | 3.39B | 3.36B | 3.36B | 2.93B | 2.93B | 11.71B | 11.71B |
| Dividend Payout Ratio | - | 47.6% | 53.86% | 43.35% | 17.5% | 31.11% | - | 95.93% | 67.12% | 83.82% | 211.52% | 483.24% | 62.74% | 43.97% | 27.79% | 22.24% | 47.62% | 85.61% | 36.21% | 28.73% | 32% | 41.71% | 39% | - | - | - | - | - | - |
Commodity price volatility exposure
According to the provided quarterly income statements, Shell's revenue trajectory has remained largely stagnant, with the most recent 2026Q1 figure of $69.6 billion representing a marginal 0.5% year-over-year growth, highlighting the persistent difficulty in achieving sustained top-line expansion within a volatile global energy pricing environment.
The revenue data suggests that Shell is struggling to find meaningful growth catalysts, as quarterly figures have fluctuated significantly since 2023Q4. This trend implies that the company's top-line performance is almost entirely tethered to external commodity price realizations rather than volume-driven expansion.
As reported in financial statements, Shell's gross margin has exhibited significant volatility, swinging from a low of 10.3% in 2024Q4 to a peak of 19.1% in 2026Q1, which underscores the company's high sensitivity to feedstock cost fluctuations and the inherent cyclicality of its integrated business model.
The wide variance in gross margins suggests that Shell lacks the pricing power to fully insulate its profitability from feedstock cost spikes. Investors should monitor whether the recent margin recovery in 2026Q1 is a sustainable trend or merely a temporary benefit from favorable commodity price spreads.
Based on the income statement data, Shell's operating leverage appears inconsistent, with operating margins ranging from 3.6% to 14.9% over the last ten quarters, indicating that the company's fixed cost base remains a significant hurdle during periods of lower revenue throughput or unfavorable market conditions.
The inability to maintain consistent operating margins suggests that Shell's cost structure is not sufficiently flexible to absorb revenue declines without significant impact on profitability. This may indicate that the company's massive infrastructure footprint creates a high break-even point that limits operational efficiency during cyclical downturns.
Analysis of the reported figures reveals that net income is subject to extreme volatility, with quarterly earnings per share fluctuating from a low of $0.14 in 2023Q4 to $2.00 in 2026Q1, suggesting that headline profitability is heavily influenced by non-operating items and accounting adjustments.
The dramatic swings in net income warrant further investigation into the impact of derivative hedging and asset impairments on the bottom line. Such volatility makes it difficult for investors to gauge the underlying earnings power of the business without making significant adjustments for non-recurring items.
Data from the last ten quarters suggests that Shell's profitability is highly vulnerable to market shocks, as evidenced by the sharp contraction in operating income to $2.4 billion in 2024Q4, which highlights the potential for rapid margin compression when commodity price tailwinds suddenly reverse.
Short-term performance improvements may mask deeper structural risks related to the company's high-fixed-cost model and its exposure to volatile energy markets. The reliance on trading alpha and commodity price arbitrage may not be a reliable substitute for consistent, volume-driven operational growth over the long term.
Quick answers to the most common questions about buying SHEL stock.
For fiscal year 2025, Shell plc (SHEL) reported total revenue of $266.89B. This represents a 184.9% increase compared to $93.69B in 1998.
Shell plc (SHEL) is profitable, generating $17.84B in net income for the fiscal year ending 2025 with a net profit margin of 6.7%.
Shell plc (SHEL) reported an operating income of $27.58B, resulting in an operating profit margin of 10.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Shell plc (SHEL) generated $42.49B in gross profit for the year, representing a gross profit margin of 15.9%. This demonstrates the company's core pricing power and production efficiency.