Shell has announced its results for the third quarter ended September 30, 2025. The Company delivered robust operational and financial performance, underpinned by strong upstream and marketing businesses, disciplined capital deployment and continued support for shareholders.

Key Highlights – Q3 2025

• Adjusted Earnings of US$5.4 billion.
• Cash Flow From Operations (CFFO) of US$12.2 billion.
• Net debt reduced to US$41.2 billion (US$12.6 billion excluding leases).
• Commencement of a further US$3.5 billion share buy-back programme for the next three months, marking the 16th consecutive quarter of buy-backs of at least US$3 billion.
• Operational performance driven by record production in Brazil and highest in 20 years in the Gulf of America.

Business Segment Performance

• Integrated Gas: Adjusted Earnings of US$2,143 million; benefitted from higher liquefaction and trading/optimisation contributions.
• Upstream: Adjusted Earnings of US$1,804 million; strong production and operational discipline.
• Marketing: Adjusted Earnings of US$1,316 million; second-highest quarterly result in more than a decade.
• Chemicals & Products: Adjusted Earnings of US$550 million.
• Renewables & Energy Solutions (R&ES): Adjusted Earnings of US$92 million, reflecting continued progress though modest scale.

“Shell delivered another strong set of results, with clear progress across our portfolio and excellent performance in our Marketing business and deep-water assets in the Gulf of America and Brazil,” said Wael Sawan, Chief Executive Officer. “Despite continued volatility, our strong delivery this quarter enables us to commence another US$3.5 billion in buy-backs for the next three months.”

Outlook & Priorities

While commodity price volatility and geopolitical risks remain, Shell remains confident in its portfolio flexibility, cost discipline, and ability to drive value. The Company remains committed to returning 40-50% of operating cash flow to shareholders through dividends and share buy-backs, and to advancing its lower-carbon businesses in line with its transition strategy.

KeyFacts Energy: Shell UK country profile