SHELL Balance Sheet - Shell PLC

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Price: 42.7 EUR 1.88% Market Closed

Market Cap: €274.7B

S	Shell PLC AEX:SHELL	UK
	Avolta AG F:D2J	CH
	Fugro NV LSE:0LNT	NL
A	Albemarle Corp F:AMC	US
S	Solaredge Technologies Inc F:2ED	IL
M	MTR Corp Ltd SWB:MRI	HK
	10X Genomics Inc F:1KJ	US
	Evli Oyj F:V6O	FI

Financial profile · Q2 FY2026

An integrated energy portfolio with cyclical earnings and durable cash generation

Shell operates as a cyclical, commodity-sensitive integrated energy portfolio, with upstream and LNG exposure complemented by trading, refining, marketing and chemicals. The model remains capital intensive but has historically generated positive operating and free cash flow while reducing debt and the common share base.

What is developing

The June 30, 2026 results show a marked rebound in quarterly profitability and free cash flow, but the underlying economics still appear cyclical rather than structurally reset. The latest period strengthens Shell’s cash-generation profile without changing its dependence on prices, margins, volumes and working capital.

What matters next

Whether operating cash flow remains above the higher 2026 capital-spending run rate after current price, trading and working-capital tailwinds moderate.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	14.7B	16.2B	22.8B	15B	29.5B	32.4B	34.9B	31.7B	27.1B	21.3B
Cash	3.1B	4.6B	3.8B	4.2B	4.8B	5.8B	6.6B	5.9B	5.6B	4.9B
Cash Equivalents	11.6B	11.6B	19.1B	10.8B	24.7B	26.6B	28.3B	25.8B	21.6B	16.4B
Short-Term Investments	4.1B	4B	3.7B	2.7B	2.2B	4.4B	5.1B	6.6B	10.7B	8.4B
Total Receivables	35.5B	40.6B	37.1B	39.1B	29.9B	44.2B	52B	47.1B	40.1B	40.3B
Accounts Receivables	27.9B	31.6B	28.5B	31.1B	22.5B	35.8B	42.1B	37.3B	31.9B	30.8B
Other Receivables	7.6B	9B	8.5B	8B	7.4B	8.5B	9.9B	9.8B	8.2B	9.5B
Inventory	21.8B	25.2B	21.1B	24.1B	19.5B	25.3B	31.9B	26B	23.4B	22.2B
Other Current Assets	10.5B	9.4B	12.8B	11.9B	10.8B	22.4B	42B	22.7B	26.5B	15.1B
Total Current Assets	86.6B	95.4B	97.5B	92.7B	92B	128.8B	165.9B	134.1B	127.9B	107.2B
PP&E Net	236.1B	226.4B	223.2B	238.3B	209.7B	194.9B	198.6B	194.8B	185.2B	185.1B
PP&E Gross	236.1B	226.4B	223.2B	238.3B	209.7B	194.9B	198.6B	194.8B	185.2B	185.1B
Accumulated Depreciation	(189.2B)	(197.7B)	(191.7B)	(200.8B)	(243.9B)	(241.8B)	(236.3B)	(260.2B)	(245.5B)	(259.9B)
Intangible Assets	11B	10.5B	9.9B	9.3B	8.7B	9.8B	9.7B	10.3B	9.5B	11B
Goodwill	13B	13.7B	13.7B	14.2B	14B	14.9B	16B	16.7B	16B	15.7B
Note Receivable	7.7B	6.9B	6B	6.6B	6.3B	5.5B	4.8B	4.1B	4.6B	6.6B
Long-Term Investments	39.2B	35.1B	28.4B	25.8B	25.7B	27.2B	27.2B	27.7B	25.7B	29.3B
Other Long-Term Assets	17.7B	19.1B	20.5B	17.4B	22.9B	23.2B	20.8B	18.6B	18.7B	15.5B
Other Assets	13B	13.7B	13.7B	14.2B	14B	14.9B	16B	16.7B	16B	15.7B
Total Assets	411.3B	407.1B	399.2B	404.3B	379.3B	404.4B	443B	406.3B	387.6B	370.4B
Accounts Payable	30B	35.2B	33.2B	32.8B	25.9B	38.9B	51.1B	42.1B	36.2B	33.4B
Accrued Liabilities	12.4B	11B	10.5B	13.7B	11.7B	14.6B	18.2B	16.2B	14.7B	13.8B
Short-Term Debt	1.8B	1.2B	693m	4B	7.5B	515m	1B	845m	642m	506m
Current Portion of Long-Term Debt	7.7B	10.6B	9.4B	11.1B	9.4B	7.7B	8B	9.1B	11B	8.6B
Other Current Liabilities	21.9B	21.7B	23.9B	18.1B	19.2B	33.8B	43B	27.2B	32.5B	26.1B
Total Current Liabilities	73.8B	79.8B	77.8B	79.6B	73.7B	95.5B	121.3B	95.5B	95B	82.4B
Long-Term Debt	83B	73.9B	66.7B	81.4B	91.1B	80.9B	74.8B	71.6B	65.4B	66.5B
Deferred Income Tax	15.3B	13B	14.8B	14.5B	10.5B	12.5B	16.2B	15.3B	13.5B	12B
Minority Interest	1.9B	3.5B	3.9B	4B	3.2B	3.4B	2.1B	1.8B	1.9B	927m
Other Liabilities	50.7B	42.6B	37.3B	38.4B	45.4B	40.1B	38.1B	35.5B	33.5B	34.1B
Total Liabilities	224.6B	212.7B	200.5B	217.9B	224B	232.4B	252.6B	219.7B	209.3B	196B
Common Stock	683m	696m	685m	657m	651m	641m	584m	544m	510m	477m
Retained Earnings	214.6B	216.5B	221.1B	210.9B	180.9B	191.4B	208.1B	204.8B	197.8B	192.5B
Additional Paid In Capital	154m	154m	154m	154m	154m	154m	154m	154m	154m	154m
Unrealized Security Profit/Loss	—	—	—	—	—	—	—	39m	(69m)	(108m)
Treasury Stock	(901m)	(917m)	(1.3B)	(1.1B)	(709m)	(610m)	(726m)	(997m)	(803m)	(847m)
Other Equity	(27.9B)	(22B)	(22B)	(24.2B)	(25.7B)	(19.6B)	(17.7B)	(17.9B)	(19.3B)	(17.8B)
Total Equity	186.6B	194.4B	198.6B	186.5B	155.3B	172B	190.5B	186.6B	178.3B	174.4B
Total Liabilities & Equity	411.3B	407.1B	399.2B	404.3B	379.3B	404.4B	443B	406.3B	387.6B	370.4B
Common Shares Outstanding	8.1B	8.3B	8.2B	7.9B	7.8B	7.7B	7B	6.5B	6.1B	5.7B