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S
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Shell PLC
PSE:SHELL
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UK |
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.
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.
Whether operating cash flow remains above the higher 2026 capital-spending run rate after current price, trading and working-capital tailwinds moderate.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 233.6B | 305.2B | 388.4B | 344.9B | 180.5B | 261.5B | 381.3B | 316.6B | 284.3B | 266.9B | |
| (191B) | (250.1B) | (321.4B) | (279.4B) | (141.1B) | (198.7B) | (284B) | (238.1B) | (211.5B) | (199.1B) | |
| 42.6B | 55.1B | 67B | 65.5B | 39.4B | 62.8B | 97.3B | 78.5B | 72.8B | 67.8B | |
| (41.4B) | (37.8B) | (36.3B) | (39.6B) | (38B) | (36.9B) | (38.5B) | (40.3B) | (39.6B) | (38.1B) | |
| (12.1B) | (10.5B) | (11.4B) | (10.5B) | (9.9B) | (11.3B) | (12.8B) | (13.4B) | (12.4B) | (12.6B) | |
| (3.1B) | (2.9B) | (2.3B) | (3.3B) | (2.7B) | (2.2B) | (2.8B) | (3B) | (3.5B) | (2.3B) | |
| (23.1B) | (22B) | (21.7B) | (25.1B) | (25B) | (22.9B) | (22.4B) | (23.1B) | (22.7B) | (22.2B) | |
| (3.1B) | (2.4B) | (902m) | (718m) | (497m) | (450m) | (507m) | (719m) | (974m) | (1B) | |
| 1.1B | 17.3B | 30.7B | 25.8B | 1.4B | 25.9B | 58.8B | 38.2B | 33.2B | 29.7B | |
| 2.6B | 1.9B | 2B | 559m | (1.5B) | 1.7B | 2.2B | 1.7B | 610m | (515m) | |
| 2B | 2.8B | 2.7B | 3.8B | 3.6B | 3.2B | 2.7B | 3.9B | 3.9B | 3.7B | |
| (288m) | (1B) | 2.8B | (1.1B) | (27.2B) | 2B | 3.3B | (7.9B) | (4.5B) | 57m | |
| 2.1B | — | — | — | — | — | — | — | — | — | |
| — | — | 104m | 179m | 273m | 341m | 477m | 677m | 582m | 532m | |
| 5.6B | 18.1B | 35.6B | 25.5B | (27B) | 29.8B | 64.8B | 32.6B | 29.9B | 29.8B | |
| (829m) | (2.7B) | (11.7B) | (9.1B) | 5.4B | (9.2B) | (21.9B) | (13B) | (13.4B) | (11.6B) | |
| 4.8B | 15.4B | 23.9B | 16.4B | (21.5B) | 20.6B | 42.9B | 19.6B | 16.5B | 18.1B | |
| (202m) | (458m) | (554m) | (590m) | (146m) | (529m) | (565m) | (277m) | (427m) | (282m) | |
| 4.6B | 13B | 23.4B | 15.8B | (21.7B) | 20.1B | 42.3B | 19.4B | 16.1B | 17.8B | |
| 0.58 | 1.56 | 2.80 | 1.95 | (2.78) | 2.57 | 5.71 | 2.85 | 2.53 | 3.00 |
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