Shell plc has released its result for fourth quarter 2025 with Adjusted Earnings of $3.3 billion and CFFO of $9.4 billion, supported by strong operational performance in Upstream and Integrated Gas in a lower price environment, offset by year-end movements.
The highlights oof the result include;
• Resilient CFFO of $42.9 billion for the full year of 2025. Shareholder distributions of ~52% of CFFO.
• Strong balance sheet with net debt of ~$45.7 billion ($16.8 billion excluding leases), gearing 20.7%.
• Structural cost reductions of $5.1 billion achieved since 2022; delivered $2.0 billion in 20252
• Disciplined capital allocation with 2025 cash capex of $20.9 billion; cash capex outlook for 2026: $20 – 22 billion.
• Increasing dividend per share by 4% to $0.372 for the fourth quarter, while commencing a $3.5 billion share buyback programme, expected to be completed by Q1 2026 results announcement.
• Significant strategic portfolio actions taken throughout 2025, including Nigeria Onshore, Canadian Oil Sands and Singapore Chemicals & Refinery exits, while strengthening our Integrated Gas and Upstream portfolios with Pavilion acquisition & equity increases across our Deepwater portfolio.
Shell plc Chief Executive Officer, Wael Sawan said, “2025 was a year of accelerated momentum, with strong operational and financial performance across Shell. We generated free cash flow of $26 billion, made significant progress in focusing our portfolio and reached $5 billion of cost savings since 2022, with more to come.
In Q4, despite lower earnings in a softer macro, cash delivery remained solid and today we announce a 4% increase in our dividend and $3.5 billion share buyback, making this the 17th consecutive quarter of at least $3 billion of buybacks.”
