Shell earnings reach $9.8 billion in Q2 2026

• Shell reported second-quarter 2026 adjusted earnings of $9.8 billion, supported by higher realised prices and operations.
• The company generated $17.5 billion in free cash flow and reduced net debt to $41.8 billion.
• Shell launched a new $3 billion share buyback programme while maintaining its capital return strategy.

Shell (NYSE:SHEL) reported second-quarter 2026 adjusted earnings of $9.8 billion and cash flow from operations of $21.4 billion, supported by operational performance, higher realised prices and a $3.4 billion working capital inflow.

The results compared with a period affected by Middle East outages, while Shell’s free cash flow reached $17.5 billion and net debt declined to $41.8 billion, reducing gearing to 19%.

During the period under review, Shell launched a new $3 billion share buyback programme and will complete $1.2 billion of previously suspended buybacks, while maintaining at least $3 billion in quarterly buybacks for the 19th consecutive quarter.

The company said structural cost reductions have reached $5.8 billion since 2022, including around $700 million achieved in the first half of 2026

Elsewhere, Shell maintained its 2026 capital expenditure guidance at $24–26 billion while continuing portfolio changes, including agreed sales of Jiffy Lube in the United States, SPRNG Energy in India, the South Africa Marketing business and certain Na Kika assets.

The company also received shareholder approval for the acquisition of ARC Resources, with completion expected in Q3 2026 and Shell stating that the deal is expected to increase production growth to a 4% compound annual growth rate through 2030 from a 2025 base.