London-based Shell (NYSE:SHELL) reported fourth-quarter 2025 adjusted earnings of $3.3 billion, or $1.14 per share, falling short of the $1.21 consensus estimate amid lower commodity prices and weaker marketing margins.
Net income for the quarter was $4.13 billion, while revenue totaled $66.72 billion, also below forecasts.
Cash flow from operations remained robust at $9.4 billion, supported by strong performance in Integrated Gas and Upstream segments.
CEO Wael Sawan described 2025 as a year of “accelerated momentum,” highlighting more than $5 billion in structural cost savings achieved since 2022.
Despite the softer quarterly results, Shell raised its quarterly dividend by 4% to $0.372 per share and launched a new $3.5 billion share buyback program, to be completed by May.
This marks the 17th consecutive quarter in which the company has returned at least $3 billion to investors through repurchases.
For the full year 2025, Shell reported a profit of $17.84 billion on revenue of $273.73 billion.
Net debt rose to $45.7 billion, primarily due to portfolio reshaping, including the acquisition of Pavilion Energy and divestments from onshore Nigeria and Canadian oil sands.
Looking to 2026, Shell expects capital expenditure to remain disciplined between $20 billion and $22 billion, with continued emphasis on high-margin LNG and deepwater assets.