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.