Shell plc 3rd quarter results unaudited results
Shell plc 3rd quarter 2025 unaudited results summary of unaudited results quarters $ million nine months q3 2025 q2 2025 q3 2024 %¹ reference 2025 2024 % 5,322 3,601 4,291 +48 income/(loss) attributable to shell plc shareholders 13,703 15,166 -10 5,432 4,264 6,028 +27 adjusted earnings a 15,273 20,055 -24 14,773 13,313 16,005 +11 adjusted ebitda a 43,336 51,523 -16 12,207 11,937 14,684 +2 cash flow from operating activities 33,425 41,522 -20 (2,257) (5,406) (3,857) cash flow from investing activities (11,622) (10,723) 9,950 6,531 10,827 free cash flow g 21,803 30,799 4,907 5,817 4,950 cash capital expenditure c 14,899 14,161 9,275 8,265 9,570 +12 operating expenses f 26,115 27,517 -5 8,998 8,145 8,864 +10 underlying operating expenses f 25,596 26,569 -4 9.4% 9.4% 12.8% roace d 9.4% 12.8% 73,977 75,675 76,613 total debt e 73,977 76,613 41,204 43,216 35,234 net debt e 41,204 35,234 18.8% 19.1% 15.7% gearing e 18.8% 15.7% 2,821 2,682 2,801 +5 oil and gas production available for sale (thousand boe/d) 2,781 2,843 -2 0.91 0.61 0.69 +49 basic earnings per share ($) 2.31 2.39 -3 0.93 0.72 0.96 +29 adjusted earnings per share ($) b 2.57 3.16 -19 0.3580 0.3580 0.3440 — dividend per share ($) 1.0740 1.0320 +4 1.q3 on q2 change quarter analysis1 income attributable to shell plc shareholders, compared with the second quarter 2025, reflected higher trading and optimisation margins, higher sales volumes and favourable tax movements, partly offset by higher operating expenses. third quarter 2025 income attributable to shell plc shareholders also included gains on disposal of assets and impairment charges.
