Shell (SHEL) Reports Q3 2025 Adjusted Earnings of $5.43 Billion

Shell (SHEL.US) reported adjusted earnings attributable to shareholders of $5.43 billion for Q3 2025. This figure represents a 27% increase compared to Q3 2024, and a 27% increase from Q2 2025, significantly exceeding the analyst EPS estimate of $1.72.

Segment Performance

Integrated Gas Adjusted Earnings rose to $2.14 billion, up 23% from Q2 2025, driven by higher trading and optimization contributions and increased volumes. Upstream Adjusted Earnings reached $1.80 billion, reflecting a 4% increase from the previous quarter due to higher volumes and favorable tax movements.

Marketing Adjusted Earnings increased by 10% quarter-over-quarter to $1.32 billion, primarily due to higher Marketing margins, particularly in Mobility, despite higher operating expenses. Chemicals and Products Adjusted Earnings saw a significant surge to $550 million, marking a 366% increase from Q2 2025, mainly attributable to higher Products margins from trading and optimization and refining.

Management Outlook

Shell anticipates full-year 2025 cash capital expenditure to range between $20 billion and $22 billion. Integrated Gas production is projected to be approximately 920-980 thousand boe/d, with LNG liquefaction volumes expected to be around 7.4-8.0 million tonnes.

Upstream production for the fourth quarter 2025 is expected to be approximately 1,770-1,970 thousand boe/d. Marketing sales volumes are forecasted to be between 2,500-3,000 thousand b/d, and Corporate Adjusted Earnings are expected to be a net expense of approximately $600-800 million.