London, October 29, 2026
"Shell’s relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system. I’m grateful to Shell’s teams around the world who continue to work tirelessly to produce and supply the energy our customers need.
We are further investing in our advantaged Integrated Gas business with the completion of the ARC Resources Ltd. acquisition and the final investment decision on LNG Canada Phase 2, supporting Shell’s long-term cash flow growth.
Our strong delivery allows us to announce a $5 billion share buyback programme for the next three months."
Shell plc Chief Executive Officer, Wael Sawan
STRONG AND CONSISTENT OPERATIONAL PERFORMANCE
- Q3 2026 Adjusted Earnings1 of $10.8 billion, reflects strong operational performance in a continued volatile and elevated commodity price environment with record refining margins.
- CFFO of $21.0 billion despite Middle East outages.
- Continued portfolio strengthening, including the ARC Resources and US Mobility acquisitions, FID on LNG Canada Phase 2, high-grading of the power portfolio, and divestment of non-core oil and gas assets in the US and Cyprus.
- Disciplined spending, with the cash capex outlook for 2026 (including ARC) in the $23 - 25 billion range.
- Strong balance sheet with post-ARC acquisition gearing of 16.6% (2.7% excluding leases).
- Announced $5 billion buybacks for the next 3 months.
| $ million1 | Adj. Earnings | Adj. EBITDA | CFFO | Cash capex | |
| Integrated Gas | 3,037 | 5,184 | 4,606 | 4,756 | |
| Upstream | 3,189 | 9,269 | 7,281 | 1,691 | |
| Marketing | 1,164 | 1,986 | (210) | 415 | |
| Chemicals & Products2 | 3,855 | 6,201 | 8,527 | 678 | |
| Renewables & Energy Solutions | 289 | 373 | 1,558 | 342 | |
| Corporate | (705) | (277) | (719) | 40 | |
| Less: Non-controlling interest (NCI) | 14 | ||||
| Shell | Q3 2026 | 10,814 | 22,736 | 21,043 | 7,922 |
| Q2 2026 | 9,836 | 20,710 | 21,432 | 4,237 | |
1Income/(loss) attributable to shareholders for Q3 2026 is $12.1 billion. Reconciliation of non-GAAP measures can be found in the quarterly unaudited results, available on www.shell.com/investors.
2Chemicals & Products Adjusted Earnings at a subsegment level are as follows: Chemicals $0.1 billion and Products $3.8 billion.
- CFFO excluding working capital of $21.7 billion in Q3 2026 with tax paid of $3.2 billion and $2.4 billion outflow related to the timing impact of payments for emissions certificates relating to the German BEHG1, offset by a derivative inflow of $3.4 billion.
- Working capital outflow of $0.6 billion reflects a reduction in JV deposits. $0.8 billion of the JV dividends received were previously held in deposit in the Corporate segment.
- Net debt of $39.7 billion includes ~$8 billion non-cash net debt reflecting variable component of long-term shipping leases in the current macro environment. Net debt excluding leases is $5.6 billion.
| $ billion2 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
| Working capital | — | 1.3 | (11.2) | 3.4 | (0.6) |
| Divestment proceeds | 1.8 | 0.1 | 0.4 | 0.5 | 2.7 |
| Free cash flow | 10.0 | 4.2 | 2.9 | 17.5 | 16.3 |
| Net debt | 41.2 | 45.7 | 52.6 | 41.8 | 39.7 |
1Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), historically paid in the 4th quarter of each calendar year.
2Reconciliation of non-GAAP measures can be found in the quarterly unaudited results, available on www.shell.com/investors.
Q3 2026 FINANCIAL PERFORMANCE DRIVERS
INTEGRATED GAS
| Key data | Q2 2026 | Q3 2026 | Q4 2026 outlook |
| Realised liquids price ($/bbl) | 80 | 69 | — |
| Realised gas price ($/thousand scf) | 7.2 | 8.3 | — |
| Production (kboe/d) | 631 | 772 | 1,080 - 1,180 |
| LNG liquefaction volumes (MT) | 7.7 | 7.4 | 7.3 - 7.9 |
| LNG sales volumes (MT) | 18.0 | 19.3 | — |
- Adjusted Earnings were higher than in Q2 2026, reflecting higher gas and LNG prices. Trading and Optimisation was in line with Q2 2026.
- Q4 2026 production outlook reflects the ARC Resources acquisition, which completed on September 2, 2026.
UPSTREAM
| Key data | Q2 2026 | Q3 2026 | Q4 2026 outlook |
| Realised liquids price ($/bbl) | 89 | 84 | — |
| Realised gas price ($/thousand scf) | 8.3 | 10.0 | — |
| Liquids production (kboe/d) | 1,367 | 1,360 | — |
| Gas production (million scf/d) | 2,648 | 2,562 | — |
| Total production (kboe/d) | 1,824 | 1,802 | 1,700 - 1,900 |
- Adjusted Earnings were lower than in Q2 2026, reflecting lower liquids prices and higher well write-offs.
- Q4 2026 production outlook includes allowance for weather-related impacts in the Gulf of America.
MARKETING
| Key data | Q2 2026 | Q3 2026 | Q4 2026 outlook |
| Marketing sales volumes (kb/d) | 2,570 | 2,581 | 2,400 - 2,600 |
| Mobility (kb/d) | 1,867 | 1,888 | — |
| Lubricants (kb/d) | 75 | 66 | — |
| Sectors & Decarbonisation (kb/d) | 627 | 627 | — |
- Adjusted Earnings were lower than in Q2 2026, reflecting weaker Mobility unit margins and lower Lubricants volumes.
CHEMICALS & PRODUCTS
| Key data | Q2 2026 | Q3 2026 | Q4 2026 outlook |
| Refinery processing intake (kb/d) | 1,267 | 1,211 | — |
| Chemicals sales volumes (kT) | 2,281 | 2,369 | — |
| Refinery utilisation (%) | 102 | 96 | 92 - 100 |
| Chemicals manufacturing plant utilisation (%) | 83 | 84 | 78 - 86 |
| Global indicative refining margin ($/bbl) | 24 | 42 | — |
| Global indicative chemical margin ($/t) | 270 | 208 | — |
- Adjusted Earnings were significantly higher than in Q2 2026, reflecting high refining margins and strong operational performance despite low water levels in the Rhine river.
- Trading and Optimisation was lower than in a very strong Q2 2026, driven by the impact of non-cash timing effects.
RENEWABLES & ENERGY SOLUTIONS
| Key data | Q2 2026 | Q3 2026 |
| External power sales (TWh) | 70 | 74 |
| Sales of pipeline gas to end-use customers (TWh) | 161 | 158 |
| Renewables power generation capacity (GW)* | 6.2 | 6.2 |
| 4.5 | 4.6 |
| 1.7 | 1.6 |
*Excludes Shell's equity share of associates where information cannot be obtained.
- Adjusted Earnings were higher than in Q2 2026, mainly driven by Trading and Optimisation in Europe and the Americas.
CORPORATE
| Key data | Q2 2026 | Q3 2026 | Q4 2026 outlook |
| Adjusted Earnings ($ billion) | (0.6) | (0.7) | (0.8) - (0.6) |
- Shell Q4 2026 income/(loss) is expected to include the derecognition of the Netherlands defined benefit plan, which is expected to result in an identified, non-cash loss. As at 30 September, 2026, the estimated loss is $6.4 billion, subject to change in Q4. See Note 7 of the quarterly unaudited results, available on www.shell.com/investors/results-and-reporting/quarterly-results, for further details.
UPCOMING INVESTOR EVENTS
February 4, 2027 Capital Markets Update 2027 & Fourth quarter 2026 results and dividends
April 29, 2027 First quarter 2027 results and dividends
July 29, 2027 Second quarter 2027 results and dividends
October 28, 2027 Third quarter 2027 results and dividends
USEFUL LINKS
Capital Markets Day 2025 materials
LNG Portfolio - Strategic Spotlight 2026
Impact of Middle East conflict
