Shell Q4 Earnings Miss Estimates, Announces Buyback Program

Shell Plc has released its Q4 2025 financial results, showing mixed performance against analyst expectations. Adjusted EBITDA stood at USD 12.799 million, while adjusted earnings reached USD 3.256 billion, slightly below IBES estimates of USD 3.535 billion. Adjusted EPS was USD 0.57, missing the forecast of USD 0.63.

The company declared a dividend of USD 0.312 and reported cash flow from operating activities at USD 9.438 million. Net debt was recorded at USD 45.687 million. Despite impairment charges of USD 527 million, Shell booked a net gain of USD 1.2 billion in the quarter.

Looking ahead, Shell announced a billion-dollar share buyback program and provided detailed production and capex guidance for FY 2026.

Key Highlights

• Q4 Performance: EBITDA USD 12.799M; EPS USD 0.57 vs est. USD 0.63.
• Adjusted Earnings: USD 3.256B vs est. USD 3.535B.
• Dividend: USD 0.312 declared.
• Cash Flow: USD 9.438M from operations.
• Net Debt: USD 45.687M.
• Outlook: FY 2026 capex USD 20–22B; integrated gas production 920–980k boe/d; LNG volumes 1.4–8M tonnes; marketing sales 2,550–2,750k boe/d.
• Shareholder Returns: Billion-dollar buyback program announced.

Shell’s outlook underscores its focus on capital discipline, energy transition, and shareholder value despite near-term earnings pressure.

Sources: Reuters, Bloomberg, Shell Plc Investor Release