Global energy giant Shell has delivered robust financial and operational results in 2025, cementing its focus on portfolio optimization, cost reduction, and shareholder returns.

 

“2025 was a year of accelerated momentum, with strong operational and financial performance across Shell,” said Chief Executive Officer Wael Sawan. 

 

“We generated free cash flow of $26 billion, made significant progress in focusing our portfolio and reached $5 billion of cost savings since 2022, with more to come. In Q4, despite lower earnings in a softer macro, cash delivery remained solid and today we announce a 4% increase in our dividend and $3.5 billion share buyback, making this the 17th consecutive quarter of at least $3 billion of buybacks.”

 

Shell posted Q4 2025 adjusted earnings of $3.3 billion and cash flow from operations of $9.4 billion, driven by strong performance in Upstream and Integrated Gas despite a weaker price environment. Full-year cash flow from operations reached $42.9 billion, with shareholder distributions totaling roughly 52% of CFFO.

 

The company’s balance sheet remains strong, with net debt of approximately $45.7 billion ($16.8 billion excluding leases) and gearing at 20.7%. Structural cost reductions of $5.1 billion have been achieved since 2022, including $2.0 billion in 2025 alone.

 

Capital expenditure for 2025 totaled $20.9 billion, with 2026 guidance set at $20–22 billion. Shareholders will see a 4% increase in the dividend per share to $0.372 for Q4, alongside a $3.5 billion share buyback program scheduled for completion by the Q1 2026 results announcement.

 

Throughout 2025, Shell executed major portfolio actions, including exits from Nigeria Onshore, Canadian Oil Sands, and Singapore Chemicals & Refinery, while strengthening Integrated Gas and Upstream assets with the Pavilion acquisition and equity increases across its Deepwater portfolio.