Shell plc publishes second quarter 2026 press release
London, July 30, 2026
"Shell's operational performance enabled very strong results during another quarter of severe disruption in global energy markets, as we worked hard to provide critical energy supplies and products to our customers.
Consistent with our strategy, we remain disciplined in our capital allocation, divesting non-core assets and investing in higher-quality growth opportunities, including the announced ARC acquisition.
Today, we commence another $3 billion of share buybacks1, in line with our 40-50% of CFFO through the cycle distribution policy."
Shell plc Chief Executive Officer, Wael Sawan
OPERATIONAL PERFORMANCE DRIVES VERY STRONG RESULTS
- Q2 2026 Adjusted Earnings2 of $9.8 billion, reflects strong operational performance across the businesses despite Middle East outages, with record upstream production in Brazil and record refinery utilisation.
- Strong CFFO of $21.4 billion, supported by higher realised prices and a working capital inflow of $3.4 billion.
- Distributed 44% of CFFO over the past 12 months. 19th quarter in a row of announcing at least $3 billion buybacks.
- Structural cost reductions of $5.8 billion achieved since 2022; delivered ~$700 million in first half of 2026.
- Strong balance sheet with gearing of 19%, reflecting net debt of $42 billion or $12 billion excluding leases. Capex outlook for 2026 unchanged: $24 - 26 billion.
- Portfolio high-grading with the sale of Jiffy Lube (USA) and the announced divestments of SPRNG Energy (India), the Marketing business in South Africa and the Gulf of America Na Kika end-of-life assets.
- ARC Resources acquisition obtained shareholder approval, completion expected in Q3 2026 increasing production growth to 4% CAGR to 2030 (from 2025).
| $ million2 | Adj. Earnings | Adj. EBITDA | CFFO | Cash capex | |
| Integrated Gas | 2,691 | 4,761 | 4,629 | 1,269 | |
| Upstream | 3,485 | 8,891 | 6,835 | 1,633 | |
| Marketing | 1,329 | 2,392 | 2,547 | 380 | |
| Chemicals & Products3 | 2,877 | 4,664 | 7,941 | 507 | |
| Renewables & Energy Solutions | 79 | 212 | (65) | 429 | |
| Corporate | (617) | (210) | (455) | 19 | |
| Less: Non-controlling interest (NCI) | 9 | ||||
| Shell | Q2 2026 | 9,836 | 20,710 | 21,432 | 4,237 |
| Q1 2026 | 6,915 | 17,741 | 6,062 | 4,202 | |
1The Q2 2026 share buyback programme comprises $3.0 billion of new share buybacks, plus $1.2 billion of share buybacks that were not undertaken during the previous programme due to the announced suspension of such programme in connection with Shells agreement to acquire ARC Resources.
2 Income/(loss) attributable to shareholders for Q2 2026 is $10.8 billion. Reconciliation of non-GAAP measures can be found in the quarterly unaudited results, available on www.shell.com/investors.
3 Chemicals & Products Adjusted Earnings at a subsegment level are as follows: Chemicals $0.4 billion and Products $2.5 billion.
CFFO of $21.4 billion in Q2 2026, with a $3.4 billion working capital inflow.
| $ billion1 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
| Working capital | (0.4) | 1.3 | (11.2) | 3.4 | |
| Divestment proceeds | 1.8 | 0.1 | 0.4 | 0.5 | |
| Free cash flow | 6.5 | 10.0 |
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