Shell posts $5.4 billion third-quarter earnings, topping forecasts

Shell plc reported stronger-than-expected third-quarter 2025 earnings on Oct. 30, buoyed by robust operations, higher trading contributions, and steady upstream performance in key regions.

The oil major posted adjusted earnings of $5.4 billion, topping the company’s own forecast of $5.09 billion. The result compares with $6 billion in the same quarter a year earlier and $4.26 billion in second-quarter 2025.

Cash flow from operations (CFFO) totaled $12.2 billion, down from $14.7 billion a year earlier. Cash capital expenditure was at $4.9 billion for the quarter.

“Shell delivered another strong set of results, with clear progress across our portfolio and excellent performance in our Marketing business and deepwater assets in the Gulf of Mexico and Brazil,” said chief executive officer Wael Sawan, citing record output in Brazil and two-decade highs in the Gulf, along with the highest marketing earnings in more than a decade. 

To sustain its shareholder returns, Shell noted another $3.5-billion share buyback program for the next 3 months; the 16th consecutive quarter of at least $3 billion in buybacks. The company also reduced its net debt to $41.2 billion, down from $43.2 billion in the previous quarter.

Shell third-quarter operational highlights

Adjusted earnings for Integrated Gas were $2.14 billion, higher than in $1.7 billion second-quarter 2025, reflecting higher volumes and significantly higher trading and optimization results. The company’s LNG Canada project ramped up, with 13 cargoes delivered from phase 1. Shell said it expects startup of the second phase later this quarter.

Upstream delivered $1.8 billion in adjusted earnings, up from $1.7 billion in second-quarter 2025, reflecting higher volumes, partly offset by the rebalancing of participation interests in Brazil.

Marketing contributed $ 1.32 billion in adjusted earnings, up from $1.2 billion in the previous quarter, benefiting from higher margins and seasonally higher volumes.

Chemicals & Products reported $550 million in adjusted earnings, compared with earnings of $118 million in the previous quarter, reflecting strong refining performance and significantly higher trading and optimization results.