Shell plc

Name: Shell plc financial statements and ratios
Creator: Annalist

SHEL · LSE · Energy, integrated oil and gas · United Kingdom · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025. Snapshot FY2025_0d21ab67.

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Overview

Revenue, fiscal year

−6.1% year on year

Profit before tax, fiscal year

−0.6% year on year

Net income, fiscal year

+10.8% year on year

Diluted EPS, fiscal year

n/a

Pre-tax margin, fiscal year

+0.6pp year on year

Return on equity, fiscal year

+1.3pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was US$266.9 billion, 6.1% lower than in the previous fiscal year.
Weakenedin FY2025 · stated since FY2023
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedRevenue for the fiscal year ended 31 December 2025 was US$266.9 billion, 6.1% lower than in the previous fiscal year.Recorded from FY2025_0d21ab67 · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was US$284.3 billion, 10.2% lower than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was US$316.6 billion, 17.0% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was US$17.8 billion, 10.8% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was US$17.8 billion, 10.8% higher than in the previous fiscal year.Recorded from FY2025_0d21ab67 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_0d21ab67 · data update
3. FY2024 WeakenedNet income attributable to the company for fiscal 2024 was US$16.1 billion, 16.9% lower than in the previous fiscal year.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 was US$19.4 billion, 54.2% lower than in the previous fiscal year.Reconstructed · initial
Return on equity for fiscal 2025 was 10.1%, against 8.8% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual financial report 2025-12, Annual financial report 2024-12
History of this finding, 4 records
1. FY2025 NewReturn on equity for fiscal 2025 was 10.1%, against 8.8% a year earlier.Recorded from FY2025_0d21ab67 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_0d21ab67 · data update
3. FY2024 WeakenedReturn on equity for fiscal 2024 was 8.8%, against 10.3% a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 10.3%, against 23.3% a year earlier.Reconstructed · initial
Net debt was US$45.4 billion at 31 December 2025.
Strengthenedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedNet debt was US$45.4 billion at 31 December 2025.Recorded from FY2025_0d21ab67 · data update
2. FY2024 WeakenedNet debt was US$38.0 billion at 31 December 2024.Reconstructed · data update
3. FY2023 NewNet debt was US$42.8 billion at 31 December 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual financial report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_0d21ab67

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Profit Before Tax

By fiscal year, US dollars

Profit Attributable to Owners of the Parent

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Net Debt

Total debt less cash and short-term investments, at fiscal year end, US dollars

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual financial report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	$0	$0	$0	$0	$0
Lease liabilities	$0	$0	$0	$0	$0
Borrowings and lease liabilities presented as one line	$89.1bn	$83.8bn	$81.5bn	$77.1bn	$75.6bn
Lease-adjusted debt	$89.1bn	$83.8bn	$81.5bn	$77.1bn	$75.6bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −6.6% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 6.6% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2025 · stated since FY2023
Rule: Cash backing of earnings · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 6.6% of average total assets.Recorded from FY2025_0d21ab67 · data update
2. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 9.7% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 8.2% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresPublished distress and misstatement models, with their original coefficients and thresholds.

Published distress and misstatement models, with their original coefficients and thresholds.

By Fiscal Year

Ratio	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.61 means a probability of a misstatement 0.61 times the average rate in the Dechow sample: 0.22% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.011	0.790	0.008
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.003	2.518	−0.008
Change in inventories / average total assetsThe growth of stock against average assets.	−0.003	1.191	−0.004
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.918	1.979	1.818
Change in cash salesThe growth of sales collected in cash.	−0.081	0.171	−0.014
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.007	−0.932	−0.006
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−6.099
Probability of a misstatement			0.22%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 December 2025 Search page of the FCA National Storage Mechanism	18 Mar 2026, added to the index	AFR:21380068P1DRHMJ8KU70-2025-12-31-0
Annual financial report for the year to 31 December 2024 Search page of the FCA National Storage Mechanism	15 Apr 2025, added to the index	AFR:21380068P1DRHMJ8KU70-2024-12-31-0
Annual financial report for the year to 31 December 2023 Search page of the FCA National Storage Mechanism	18 Mar 2024, added to the index	AFR:21380068P1DRHMJ8KU70-2023-12-31-0
Annual financial report for the year to 31 December 2022 Search page of the FCA National Storage Mechanism	14 Mar 2023, added to the index	AFR:21380068P1DRHMJ8KU70-2022-12-31-0
Annual financial report for the year to 31 December 2021 Search page of the FCA National Storage Mechanism	15 Mar 2022, added to the index	AFR:21380068P1DRHMJ8KU70-2021-12-31-0

Checks

224224 checks, all passed

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Agreement with the 20-F205 passedEach figure equals the figure of the annual report on Form 20-F that the company files with the SEC for the same fiscal year. A figure that differs is withheld. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	211
Proven by a check	97.2%, 205 values
Confirmed by a second document	97.2%, 205 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	3
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Shell plc, snapshot shell/FY2025_0d21ab67 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_0d21ab67 · dataset SHA-256 0d21ab67fa48bee9415e961c0cebce3aa8fd69cc56cf4d78223b4e3e553d37bb · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json