Share Shell (SHEL) Q3 2026 Earnings Review: Refining strength lifts profit and buybacks
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ShellSHEL · Oil & Gas Integrated
SHEL · October 29, 2026Before open · Since the previous regular close
+3.63%Session snapshot

Shell (SHEL) Q3 2026 Earnings Review: Refining strength lifts profit and buybacks

Earnings results

  • EPS beat 7.2%

    Adjusted profit/ADR: $3.86 · Cons.: $3.60

  • Revenue miss 0.4%

    Actual: $92.848B · Cons.: $93.25B

  • Guidance

    FY cash capital spending: $23–25B including ARC

By Stocks To Buy Now AI ResearchPublished

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Shell-branded petrol station in De Hackelaar
Archive photograph of a Shell petrol station in De Hackelaar, Netherlands, in 2019. Photo: Donald Trung Quoc Don (Chữ Hán: 徵國單) - Wikimedia Commons.(Want to use this image?) / Wikimedia Commons · CC BY-SA 4.0 · Wikimedia-supplied thumbnail; displayed with a responsive crop.
THE CATALYST

What the company reported

Record refining margins and stronger liquefied natural gas earnings lifted adjusted profit, supporting a larger $5 billion share buyback.

AT A GLANCE

Q3 2026 earnings recap

Shell’s stronger refining and liquefied natural gas earnings lifted adjusted profit to $10.8 billion and supported a new $5 billion share buyback.

  • Adjusted profit per American depositary receipt, representing two ordinary shares, reached $3.86 against a $3.6 forecast, while revenue of $92.8 billion slightly missed expectations.
  • Adjusted earnings rose 10% from the previous quarter as stronger refining margins and gas operations outweighed weaker trading and lower oil prices.
  • Management targets $23–25 billion of cash capital spending this year, including the completed ARC acquisition that expands its Canadian gas business.
  • Free cash flow reached $16.3 billion and net debt fell to $39.7 billion, although derivative cash inflows helped the quarter’s cash generation.
  • The October 28 price valued trailing reported profit at about nine times earnings, with future earnings sensitive to energy prices and refining margins.
  • Shares rose about 3.6% before open, and a regular close above $108.5 would clear recent resistance while a drop below $104 would weaken the recovery.

Investors should watch whether refining strength and gas volumes sustain cash returns as commodity prices, acquisition integration and project spending create risks.

THE VISUAL RESEARCH

Financials, technicals and earnings

Charts through Oct 28, 2026.

Financials
Technicals
Earnings & peers
WHAT TO WATCH

Technical setup and risks

Watch whether the next regular close holds above the $107.8–108.50 resistance area; a fall below $104 would weaken the recovery.

AI-assisted earnings research with verified issuer results. Charts use the stated completed session. Educational information; investing involves risk.

EXPLORE COMPANY RESEARCH

Shell: the full stock picture

Earnings history, financials, price action and peer comparisons — all below.
Open SHEL stock page ↗

EXPLORE THE COMPANY

Shell (SHEL)

Explore earnings, price action, financials and industry comparisons.

Symbol
SHEL
Sector
Energy
Industry
Oil & Gas Integrated
Instrument type
EQUITY

Profile information from our saved company catalog. This is not a live quote or confirmation of current listing status.

EARNINGS & COMPANY RESEARCH

SHEL earnings, valuation & price action

View in calendar ↗
NEXT EXPECTED REPORTOct 29 2026Before open · ET
EPS ESTIMATE3.60
REVENUE ESTIMATE93.25B

Expected dates may change. Estimates use the source’s reporting currency. Quotes and research are snapshots, not live prices.

COMPANY RESEARCH · Energy

Shell plc SHEL

Oil & Gas Integrated · Updated 10/23/2026

Adjusted closing price · USD108.18 Oct 23
658095110Oct 22Apr 24Oct 23
Price50-day average200-day average+50.5% in view
VALUATION & EXPECTATIONS
Trailing P/E11.4×
Forward P/EN/A
Trailing P/S1.0×
Forward P/SN/A
EPS beat rate75%
Revenue beat rate63%
Positive window63%

EPS beats: 6 of 8 comparable reports. Positive price windows: 5 of 8.

Market caps may be up to 14 days old; prices up to seven days old; ratios and analyst estimates up to fourteen days old. Forward multiples use consensus for the fiscal year ending 2026-12-31, not the next 12 months. Negative or unavailable earnings multiples show “N/A”. Forward ADR multiples are omitted when the currency/share basis is not reconciled.

50-day average96.64
200-day average86.46
RSI (14)77
20-day range95.05 – 106.66
Relative volume0.7×
1-year change+50.5%
Last eight reported earnings for SHEL
Report dateEPS estimateEPS actualSurpriseResultRevenue actualPrice window*5 sessions*
Jul 30 20263.233.52+9.0%Beat94.66B+4.1%+1.4%
May 7 20262.142.44+14.0%Beat69.69B-3.7%-3.1%
Feb 5 20261.211.14-5.8%Miss64.09B-4.4%-0.7%
Oct 30 20251.721.86+8.1%Beat67.74B-0.8%-1.8%
Jul 31 20251.131.42+25.7%Beat65.41B+0.4%-0.5%
May 2 20251.541.84+19.5%Beat69.23B+0.5%+2.1%
Jan 30 20251.741.20-31.0%Miss66.28B+1.7%+2.1%
Oct 31 20241.662.36+42.2%Beat71.09B+2.9%+4.6%

*Adjusted close before the report date to the first (or fifth) trading close after it. This window can span two sessions and is not an isolated earnings-day return. Figures may be revised by the provider.

More SHEL research Data,
02 / FINANCIALS

Shell financials

Revenue, earnings, cash flow and financial strength in one view.

Reporting currency unconfirmed.

Revenue
Net income
Gross profit
Operating income
EBITDA
Operating cash flow
Capital expenditure
Cash
Total assets
Total liabilities
Shareholder equity
Total debt
Net profit margin
Gross margin
Short interest: days to cover
How to read these financial metrics

Figures use the app’s saved statements for the displayed period, not a trailing-year total. Margins divide profit by revenue; quick ratio uses current assets less inventory divided by current liabilities. Compare dates and currencies before comparing companies.

03 / WHAT COMES NEXT

Shell event catalysts

Company earnings and scheduled market events that may change expectations.

2026-10-29

SHEL earnings

Watch reported results, management’s outlook and the share-price reaction.

See earnings expectations ↑
2026-10-298:30 AM ET

Initial jobless claims

Use the multiweek trend to distinguish normal volatility from a sustained increase in layoffs.

Release schedule ↗Scheduled
2026-10-298:30 AM ET

PCE inflation & consumer spending

Compare core PCE and real spending with expectations to assess inflation alongside demand.

Release schedule ↗Scheduled
2026-10-298:30 AM ET

Q3 GDP · advance estimate

Separate consumer demand from inventory and trade effects; revisions can change the growth picture.

Release schedule ↗Scheduled
2026-10-308:30 AM ET

Employment Cost Index

Persistent compensation pressure can affect margins and the inflation outlook.

Release schedule ↗Scheduled
2026-10-30Market close

Russell indexes · rank day

A ranking checkpoint, not an announcement that a particular stock has been included.

Release schedule ↗Scheduled
2026-11-0210:00 AM ET

ISM manufacturing PMI

Watch new orders and prices paid for the balance between demand and inflation.

Release schedule ↗Scheduled
2026-11-0310:00 AM ET

JOLTS job openings

Watch vacancies and quits for signs of labor-market cooling.

Release schedule ↗Scheduled
2026-11-0410:00 AM ET

ISM services PMI

Services prices and employment can influence the outlook for inflation and rates.

Release schedule ↗Scheduled

Dates use U.S. Eastern time and can change. Calendar events provide context; they do not determine the direction of a stock move.

04 / SIDE BY SIDE

Compare SHEL with its peers

Oil & Gas Integrated · Compare valuation, financial strength and price performance.

Companies with valuation data2
Peer median positive P/E21.7×
SHEL P/E11.4×
SHEL peer comparison: valuation
CompanyPriceMarket capP/EForward P/EP/SForward P/S
SHELShell2026-10-23 · USD108.18301.27B11.4×1.0×
BPBP p.l.c.
CVXChevron Corporation2026-10-28 · USD229.29449.38B21.7×13.2×2.2×1.8×
EEni S.p.A.
EQNREquinor ASA
IMOImperial Oil Limited
PBRPetróleo Brasileiro S.A. - Petrobras
SHEL11.4×
CVX21.7×

The peer median excludes the selected stock and is based on 1 available positive multiples. P/E median excludes negative or missing earnings multiples. Peer reports can have different fiscal periods and currencies; values are not currency-converted.

05 / PEER ANALYSIS

Explore SHEL alongside its peers

Oil & Gas Integrated · 10 companies · Cached market data

Comparison

Compare companies

Tap a bubble to inspect a company, then × to hide it. Undo restores the last company hidden. Bubble area reflects market cap, with a minimum size for visibility.

Price / sales
0.5×01.2×270.07B1.9×540.13B2.7×810.2BXOM · ExxonMobils Market cap: 729.95B Price / sales: 2.0×CVX · Chevron Market cap: 449.38B Price / sales: 2.2×CVE · Cenovus Energy Market cap: 61.17B Price / sales: 1.6×SHEL · Shell plc Market cap: 301.27B Price / sales: 1.0×Hide SHEL · Undo restores itMarket cap
SHELShell plc

Market cap: 301.27B
Price / sales: 1.0×

Valuation snapshot: 2026-10-23 · Financial period: 2026-06-30
View research ↗
4 of 10 companies have both plotted values.

P/S distribution

Trailing price-to-sales multiples · 4 companies

Median P/S1.8×
Middle 50%1.4× to 2.1×
SHEL P/S1.0×
SHEL
0.9×2.3×

Tap a bar to see the companies in that P/S range. SHEL has a higher P/S than 0% of this group.

6 companies excluded from P/S statistics because sales are non-positive or the saved multiple is missing. Statistics include all valid positive values, including those outside the focused chart range.

Companies

Showing 8 of 10 matching companies · Largest market cap first

  • Market cap 729.95BP/E 22.8×P/S 2.0×Forward P/E Forward P/S Price snapshot: 2026-10-28 · Financials: 2026-06-30
    ↗
  • Market cap 449.38BP/E 21.7×P/S 2.2×Forward P/E Forward P/S Price snapshot: 2026-10-28 · Financials: 2026-06-30
    ↗
  • Market cap 301.27BP/E 11.4×P/S 1.0×Forward P/E Forward P/S Price snapshot: 2026-10-23 · Financials: 2026-06-30
    ↗
  • Market cap 122.83BP/E P/S Forward P/E Forward P/S Catalog snapshot
    ↗
  • Market cap 113.98BP/E P/S Forward P/E Forward P/S Catalog snapshot
    ↗
  • Market cap 94.83BP/E P/S Forward P/E Forward P/S Catalog snapshot
    ↗
  • Market cap 79.08BP/E P/S Forward P/E Forward P/S Catalog snapshot
    ↗
  • Market cap 77.91BP/E P/S Forward P/E Forward P/S Catalog snapshot
    ↗

Explore industries

Open an industry for its comparison, valuation and companies.

U.S.-listed companies from the app’s catalog. Medians use saved positive P/E values; coverage and snapshot dates vary.

How this comparison works

Uses the saved companies from the same industry and listing market, including SHEL, ordered by cached market cap. Company snapshots can have different dates; the web cache may cover fewer metrics and periods than the app.

Periods end at each company’s dated price snapshot. Change compares the latest saved observation with one at or before the selected period’s start. A daily price change uses consecutive saved sessions. Financial data updates quarterly, so short periods may show no change. Missing history and zero starting values are excluded; a negative starting value uses its absolute value as the denominator.

Metrics use saved ratios and percentages. Market caps use the listing market’s reporting currency; underlying financial statements may use different currencies. Circle sizes have a minimum for touch visibility, and an outlined circle indicates a missing market cap. These comparisons describe data, not recommendations or price predictions.

Related research

Company research, movers, earnings and options results.

INDUSTRY COMPARISON

SHEL industry peers

Oil & Gas Integrated · Oct 16, 2026 · Closing-price performance

Compare SHEL with 2 other stocks in the available heatmap coverage.

CVXChevron Corporation+2.59%XOMExxonmobil Holdings Corporation+2.46%