Shell plc has delivered robust third-quarter results for 2025, underpinned by strong operational performance and record production in Brazil as well as 20-year highs in the Gulf of America. The energy giant posted adjusted earnings of $5.4 billion and cash flow from operations (CFFO) of $12.2 billion, both representing an improvement on the second quarter.
Shell’s Chief Executive Officer Wael Sawan highlighted the company’s “excellent performance” in its Marketing division and deepwater assets, despite ongoing market volatility. As a result, Shell announced the commencement of another $3.5 billion share buyback programme over the next three months – its 16th consecutive quarter of at least $3 billion in buybacks. Net debt reduced to $41.2 billion, down from $43.2 billion in Q2.
Third-quarter results were driven by:
- Record production volumes in Brazil and the Gulf of America
- Shell Marketing achieving its second-highest quarterly adjusted earnings in over a decade
- Strong performance across Integrated Gas, Upstream, and Chemicals & Products divisions
Operational highlights for Q3 included:
- Integrated Gas division adjusted earnings reached $2.1 billion, benefitting from higher LNG liquefaction volumes and better trading results
- Upstream adjusted earnings climbed to $1.8 billion on increased liquids and gas production volumes
- Marketing delivered $1.3 billion in adjusted earnings, with higher margins and seasonally strong sales volumes
- Chemicals & Products and Renewables & Energy Solutions also reported higher adjusted earnings due to robust refining performance and improved trading margins
The group’s free cash flow surged to $10 billion, supported by solid operational cash generation and divestment proceeds, whilst working capital remained broadly flat.
Shell continues to demonstrate balance sheet strength, with gearing remaining stable. The firm’s renewables and energy solutions now include a wide range of activities such as renewables generation, hydrogen production, and carbon capture initiatives aimed at supporting the energy transition.
Upcoming milestones include Q4 results and 2026 dividends scheduled for February, with subsequent quarterly updates planned throughout 2026.
These results reaffirm Shell’s resilience and ability to return value to shareholders, even amid sector fluctuations and transition challenges.
