Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Shell plc files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
233,591
305,179
388,379
344,877
180,543
261,504
381,314
316,620
284,312
266,886
Research and development
1,014
922
986
962
907
815
1,075
1,287
1,099
1,170
Selling, general and administrative
12,101
10,509
11,360
10,493
9,881
11,328
12,883
13,433
12,439
12,607
Interest income
2,897
2,466
4,071
3,625
869
7,056
915
2,838
1,724
5,227
Pre-tax income
5,606
18,130
35,621
25,485
-26,967
29,829
64,815
32,627
29,922
29,756
Income tax
829
4,695
11,715
9,053
-5,433
9,199
21,941
12,991
13,401
11,637
Net income to minority interests
202
458
554
590
146
529
565
277
427
282
Net income
4,575
12,977
23,352
15,842
-21,680
20,101
42,309
19,359
16,094
17,837
Balance sheet
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
19,130
20,312
26,741
18,055
31,830
36,970
40,246
38,774
39,110
30,216
Receivables
45,664
44,565
42,431
43,414
33,625
53,208
66,510
53,273
45,860
44,597
Inventory
21,775
25,223
21,117
24,071
19,457
25,258
31,894
26,019
23,426
22,216
Total current assets
86,569
95,404
97,482
92,689
91,954
128,765
165,938
134,115
127,926
107,173
Property, plant and equipment
236,098
226,380
223,175
238,349
209,700
194,932
198,642
Lease right-of-use assets
24,690
22,552
21,952
24,079
26,453
26,453
26,332
Goodwill
14,920
16,039
16,660
16,032
15,662
Intangible assets
9,773
9,662
10,253
9,480
11,010
Total assets
411,275
407,097
399,194
404,336
379,268
404,379
443,024
406,270
387,609
370,350
Accounts payable
53,417
51,410
48,888
49,208
44,572
63,173
79,357
68,237
60,693
57,770
Short-term debt
9,484
11,795
693
3,962
7,535
515
1,026
845
642
506
Total current liabilities
73,825
79,767
77,813
79,624
73,708
95,547
121,311
95,467
95,034
82,415
Total liabilities
222,764
209,285
196,660
213,873
220,731
229,053
250,427
217,908
207,441
195,031
Total debt
92,476
85,665
76,824
96,424
108,014
89,086
83,795
81,541
77,078
75,643
Retained earnings
175,566
177,645
182,606
172,431
142,616
153,026
169,482
165,915
158,834
153,528
Shareholders' equity
186,646
194,356
198,646
186,476
155,310
171,966
190,472
186,607
178,307
174,392
Minority interests
1,865
3,456
3,888
3,987
3,227
3,360
2,125
1,755
1,861
927
Total equity
188,511
197,762
202,538
190,463
158,537
175,326
192,597
188,362
180,168
175,319
Total liabilities and equity
411,275
407,097
399,194
404,336
379,268
404,379
443,024
406,270
387,609
370,350
Cash flow statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
4,777
13,435
23,906
16,432
-21,534
20,630
42,874
19,636
16,521
18,119
Depreciation and amortization
24,993
26,223
22,135
Cash from operations
20,615
35,650
53,085
42,178
34,105
45,104
68,414
54,191
54,687
42,863
Cash from investing
-30,963
-8,029
-13,659
-15,779
-13,278
-4,761
-22,448
-17,734
-15,155
-16,811
Debt issued
18,144
760
3,977
11,185
23,033
1,791
269
1,029
363
2,920
Debt repaid
-6,710
-11,720
-11,912
-14,292
-17,385
-21,534
-8,459
-10,650
-9,672
-11,806
Share buybacks
-3,947
-10,188
-1,702
-2,889
-18,437
-14,617
-13,898
-13,879
Dividends paid
-15,139
-16,034
-16,261
-15,735
-7,581
-6,669
-7,489
-9,153
-8,976
-8,619
Cash from financing
-771
-27,086
-32,548
-35,209
-7,224
-34,664
-41,954
-38,235
-38,435
-35,812
Exchange rate effect
-1,503
647
-449
124
172
-539
-736
306
-761
866
Net change in cash
-12,622
1,182
6,429
-8,686
13,775
5,140
3,276
-1,472
336
-8,894
Interest paid
-2,752
-3,365
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $95.78 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Pre-tax margin
11.1%
Pre-tax income / revenue.
Net margin
6.7%
Net income / revenue.
Operating cash flow margin
16.1%
Cash from operations / revenue.
Effective tax rate
39.1%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
10.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
4.7%
Net income / average total assets.
R&D / revenue
0.4%
Research and development expense / revenue.
SG&A / revenue
4.7%
Selling, general and administrative expense / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-6.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-11.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
8.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y
10.8%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
-25.0%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-21.6%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
-14.4%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y
4.7%
Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-2.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-2.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
2.3%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-4.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-5.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-0.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.30x
Current assets / current liabilities.
Quick ratio
0.91x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.37x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.43x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
20.4%
Total debt / total assets.
Liabilities / assets
52.7%
Total liabilities / total assets.
Net debt
$45.43B
Total debt - cash - short-term investments. Negative means more cash than debt.
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$272.49B
Share price x shares outstanding.
Enterprise value
$317.92B
Market cap + total debt - cash - short-term investments.
P/E
15.3x
Market cap / net income. Only when net income is positive.
P/S
1.02x
Market cap / revenue.
P/B
1.56x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.84x
Market cap / tangible book value, when positive.
P/OCF
6.36x
Market cap / cash from operations, when positive.
EV/Sales
1.19x
Enterprise value / revenue.
Earnings yield
6.5%
Net income / market cap (the inverse of P/E).
Dividend yield
3.2%
Dividends paid over the period / market cap.
Shareholder yield
8.3%
(Dividends paid + share buybacks) / market cap.
What was Shell plc's revenue in fiscal 2025?
Shell plc reported revenue of $266.89B for fiscal 2025, 6.1% lower than the year before.
Was Shell plc profitable in fiscal 2025?
Yes. Net income was $17.84B, a net margin of 6.7%.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.