EarningsQ2 2026 Earnings Report
NL:SHELL Q2 2026 EPS Results
Actual EPS€1.53
Consensus EPS€1.33
Beat/MissBeat by +€0.20
One Year Ago EPS€0.62
NL:SHELL Q2 2026 Revenue Results
Actual Revenue€82.44B
Expected Revenue€79.63B
Beat/MissBeat by +€2.81B
YoY Revenue Growth+43.95%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
NL:SHELL Upcoming Earnings
Shell (UK)'s next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized very strong financial and operational performance this quarter — adjusted earnings of $9.8 billion, over $21 billion of cash flow from operations, record refinery utilization (102%), LNG Canada reaching full capacity, substantial cost savings and clear growth initiatives (ARC, planned FIDs). Management acknowledged notable near‑term challenges related to Middle East disruptions, shipping/Strait constraints, inflationary pressures on project costs, underperforming capital employed in low‑carbon businesses, and regulatory timing for acquisitions and project FIDs. On balance, the positives (strong cash generation, portfolio resilience, cost reductions, active high‑grading and shareholder returns) outweigh the manageable and largely timing or execution‑related negatives.Company Guidance
Strong Quarterly Financial Results
Adjusted earnings of $9.8 billion in Q2 2026 and over $21 billion of cash flow from operations; management described this as the best results in over five years.
Improved Balance Sheet and Shareholder Returns
Net debt reduced to approximately $42 billion (around $12 billion excluding leases); announced $3 billion of share buybacks to be completed by Q3; cash CapEx guidance unchanged at $24–$26 billion for 2026 (including ~$4 billion for the ARC acquisition).
Outstanding Operational Performance and Asset Utilization
Refineries achieved record 102% utilization in a high-margin period; Pennsylvania Petrochemicals Complex recorded best performance to date; LNG Canada shipped its first cargo a year ago and has delivered more than 100 cargoes, achieving full capacity this quarter; record upstream production in Brazil.
Cost Reductions and Portfolio High‑Grading
Delivered $700 million of structural cost reductions so far in 2026 and nearly $6 billion of savings since 2022; active high‑grading via divestments (e.g., Jiffy Lube U.S., Sprng Energy India, South African mobility sites, non‑operated Na Kika sale) while pursuing strategic acquisitions (ARC Resources).
Integrated Gas and Trading Strength
Integrated Gas performance strong despite lost Qatar volumes—portfolio management and LNG trading/optimization captured significant additional value quarter-over-quarter; Trading & Supply contributes an uplift (ROACE cited at 2–4%, currently at the top end). Management reaffirms long-term LNG demand conviction (~65% growth to 2050).
Chemicals Turnaround and Cash Contribution
Chemicals delivered a positive free cash flow contribution in the quarter with strong margins and successful cost and operational improvements driving improved returns.
Enhanced Growth Visibility
ARC Resources acquisition (shareholder support received; awaiting final regulatory approval) is expected to lift production growth to ~4% p.a. to 2030 (from ~1% p.a. vs 2025) and add roughly $1.5 billion of annual free cash flow when integrated; management signposted FID timelines for projects (e.g., LNG Canada Phase 2 targeted before year-end; Bonga Southwest and Zabazaba around 2027–28).
NL:SHELL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed