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Adjusted Earnings by Segment
Highlights profitability across different business units, helping investors understand which segments drive earnings and where potential growth or challenges lie.
Shell’s earnings mix appears to be shifting away from historically large Integrated Gas peaks toward stronger contributions from Upstream, Marketing, and a rebounding Chemicals and Renewables in Q1 2026—reflecting operational execution (Brazil, Mars, Bonga) and LNG Canada ramp‑up. That regained breadth is complemented by the ARC deal, which should lift production growth, but IG remains vulnerable to Qatar/Pearl outages and price‑lag timing; rising Corporate charges (lease accounting) add balance‑sheet noise that could cloud headline profit recovery.
SHEL Adjusted Earnings by Segment
| Date | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate |
|---|---|---|---|---|---|---|
| Jun 30, 2026 | $2.69B | $3.48B | $1.33B | $2.88B | $79.00M | -$617.00M |
| Mar 31, 2026 | $1.82B | $2.38B | $1.33B | $1.93B | $348.00M | -$908.00M |
| Dec 31, 2025 | $1.66B | $1.57B | $578.00M | -$66.00M | $131.00M | -$567.00M |
| Sep 30, 2025 | $2.14B | $1.80B | $1.32B | $550.00M | $92.00M | -$383.00M |
| Jun 30, 2025 | $1.74B | $1.73B | $1.20B | $118.00M | -$9.00M | -$463.00M |
| Mar 31, 2025 | $2.48B | $2.34B | $900.00M | $449.00M | -$42.00M | -$457.00M |
| Dec 31, 2024 | $2.17B | $1.68B | $839.00M | -$229.00M | -$311.00M | -$380.00M |
| Sep 30, 2024 | $2.87B | $2.44B | $1.18B | $463.00M | -$162.00M | -$643.00M |
| Jun 30, 2024 | $2.67B | $2.34B | $1.08B | $1.08B | -$187.00M | -$576.00M |
| Mar 31, 2024 | $3.68B | $1.93B | $781.00M | $1.61B | $163.00M | -$368.00M |
| Dec 31, 2023 | $3.97B | $3.06B | $794.00M | $29.00M | $173.00M | -$609.00M |
| Sep 30, 2023 | $2.53B | $2.24B | $641.00M | $1.46B | -$52.00M | -$519.00M |
| Jun 30, 2023 | $2.50B | $1.70B | $931.00M | $419.00M | $238.00M | -$689.00M |
| Mar 31, 2023 | $4.92B | $2.81B | $946.00M | $1.71B | $395.00M | -$1.06B |
| Dec 31, 2022 | $5.97B | $3.06B | $446.00M | $744.00M | $293.00M | -$626.00M |
| Sep 30, 2022 | $2.32B | $5.90B | $820.00M | $772.00M | $383.00M | -$571.00M |
| Jun 30, 2022 | $3.76B | $4.91B | $751.00M | $2.04B | $725.00M | -$626.00M |
| Mar 31, 2022 | $4.09B | $3.45B | $737.00M | $1.17B | $344.00M | -$548.00M |
| Dec 31, 2021 | $4.04B | $2.84B | $611.00M | -$130.00M | $43.00M | -$889.00M |
| Sep 30, 2021 | $1.84B | $1.73B | $1.10B | $475.00M | -$171.00M | -$732.00M |
| Jun 30, 2021 | $1.60B | $2.51B | $955.00M | $989.00M | -$13.00M | -$399.00M |
| Mar 31, 2021 | $1.57B | $933.00M | $802.00M | $781.00M | -$102.00M | -$666.00M |
