Annual Report and Accounts 2025
The Annual Report and Accounts presents Shell’s financial, operational, strategic and sustainability performance for the year to December 31, 2025.
Annual Report and Accounts 2025
Read the full, comprehensive operational and financial report for the year ended December 31, 2025.
Message from our Chair and Chief Executive Officer
Sir Andrew Mackenzie, Chair"Shell continues to become more competitive and resilient — and better positioned to create value and help provide the energy people need in a world that has become more fragmented and complex."
Read the transcript
Read the transcript
Title: 2025 Annual Report and Accounts: a message from Shell's Chair
Duration: 2:23 minutes
Description:
Shell Chair Sir Andrew Mackenzie reflects in the Annual Report on the company’s performance, the evolving global energy transition, and how Shell’s people and operations are positioned to meet growing energy demand with lower emissions.
2025 Annual Report and Accounts: a message from Shell's Chair
[Background music plays]
The Sound of Shell unfolds in gently oscillating notes over a slow, steady rhythm, its calm, ambient backdrop led by strings.
Presentation by Sir Andrew Mackenzie
[Title]
Chair
Sir Andrew Mackenzie
Through 2025, Shell continued to help provide the energy the world needs, and did so in a world that’s become more fragmented and complex.
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Sir Andrew Mackenzie
Chair
Video footage
Sir Andrew Mackenzie appears in close-up, wearing a dark suit and light-coloured shirt with a Shell pin on his left lapel. He speaks to camera with a microphone clipped to his tie. He is seen against a backdrop of light-wood vertical slats highlighted with red and yellow strips. Behind him, a modern shelving unit holds Shell-themed decorative objects and a small office plant. A yellow-accented text box briefly displays his name and role in the lower left corner.
Sir Andrew Mackenzie
A renewed focus on energy security has brought with it a broader recognition that oil and gas will still represent a significant part of the global energy system for decades to come.
Video footage
A tilting shot rises over two cylindrical LNG storage tanks in the foreground to reveal a large LNG vessel docked at Dragon LNG along the Milford Haven Waterway, across which a power station with smokestacks is visible in the distant background. A bird’s eye view captures a large offshore platform with multiple cranes standing in open water in the Gulf of Mexico, accompanied by a red and yellow supply vessel in the foreground and a smaller ship in the background. A tighter shot shows another Gulf of Mexico offshore platform with yellow support columns and multiple cranes standing in open water under clear skies.
Sir Andrew Mackenzie
At the same time, the challenge of climate change sees the world shifting how it powers industry, supplies homes and moves people and goods.
Video footage
A tracking shot follows a curved asphalt road with road markings towards Northern Lights CCS, capturing a docked purple and white vessel, the Northern Pioneer CO2 carrier. A series of close-up shots show the following: a person’s hand opening the fuel door of a white car, revealing the empty fuel inlet next to the rear light assembly; a person’s hand plugging a charging cable into the port of a yellow electric vehicle parked in front of a white house, while two people walk toward the entrance in the background; a person’s hand turning a blue-lit button on a digital thermostat screen while the displayed temperature rises. Finally, timelapse aerial footage captures a crowd of people walking in both directions through a brightly lit transit corridor with travelators on each side.
Sir Andrew Mackenzie
And all the while, energy demand continues to grow and grow.
Video footage
Sir Andrew reappears in close-up against the same light‑wood slatted backdrop. A nighttime aerial timelapse shows a dense urban skyline with illuminated high-rise buildings and a multi-lane highway filled with red and white vehicle lights.
Sir Andrew Mackenzie
Taken together, these developments show the world is in the midst of an energy transition that, while well underway, is far from uniform.
Video footage
A low-angle view captures a person wearing a high-visibility yellow jacket and white hard hat stands on a metal platform facing a cluster of large vertical industrial tanks with piping and scaffolding at the Northern Lights CCS facility. An aerial view shows multiple rows of parked cars in a large outdoor lot, with yellow directional markings and two red vehicles standing out among predominantly white and grey ones. An aerial view shows a terminal at Rotterdam port, with multiple white cylindrical storage tanks onshore and large vessels docked at the network of jetties extending into the water.
Sir Andrew Mackenzie
What 2025 has also shown is that Shell is well-positioned for such a world. You can see that in our financial performance, with another year of attractive shareholder returns.
Video footage
Sir Andrew appears again in the same close-up setting with the branded backdrop. Upward-looking exterior shot of the tall columns and arched windows of the New York Stock Exchange, featuring a Shell-branded flag and American flag mounted on poles and flying against the stone façade. An aerial interior view of the New York Stock Exchange trading floor passes over two foreground monitors displaying Shell company information and reveals multiple Shell-branded displays above the circular trading stations on the trading floor.
Sir Andrew Mackenzie
And you can see it in the ways we’re providing the energy people need. And in 2025, the Board and I had the privilege of seeing some of that firsthand…
Video footage
The close-up of Sir Andrew returns, with the same background elements visible.
Sir Andrew Mackenzie
Including the operational excellence at Shell's gas business in Eastern Australia...
Video footage
Aerial footage captures Shell’s Queensland Gas Company in Australia, a fenced facility with multiple rectangular buildings, metal piping systems, and surrounding red soil, situated in a sparsely vegetated rural landscape. A tighter view reveals workers in hi-vis clothing and hard hats, some walking across a paved area, others meeting beside large industrial pipes and vertical bollards, with metal structures and equipment in the background.
Sir Andrew Mackenzie
The colleagues playing their part in China's rapid electrification…
Video footage
A tilting shot travels over a tall Shell Recharge station sign, showing a Shell Recharge panel in blue above a Shell Select panel in yellow, both displaying English and Chinese text. In the background, a white lamppost, and rooves and green treetops are seen against a pale sky. A close-up shows a person’s hand inserting a white electric vehicle charging connector into the port of an orange car. A wide-angle shot captures an EV charging station where two parallel rows of electric vehicles are parked beneath Shell-branded canopies. A car passes in the foreground, revealing a blue sign featuring Chinese characters positioned on the centre island.
Sir Andrew Mackenzie
And the traders in Rotterdam delivering biofuels and power, alongside more traditional products like oil and gas.
Video footage
The scene returns to Sir Andrew Mackenzie in close-up with the light‑wood slats and shelving unit behind him. A nighttime view across the River Meuse shows a brightly lit Erasmus Bridge, a cable-stayed bridge with white suspension lines, with illuminated high-rise buildings in the background, reflecting off the dark water surface.
Sir Andrew Mackenzie
And no matter where I was in 2025, I was always impressed by the skills and adaptability of Shell colleagues the world over.
Video footage
An aerial shot captures the large white pipes and metal platforms of the Queensland Gas Company as three workers in orange safety vests and white hard hats carry out their activities. The shot shifts to a large grey electrical control unit situated on the site’s red dirt surface, where two workers in hi-vis and white hard hats are standing together and talking. The shot pulls back on a person in a dark coverall and yellow hard hat standing on a helipad of a large offshore platform, with the illuminated topside structure visible behind them at twilight. A wider view shows the illuminated offshore platform and its topside structure in open water at twilight, with the horizon and fading sunlight behind it.
Sir Andrew Mackenzie
Shell enters 2026 as a leaner, stronger and more confident organisation. And that gives us good reason to look ahead with confidence. Now, that confidence doesn't come from assuming the world will become easier. It’s unlikely to. It comes instead from Shell’s culture...
Video footage
Sir Andrew reappears in close-up against the same light‑wood slatted backdrop
Sir Andrew Mackenzie
And the people who I’ve seen bring it to life each and every day…
Video footage
A series of footage features Shell staff working around the globe. First, a close-up profile view shows two men wearing hi-vis, white hard hats and safety glasses, one turning to smile into the camera, seen against the blurred background of industrial plant infrastructure. Next, against a blurred outdoors background, a close-up of a woman shows her swivelling her head to look towards her right. A slightly wider shot shows her listening attentively to a second woman as she talks. Both woman are wearing yellow Shell-branded hard hats, safety glasses and coveralls, one blue, one red. Then, a wide-angle shot captures a Shell service technician in a red uniform standing beside a customer in a pink shirt inside a brightly lit garage, lowering the hood of his vehicle, which is viewed from behind a car dashboard, with shelves of motor oil containers lining the wall in the background. Finally, a low-angle shot captures two women standing indoors examining a large document on a table, both wearing business casual, both smiling and leaning forward
Sir Andrew Mackenzie
And in our changing and growing energy system that is the foundation from which we can deliver more value with less emissions into the years ahead.
Video footage
The close-up of Sir Andrew returns, with the same background elements visible.
[Graphic]
Three successive slides appear, each showing the same title underscored by a yellow line, a centred block of black paragraph text that changes on each slide, and a footer with the company name and date.
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Definitions & cautionary note
These web pages give information and data taken from the Shell plc Annual Report and Accounts 2025. They do not constitute the official version of the document filed with relevant authorities.
The Shell plc Annual Report (this “Report”) serves as the Annual Report and Accounts in accordance with UK requirements for the year ended December 31, 2025, for Shell plc (the “Company”) and its subsidiaries (collectively referred to as “Shell”). This Report presents the Consolidated Financial Statements of Shell (pages 229–306) and the Parent Company Financial Statements of Shell (pages 326–334). Except for these Financial Statements, the numbers presented throughout this Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures due to rounding.
The Consolidated Financial Statements of Shell plc and its subsidiaries contained in this Report have been prepared in accordance with international accounting standards in conformity with the requirements of the UK Companies Act 2006 (the “Act”), and therefore in accordance with UK-adopted international accounting standards. As applied to Shell, there are no material differences from International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB); therefore, the Consolidated Financial Statements have been prepared in accordance with IFRS as issued by the IASB. IFRS as defined above includes interpretations issued by the IFRS Interpretations Committee. Financial reporting terms used in this Report are in accordance with IFRS.
This Report contains certain forward-looking non-GAAP measures such as free cash flow and underlying operating expense. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
As used in this Report, “Accountable” is intended to mean: required or expected to justify actions or decisions. The Accountable person does not necessarily implement the action or decision (implementation is usually carried out by the person who is Responsible), but must organise the implementation and verify that the action has been carried out as required. This includes obtaining requisite assurance from Shell companies that the framework is operating effectively. “Responsible” is intended to mean: required or expected to implement actions or decisions. Each Shell company and Shell-operated venture is responsible for its operational performance and compliance with the Shell General Business Principles, Code of Conduct, Statement on Risk Management and Risk Manual, and Standards and Manuals. This includes responsibility for the operationalisation and implementation of Shell Group strategies and policies.
Shell plc - March 12th, 2026
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Definitions & cautionary note
Shell’s “net carbon intensity” referred to in this Report includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production, and our customers’ carbon emissions associated with the use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell or its subsidiaries.
Shell’s operating plan and outlook are forecasted for a three year period and 10-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next 10 years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
Except where indicated, the figures shown in the tables in this Report are in respect of subsidiaries only, without deduction of any non-controlling interest. However, the term “Shell share” is used for convenience to refer to the volumes of hydrocarbons that are produced, processed or sold through subsidiaries, joint ventures and associates. All of a subsidiary’s production, processing or sales volumes (including the share of joint operations) are included in the Shell share, even if Shell owns less than 100% of the subsidiary. In the case of joint ventures and associates, however, Shell-share figures are limited only to Shell’s entitlement. In all cases, royalty payments in kind are deducted from the Shell share.
Except where indicated, the figures shown in this Report are stated in US dollars. As used herein all references to “dollars” or “$” are to the US currency.
This Report contains forward-looking statements concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “aspire”, “aspiration”, “believe”, “commit”, “commitment”, “could”, “desire”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “vision”, “will”, “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war
Shell plc - March 12th, 2026
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Definitions & cautionary note
and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. Also see “Risk management and risk factors” on pages 125–135 for additional risks and further discussion. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this Report. Neither the Company nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Report.
Past performance cannot be relied on as a guide to future performance.
This Report contains references to Shell’s website, the Shell Energy Transition Strategy 2024 Report, Tax Contribution Report, Shell Climate and Energy Transition Lobbying Report and our report on Payments to Governments. These references are for the readers’ convenience only. Shell is not incorporating by reference into this Report any information posted on shell.com or in the Shell Energy Transition Strategy 2024 Report, Tax Contribution Report, Shell Climate and Energy Transition Lobbying Report or our report on Payments to Governments. The content of any other websites referred to in this Report does not form part of this Report.
Shell V-Power and Shell LiveWire are Shell trademarks.
Documents on display
This Report is also available, free of charge, at shell.com/annualreport or at the offices of Shell in London, United Kingdom and The Hague, the Netherlands. Copies of this Report also may be obtained, free of charge, by mail.
[Audio]
Shell brand mnemonic played on keys.
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shell.com/annualreport
© Shell International Limited 2026
[Animated sequence]
The small iconic red and yellow Pecten transitions in to display at frame-centre against a white background, with text displaying below it and along the lower edge of the frame
Read the transcript
Read the transcript
Title: 2025 Annual Report and Accounts: a message from Shell's CEO
Duration: 2:35 minutes
Description:
In Shell’s Annual Report, CEO Wael Sawan outlines how the company is navigating a more uncertain world, highlighting its role in today’s energy system while building a more competitive business to deliver more value with lower emissions.
2025 Annual Report and Accounts: a message from Shell's CEO
[Background music plays]
The Sound of Shell unfolds in gently oscillating notes over a slow, steady rhythm, its calm, ambient backdrop led by strings.
Presentation by Wael Sawan
[Title]
Shell CEO
Wael Sawan
We are in a world defined by more uncertainty, from increasingly fragmented geopolitics to the rapid rise of artificial intelligence and the pressures of climate change. Energy sits at the heart of this changing world, highlighting the critical role of our sector.
[Text displays]
Wael Sawan
Shell CEO
Video footage
Wael Sawan appears in close-up, wearing a dark suit and light blue shirt with a Shell pin on his left lapel. He speaks to camera with a microphone clipped to his right lapel. He is seated against a backdrop of light-wood vertical slats highlighted with red and yellow strips. Behind him, a modern shelving unit holds Shell-themed decorative objects and a small office plant. A yellow-accented text box briefly displays his name and role in the lower left corner.
Wael Sawan
Shell has an important role to play in the evolving energy system. We provide the oil and gas people need today, including liquefied natural gas or LNG, which is a stabilising force in energy systems.
Video footage
Seven workers in red and blue coveralls with yellow hard hats stand on a sandy industrial site, as a couple gesture upward toward a large refinery structure rising behind them under a clear blue sky. The scene then shifts offshore to the Gulf of America, where a large oil platform with red cranes and a helipad stands above deep blue ocean water, supported by a yellow structure extending into the sea, with another rig visible in the distance. In a later view at dusk, another offshore platform appears with illuminated yellow support columns and red cranes, standing in calm ocean water while a supply vessel sits on the horizon. The sequence moves to shore at Dragon LNG, where a large LNG vessel with a black and red hull is docked, with wind turbines and cylindrical storage tanks visible on the hillside behind the terminal. Finally, a blue-hulled LNG vessel travels through open ocean water, leaving a visible wake as it moves forward under clear daylight.
Wael Sawan
We’re also helping to build the energy system of the future with low-carbon energy products and solutions.
Video footage
An aerial view shows a large CO₂ carrier docked at the Northern Lights CCS facility on the coast of Norway, where a rocky shoreline meets deep blue water and forested terrain. The scene then cuts to a close-up of a tall white cylindrical silo labelled “Shell BioLNG” with the Shell Pecten, with a tall light and a weathervane visible in the foreground against a bright sky. The sequence concludes with an aerial view of the coastal Holland Hydrogen One green hydrogen production facility, where large, mostly flat-roofed buildings and green processing units sit near the water, with wind turbines in the distance and a network of roads, vehicles, and perimeter fencing visible across the site..
Wael Sawan
By transforming into a more competitive and resilient business, we’re in the best possible position to support our customers as they navigate a complex and changing world.
Video footage
A low-angle shot shows a person in a high-visibility “Northern Lights” safety suit and helmet standing among tall silver industrial towers, looking up at the complex piping and structural platforms rising overhead. The scene then shifts to a wide view of an offshore platform’s intricate topside structure, where red and yellow piping and infrastructure surround a worker in red protective gear as he walks slowly along the platform. From there, a rear view shows two workers in red protective clothing and white helmets walking in slow motion through the interior of the platform, where additional workers can be seen carrying out tasks. The sequence then moves to an evening cityscape, with a wide shot of the brightly lit New York City skyline featuring high-rise buildings, a bridge spanning the river, and heavy traffic moving along a multi-lane waterfront road. Finally, a wide shot reveals the illuminated waterfront skyline of Guangzhou at night, where a curved modern building and towering skyscrapers cast colourful reflections across the calm water.
Wael Sawan
I’m proud of the progress that we are making with our strategy to deliver more value with less emissions. In 2025, we met our target for the structural cost reductions three years early, with more to come.
Video footage
Wael Sawan reappears in close-up against the same light‑wood slatted backdrop.
Wael Sawan
We increased our LNG sales, while our Mobility and Lubricants businesses achieved their best-ever results.
Video footage
A wide shot shows a large black and white ship named “Magdala” docked at an LNG facility, where workers in safety gear stand on the platform and multiple pipelines run parallel to the water. The scene then shifts to a Shell mobility station, where a silver Hyundai SUV pulls up beside a Shell V-Power fuel pump under a large white canopy, with signage, price displays, and additional pumps visible in the background. The sequence concludes inside a brightly lit garage, where a Shell service technician in a red and yellow uniform pours lubricant into a black vehicle while a customer in a red shirt stands nearby, with Shell branding and shelves of motor oil containers visible around them.
Wael Sawan
And we invested in the long‑term strength of our Upstream portfolio, from deepwater projects in the Gulf of America to potential new exploration opportunities.
[Text displays]
Image courtesy of Petrobras
Video footage
A wide aerial shot shows a large orange FPSO vessel with yellow structural towers and multiple cranes moving through the open blue ocean alongside a smaller vessel. At this point, the source of the footage is annotated on screen. The scene then shifts to a sunset view of a large offshore platform, where illuminated structures, cranes, and a central tower are silhouetted against a gradient sky transitioning from orange to purple over the ocean. The sequence returns to Wael Sawan, who appears again in the same close-up setting with the branded backdrop.
Wael Sawan
We’ve also made advances on our climate-related targets and ambition, reducing operational emissions, lowering the net carbon intensity of the energy products we sell, and eliminating routine flaring in our upstream operations.
Video footage
Aerial views showcase a purple-hulled Northern Lights CCS carrier moving through the ocean, it's tall cylindrical rotor featuring prominently. The close-up of Wael Sawan returns, with the same background elements visible.
Wael Sawan
But we still have more to do…
Video footage
A medium shot shows two LNG Canada staff members wearing yellow hard hats and safety gear standing beside industrial piping and equipment inside a metal-clad facility, as they converse and gesture toward the surrounding machinery. The scene then widens to show four LNG Canada staff members in dark coveralls with high-visibility stripes and white helmets walking across a paved section of the industrial site, with the large multi-level processing structure and associated equipment rising in the background.
Wael Sawan
Especially when it comes to safety. In 2025, four colleagues tragically lost their lives. I feel that loss deeply, not only as a CEO but also as a colleague. We owe it to them, and to everyone who works for Shell, to learn from these incidents and prevent such tragedies from ever happening again.
Video footage
The scene returns to Wael Sawan in close-up with the light‑wood slats and shelving unit behind him.
Wael Sawan
I remain extremely grateful to all of our staff for their hard work and determination, which is transforming Shell into the best version that we can be. I’m more confident than ever…
Video footage
A video montage follows showing staff working across a range of assets: some walking outside on industrial sites, one speaking on a CB radio while standing among displays and monitors, others inspecting equipment, and several working at desks in an open-plan office. Additional scenes show staff serving customers at Shell mobility stations, one person analysing data and diagrams on a screen, and a group gathered around a section of industrial infrastructure.
Wael Sawan
That in a world defined by uncertainty, our customers, our investors and our partners can all be sure of Shell.
Video footage
Wael Sawan reappears in close-up against the same light‑wood slatted backdrop.
[Graphic]
Three successive slides appear, each showing the same title underscored by a yellow line, a centred block of black paragraph text that changes on each slide, and a footer with the company name and date.
[Text displays]
Definitions & cautionary note
These web pages give information and data taken from the Shell plc Annual Report and Accounts 2025. They do not constitute the official version of the document filed with relevant authorities.
The Shell plc Annual Report (this “Report”) serves as the Annual Report and Accounts in accordance with UK requirements for the year ended December 31, 2025, for Shell plc (the “Company”) and its subsidiaries (collectively referred to as “Shell”). This Report presents the Consolidated Financial Statements of Shell (pages 229–306) and the Parent Company Financial Statements of Shell (pages 326–334). Except for these Financial Statements, the numbers presented throughout this Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures due to rounding.
The Consolidated Financial Statements of Shell plc and its subsidiaries contained in this Report have been prepared in accordance with international accounting standards in conformity with the requirements of the UK Companies Act 2006 (the “Act”), and therefore in accordance with UK-adopted international accounting standards. As applied to Shell, there are no material differences from International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB); therefore, the Consolidated Financial Statements have been prepared in accordance with IFRS as issued by the IASB. IFRS as defined above includes interpretations issued by the IFRS Interpretations Committee. Financial reporting terms used in this Report are in accordance with IFRS.
This Report contains certain forward-looking non-GAAP measures such as free cash flow and underlying operating expense. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
As used in this Report, “Accountable” is intended to mean: required or expected to justify actions or decisions. The Accountable person does not necessarily implement the action or decision (implementation is usually carried out by the person who is Responsible), but must organise the implementation and verify that the action has been carried out as required. This includes obtaining requisite assurance from Shell companies that the framework is operating effectively. “Responsible” is intended to mean: required or expected to implement actions or decisions. Each Shell company and Shell-operated venture is responsible for its operational performance and compliance with the Shell General Business Principles, Code of Conduct, Statement on Risk Management and Risk Manual, and Standards and Manuals. This includes responsibility for the operationalisation and implementation of Shell Group strategies and policies.
Shell plc - March 12th, 2026
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Definitions & cautionary note
Shell’s “net carbon intensity” referred to in this Report includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production, and our customers’ carbon emissions associated with the use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell or its subsidiaries.
Shell’s operating plan and outlook are forecasted for a three year period and 10-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next 10 years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
Except where indicated, the figures shown in the tables in this Report are in respect of subsidiaries only, without deduction of any non-controlling interest. However, the term “Shell share” is used for convenience to refer to the volumes of hydrocarbons that are produced, processed or sold through subsidiaries, joint ventures and associates. All of a subsidiary’s production, processing or sales volumes (including the share of joint operations) are included in the Shell share, even if Shell owns less than 100% of the subsidiary. In the case of joint ventures and associates, however, Shell-share figures are limited only to Shell’s entitlement. In all cases, royalty payments in kind are deducted from the Shell share.
Except where indicated, the figures shown in this Report are stated in US dollars. As used herein all references to “dollars” or “$” are to the US currency.
This Report contains forward-looking statements concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “aspire”, “aspiration”, “believe”, “commit”, “commitment”, “could”, “desire”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “vision”, “will”, “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war
Shell plc - March 12th, 2026
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Definitions & cautionary note
and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. Also see “Risk management and risk factors” on pages 125–135 for additional risks and further discussion. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this Report. Neither the Company nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Report.
Past performance cannot be relied on as a guide to future performance.
This Report contains references to Shell’s website, the Shell Energy Transition Strategy 2024 Report, Tax Contribution Report, Shell Climate and Energy Transition Lobbying Report and our report on Payments to Governments. These references are for the readers’ convenience only. Shell is not incorporating by reference into this Report any information posted on shell.com or in the Shell Energy Transition Strategy 2024 Report, Tax Contribution Report, Shell Climate and Energy Transition Lobbying Report or our report on Payments to Governments. The content of any other websites referred to in this Report does not form part of this Report.
Shell V-Power and Shell LiveWire are Shell trademarks.
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This Report is also available, free of charge, at shell.com/annualreport or at the offices of Shell in London, United Kingdom and The Hague, the Netherlands. Copies of this Report also may be obtained, free of charge, by mail.
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© Shell International Limited 2026
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Wael Sawan, Chief Executive Officer"I am proud of how far we have come with our strategy to deliver more value with less emissions, and grateful for the commitment and hard work of everyone at Shell through a time of considerable change."
2025 at a glance
The figures below present Shell’s safety, financial and emissions reduction performance in 2025.
Safety
2.1
Fatality and permanent impairment frequency (FPI-F) in Shell-operated ventures[A]
(2024: 1.7)
62
Tier 1 and Tier 2 process safety incidents[B]
(2024: 89)
Financial
$18.1 billion
Income for the period
(2024: $16.5)
$18.5 billion
Adjusted Earnings*[C]
(2024: $23.7)
$42.9 billion
Cash flow from operating activities
(2024: $54.7)
$26.1 billion
Free cash flow*
(2024: $39.5)
$18.9 billion
Capital expenditure
(2024: $19.6)
$20.9 billion
Cash capital expenditure*
(2024: $21.1)
$13.9 billion
Share buyback programme
(2024: $13.9)
$8.5 billion
Dividends paid
(2024: $8.7)
Emissions
53 million tonnes
Scope 1 and 2 emissions CO2e[D]
(2024: 58)
71 gCO₂e/MJ
Net carbon intensity (NCI)[E]
(2024: 71)
Footnotes
Footnotes
[A] Number of employee and contractor serious work-related injury or illness that resulted in a fatality or permanent impairment (FPI), per 100 million working hours. The number of FPIs for 2024 was adjusted from 7 to 8, as an incident which occurred in 2024 was confirmed in 2025 as having caused Permanent Impairment and resulting FPI-F was adjusted from 1.5 to 1.7.
[B] Tier 1 and Tier 2 process safety events include unplanned or uncontrolled release of any material from a process with the greatest actual consequence resulting in harm to employees, contract staff, a neighbouring community, or damage to equipment, or exceeding a threshold quantity. Tier 1 and 2: Adjusted from 90 to 89 reported in 2024 as incident initially classified as Tier 2 was reclassified following the investigation as not meeting Tier 2 criteria.
[C] Adjusted Earnings attributable to Shell plc shareholders.
[D] Includes emissions from our own operations (Scope 1) and the energy we buy to run them (Scope 2), under our operational control, on a net basis.
[E] Net carbon intensity is the average intensity, weighted by sales volume, of the energy products sold by Shell on an equity boundary, net of carbon credits. It is tracked, measured and reported using our Net Carbon Footprint (NCF) methodology.
*Non-GAAP measure. See “non-GAAP reconciliation” section of the Report for more detail.
Annual Report and Accounts 2025: additional downloads
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Cautionary note
Cautionary note
These web pages give information and data taken from the Shell plc Annual Report and Accounts 2025 (the “Report”). They do not constitute the official version of the document filed with relevant authorities.
The Report serves as the Annual Report and Accounts in accordance with UK requirements for the year ended December 31, 2025, for Shell (see definition below). The Report presents the Consolidated Financial Statements of Shell (the “Consolidated Financial Statements”) (pages 229-306) and the Parent Company Financial Statements of Shell (pages 326-334). Except for these Financial Statements, the numbers presented throughout the Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures due to rounding.
The Consolidated Financial Statements have been prepared in accordance with international accounting standards in conformity with the requirements of the UK Companies Act 2006 (the "Act"), and therefore in accordance with UK-adopted international accounting standards. As applied to Shell, there are no material differences from International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB); therefore, the Consolidated Financial Statements have been prepared in accordance with IFRS as issued by the IASB. IFRS as defined above includes interpretations issued by the IFRS Interpretations Committee. Financial reporting terms used in the Report are in accordance with IFRS.
The Report may contain certain forward-looking non-GAAP measures such as free cash flow and underlying operating expenses. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc's consolidated financial statements.
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In these webpages and in the Report "Shell", "Shell Group" and "Group" are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. "Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in the Report refer to entities over which Shell plc either directly or indirectly has control. The terms "joint venture", "joint operations", "joint arrangements", and "associates" may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
As used in the Report, "Accountable" is intended to mean: required or expected to justify actions or decisions. The Accountable person does not necessarily implement the action or decision (implementation is usually carried out by the person who is Responsible) but must organise the implementation and verify that the action has been carried out as required. This includes obtaining requisite assurance from Shell companies that the framework is operating effectively. "Responsible" is intended to mean: required or expected to implement actions or decisions. Each Shell company and Shell-operated venture is responsible for its operational performance and compliance with the Shell General Business Principles, Code of Conduct, Statement on Risk Management and Risk Manual, and Standards and Manuals. This includes responsibility for the operationalisation and implementation of Shell Group strategies and policies.
Also, in these webpages and in the Report, we may refer to Shell's "net carbon intensity" (NCI), which includes Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production, and our customers' carbon emissions associated with their use of the energy products we sell. Shell's NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell's "net carbon intensity" or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell's operating plan and outlook are forecasted for a three-year period and 10-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our combined Scope 1 and 2 target, NCI target and our oil products ambition over the next ten years. However, Shell's operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell's operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
Except where indicated, the figures shown in the tables in the Report are in respect of subsidiaries only, without deduction of any non-controlling interest. However, the term "Shell share" is used for convenience to refer to the volumes of hydrocarbons that are produced, processed or sold through subsidiaries, joint ventures and associates. All of a subsidiary's production, processing or sales volumes (including the share of joint operations) are included in the Shell share, even if Shell owns less than 100% of the subsidiary. In the case of joint ventures and associates, however, Shell-share figures are limited only to Shell's entitlement. In all cases, royalty payments in kind are deducted from the Shell share.
Except where indicated, the figures shown in these webpages or the Report are stated in US dollars. As used herein all references to "dollars" or "$" are to the US currency.
The Report contains forward-looking statements concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim", "ambition", "anticipate", "aspire", "aspiration", "believe", "commit", "commitment", "could", "desire", "estimate", "expect", "goals", "intend", "may", "milestones", "objectives", "outlook", "plan", "probably", "project", "risks", "schedule", "seek", "should", "target", "vision", "will", "would" and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in the Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. Also see "Risk management and risk factors" on pages 125-135 of the Report for additional risks and further discussion. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in the Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the Report. Neither the Company nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in the Report.
Past performance cannot be relied on as a guide to future performance.
The Report contains references to Shell's website, the Shell Energy Transition Strategy 2024 Report, Tax Contribution Report, Shell Climate and Energy Transition Lobbying Report and our report on Payments to Governments. These references are for the readers' convenience only. Shell is not incorporating by reference into the Report any information posted on shell.com or in the Shell Energy Transition Strategy 2024 Report, Tax Contribution Report, Shell Climate and Energy Transition Lobbying Report or our report on Payments to Governments. The content of any other websites referred to in the Report does not form part of the Report.
Shell V-Power and Shell LiveWire are Shell trademarks.
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