Shell
SHEL · NYSECrude Petroleum & Natural Gas · Fiscal year ends Dec 31
Shell reported revenue of $267B in the fiscal year ended Dec 2025, down 6.1% from the year before. Net income was $18.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $262B | $381B | $317B | $284B | $267B |
| Research & development | $815M | $1.1B | $1.3B | $1.1B | $1.2B |
| Selling, general & admin | $11.3B | $12.9B | $13.4B | $12.4B | $12.6B |
| Interest expense | $3.6B | $3.2B | $4.7B | $4.8B | $4.7B |
| Pre-tax income | $29.8B | $64.8B | $32.6B | $29.9B | $29.8B |
| Income tax | $9.2B | $21.9B | $13B | $13.4B | $11.6B |
| Net income | $20.6B | $42.9B | $19.6B | $16.5B | $18.1B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $37B | $40.2B | $38.8B | $39.1B | $30.2B |
| Receivables | $53.2B | $66.5B | $53.3B | $45.9B | $44.6B |
| Inventory | $25.3B | $31.9B | $26B | $23.4B | $22.2B |
| Current assets | $129B | $166B | $134B | $128B | $107B |
| Net PP&E | $195B | $199B | – | – | – |
| Goodwill | $14.9B | $16B | $16.7B | $16B | $15.7B |
| Total assets | $404B | $443B | $406B | $388B | $370B |
| Payables | $63.2B | $79.4B | $68.2B | $60.7B | $57.8B |
| Current liabilities | $95.5B | $121B | $95.5B | $95B | $82.4B |
| Total liabilities | $229B | $250B | $218B | $207B | $195B |
| Shareholders' equity | $172B | $190B | $187B | $178B | $174B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $45.1B | $68.4B | $54.2B | $54.7B | $42.9B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 45.8% | −17.0% | −10.2% | −6.1% |
| Net margin | 7.9% | 11.2% | 6.2% | 5.8% | 6.8% |
| Return on equityBlank when equity is negative | 12.0% | 22.5% | 10.5% | 9.3% | 10.4% |
| Cash conversion (CFO ÷ net income) | 2.19x | 1.60x | 2.76x | 3.31x | 2.37x |
| Receivable days | 74 | 64 | 61 | 59 | 61 |
| Current ratio | 1.35x | 1.37x | 1.40x | 1.35x | 1.30x |
Recent filings
More in Crude Petroleum & Natural Gas
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.