Report
Shell Q3 2026 results report
Shell made $10.8bn of adjusted earnings in Q3 2026, nearly double a year earlier, and launched a $5.0bn buyback. Profit, cash, debt and segments, from the company’s own results.
Shell reported adjusted earnings of $10.81bn for the third quarter of 2026 on 29 October 2026, up 10% on Q2 2026 and almost double the $5.43bn of Q3 2025. Income attributable to shareholders was $12.06bn, against $10.82bn in Q2 2026 and $5.32bn a year earlier.
Chemicals & Products, the unit that holds Shell’s refineries, earned $3.86bn on an adjusted basis, up from $2.88bn in Q2 2026 and $550mn a year earlier. It was Shell’s largest earner in the quarter, ahead of Upstream and Integrated Gas.
| Key number | Q3 2026 | Change |
|---|---|---|
| Adjusted earnings | $10.81bn | +10% vs Q2 2026; +99% vs Q3 2025 |
| Income attributable to shareholders | $12.06bn | +11% vs Q2 2026; +127% vs Q3 2025 |
| Cash flow from operating activities | $21.04bn | -2% vs Q2 2026; +72% vs Q3 2025 |
| Gearing, 30 September 2026 | 16.6% | 18.7% at 30 June 2026 |
Cash flow from operations was $21.0bn and free cash flow $16.3bn. Shell returned $5.3bn to shareholders and announced a new $5.0bn share buyback. It completed the $14.0bn acquisition of ARC Resources on 2 September 2026, and expects a $6.4bn non-cash loss in Q4 2026 on its Dutch pension change.
Looking ahead, Shell expects cash capex of $23–25bn in 2026 and Upstream production of ~1.70–1.90mmboe/d in Q4 2026. It will publish its next results, together with a Capital Markets Update, on 4 February 2027.
Shell’s quarter was carried by refining and chemicals, which earned seven times what they did a year earlier, and by stronger LNG. The cash was strong enough to fund the ARC deal, pay $5.3bn to shareholders and still cut net debt. The raised $5.0bn buyback signals confidence, but Q4 2026 will carry a large non-cash pension loss, so reported profit will look weaker than the underlying business next quarter.
What the full report covers
The full report is a 7-page PDF for $9.99, available to download straight after payment. It covers:
- Headline numbers against the prior quarter and the prior year
- Profit, reported and adjusted, and what moved it
- Revenue and operating cash flow
- Capex, net debt and gearing
- Buybacks and dividends
- Segment results, with a table and a chart
- Production and throughput
- Guidance and outlook
- What it means
- Notes on the numbers and a full list of sources
The Shell logo is used only to identify the company this report is about. Entelera Research is independent and has no connection with, or endorsement from, Shell.
Sources
- Shell plc, 3rd quarter 2026 and nine months unaudited results, 29 October 2026: shell.gcs-web.com
This summary is for information only and is not investment advice. It is based solely on the company’s own published results documents listed above; Entelera Research has not audited them. © 2026 Entelera (entelera.com).