Shell plc Earnings Summary — Q1 2026

• Revenue grew 8.7% sequentially to $69.69 billion, ending a period of volatility.
• Net income for Q1 2026 reached $5.76 billion, a significant 37.8% jump over Q4 2025.
• Operating expenses were reduced to $8.81 billion from $10.70 billion in the previous quarter.
• Gross profit margins improved to 27.5% as costs of revenue were tightly managed.
• Pretax income showed resilience at $9.33 billion, benefiting from reduced exploration expenses.
• Shell continues to bridge the valuation gap with US peers through operational discipline.
• Depreciation and amortization expenses fell by 12.7% quarter-over-quarter.
• YoY net income growth turned positive (19.1%) after a weak performance in Q1 2025.

Management emphasizes a shift toward operational excellence, performance, and simplification, targeting assets with the highest Internal Rate of Return (IRR).

Improving

After several quarters of year-over-year revenue declines, Shell has returned to growth and significantly expanded its margins through cost reduction.

Shell remains focused on its 'Powering Progress' strategy, leveraging its leading LNG market position as a core cash-flow engine while pivoting toward Renewables.