Shell plc Q3 2026 Earnings Recap

Shell’s shares rose 3.3% after earnings, with investors appearing to respond to $10.8 billion in adjusted earnings and $21 billion in operating cash flow. The company also announced a further $5 billion buyback and reported operational strength in refining and Integrated Gas.

Key Takeaways

• Shell reported $10.8 billion of adjusted earnings and $21 billion of cash flow from operations.
• Cash CapEx guidance for 2026 is now $23 billion–$25 billion, including about $4 billion for the ARC Resources acquisition.
• Net debt has fallen by $6 billion since year-end; gearing was 17% at quarter-end, or below 3% excluding leases.
• Shell announced a $5 billion buyback, expected to be completed by the Q4 results, and said its dividend per share is up 9% over the last 12 months.
• Refining utilization exceeded 100% excluding Rheinland, which was affected by low Rhine water levels; marketing faced a lower-margin environment.