Shell beats expectations with $10.8 billion third-quarter profit
The London-based company said higher refining margins and gas prices lifted adjusted earnings, while shareholders will get another $5 billion in buybacks.
- On Thursday, October 29, 2026, Shell plc reported $10.8 billion in adjusted earnings for Q3 2026 and announced a $5 billion share buyback programme for the next three months.
- Record refining margins and strong operational performance bolstered earnings, while cash flow from operations reached $21.0 billion despite Middle East supply outages.
- Management finalized the ARC Resources acquisition on September 2, 2026, and the company reached a final investment decision on the LNG Canada Phase 2 project.
- Post-ARC acquisition gearing reached 16.6% with total net debt of $39.7 billion, demonstrating financial stability to support the buyback programme without compromising long-term commitments.
- Capital expenditure for 2026 is projected between $23 billion and $25 billion, with the next major investor update scheduled for April 29, 2027.
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Shell increased its equity buyback program to one of the highest levels of its history, giving investors a greater share of the extraordinary profits obtained from refining during the war, at a time when interruptions in the Middle East and Russia pressurize the global supply of fuel. Exclusive material for subscribers. To have full access, access the link of the material and register.
Shell doubles quarterly profit to $10.8 billion as wars drive up oil, gas prices
Shell reported a third-quarter profit of 9.7 billion euros, or 10.8 billion U.S. dollars, up from 4.85 billion euros the year prior. The company doubled its quarterly profit as it is benefiting from high oil and gas prices driven by the wars in Ukraine and the Middle East, De Volkskrant reports.
The profit before interest, taxes, depreciation, and amortization (EBITDA) adjusted from Shell, in the third quarter, was 22,7 billion dollars (20,3 billion euros), an increase of 9.6% compared to the 20,7 billion dollars (18,5 billion euros) of the previous quarter. And an increase of 54.4% compared to last year (14,7 billion dollars or 13,2 billion euros in the third quarter of 2025).
Shell beats expectations with $10.8 billion profit
Shell has announced above-expectation net profit of $10.81 billion in the third quarter, its highest since 2022, and boosted its share buybacks on the back of stronger refining margins and higher liquefied natural gas prices.
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