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Shell (SHEL) earnings and revenue breakdown
Latest: Q1 2026 · 6-K filed May 7, 2026 · Shell (SHEL) Q1 2026 earnings results →
Q1 2026 Revenue up 9% year over year to $69.7B · 8¢ of every $1 of revenue kept as net profit · operating margin 13.4%
Shell made $69.7B in Q1 2026 (+9% Y/Y). Operating margin 13.4%, net earnings $5.8B. See where every dollar goes — costs, profit and cash — as a Sankey from the 6-K filed May 7, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $69.7B in Q1 2026, up 9% year over year.
Operating profit was $9.3B, a 13.4% margin (up 2.6 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, above the 11% margin then. Total costs grew 6% against revenue growth of 9%. Net earnings were $5.7B, up 38% year over year. The effective tax rate was 38.3%.
Operating cash flow was $6.1B (down 36% year over year), 105% of net earnings. Working capital and other items added $0.30B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 2026 | 6-K | May 7, 2026 | $69.7B | +9% | 13.4% | $5.8B | $6.1B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- AVD · Stated in 10-K (named, share not stated) · source
- WTI · Stated in 10-K (share of revenue from its products) · source
- NFG · Stated in 10-K (named, share not stated) · source
Buys from
- VITL — 95% of the supplier’s revenue · Stated in 10-K (sentence) · source
- ANNA — 89% of the supplier’s revenue · Stated in 10-K (sentence) · source
- TALO — 35% of the supplier’s revenue · Stated in 10-K (sentence) · source
- RIG — 22% of the supplier’s revenue · Stated in 10-K (sentence) · source
- HOS — 18% of the supplier’s revenue · Stated in 10-K (XBRL) · source
- PBF Holding Co LLC — 13% of the supplier’s revenue · Stated in 10-K (name in text, share from XBRL) · source
- NE — 12% of the supplier’s revenue · Stated in 10-K (customer table) · source
- GEL — 11% of the supplier’s revenue · Stated in 10-K (XBRL) · source
- CRK — 11% of the supplier’s revenue · Stated in 10-K (sentence) · source
- DINO — 11% of the supplier’s revenue · Stated in 10-K (XBRL) · source
Shell against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +38%. Operating margin: 13.4% against the peers' median 19.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SHEL Shell | Q1 2026 | $69.7B | +9% | 13.4% |
| TTE TotalEnergies SE | Q2 2026 | $61.8B | +14% | 3.8% |
| EOG EOG Resources | Q3 2026 | $8.5B | +46% | 41.9% |
| OXY Occidental Petroleum | Q2 2026 | $8.1B | +53% | 48.5% |
| DVN Devon Energy | Q3 2026 | $6.9B | +58% | 18.3% |
| FANG Diamondback Energy | Q3 2026 | $5.4B | +38% | 46.0% |
| EXE Expand Energy | Q3 2026 | $3.3B | +11% | 19.5% |
| PARR PAR Pacific Holdings | Q3 2026 | $3.1B | +52% | 15.5% |
| OVV Ovintiv | Q3 2026 | $2.6B | +26% | 33.7% |
Source: Shell 6-K on SEC EDGAR · CIK 1306965 · Crude Petroleum & Natural Gas
13F: who owns SHEL and who is buying
More on SHEL
History
Every quarter: Q1 2026 results