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Shell cash flow, quarter by quarter

Latest: Q2 2025 · from the cash-flow statements filed with the SEC

Free cash flow$11.9B in Q2 2025

Operating cash flow$11.9B
Free cash flow+$11.9B
Cash / net income3.3×

Analysis

In Q2 2025, Shell generated $11.9B of operating cash flow. That is $1.6B less than in Q2 2024 ($13.5B).

Operating cash flow was $11.9B against net income of $3.6B — 3.3× profit, cash ran ahead of reported earnings.

Free cash flow

Shell: free cash flow by quarterShell: free cash flow by quarter$14.8BQ1 2022$18.7BQ2 2022$14.2BQ1 2023$15.1BQ2 2023$13.3BQ1 2024$13.5BQ2 2024$9.3BQ1 2025$11.9BQ2 2025
Operating cash flow less capital spending.
Shell: operating cash flow against capital spendingShell: operating cash flow against capital spendingOperating cash flowCapital spending$14.8B$0Q1 2022$18.7B$0Q2 2022$14.2B$0Q1 2023$15.1B$0Q2 2023$13.3B$0Q1 2024$13.5B$0Q2 2024$9.3B$0Q1 2025$11.9B$0Q2 2025
Latest (Q2 2025): Operating cash flow $11.9B, Capital spending $0.

Capital allocation, year by year

Shell: where the cash came from (up) and went (down), by fiscal yearShell: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingBuybacksDividendsFY2021: Operating cash flow $45.1BFY2021: Net borrowing −$19.7BFY2021: Buybacks −$2.9BFY2021: Dividends −$6.3B$45.1BFY2021FY2022: Operating cash flow $68.4BFY2022: Net borrowing −$8.2BFY2022: Buybacks −$18.4BFY2022: Dividends −$7.4B$68.4BFY2022FY2023: Operating cash flow $54.2BFY2023: Net borrowing −$9.6BFY2023: Buybacks −$14.6BFY2023: Dividends −$8.4B$54.2BFY2023FY2024: Operating cash flow $54.7BFY2024: Net borrowing −$9.3BFY2024: Buybacks −$13.9BFY2024: Dividends −$8.7B$54.7BFY2024FY2025: Operating cash flow $42.9BFY2025: Net borrowing −$8.9BFY2025: Buybacks −$13.9BFY2025: Dividends −$8.5B$42.9BFY2025
Over these 5 years operating cash flow totalled $265.3B; the largest uses were buybacks ($63.7B) and net borrowing ($55.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.9B
Debtnone
Net cash$4.9B

Shell funds itself: free cash flow was — over the last twelve months, with $4.9B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Shell: sources (+) and uses (−) of cash, Q2 2025Shell: sources (+) and uses (−) of cash, Q2 2025Operating cash flow$11.9BOther investing−$5.4BNet borrowing (+) / repaid (−)−$3.9BBuybacks−$3.5BCash drawn (+) / kept (−)$2.9BDividends−$2.1BExchange rates$655MOther financing−$556MNot reconciled$1.0M

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2025$11.9B−$3.5B−$2.1B−$3.9B$2.9B$11.9B
Q1 2025$9.3B−$3.3B−$2.2B−$2.4B$3.5B$9.3B
Q2 2024$13.5B−$4.0B−$2.2B−$4.0B$1.8B$13.5B
Q1 2024$13.3B−$2.8B−$2.2B−$1.4B−$1.2B$13.3B
Q2 2023$15.1B−$3.6B−$2.0B−$1.4B−$3.0B$15.1B
Q1 2023$14.2B−$4.3B−$2.0B−$1.0B−$1.8B$14.2B
Q2 2022$18.7B−$5.5B−$1.9B−$2.5B−$609M$18.7B
Q1 2022$14.8B−$3.5B−$1.9B−$2.4B−$1.4B$14.8B

Shell: income statement and cash flow

Shell, Q1 2026: revenue $69.7B (+9% year over year), operating margin 13.4%. The chart follows the revenue to costs, profit and cash.

Shell: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.