Filing Flows › Shell (SHEL) › Q1 2026 › vs Q4 2025
Shell (SHEL) Q1 2026 vs Q4 2025 (quarter over quarter)
Shell's revenue rose $5.6B (+9%) from $64.1B in Q4 2025 to $69.7B in Q1 2026. Operating margin 13.4% against 10.8% (+2.6 pts).
Shell, Q1 2026: revenue $69.7B (+0.7% year over year), operating margin 13.4%, net earnings $5.7B, operating cash flow $6.1B. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 13.4% | 10.8% | +2.6 pts |
| Net margin | 8.2% | 6.5% | +1.7 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $69.7B | $64.1B | $5.6B | +9% |
| Operating profit | $9.3B | $6.9B | $2.4B | +35% |
| Costs & expenses | $60.4B | $57.2B | $3.2B | +6% |
| Pre-tax earnings | $9.3B | $6.9B | $2.4B | +35% |
| Research & development | $167M | $298M | −$131M | -44% |
| Other operating costs | $60.2B | $56.9B | $3.3B | +6% |
| Net earnings | $5.7B | $4.1B | $1.6B | +38% |
| Minority interests | $64.0M | $46.0M | $18.0M | +39% |
| Income tax | $3.6B | $2.7B | $852M | +31% |
| Working capital & other | $368M | $5.3B | −$4.9B | -93% |
| Operating cash flow | $6.1B | $9.4B | −$3.4B | -36% |
Questions
How much did Shell's revenue grow quarter over quarter in Q1 2026?
Shell's revenue rose $5.6B (+9%) from $64.1B in Q4 2025 to $69.7B in Q1 2026. Operating margin 13.4% against 10.8% (+2.6 pts).