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How Shell (SHEL) makes money
Shell (SHEL) made $69.7B of revenue in the first quarter 2026 (Q1 2026), +9% from a year earlier. Of every dollar of revenue, 13¢ was left as operating profit, 8¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q1 2026 | % of revenue |
|---|---|---|
| Revenue | $69.7B | 100.0% |
| Operating profit | $9.3B | 13.4% |
| Income tax | $3.6B | 5.1% |
| Net earnings | $5.8B | 8.3% |
| Operating cash flow | $6.1B | 8.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q1 2026 | $69.7B | +9% |
From Shell's 6-K filed May 7, 2026 (on EDGAR).
Questions
How does Shell make money?
Shell (SHEL) made $69.7B of revenue in the first quarter 2026 (Q1 2026), +9% from a year earlier. Of every dollar of revenue, 13¢ was left as operating profit, 8¢ was left as net earnings.
What is Shell's profit margin?
Net earnings were $5.8B, 8.3% of revenue, in the first quarter 2026; the operating margin was 13.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.