Shell Q3 Adjusted Earnings Hit $10.8 Billion, Highest Since 2022, with $21.0 Billion Cash Flow and a $5 Billion Buyback
Shell reported third-quarter 2026 results on October 29 in London. Adjusted earnings were $10.814 billion, up from $5.43 billion a year earlier and above the company-compiled consensus of $10.33 billion, the highest quarterly level since 2022. Revenue rose 36% year over year to $92.85 billion.
Cash flow from operations was $21.043 billion despite outages in the Middle East, well above $12.21 billion a year earlier, and adjusted EBITDA was $22.736 billion. Integrated Gas adjusted earnings were $3.037 billion, while Chemicals & Products earned a record $3.855 billion, with Shell citing record refining margins of $42 a barrel. Upstream adjusted earnings were $3.189 billion.
Chief Executive Officer Wael Sawan said Shell's relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system, and that the completion of the ARC Resources Ltd. acquisition and the final investment decision on LNG Canada Phase 2 support long-term cash flow growth in its advantaged Integrated Gas business.
Shell announced a $5 billion share buyback programme for the next three months, up from a $3 billion quarterly pace. The company put its 2026 cash capital expenditure outlook, including ARC, at $23 billion to $25 billion, and said post-acquisition gearing was 16.6%, or 2.7% excluding leases. During the quarter it also completed the US Mobility acquisition, high-graded its power portfolio and divested non-core oil and gas assets in the US and Cyprus.
Source: GSM · USA (original Chinese edition)
Photo: 图：Shell 位于荷兰 Rotterdam 附近 Pernis 的炼油厂，Shell 是全球主要能源公司之一。照片：Steven Lek 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / Shell's Pernis refinery near Rotterdam in the Netherlands. Photo: Steven Lek, CC BY-SA 4.0, via Wikimedia Commons.
