Oil giant Shell posts weakest quarterly profit in nearly five years, keeps buybacks steady

February 5, 2026

TL;DR

Shell's fourth-quarter adjusted earnings were $3.26 billion, the weakest since the first quarter of 2021.
The company missed analyst expectations for the quarter and reported weaker full-year 2025 earnings compared to the previous year.
Factors contributing to the weaker results include lower crude prices and unfavorable tax adjustments.
Shell announced a 4% increase in its dividend to $0.372 per share.
A $3.5 billion share buyback program was also announced, continuing a trend of significant buybacks.
Net debt increased to $45.7 billion, with gearing at 20.7% at the end of the year.
Competitor Equinor has announced significant cuts to its share buybacks and investments in renewables.
Shell's CEO highlighted operational strengths in integrated gas, upstream, and marketing businesses, and plans for future performance improvements through AI and supply chain enhancements.

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