Q1: 2026-05-07 Earnings Summary
EPS of $2.44 beats by $0.23
| Revenue of $69.69B (0.66% Y/Y) misses by $10.66B
Shell plc (SHEL) Q1 2026 Earnings Call May 7, 2026 9:30 AM EDT
Company Participants
Sinead Gorman – CFO & Director
Wael Sawan – CEO & Director
Conference Call Participants
Matthew Lofting – JPMorgan Chase & Co, Research Division
Michele Della Vigna – Goldman Sachs Group, Inc., Research Division
Alastair Syme – Citigroup Inc., Research Division
Douglas George Blyth Leggate – Wolfe Research, LLC
Lydia Rainforth – Barclays Bank PLC, Research Division
Alejandro Vigil – Banco Santander, S.A., Research Division
Joshua Eliot Stone – UBS Investment Bank, Research Division
Christopher Kuplent – BofA Securities, Research Division
Lucas Herrmann – BNP Paribas, Research Division
Biraj Borkhataria – RBC Capital Markets, Research Division
Martijn Rats – Morgan Stanley, Research Division
Kim Fustier – HSBC Global Investment Research
Maurizio Carulli – Quilter Cheviot Limited
Jason Gabelman – TD Cowen, Research Division
Mark Wilson – Jefferies LLC, Research Division
Presentation
Operator
Welcome to Shell’s First Quarter 2026 Financial Results Announcement. Shell’s CFO, Sinead Gorman, will present the results, then host a Q&A session. [Operator Instructions] We will now begin the presentation.
Sinead Gorman
CFO & Director
Welcome to Shell’s First Quarter 2026 Results Presentation. I’m pleased that amid heightened volatility this quarter, we delivered strong results through our relentless focus on operational performance and the strength of our integrated global portfolio. Yet again, our staff rose to the challenge, and we’re able to deliver this safely and effectively, navigating another quarter of uncertainty.
Let me first take you through our Q1 results before I come back to the impact of the Middle East conflict in more detail.
We delivered a strong set of results with adjusted earnings for the quarter of just under $7 billion, and we generated over $17 billion of cash flow from operations, excluding working capital. Our working capital outflow for the quarter was some $11 billion, reflecting the impact of higher commodity prices on inventory and receivables. We would expect a
