Shell plc
Shortcut
1.83Normalized basic EPS
-2.3% vs Street
Street
1.87Normalized basic EPS
October 25 consensus snapshot
Real
1.93Shell issuer Adjusted Earnings basic EPS
Model download
Explore the assumptions and calculations behind the forecast.
Shortcut’s reasoning.
Shell's 7 Oct 2026 update note (S07) anchors the build: refining margin $42/bbl vs $24, chemicals margin $208/t vs $270, IG production 740-780 kboe/d incl. ARC from 2 Sep, Upstream 1,735-1,835 kboe/d, trading in line with 2Q26, Marketing AE lower than 2Q26; modelled segment taxes sit inside the guided ranges.
Segment Adjusted Earnings: IG $2.91bn, Upstream $3.02bn (Brent avg $96.3 vs $103.3), Marketing $1.12bn, C&P $3.74bn (capture calibrated 1Q26-2Q26), R&ES $0.18bn, Corporate $-0.70bn; less $50m NCI = $10.23bn, in line with Vara company-compiled consensus $10.33bn (21 analysts, 21 Oct).
Basic weighted shares 5599m from RNS share data: 69.4m bought back in Q3 and 228.0m ARC shares issued 3 Sep (TVR 5,729.5m at 30 Sep) -> Adjusted EPS $1.83 vs frozen consensus $1.87 (2 estimates).
On the record.
- Reporting period
- Q3 2026 (FQ3 2026 - quarter ended 30 Sep 2026)
- Reporting basis
- Shell Adjusted Earnings BASIC EPS, USD per ordinary share
- Consensus snapshot
- October 25, 2026
- Model / effort
- Opus 5.5 · High effort
- Workbook
- Reviewed workbook
Record history
- Forecast generated
- Oct 26, 2026 at 5:05 PM PDT
- Reviewed revision completed
- Oct 26, 2026 at 5:05 PM PDT
- First published
- Oct 26, 2026 at 5:54 PM PDT
Result basis
Shell explicitly reports Q3 2026 Adjusted Earnings per share USD1.93 and basic IFRS EPS USD2.15. Reference B defines Adjusted Earnings EPS as Adjusted Earnings divided by weighted-average BASIC shares from Note 3; the release reports 5604.0m basic versus 5651.3m diluted shares. This matches the published BASIC USD per ordinary-share forecast and frozen Street. An NYSE ADS represents two ordinary shares, but neither forecast nor actual is converted to ADS units.