Shell Plc (LON: SHEL) shares opened higher in London on Thursday after the company announced its unaudited third-quarter results, revealing a rise in profitability.
The energy giant reported income attributable to Shell plc shareholders of $5.322 billion, a notable 48% increase compared to the $3.601 billion reported in the second quarter of 2025.
Adjusted earnings also saw a substantial rise, reaching $5.432 billion, a 27% increase from the previous quarter’s $4.264 billion. This positive performance underscores Shell’s ability to capitalize on favorable market conditions.
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Adjusted EBITDA experienced an 11% rise, reaching $14.773 billion, up from $13.313 billion in Q2 2025. Cash flow from operating activities also increased slightly to $12.207 billion.
The increase in income attributable to Shell plc shareholders compared to the second quarter of 2025 reflected higher trading and optimization margins, increased sales volumes, and beneficial tax movements.
These gains were partially offset by increased operating expenses. The third quarter also included gains on asset disposals and impairment charges, resulting in a net loss of $0.1 billion in identified items, compared to a $0.3 billion net loss in the second quarter.
Free cash flow stood at $9.950 billion. Cash capital expenditure amounted to $4.907 billion.
Net debt decreased to $41.2 billion, compared to $43.2 billion at the end of the second quarter of 2025. This decrease is attributed to free cash flow of $10.0 billion, which was partially offset by share buybacks of $3.6 billion, cash dividends paid to Shell plc shareholders of $2.1 billion, lease additions of $1.1 billion, and interest payments of $0.8 billion.
Gearing was reported at 18.8% at the end of the third quarter 2025, compared with 19.1% at the end of the second quarter 2025. This shift was driven by lower net debt, offset by lower equity, including a 0.4 percentage point increase related to a non-cash adjustment to the previously recognized pension surplus in the Netherlands.
Total shareholder distributions for the quarter amounted to $5.7 billion, including $3.6 billion in share repurchases and $2.1 billion in cash dividends paid to Shell plc shareholders. Dividends to be paid for the third quarter amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks.
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