Shell launches another $3.5bn buyback despite weakest profit since 2021 Proactive uses images sourced from Shutterstock
Shell PLC reported its lowest quarterly profit since the start of 2021 as oil prices fell, but announced a 4% dividend increase and launched another $3.5 billion share buyback programme.
Adjusted earnings came in at $3.26 billion for the fourth quarter of 2025, down 40% and below analyst expectations of $3.5 billion.
Full-year adjusted earnings fell to $18.5 billion, compared with $23.72 billion in 2024.
The company cited tax adjustments and continued weakness in its chemicals division as factors weighing on performance, despite stronger results in integrated gas, upstream and marketing operations.
As well as increasing the dividend to $0.372 per share, the new buyback means Shell has now returned at least $3 billion to shareholders in each of the last 17 quarters.
However, net debt rose to $45.7 billion at year-end, up from $41.2 billion at the end of the third quarter. Gearing increased to 20.7% from 18.8%.
The update follows a move by Norway’s Equinor to cut buybacks and investment, reflecting pressure on European oil majors amid lower crude prices.