Shell (SHEL) Cost of Revenue (2009 - 2026)
Shell (SHEL) posted Cost of Revenue of $64.53 billion for Q2 2026, up 46.3% from $44.1 billion a year earlier and up 44.1% from the prior quarter.
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Analysis
Shell (SHEL) Cost of Revenue (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Cost of Revenue at Shell was $199.25 billion, up 119.7% year-over-year; for FY2025, it was $177.19 billion, down 5.8% from FY2024.
- Annual Cost of Revenue has declined for three consecutive years, though with a five-year compound annual growth rate of 8.6% (FY2020 to FY2025).
- In prior years, Shell's Cost of Revenue was $188.12 billion in FY2024 (-11.6%), $212.88 billion in FY2023 (-17.6%), $258.49 billion in FY2022 (+47.8%) and $174.91 billion in FY2021 (+49.4%).
- The Q2 2026 figure stands as the highest quarterly Cost of Revenue since Q4 2019.
- On a year-over-year basis, Cost of Revenue increased in 1 of the last six quarters, with an average decline of 18.3%.
- The strongest year-over-year quarter for Cost of Revenue in the past five years was Q4 2022, with growth of 151.6%; the weakest was Q4 2024, with a decline of 92.3%.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 694.97 Bn | 658.18 Bn | - | - |
| 2 | Shell | 570.13 Bn | 500.87 Bn | 92.16 Bn | 2.50 Bn |
| 3 | Chevron | 418.82 Bn | 396.62 Bn | 33.45 Bn | 36.61 Bn |
| 4 | TotalEnergies SE | 189.94 Bn | 73.07 Bn | 61.77 Bn | 38,308.00 |
| 5 | Eni Spa | 176.22 Bn | 126.56 Bn | - | - |
| 6 | Conocophillips | 161.10 Bn | 133.81 Bn | 12.81 Bn | 6.71 Bn |
| 7 | Phillips 66 | 110.98 Bn | 99.96 Bn | 8.38 Bn | 43.66 Bn |
| 8 | Equinor Asa | 107.54 Bn | 22.06 Bn | - | - |
| 9 | Canadian Natural Resources | 103.35 Bn | 100.30 Bn | 15.40 Bn | 1.81 Bn |
| 10 | Suncor Energy | 86.21 Bn | 72.00 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 2.50 Bn |
| Mar 31, 2026 | 44.78 Bn |
| Dec 31, 2025 | 2.70 Bn |
| Sep 30, 2025 | 3.00 Bn |
| Jun 30, 2025 | 44.10 Bn |
| Mar 31, 2025 | 45.85 Bn |
| Dec 31, 2024 | 27.52 Bn |
| Sep 30, 2024 | 2.80 Bn |
| Jun 30, 2024 | 49.42 Bn |
| Mar 31, 2024 | 30.04 Bn |
| Dec 31, 2023 | 433.00 Mn |
| Sep 30, 2023 | 880.00 Mn |
| Jun 30, 2023 | 51.49 Bn |
| Mar 31, 2023 | 374.00 Mn |
| Dec 31, 2022 | 169.00 Mn |
| Sep 30, 2022 | 2.30 Bn |
| Jun 30, 2022 | 66.66 Bn |
| Mar 31, 2022 | 737.00 Mn |
| Dec 31, 2021 | 611.00 Mn |
| Sep 30, 2021 | 1.10 Bn |
API Access
Shell Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=SHEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "SHEL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=SHEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();