Shell (SHEL) Gross Margin (2009 - 2026)
Shell (SHEL) reported Gross Margin of 31.83% for Q2 2026, down 0.74 percentage points from 32.58% a year earlier and down 3.92 percentage points from the prior quarter.
Powered by 
Analysis
Shell (SHEL) Gross Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Shell's Gross Margin came in at 33.36%, down 0.50 percentage points year-over-year; for FY2025, it was -8650.32%, down 8684.15 percentage points from FY2024.
- Gross Margin has a five-year change of -8685.46 percentage points (FY2020 to FY2025).
- By year, Gross Margin came in at 33.83% in FY2024 (+1.07 pp), 32.76% in FY2023 (+0.55 pp), 32.21% in FY2022 (-0.90 pp) and 33.11% in FY2021 (-2.03 pp).
- The Q2 2026 figure ranks as the lowest quarterly Gross Margin since Q2 2023.
- Year over year, Gross Margin gained in 1 of the last four quarters, with an average year-over-year change of -0.35 percentage points.
- The high point for year-over-year Gross Margin in five years was Q2 2024 (a gain of 2.68 percentage points); the low point was Q1 2024 (a drop of 63.92 percentage points).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 779.83 Bn | 736.31 Bn | - | - |
| 2 | Chevron | 463.69 Bn | 435.81 Bn | 33.45 Bn | 47.75% |
| 3 | Shell | 319.66 Bn | 179.93 Bn | - | - |
| 4 | TotalEnergies SE | 208.05 Bn | 79.13 Bn | 31,614.00 | 47.31% |
| 5 | Conocophillips | 186.47 Bn | 159.17 Bn | 12.81 Bn | 65.62% |
| 6 | Equinor Asa | 126.28 Bn | 39.13 Bn | - | - |
| 7 | Canadian Natural Resources | 117.10 Bn | 114.11 Bn | 8.84 Bn | 82.99% |
| 8 | Phillips 66 | 111.73 Bn | 95.51 Bn | 10.69 Bn | 20.76% |
| 9 | Suncor Energy | 96.42 Bn | 82.16 Bn | - | - |
| 10 | Eni Spa | 91.57 Bn | 31.21 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 31.83% |
| Mar 31, 2026 | 35.75% |
| Jun 30, 2025 | 32.58% |
| Mar 31, 2025 | 33.78% |
| Jun 30, 2024 | 33.64% |
| Mar 31, 2024 | 35.34% |
| Jun 30, 2023 | 30.96% |
| Mar 31, 2023 | 33.87% |
| Jun 30, 2022 | 33.38% |
| Mar 31, 2022 | 33.90% |
| Jun 30, 2021 | 34.37% |
| Mar 31, 2021 | 38.26% |
| Jun 30, 2020 | 44.34% |
| Mar 31, 2020 | 93.71% |
| Jun 30, 2019 | 24.25% |
| Mar 31, 2019 | 28.44% |
| Dec 31, 2018 | 23.03% |
| Jun 30, 2018 | 24.43% |
| Mar 31, 2018 | 25.45% |
| Dec 31, 2017 | 164.21% |
API Access
Shell Gross Margin 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=gross-margin&ticker=SHEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "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=gross-margin&ticker=SHEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();