Shell (SHEL) Gross Margin (2009 - 2026)
Shell's (SHEL) quarterly Gross Margin came in at 31.83% in Q2 2026, down 74.0% YoY from 122.43% in Q2 2025, and down 10.96% on a QoQ basis from 35.75% in Q1 2026.
Shell (SHEL) Gross Margin (2009 - 2026) Analysis & Trends
Shell (SHEL) has 18 years of Gross Margin data on file, last reported at 31.83% in Q2 2026.
- Quarterly Gross Margin fell 74.0% year-over-year to 31.83% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 33.36% (down 604.0% YoY) and the FY2025 annual result came in at 35.27%, up 35.0% from the prior year.
- Gross Margin fell to 31.83% in Q2 2026, from 35.75% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 101.25% in Q3 2022 to a low of 30.96% in Q2 2023.
- A 5-year average of 57.3% and a median of 35.75% in 2026 frame the typical range for Gross Margin.
- Annual changes were most pronounced in 2022 — Gross Margin jumped 2246 bps — and 2024, when it sank 4070 bps.
- Tracing SHEL's Gross Margin over 5 years: stood at 98.78% in 2022, then plunged by 69 bps to 30.96% in 2023, then surged by 89 bps to 58.47% in 2024, then plunged by 44 bps to 32.58% in 2025, then retreated by 2 bps to 31.83% in 2026.
- The last three Gross Margin figures came in at 31.83% (Q2 2026), 35.75% (Q1 2026), and 32.58% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Petrobras - Petroleo Brasileiro | 1,308.33 Bn | -5,263.99 Bn | 11.34 Bn | 48.18% |
| 2 | ExxonMobil Holdings | 651.52 Bn | 649.70 Bn | - | - |
| 3 | Chevron | 382.50 Bn | 382.83 Bn | 20.34 Bn | 41.85% |
| 4 | Eni Spa | 205.81 Bn | 195.97 Bn | - | - |
| 5 | Shell | 102.19 Bn | 62.32 Bn | 30.13 Bn | 31.83% |
| 6 | Equinor Asa | 98.30 Bn | 89.04 Bn | - | - |
| 7 | Suncor Energy | 78.77 Bn | 76.39 Bn | 6.68 Bn | 59.43% |
| 8 | Imperial Oil | 61.22 Bn | 60.47 Bn | - | - |
| 9 | TotalEnergies SE | 25.61 Bn | -6.11 Bn | 18.79 Bn | 32.91% |
| 10 | Ypf Sociedad Anonima | 20.09 Bn | 18.40 Bn | 1.76 Bn | 35.54% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 31.83% |
| Mar 31, 2026 | 35.75% |
| Jun 30, 2025 | 32.58% |
| Mar 31, 2025 | 33.78% |
| Dec 31, 2024 | 58.47% |
| Jun 30, 2024 | 33.64% |
| Mar 31, 2024 | 58.55% |
| Jun 30, 2023 | 30.96% |
| Mar 31, 2023 | 99.26% |
| Dec 31, 2022 | 98.78% |
| Sep 30, 2022 | 101.25% |
| Jun 30, 2022 | 33.38% |
| Mar 31, 2022 | 96.68% |
| Dec 31, 2021 | 76.32% |
| Sep 30, 2021 | 79.58% |
| Jun 30, 2021 | 34.37% |
| Mar 31, 2021 | 97.07% |
| Dec 31, 2020 | -327.37% |
| Sep 30, 2020 | 88.64% |
| Jun 30, 2020 | 44.34% |