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.
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Analysis
Shell (SHEL) Gross Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Shell's Gross Margin came in at 58.99%, up 11.41 percentage points year-over-year; for FY2024, it was 33.83%, up 1.07 percentage points from FY2023.
- Gross Margin has a five-year change of +7.19 percentage points (FY2019 to FY2024).
- By year, Gross Margin came in at 32.76% in FY2023 (+0.55 pp), 32.21% in FY2022 (-0.90 pp), 33.11% in FY2021 (-2.03 pp) and 35.14% in FY2020 (+8.50 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 2022 (a drop of 4.36 percentage points).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 689.64 Bn | 647.78 Bn | - | - |
| 2 | Chevron | 419.46 Bn | 386.50 Bn | 31.26 Bn | 46.11% |
| 3 | Shell | 293.24 Bn | 153.51 Bn | - | - |
| 4 | TotalEnergies SE | 194.25 Bn | 65.33 Bn | 31,614.00 | 47.31% |
| 5 | Eni Spa | 168.21 Bn | 107.84 Bn | - | - |
| 6 | Conocophillips | 166.75 Bn | 139.45 Bn | 12.81 Bn | 65.62% |
| 7 | Equinor Asa | 109.46 Bn | 22.31 Bn | 4.49 Bn | 13.53% |
| 8 | Canadian Natural Resources | 102.29 Bn | 96.19 Bn | 9.35 Bn | 83.69% |
| 9 | Phillips 66 | 98.78 Bn | 82.57 Bn | 10.69 Bn | 20.76% |
| 10 | Suncor Energy | 84.55 Bn | 65.24 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% |
| Dec 31, 2019 | 27.90% |
| Sep 30, 2019 | 26.21% |
| Jun 30, 2019 | 24.25% |
| Mar 31, 2019 | 28.44% |
| Dec 31, 2018 | 23.03% |
| Sep 30, 2018 | 24.04% |
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();