Shell (SHEL) Operating Expenses (2009 - 2026)
Shell (SHEL) reported Operating Expenses of $3.19 billion for Q2 2026, down 61.6% from $8.3 billion a year earlier and down 63.4% from the prior quarter.
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Analysis
Shell (SHEL) Operating Expenses (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Shell's Operating Expenses came in at $30.75 billion, down 14.3% year-over-year; for FY2025, it came in at $35.68 billion, down 86.2% from FY2024.
- Operating Expenses has declined for three consecutive years, with a five-year compound annual growth rate of -29.9% (FY2020 to FY2025).
- By year, Operating Expenses came in at $259.11 billion in FY2024 (-10.8%), $290.56 billion in FY2023 (-9.6%), $321.39 billion in FY2022 (+32.4%) and $242.83 billion in FY2021 (+15.5%).
- The Q2 2026 figure ranks as the lowest quarterly Operating Expenses since Q1 2018.
- Year over year, Operating Expenses gained in two of the last eight quarters, with an average decline of 21.8%.
- The high point for year-over-year Operating Expenses in five years was Q1 2022 (growth of 42.3%); the low point was Q2 2024 (a decline of 87.3%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $8.7 billion (Q1 2026), $9.56 billion (Q4 2025) and $9.3 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 775.61 Bn | 732.09 Bn | - | 96.59 Bn |
| 2 | Chevron | 463.09 Bn | 435.21 Bn | 33.45 Bn | 53.37 Bn |
| 3 | Shell | 320.18 Bn | 180.45 Bn | - | -177.00 Mn |
| 4 | TotalEnergies SE | 208.95 Bn | 80.03 Bn | 31,614.00 | 5.11 Bn |
| 5 | Conocophillips | 186.07 Bn | 158.78 Bn | 12.81 Bn | 2.43 Bn |
| 6 | Equinor Asa | 126.25 Bn | 39.10 Bn | - | 47.66 Bn |
| 7 | Canadian Natural Resources | 117.07 Bn | 114.08 Bn | 8.84 Bn | 114.95 Mn |
| 8 | Phillips 66 | 110.73 Bn | 94.52 Bn | 10.69 Bn | 44.40 Bn |
| 9 | Suncor Energy | 96.25 Bn | 82.00 Bn | - | - |
| 10 | Eni Spa | 91.80 Bn | 31.43 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | -177.00 Mn |
| Jun 30, 2026 | 8.70 Bn |
| Mar 31, 2026 | 8.70 Bn |
| Dec 31, 2025 | 9.60 Bn |
| Sep 30, 2025 | 9.30 Bn |
| Jun 30, 2025 | 8.30 Bn |
| Mar 31, 2025 | 8.60 Bn |
| Dec 31, 2024 | 9.40 Bn |
| Sep 30, 2024 | 9.60 Bn |
| Jun 30, 2024 | 67.65 Bn |
| Mar 31, 2024 | 63.66 Bn |
| Dec 31, 2023 | 10.90 Bn |
| Sep 30, 2023 | 10.10 Bn |
| Jun 30, 2023 | 70.67 Bn |
| Mar 31, 2023 | 74.67 Bn |
| Dec 31, 2022 | 11.11 Bn |
| Sep 30, 2022 | 9.89 Bn |
| Jun 30, 2022 | 76.92 Bn |
| Mar 31, 2022 | 72.39 Bn |
| Dec 31, 2021 | 9.70 Bn |
API Access
Shell Operating Expenses 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=operating-expenses&ticker=SHEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=SHEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();