Shell (SHEL) Operating Leases (2019 - 2026)
Shell's Operating Leases was $30.59 billion in Q1 2026, up 7.4% from $28.49 billion a year earlier and up 5.7% from the prior quarter.
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Analysis
Shell (SHEL) Operating Leases (2019 - 2026) Analysis & Trends
At the end of FY2025, Operating Leases at Shell came in at $28.93 billion, up 0.8% from FY2024.
- Operating Leases has now increased for four consecutive years, with a five-year compound annual growth rate of 0.4% (FY2020 to FY2025).
- In earlier years, Operating Leases was $28.7 billion in FY2024 (+3.6%), $27.71 billion in FY2023 (+0.2%), $27.64 billion in FY2022 (+0.5%) and $27.51 billion in FY2021 (-3.2%).
- The Q1 2026 figure marks the highest quarterly Operating Leases in data going back to Q2 2019.
- Compared with a year earlier, Operating Leases has increased for six straight quarters, with growth averaging 3.4% over the last eight quarters.
- The best year-over-year quarter for Operating Leases over five years was Q2 2025 (growth of 13.1%); the worst was Q3 2024 (a decline of 8.1%).
- Per Business Quant data, SHEL's Operating Leases in the three quarters before Q1 2026 was $28.93 billion (Q4 2025), $28.57 billion (Q3 2025) and $28.96 billion (Q2 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 778.24 Bn | 734.72 Bn | - |
| 2 | Chevron | 463.12 Bn | 435.23 Bn | 33.45 Bn |
| 3 | Shell | 320.05 Bn | 180.31 Bn | - |
| 4 | TotalEnergies SE | 208.53 Bn | 79.61 Bn | 31,614.00 |
| 5 | Conocophillips | 185.85 Bn | 158.56 Bn | 12.81 Bn |
| 6 | Equinor Asa | 126.28 Bn | 39.13 Bn | - |
| 7 | Canadian Natural Resources | 116.99 Bn | 113.99 Bn | 8.84 Bn |
| 8 | Phillips 66 | 111.27 Bn | 95.06 Bn | 10.69 Bn |
| 9 | Suncor Energy | 96.22 Bn | 81.97 Bn | - |
| 10 | Eni Spa | 91.72 Bn | 31.35 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Mar 31, 2026 | 30.59 Bn |
| Dec 31, 2025 | 28.93 Bn |
| Sep 30, 2025 | 28.57 Bn |
| Jun 30, 2025 | 28.96 Bn |
| Mar 31, 2025 | 28.49 Bn |
| Dec 31, 2024 | 28.70 Bn |
| Sep 30, 2024 | 25.59 Bn |
| Mar 31, 2024 | 26.89 Bn |
| Dec 31, 2023 | 27.71 Bn |
| Jun 30, 2019 | 1.40 Bn |
API Access
Shell Operating Leases 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-leases&ticker=SHEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "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-leases&ticker=SHEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();