Shell (SHEL) Operating Margin (2009 - 2026)
Shell's (SHEL) quarterly Operating Margin came in at 28.64% in Q2 2026, up 875.0% YoY from 2.94% in Q2 2025, and up 23.09% on a QoQ basis from 23.27% in Q1 2026.
Shell (SHEL) Operating Margin (2009 - 2026) Analysis & Trends
Shell (SHEL) has 18 years of Operating Margin data on file, last reported at 28.64% in Q2 2026.
- Quarterly Operating Margin rose 875.0% year-over-year to 28.64% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 23.79% (down 279.0% YoY) and the FY2025 annual result came in at 30.23%, up 8497.0% from the prior year.
- Operating Margin improved to 28.64% in Q2 2026, from 23.27% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 106.63% in Q3 2022 to a low of 63.81% in Q2 2023.
- A 5-year average of 24.94% and a median of 21.55% in 2024 frame the typical range for Operating Margin.
- The widest YoY moves for Operating Margin: up 8535 bps in 2024, down 11783 bps in 2024.
- Tracing SHEL's Operating Margin over 5 years: stood at 95.89% in 2022, then slumped by 167 bps to 63.81% in 2023, then soared by 169 bps to 44.29% in 2024, then plunged by 55 bps to 19.89% in 2025, then jumped by 44 bps to 28.64% in 2026.
- The last three Operating Margin figures came in at 28.64% (Q2 2026), 23.27% (Q1 2026), and 19.89% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Petrobras - Petroleo Brasileiro | 1,308.33 Bn | -5,263.99 Bn | 11.34 Bn | 0.71% |
| 2 | ExxonMobil Holdings | 651.52 Bn | 649.70 Bn | - | - |
| 3 | Chevron | 382.50 Bn | 382.83 Bn | 20.34 Bn | -50.03% |
| 4 | Eni Spa | 205.81 Bn | 195.97 Bn | - | 3.51% |
| 5 | Shell | 102.19 Bn | 62.32 Bn | 30.13 Bn | 28.64% |
| 6 | Equinor Asa | 98.30 Bn | 89.04 Bn | - | 36.94% |
| 7 | Suncor Energy | 78.77 Bn | 76.39 Bn | 6.68 Bn | 48.14% |
| 8 | Imperial Oil | 61.22 Bn | 60.47 Bn | - | - |
| 9 | TotalEnergies SE | 25.61 Bn | -6.11 Bn | 18.79 Bn | 32.74% |
| 10 | Ypf Sociedad Anonima | 20.09 Bn | 18.40 Bn | 1.76 Bn | 17.75% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 28.64% |
| Mar 31, 2026 | 23.27% |
| Jun 30, 2025 | 19.89% |
| Mar 31, 2025 | 21.36% |
| Dec 31, 2024 | 44.29% |
| Jun 30, 2024 | 21.55% |
| Mar 31, 2024 | -29.28% |
| Jun 30, 2023 | -63.81% |
| Mar 31, 2023 | 88.55% |
| Dec 31, 2022 | 95.89% |
| Sep 30, 2022 | 106.63% |
| Jun 30, 2022 | -43.50% |
| Mar 31, 2022 | 10.71% |
| Dec 31, 2021 | 76.32% |
| Sep 30, 2021 | 79.58% |
| Jun 30, 2021 | -60.87% |
| Mar 31, 2021 | 5.67% |
| Dec 31, 2020 | -327.37% |
| Sep 30, 2020 | 88.64% |
| Jun 30, 2020 | -129.17% |