Shell (SHEL) Operating Margin (2009 - 2026)
Shell's Operating Margin came in at 28.46% for Q2 2026, up 8.58 percentage points from 19.89% a year earlier and up 5.20 percentage points from the prior quarter.
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Analysis
Shell (SHEL) Operating Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Shell reported Operating Margin of 23.74%, up 21.67 percentage points year-over-year; for FY2025, it was -10412.05%, down 10354.75 percentage points from FY2024.
- Operating Margin carries a five-year change of -10330.79 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was -57.30% in FY2024 (+1.70 pp), -59.00% in FY2023 (-6.93 pp), -52.07% in FY2022 (+7.67 pp) and -59.75% in FY2021 (+21.52 pp).
- The Q2 2026 figure represents the highest quarterly Operating Margin in data going back to Q1 2009.
- Year-over-year, Operating Margin increased in three of the last four quarters, with an average year-over-year change of +20.67 percentage points.
- The fastest year-over-year change in Operating Margin over five years came in Q2 2024 (a gain of 85.35 percentage points), and the weakest in Q1 2024 (a drop of 65.89 percentage points).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 694.97 Bn | 658.18 Bn | - | - |
| 2 | Shell | 570.13 Bn | 500.87 Bn | 92.16 Bn | 88.17% |
| 3 | Chevron | 418.82 Bn | 396.62 Bn | 33.45 Bn | -28.44% |
| 4 | TotalEnergies SE | 189.94 Bn | 73.07 Bn | 61.77 Bn | 24.82% |
| 5 | Eni Spa | 176.22 Bn | 126.56 Bn | - | 5.19% |
| 6 | Conocophillips | 161.10 Bn | 133.81 Bn | 12.81 Bn | 53.17% |
| 7 | Phillips 66 | 110.98 Bn | 99.96 Bn | 8.38 Bn | -74.35% |
| 8 | Equinor Asa | 107.54 Bn | 22.06 Bn | - | 36.94% |
| 9 | Canadian Natural Resources | 103.35 Bn | 100.30 Bn | 15.40 Bn | 88.80% |
| 10 | Suncor Energy | 86.21 Bn | 72.00 Bn | - | 3.43% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 88.17% |
| 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 | -1.22% |
| Jun 30, 2022 | 23.84% |
| Mar 31, 2022 | -0.87% |
| Jun 30, 2021 | -60.87% |
| Mar 31, 2021 | -0.95% |
| Jun 30, 2020 | -129.17% |
| Mar 31, 2020 | 3.68% |
| Jun 30, 2019 | -71.75% |
| Mar 31, 2019 | -62.63% |
| Dec 31, 2018 | 6.65% |
| Sep 30, 2018 | -101.28% |
| Jun 30, 2018 | -68.22% |
API Access
Shell Operating 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=operating-margin&ticker=SHEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=SHEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();