Shell (SHEL) Research & Development (2009 - 2025)

Shell has reported Research & Development for 17 years, with the latest figure at $300.0 million in Q4 2025.

• For the quarter ending Q4 2025, Research & Development changed 0.0% year-over-year to $300.0 million; the trailing twelve-month figure through Dec 2025 stood at $1.2 billion (up 10.23% YoY), and the FY2025 full-year result was $1.2 billion, down 51.47% from the prior year.
• Research & Development for Q4 2025 stood at $300.0 million, down from $400.0 million in the prior quarter.
• The five-year high for Research & Development was $469.0 million in Q4 2023, with the low at $166.0 million in Q1 2021.
• Historically, Research & Development has averaged $277.2 million across 5 years, with a median of $265.5 million in 2022.
• Annual changes were most pronounced in 2023 — Research & Development surged 33.86% — and 2024, when it slumped 36.03%.
• Shell's Research & Development stood at $201.0 million in 2021, then jumped by 100.5% to $403.0 million in 2022, then gained by 16.38% to $469.0 million in 2023, then tumbled by 36.03% to $300.0 million in 2024, then changed by 0.0% to $300.0 million in 2025.
• The last three Research & Development figures came in at $300.0 million (Q4 2025), $400.0 million (Q3 2025), and $300.0 million (Q2 2025), per Business Quant data.