Shell (SHEL) Research & Development (2009 - 2026)
Shell's Research & Development was $277 million in Q2 2026, down 0.4% from $278 million a year earlier but up 65.9% from the prior quarter.
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Analysis
Shell (SHEL) Research & Development (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Shell's Research & Development was $1.14 billion through Jun 30, 2026, up 7.4% year-over-year; for FY2025, it came in at $1.29 billion, up 17.1% from FY2024.
- Research & Development shows a five-year compound annual growth rate of 7.2% (FY2020 to FY2025).
- In earlier years, Research & Development was $1.1 billion in FY2024 (-14.6%), $1.29 billion in FY2023 (-24.8%), $1.71 billion in FY2022 (+20.3%) and $1.42 billion in FY2021 (+56.9%).
- Quarterly Research & Development has moved between $167 million (Q1 2026) and $500 million (Q4 2023) over five years.
- Compared with a year earlier, Research & Development has declined for three straight quarters, with an average decline of 3.1% over the last eight quarters.
- The best year-over-year quarter for Research & Development over five years was Q1 2023 (growth of 33.9%); the worst was Q4 2024 (a decline of 40.0%).
- Per Business Quant data, SHEL's Research & Development in the three quarters before Q2 2026 was $167 million (Q1 2026), $298 million (Q4 2025) and $400 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 694.97 Bn | 658.18 Bn | - | 155.00 Mn |
| 2 | Shell | 570.13 Bn | 500.87 Bn | 92.16 Bn | 300.00 Mn |
| 3 | Chevron | 418.82 Bn | 396.62 Bn | 33.45 Bn | 256.00 Mn |
| 4 | TotalEnergies SE | 189.94 Bn | 73.07 Bn | 61.77 Bn | -95.00 |
| 5 | Eni Spa | 176.22 Bn | 126.56 Bn | - | - |
| 6 | Conocophillips | 161.10 Bn | 133.81 Bn | 12.81 Bn | 75.00 Mn |
| 7 | Phillips 66 | 110.98 Bn | 99.96 Bn | 8.38 Bn | - |
| 8 | Equinor Asa | 107.54 Bn | 22.06 Bn | - | -189.00 Mn |
| 9 | Canadian Natural Resources | 103.35 Bn | 100.30 Bn | 15.40 Bn | - |
| 10 | Suncor Energy | 86.21 Bn | 72.00 Bn | - | 17.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 300.00 Mn |
| Mar 31, 2026 | 98.00 Mn |
| Dec 31, 2025 | 300.00 Mn |
| Sep 30, 2025 | 400.00 Mn |
| Jun 30, 2025 | 360.00 Mn |
| Mar 31, 2025 | 210.00 Mn |
| Dec 31, 2024 | 300.00 Mn |
| Sep 30, 2024 | 300.00 Mn |
| Jun 30, 2024 | 496.00 Mn |
| Mar 31, 2024 | 750.00 Mn |
| Dec 31, 2023 | 469.00 Mn |
| Sep 30, 2023 | 267.00 Mn |
| Jun 30, 2023 | 444.00 Mn |
| Mar 31, 2023 | 253.00 Mn |
| Dec 31, 2022 | 403.00 Mn |
| Sep 30, 2022 | 220.00 Mn |
| Jun 30, 2022 | 370.00 Mn |
| Mar 31, 2022 | 269.00 Mn |
| Jun 30, 2021 | 332.00 Mn |
| Mar 31, 2021 | 285.00 Mn |
API Access
Shell Research & Development 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=research-and-development&ticker=SHEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=SHEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();