Shell (SHEL) Return on Capital Employed (2009 - 2025)
Shell (SHEL) reported Return on Capital Employed of 33.25% for Q4 2025, down 60.0% on a YoY basis from 83.14% in Q4 2024, and down 20.68% quarter-over-quarter from 41.92% in Q2 2025.
Shell (SHEL) Return on Capital Employed (2009 - 2025) Analysis & Trends
Shell has reported Return on Capital Employed for 17 years, with the latest figure at 33.25% in Q4 2025.
- For the quarter ending Q4 2025, Return on Capital Employed fell 60.0% year-over-year to 33.25%; the trailing twelve-month figure through Dec 2025 stood at 33.25% (down 60.0% YoY), and the FY2025 full-year result was 25.73%, up 7813.0% from the prior year.
- Return on Capital Employed for Q4 2025 stood at 33.25%, down from 41.92% in the prior quarter.
- The five-year high for Return on Capital Employed was 152.88% in Q2 2023, with the low at 5.4% in Q2 2021.
- Historically, Return on Capital Employed has averaged 51.02% across 5 years, with a median of 34.19% in 2022.
- Annual changes were most pronounced in 2022 — Return on Capital Employed surged 14439 bps — and 2024, when it plunged 12980 bps.
- Shell's Return on Capital Employed stood at 1.28% in 2021, then surged by 11242 bps to 145.68% in 2022, then tumbled by 66 bps to 49.1% in 2023, then slumped by 31 bps to 33.85% in 2024, then fell by 2 bps to 33.25% in 2025.
- The last three Return on Capital Employed figures came in at 33.25% (Q4 2025), 41.92% (Q2 2025), and 33.85% (Q4 2024), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Petrobras - Petroleo Brasileiro | 1,901.04 Bn | 1,894.28 Bn | 11.34 Bn | - |
| 2 | Exxon Mobil | 629.96 Bn | 628.14 Bn | - | 10.30% |
| 3 | TotalEnergies SE | 621.59 Bn | 621.59 Bn | 26,816.00 | 222.35% |
| 4 | Shell | 546.31 Bn | 505.07 Bn | - | - |
| 5 | Chevron | 370.90 Bn | 376.56 Bn | 20.34 Bn | 18.04% |
| 6 | Cenovus Energy | 354.37 Bn | 352.41 Bn | 6.46 Bn | 12.10% |
| 7 | Eni Spa | 252.26 Bn | 242.70 Bn | - | 3.93% |
| 8 | Bp | 196.12 Bn | 159.56 Bn | - | - |
| 9 | Suncor Energy | 57.67 Bn | 55.06 Bn | 7.44 Bn | 40.53% |
| 10 | Imperial Oil | 42.92 Bn | 42.17 Bn | - | 11.13% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 33.25% |
| Jun 30, 2025 | 41.92% |
| Dec 31, 2024 | 33.85% |
| Jun 30, 2024 | 23.08% |
| Dec 31, 2023 | 49.10% |
| Jun 30, 2023 | 152.88% |
| Dec 31, 2022 | 145.68% |
| Jun 30, 2022 | 34.53% |
| Dec 31, 2021 | 1.28% |
| Jun 30, 2021 | -5.40% |
| Dec 31, 2020 | 2.38% |
| Jun 30, 2020 | 87.09% |
| Mar 31, 2020 | 97.39% |
| Dec 31, 2019 | 82.42% |
| Sep 30, 2019 | 31.54% |
| Jun 30, 2019 | 12.07% |
| Mar 31, 2019 | 32.95% |
| Dec 31, 2018 | 49.85% |
| Sep 30, 2018 | 24.66% |
| Jun 30, 2018 | 23.35% |