Shell (SHEL) Shares Outstanding (Diluted) (2010 - 2026)
Shell (SHEL) recorded Weighted Average Shares Outstanding (Diluted) of 2.97 billion in Q3 2026, down 6.5% from 3.18 billion a year earlier and unchanged from the prior quarter.
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Analysis
Shell (SHEL) Shares Outstanding (Diluted) (2010 - 2026) Analysis & Trends
Starting with Q4 2010, Shell's Weighted Average Shares Outstanding (Diluted) history includes 61 quarters.
- Annual Weighted Average Shares Outstanding (Diluted) has declined for four straight years, with a five-year compound annual growth rate of -5.3% (FY2020 to FY2025).
- Across earlier years, Weighted Average Shares Outstanding (Diluted) came in at 3.18 billion in FY2024 (-6.4%), 3.4 billion in FY2023 (-8.2%), 3.71 billion in FY2022 (-5.1%) and 3.9 billion in FY2021 (+0.1%).
- Quarterly Weighted Average Shares Outstanding (Diluted) has ranged from 2.97 billion in Q4 2025 to 3.9 billion in Q1 2022 over the past five years.
- On a year-over-year basis, Weighted Average Shares Outstanding (Diluted) has declined for 12 consecutive quarters, with an average decline of 6.5% over the last eight quarters.
- Peak year-over-year performance for Weighted Average Shares Outstanding (Diluted) in the last five years was growth of 0.1% in Q1 2022, against a decline of 8.2% in Q4 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at 2.97 billion (Q2 2026), 2.97 billion (Q1 2026) and 2.97 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Shares Outstanding (Dil.) (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 686.62 Bn | 644.76 Bn | - | 4.42 Bn |
| 2 | Chevron | 416.14 Bn | 383.18 Bn | 31.26 Bn | 1.96 Bn |
| 3 | Shell | 291.71 Bn | 151.98 Bn | - | 2.97 Bn |
| 4 | TotalEnergies SE | 192.78 Bn | 63.86 Bn | 31,614.00 | 2.57 Bn |
| 5 | Eni Spa | 167.56 Bn | 107.19 Bn | - | 3.09 Bn |
| 6 | Conocophillips | 165.53 Bn | 138.24 Bn | 12.81 Bn | 1.21 Bn |
| 7 | Equinor Asa | 108.87 Bn | 21.72 Bn | 4.49 Bn | 2.60 Bn |
| 8 | Canadian Natural Resources | 101.39 Bn | 95.29 Bn | 9.35 Bn | 2.10 Bn |
| 9 | Phillips 66 | 97.45 Bn | 81.24 Bn | 10.69 Bn | 398.95 Mn |
| 10 | Suncor Energy | 83.77 Bn | 64.46 Bn | - | 1.22 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 2.97 Bn |
| Jun 30, 2026 | 2.97 Bn |
| Mar 31, 2026 | 2.97 Bn |
| Dec 31, 2025 | 2.97 Bn |
| Sep 30, 2025 | 3.18 Bn |
| Jun 30, 2025 | 3.18 Bn |
| Mar 31, 2025 | 3.18 Bn |
| Dec 31, 2024 | 3.18 Bn |
| Sep 30, 2024 | 3.40 Bn |
| Jun 30, 2024 | 3.40 Bn |
| Mar 31, 2024 | 3.40 Bn |
| Dec 31, 2023 | 3.40 Bn |
| Sep 30, 2023 | 3.71 Bn |
| Jun 30, 2023 | 3.71 Bn |
| Mar 31, 2023 | 3.71 Bn |
| Dec 31, 2022 | 3.71 Bn |
| Sep 30, 2022 | 3.90 Bn |
| Jun 30, 2022 | 3.90 Bn |
| Mar 31, 2022 | 3.90 Bn |
| Dec 31, 2021 | 3.90 Bn |
API Access
Shell Shares Outstanding (Diluted) 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=shares-outstanding-diluted&ticker=SHEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "shares-outstanding-diluted", "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=shares-outstanding-diluted&ticker=SHEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();