Analyst Consensus ?
ConsensusBuy13 ratings
Bullish861.5%
Neutral538.5%
Bearish00.0%
Shell plc · SHEL · FY2026 Q1 · Calendar Q2 2026
Shell pairs resilient Q1 with ARC-led growth plans
Shell’s Q1 2026 analysis supports a resilient operating picture, with strong cash flow, high refinery utilization, maintained guidance sentiment and continued capital returns. The ARC Resources acquisition and LNG expansion provide growth options, but execution, commodity exposure and geopolitical disruptions remain material constraints.
Reported Before market openNYSEEnergy
$308.81B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.44
Consensus $2.14
EPS surprise
+14.0%
Reported versus consensus
Reported revenue
$69.69B
Consensus $77.54B
Revenue surprise
-10.1%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.4%
Event window
SPY move
-0.3%
Same window
Abnormal move
-3.1%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+1.4%
Up to 20 sessions
SHELSPY benchmark
Ask FN2 about SHEL FY2026 Q1
Transcript, numbers and history already loaded
Why did SHEL fall 3.4% after beating EPS estimates in FY2026 Q1?What changed in SHEL's guidance and outlook in FY2026 Q1?Give me the bull and bear case for SHEL after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Shell added ARC Resources as a growth platform, raised the dividend by 5% and announced a $3 billion share buyback. The quarter also highlighted a Pearl GTL outage, an $11 billion price-related working-capital outflow and muted Integrated Gas margins affected by Qatar outages.
Guidance delta
Guidance sentiment was maintained. Management’s plans include integrating ARC Resources, advancing LNG Canada Phase 2, embedding AI in exploration, pursuing offshore gas monetization in Venezuela and maintaining disciplined capital allocation.
Key takeaways
- Q1 results were described as resilient despite heightened volatility.
- Refinery utilization reached 99% in the supplied analysis.
- ARC Resources adds low-carbon, liquid-rich acreage and is expected to raise projected compound annual production growth to 4% by 2030.
- Price-lag effects and trading optimization were expected to support Integrated Gas in Q2.
- The prior quarter had already emphasized cost reductions, LNG growth and portfolio high-grading; chemicals and reserve life remained concerns.
Management priorities
- Integrate ARC Resources and capture its low-carbon, liquid-rich production.
- Advance LNG Canada Phase 2 and further LNG growth.
- Use AI in exploration and reservoir analysis.
- Pursue offshore gas monetization in Venezuela via Atlantic LNG.
- Maintain disciplined capital allocation through buybacks, dividend growth and selective M&A.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$108.69Current
$79Low
$96.64Average
$122.4High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 30, 2026 |
| TD Cowen | Buy | Buy | Maintain | Sep 28, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Sep 3, 2026 |
| Jefferies | Buy | Buy | Maintain | May 21, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Apr 22, 2026 |
| UBS | Neutral | Buy | Downgrade | Nov 25, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Oct 8, 2025 |
| HSBC | Hold | Buy | Downgrade | Aug 4, 2025 |
| TD Securities | Buy | Buy | Maintain | Mar 19, 2025 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Jan 7, 2025 |
| Argus Research | Buy | Buy | Maintain | Jun 6, 2024 |
| Goldman Sachs | Buy | Neutral | Upgrade | Feb 27, 2023 |
| B of A Securities | Buy | Buy | Maintain | Feb 4, 2022 |
Named analyst price targets
Upside is calculated against the persisted current price $108.69. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Nitin Kumar | $103 | $100.18 | -5.2% | Oct 12, 2026 |
| UBS | Analyst unavailable | $90 | $95.6 | -17.2% | Sep 25, 2026 |
| Morgan Stanley | Martijn Rats | $101.3 | $92.33 | -6.8% | Sep 3, 2026 |
| Piper Sandler | Analyst unavailable | $100 | $92.8 | -8.0% | Sep 3, 2026 |
| Wells Fargo | Analyst unavailable | $105 | $90.51 | -3.4% | Jul 31, 2026 |
| Piper Sandler | Analyst unavailable | $88 | $87.77 | -19.0% | Jul 23, 2026 |
| Mizuho Securities | Analyst unavailable | $98 | $87.32 | -9.8% | Jul 20, 2026 |
| Jefferies | Mark Wilson | $122.4 | $87.81 | +12.6% | May 21, 2026 |
| BNP Paribas | Analyst unavailable | $101 | $91.5 | -7.1% | Apr 17, 2026 |
| Wells Fargo | Analyst unavailable | $94 | $91.09 | -13.5% | Apr 9, 2026 |
| Wells Fargo | Analyst unavailable | $77 | $75.77 | -29.2% | Feb 6, 2026 |
| Piper Sandler | Analyst unavailable | $89 | $74.63 | -18.1% | Feb 6, 2026 |
| Piper Sandler | Analyst unavailable | $92 | $71.54 | -15.4% | Jan 8, 2026 |
| Scotiabank | Analyst unavailable | $91 | $74.24 | -16.3% | Oct 9, 2025 |
| Piper Sandler | Analyst unavailable | $87 | $74.91 | -20.0% | Oct 8, 2025 |
| Piper Sandler | Ryan Todd | $82 | $71.26 | -24.6% | Aug 18, 2025 |
| Wells Fargo | Roger Read | $87 | $73.03 | -20.0% | Mar 26, 2025 |
| Wells Fargo | Roger Read | $88 | $70.23 | -19.0% | Oct 8, 2024 |
| Wells Fargo | Roger Read | $90 | $70.03 | -17.2% | Jun 21, 2024 |
| Argus Research | Bill Selesky | $79 | $69.81 | -27.3% | Jun 6, 2024 |
| Piper Sandler | Ryan Todd | $85 | $71.14 | -21.8% | Apr 18, 2024 |
| Piper Sandler | Ryan Todd | $76 | $65.78 | -30.1% | Mar 14, 2024 |
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Start freeCompany context
Snapshot as of publicationShell plc, a distinguished energy and petrochemical corporation, is headquartered in London, United Kingdom, and was originally founded in 1907. Known as Royal Dutch Shell plc until its name change in January 2022, the company maintains a formidable global presence, conducting operations across Europe, Asia, Oceania, Africa, and both North and South America. Its comprehensive business activities are categorized into several key divisions: Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions. Shell's core operations involve the exploration for and extraction of crude oil, natural gas, and natural gas liquids. Beyond production, the company is deeply involved in the marketing, transportation, and strategic infrastructure development required to deliver these energy resources to consumers. This includes the manufacturing of gas-to-liquids fuels and a variety of other refined products.…
Historical context
All SHEL earningsEnergy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CVX Chevron Corporation | FY2026 Q3 · Calendar Q4 2026 | +8.4% | +1.8% | Chevron posts strong Q3 as production, cash flow and AI value rise |
| XOM Exxonmobil Holdings Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.7% | +2.2% | ExxonMobil Highlights Refining, LNG and Cash Returns in Q3 |
| IMO Imperial Oil Limited | FY2026 Q3 · Calendar Q4 2026 | +6.4% | +5.5% | Imperial Oil: downstream strength and low-carbon growth lead Q3 |
| CCJ Cameco Corporation | FY2026 Q3 · Calendar Q4 2026 | -101.4% | -7.9% | Cameco keeps nuclear-growth thesis intact as Key Lake outage weighs |
| BP BP p.l.c. | FY2026 Q3 · Calendar Q4 2026 | +22.6% | +0.1% | BP Q3: Strong profit, lower debt, safety risks persist |
| FSLR First Solar, Inc. | FY2026 Q3 · Calendar Q4 2026 | +13.5% | -1.4% | First Solar: Margin gains offset lower volume outlook |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the SHEL recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T14:21:32.268107+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-31T23:30:40.833089+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T23:30:40.830381+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-31. For educational purposes only; not investment advice.