Analyst Consensus ?
ConsensusBuy13 ratings
Bullish861.5%
Neutral538.5%
Bearish00.0%
Shell plc · SHEL · FY2026 Q2 · Calendar Q3 2026
Shell Q2: Strong operations, maintained guidance, execution risks remain
The supplied analysis supports a constructive operating picture for Shell, led by upstream, LNG and cost improvements. The case still depends on disciplined capital allocation, regulatory approvals and execution across major projects and lower-carbon investments.
Reported Before market openNYSEEnergy
$308.81B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.52
Consensus $3.23
EPS surprise
+9.0%
Reported versus consensus
Reported revenue
$94.66B
Consensus $86.22B
Revenue surprise
+9.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.5%
Event window
SPY move
+1.7%
Same window
Abnormal move
+0.8%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
+0.2%
Up to 20 sessions
SHELSPY benchmark
Ask FN2 about SHEL FY2026 Q2
Transcript, numbers and history already loaded
Why did SHEL rise 2.5% after beating EPS estimates in FY2026 Q2?What changed in SHEL's guidance and outlook in FY2026 Q2?Give me the bull and bear case for SHEL after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, Shell's Q2 profile shifts from anticipated LNG and price-lag support to reported record operational performance, full LNG Canada capacity and $700 million of 2026 cost savings. The ARC Resources acquisition remains a central growth initiative, while guidance and capital-allocation priorities were maintained.
Guidance delta
Management maintained $24–$26 billion of capital-expenditure guidance and described overall guidance as maintained.
Key takeaways
- The supplied analysis describes record operational performance across upstream, downstream and integrated gas.
- LNG Canada reached full capacity within a year and had shipped more than 100 cargoes.
- The cost-reduction programme delivered $700 million of 2026 savings and nearly $6 billion since 2022.
- The ARC Resources acquisition is expected to support liquids and gas growth but remains subject to regulatory approval.
Management priorities
- Deliver cost reductions and portfolio optimisation
- Advance LNG Canada Phase 2 and other project decisions
- Complete the ARC Resources acquisition, subject to approval
- Expand LNG, upstream, trading and optimisation capabilities
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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 Oct 31, 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
- 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
- ABBVFY2026 Q3 · October 30, 2026+2.4% EPS+1.4% move
- GDFY2026 Q3 · October 30, 2026+9.0% EPS+0.5% move
- MGAFY2026 Q3 · October 30, 2026+15.8% EPS-1.4% move
Missed on EPS
- 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
- AMZNFY2026 Q3 · October 29, 2026-4.1% EPS-1.6% move
Get the SHEL recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-30T22:17:05.665452+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-10-31T11:40:39.323138+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T11:40:39.319969+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.