Shell plc

For the period ended Dec 31, 2025. Filed Mar 12, 2026.

About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Mar 12, 2026

Use the contents to explore the available documents and sections.

SHEL$99.09-1.0%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Shell plc

(Exact name of registrant as specified in its charter)

England and Wales

(Jurisdiction of incorporation or organization)

(Address of principal executive offices)

Sean Ashley, Company Secretary

Telephone Number:0044-20-7934-1234

E-mail Address: sean.ashley@shell.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Shell

Form 20-F 2025

Securities registered pursuant to Section 12(b) of the Act

Title of Each Class	Trading Symbols	Name of Each Exchange on Which Registered
American Depositary Shares representing two ordinary shareswith a nominal value of €0.07 each	SHEL	New York Stock Exchange
Ordinary shares with a nominal value of €0.07 each		New York Stock Exchange	*
2.5% Guaranteed Notes due 2026	SHEL/26	New York Stock Exchange
2.875% Guaranteed Notes due 2026	SHEL/26A	New York Stock Exchange
3.875% Guaranteed Notes due 2028	SHEL/28	New York Stock Exchange
2.375% Guaranteed Notes due 2029	SHEL/29	New York Stock Exchange
2.375% Guaranteed Notes due 2029	SHEL/29A	New York Stock Exchange
2.75% Guaranteed Notes due 2030	SHEL/30	New York Stock Exchange
2.750% Guaranteed Notes due 2030	SHEL/30A	New York Stock Exchange
4.125% Guaranteed Notes due 2030	SHEL/30B	New York Stock Exchange
Floating Rate Guaranteed Notes due 2030	SHEL/30C	New York Stock Exchange
4.125% Guaranteed Notes due 2035	SHEL/35	New York Stock Exchange
4.125% Guaranteed Notes due 2035	SHEL/35A	New York Stock Exchange
4.750% Guaranteed Notes due 2036	SHEL/36	New York Stock Exchange
6.375% Guaranteed Notes due 2038	SHEL/38	New York Stock Exchange
5.5% Guaranteed Notes due 2040	SHEL/40	New York Stock Exchange
2.875% Guaranteed Notes due 2041	SHEL/41	New York Stock Exchange
3.625% Guaranteed Notes due 2042	SHEL/42	New York Stock Exchange
4.55% Guaranteed Notes due 2043	SHEL/43	New York Stock Exchange
4.550% Guaranteed Notes due 2043	SHEL/43A	New York Stock Exchange
4.375% Guaranteed Notes due 2045	SHEL/45	New York Stock Exchange
4.375% Guaranteed Notes due 2045	SHEL/45A	New York Stock Exchange
3.75% Guaranteed Notes due 2046	SHEL/46	New York Stock Exchange
4.00% Guaranteed Notes due 2046	SHEL/46A	New York Stock Exchange
4.000% Guaranteed Notes due 2046	SHEL/46B	New York Stock Exchange
3.750% Guaranteed Notes due 2046	SHEL/46C	New York Stock Exchange
3.125% Guaranteed Notes due 2049	SHEL/49	New York Stock Exchange
3.25% Guaranteed Notes due 2050	SHEL/50	New York Stock Exchange
3.250% Guaranteed Notes due 2050	SHEL/50A	New York Stock Exchange
3.00% Guaranteed Notes due 2051	SHEL/51	New York Stock Exchange

Not for trading, but only in connection with the registration of the American Depositary Shares issued in respect thereof, pursuant to the requirements of the Securities and Exchange Commission.

Securities registered pursuant to Section 12(g) of the Act: none

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: none

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

Outstanding as of December 31, 2025:

5,689,891,670 ordinary shares with a nominal value of €0.07 each.

Shell

Form 20-F 2025

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.	þ	Yes	☐	No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.	☐	Yes	þ	No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.	þ	Yes	☐	No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).	þ	Yes	☐	No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.

See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

	Large accelerated filer	þ	Accelerated filer	☐	Non-accelerated filer	☐
					Emerging growth company	☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.		☐

† The term "new or revised financial accounting standards" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.		þ
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.		☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).		☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:			U.S. GAAP	☐
International Financial Reporting Standards as issued by the International Accounting Standards Board.	þ		Other	☐
If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.	Item 17	☐		Item 18	☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).		☐	Yes		þ	No

Copies of notices and communications from the Securities and Exchange Commission should be sent to:

Attn:Sean Ashley

Shell

Form 20-F 2025

Cover	1
Cross reference to Form 20-F	8
Terms and abbreviations	10
About this Report	11
Chair's message	13
Chief Executive Officer's review	15
Shell's strategy	17
This is Shell	17
Our strategy	20
Risk factors and risk management	23
Performance in the year	33
Performance indicators	33
More value	35
Group Results	36
Liquidity and capital resources	38
Market overview	42
Integrated Gas	45
Upstream	52
Oil and gas information	61
Marketing	69
Chemicals and Products	74
Renewables and Energy Solutions	81
Corporate	86
Innovation and Technology	87
Less emissions	89
Shell and the energy transition	90
Our climate-related metrics, targets and ambition	104
Other regulatory disclosures	116
Our Foundations	118
Our approach to sustainability	119
Safety	126
Our people	129
Our contribution to society	133
Environment	135
Living by our values	138
The Board of Shell plc	140
Executive Committee	146

Shell

Form 20-F 2025

Board Activities	148
Governance framework	149
Nomination and Succession Committee	154
Sustainability Committee	157
Audit and Risk Committee Report	159
Directors' Remuneration Report	169
Directors' Remuneration Policy	193
Other regulatory and statutory information	200
Report of Independent Registered Public Accounting Firm (ID: 1438)	211
Consolidated Statement of Income	214
Consolidated Statement of Comprehensive Income	214
Consolidated Balance Sheet	215
Consolidated Statement of Changes in Equity	216
Consolidated Statement of Cash Flows	217
Notes to the Consolidated Financial Statements	218
1.Basis of preparation	218
2.Material accounting policies, judgements and estimates	218
3.Changes to IFRS not yet adopted	228
4.Climate change and energy transition	228
5.Emission schemes and related environmental plans	240
6.Capital management	242
7.Segment information	243
8.Operating Revenues	251
9.Interest and other income	252
10.Interest expense	252
11.Goodwill and other Intangible assets	252
12.Property, plant and equipment	253
13.Impairment of property, plant and equipment, goodwill and other intangible assets	255
14.Joint ventures and associates	258
15.Investments in securities	259
16.Trade and other receivables	259
17.Inventories	260
18.Cash and cash equivalents	260
19.Assets held for sale	261
20.Trade and other payables	261
21.Debt	262
22.Leases	264

Shell

Form 20-F 2025

23.Taxation	265
24.Retirement benefits	268
25.Decommissioning and other provisions	275
26.Financial instruments	276
27.Share capital	283
28.Share-based compensation plans and shares held in trust	283
29.Other reserves	284
30.Dividends	286
31.Earnings per share	286
32.Legal proceedings and other contingencies	286
33.Employees	289
34.Directors and Senior Management	289
35.Auditor's remuneration	290
36.Post-balance sheet events	290
Supplementary information – oil and gas (unaudited)	291
Supplementary information – EU Taxonomy disclosure	310
Shareholder information	317
Section 13(r) of the US Securities Exchange Act of 1934 disclosure	322
Non-GAAP measures reconciliations and Operational measures	323
Index to the exhibits	324
Signatures	325
Financial calendar	326

Shell

Form 20-F 2025

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.