Company profile
SEC EDGAR ↗- Industry
- Crude Petroleum & Natural Gas
- Listed
- NYSE: SHEL
- Incorporated
- DC
- Headquarters
- London
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $266.9B
- Net income
- $18.1B
- Total assets
- $370.4B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $266.9B | $18.1B | $370.4B |
| FY2024 | $284.3B | $16.5B | $387.6B |
| FY2023 | $316.6B | $19.6B | $406.3B |
| FY2022 | $381.3B | $42.9B | $443.0B |
| FY2021 | $261.5B | $20.6B | $404.4B |
| FY2020 | $180.5B | −$21.5B | $379.3B |
Reported fiscal years from SEC filings (20-F) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
One verified Decision Record on Shell, and the casebook each one belongs to.
| Fork date | Decision type | What Shell chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2024 | Cannibalization Choice | Prune targets, grow LNG | adjusted earnings of $18.5 billion driven by LNG growth and portfolio optimization (2025) | Read the story → | Cannibalization Choice Casebook → |
Run one of these yourself
The decisions Shell faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
The analyses
The Cannibalization Choice · Growth & Portfolio
Shell's Green Disruption Was a Press Release — Oil Drew More Than 5x the Capital
Shell is praised for cannibalizing oil to fund renewables. The numbers say the opposite: in 2023 oil and gas drew more than 5x the capital of low-carbon, the green segment lost over $1 billion in 2024, and Shell quit leading offshore wind. The disruption was a press release.
8 min
The Cannibalization Choice · Growth & Portfolio
Shell Scaled Back Its Climate Targets After One Segment Lost $1.2 Billion in a Quarter
Shell scrapped its 2035 carbon target and softened its 2030 goal — and the world called it a betrayal. But one segment lost $1.2 billion in a single quarter while LNG printed cash. This was capital allocation, not climate cowardice.
8 min
The Crisis Response · Crisis & Reinvention
Shell Sold the Oil Fields. It Couldn't Sell the Lawsuits.
In March 2025 Shell exited onshore Niger Delta oil — but a UK judge ruled in June 2025 it can still be liable for legacy pollution, with trial set for 2027. A separate Dutch climate case is still live at the Supreme Court. Shell bought the exit, not the closure.
8 min