Shell's Quarterly Adjusted Earnings Nearly Double to $10.81 Billion

Shell reported $10.81 billion in adjusted earnings for the third quarter of 2026, nearly double the $5.43 billion reported a year earlier, as stronger refining margins lifted the energy group's results.

The figures were released October 29. Shell's adjusted-earnings measure differs from its income attributable to shareholders, which was $12.1 billion for the quarter. The two figures should not be treated as interchangeable profit measures.

Shell reported a global indicative refining margin of $42 a barrel. The measure offers a benchmark for refining conditions, rather than the profit earned on every barrel processed at each individual refinery.

The company also announced a $5 billion share-buyback program for the next three months. Chief Executive Wael Sawan said the results allowed Shell to continue returning cash to shareholders.

(The featured photograph is a file image of a Shell service station and was not taken for the October 29 earnings announcement.)