Shell reported $6.9 billion in adjusted earnings for the first quarter (Q1) of 2026, a significant increase from $3.3 billion in the previous quarter, according to a statement by the company. This metric reflects the company’s core operational performance by excluding one-time legal items and volatile swings in inventory value.

On a broader operational level, Shell’s adjusted EBITDA, which measures the raw cash-generating power of its assets before taxes and accounting charges, reached $17.7 billion. This exceeded the $12.8 billion recorded in the same period last year, driven by strong trading and optimization.

The company’s cash flow from operations (CFFO), excluding working capital, hit $17.2 billion. However, free cash flow (the cash remaining after paying for all investments) totaled $2.9 billion, down from $4.2 billion in Q1 2025 due to higher inventory-related costs.

Earlier in April, Shell announced operational results for Q4 of 2025, which recorded an upstream production of 1.89 million barrels of oil equivalent per day (mmboe/d) in the fourth quarter (Q4) of 2025, up from 1.859 mmboe/d in the same quarter in 2024.

Shell is one of the world’s largest energy companies, headquartered in the UK. It operates across the full energy value chain, including oil and gas exploration and production, liquified natural gas (LNG), refining, and marketing, while also expanding its portfolio in renewables and low-carbon energy solutions.