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StocksMediumUpdated×8•Originally published 29 October 2026•Updated 29 October 2026•
1 min read

Shell Third-Quarter Net Profit Hits $10.8 Billion Beating Estimates

Key Facts

1Shell forecast an indicative refining margin of $42 a barrel in the third quarter, compared with $24 a barrel in the second quarter.
2Shell forecast integrated gas production of between 740,000 and 780,000 barrels of oil equivalent per day, including the ARC acquisition completed on September 2, 2026.
3Visible Alpha's preview estimated average Brent at $94 a barrel in the third quarter, compared with $104 a barrel in the second quarter.
4Shell kept its 2026 cash capital expenditure range at between $24 billion and $26 billion, including about $4 billion for the ARC acquisition and related spending.

Shell reported a net profit of $10.8 billion for the third quarter of 2026, surpassing analyst expectations. The company announced an increase in its share buyback program following the strong financial performance during the period.

The results follow an earlier upward revision in the company's indicative refining margin to $42 a barrel, up from $24 in the second quarter. Shell shares closed at $105.19 on October 28, 2026, just prior to the official release which exceeded Visible Alpha's previous downstream net operating income estimate of $4.82 billion.

Latest Updates · 4

  1. Notable·

    Update: Shell's adjusted earnings of $10.8 billion for the third quarter represent the second-highest quarterly profit on record for the company. This historical performance reinforces the company's financial position amid sustained strength in refining margins.

  2. Notable·

    Update: Shell launched a $5 billion share buyback program, including $3 billion on London exchanges and $2 billion in the Netherlands. The program is scheduled for completion before the release of the company's fourth-quarter 2026 results.

  3. Notable·

    Update: Shell specified the value of its new share buyback program at $5 billion on October 29, 2026. The move aims to enhance shareholder returns following the strong cash flows generated during the third quarter.

  4. Notable·

    Update: Shell's quarterly profit nearly doubled compared to the previous year. This growth was driven by refining margins climbing to record high levels during the period.

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