Shell annual debt-to-equity ratio
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Shell Debt-to-Equity Ratio Growth & History (SHEL)
Shell's debt-to-equity ratio was 0.60 for fiscal 2025.
View full Shell company overviewShell annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 0.60 | 0.01 | +1.08% |
| 2024 | 2024-12-31 | 0.59 | 0.01 | +1.33% |
| 2023 | 2023-12-31 | 0.59 | 0.00 | +0.07% |
| 2022 | 2022-12-31 | 0.59 | −0.09 | −13.71% |
| 2021 | 2021-12-31 | 0.68 | −0.20 | −22.82% |
| 2020 | 2020-12-31 | 0.88 | 0.20 | +29.03% |
| 2019 | 2019-12-31 | 0.68 | 0.29 | +76.05% |
| 2018 | 2018-12-31 | 0.39 | −0.05 | −12.26% |
| 2017 | 2017-12-31 | 0.44 | −0.05 | −11.04% |
| 2016 | 2016-12-31 | 0.50 | — | — |
Shell quarterly debt-to-equity ratio
Q4.16
Q4.17
Q3.18
Q4.18
Q2.19
Q4.19
Q2.20
Q4.20
Q2.21
Q4.21
Q2.22
Q4.22
Q2.23
Q4.23
Q2.24
Q4.24
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 0.40 | −0.01 | −3.25% |
| Q1 2026 | 2026-03-31 | 0.44 | — | — |
| Q4 2025 | 2025-12-31 | 0.60 | 0.01 | +1.08% |
| Q3 2025 | 2025-09-30 | 0.42 | — | — |
| Q2 2025 | 2025-06-30 | 0.42 | 0.01 | +2.64% |
| Q4 2024 | 2024-12-31 | 0.59 | 0.01 | +1.33% |
| Q2 2024 | 2024-06-30 | 0.41 | −0.04 | −8.11% |
| Q4 2023 | 2023-12-31 | 0.59 | 0.00 | +0.07% |
| Q2 2023 | 2023-06-30 | 0.44 | 0.15 | +50.28% |
| Q4 2022 | 2022-12-31 | 0.59 | −0.09 | −13.71% |
| Q2 2022 | 2022-06-30 | 0.29 | −0.13 | −30.97% |
| Q4 2021 | 2021-12-31 | 0.68 | −0.20 | −22.82% |
| Q2 2021 | 2021-06-30 | 0.43 | −0.24 | −36.08% |
| Q4 2020 | 2020-12-31 | 0.88 | 0.20 | +29.03% |
| Q2 2020 | 2020-06-30 | 0.67 | 0.18 | +36.59% |
| Q4 2019 | 2019-12-31 | 0.68 | 0.29 | +76.05% |
| Q2 2019 | 2019-06-30 | 0.49 | — | — |
| Q4 2018 | 2018-12-31 | 0.39 | −0.05 | −12.26% |
| Q3 2018 | 2018-09-30 | 0.40 | — | — |
| Q4 2017 | 2017-12-31 | 0.44 | −0.05 | −11.04% |
| Q4 2016 | 2016-12-31 | 0.50 | — | — |
Shell debt-to-equity ratio trends
Over the last five fiscal years, Shell's debt-to-equity ratio decreased from 0.88 to 0.60, a change of −0.28. The latest reported quarter, Q2 2026, shows 0.40.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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