Shell annual net debt
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Shell Net Debt Growth & History (SHEL)
Shell's net debt was $74.36B for fiscal 2025.
View full Shell company overviewShell annual net debt history
| Fiscal year | Period ended | Net debt | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | $74.36B | $7.69B | +11.53% |
| 2024 | 2024-12-31 | $66.67B | −$3.81B | −5.40% |
| 2023 | 2023-12-31 | $70.48B | −$716.0M | −1.01% |
| 2022 | 2022-12-31 | $71.19B | −$8.43B | −10.59% |
| 2021 | 2021-12-31 | $79.62B | −$24.98B | −23.88% |
| 2020 | 2020-12-31 | $104.60B | −$4.30B | −3.95% |
| 2019 | 2019-12-31 | $108.91B | $58.82B | +117.45% |
| 2018 | 2018-12-31 | $50.08B | −$15.27B | −23.37% |
| 2017 | 2017-12-31 | $65.35B | −$7.99B | −10.90% |
| 2016 | 2016-12-31 | $73.35B | — | — |
Shell quarterly net debt
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 | Net debt | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $41.70B | −$1.29B | −3.00% |
| Q1 2026 | 2026-03-31 | $52.53B | — | — |
| Q4 2025 | 2025-12-31 | $74.36B | $7.69B | +11.53% |
| Q3 2025 | 2025-09-30 | $40.92B | — | — |
| Q2 2025 | 2025-06-30 | $42.99B | $5.67B | +15.20% |
| Q4 2024 | 2024-12-31 | $66.67B | −$3.81B | −5.40% |
| Q2 2024 | 2024-06-30 | $37.32B | −$1.95B | −4.97% |
| Q4 2023 | 2023-12-31 | $70.48B | −$716.0M | −1.01% |
| Q2 2023 | 2023-06-30 | $39.27B | $22.09B | +128.56% |
| Q4 2022 | 2022-12-31 | $71.19B | −$8.43B | −10.59% |
| Q2 2022 | 2022-06-30 | $17.18B | −$20.45B | −54.34% |
| Q4 2021 | 2021-12-31 | $79.62B | −$24.98B | −23.88% |
| Q2 2021 | 2021-06-30 | $37.63B | −$39.42B | −51.16% |
| Q4 2020 | 2020-12-31 | $104.60B | −$4.30B | −3.95% |
| Q2 2020 | 2020-06-30 | $77.05B | $1.48B | +1.95% |
| Q4 2019 | 2019-12-31 | $108.91B | $58.82B | +117.45% |
| Q2 2019 | 2019-06-30 | $75.58B | — | — |
| Q4 2018 | 2018-12-31 | $50.08B | −$15.27B | −23.37% |
| Q3 2018 | 2018-09-30 | $59.27B | — | — |
| Q4 2017 | 2017-12-31 | $65.35B | — | — |
Shell net debt trends
Over the last five fiscal years, Shell's net debt decreased from $104.60B to $74.36B, a change of −$30.24B. The latest reported quarter, Q2 2026, shows $41.70B.
About the metric
What net debt means
Net debt compares a company’s interest-bearing debt with its cash and cash equivalents. Positive net debt means debt exceeds cash, while a negative value indicates the company has more cash than debt on this measure.
Calculation and source
How net debt is calculated
TickerStat calculates net debt as total interest-bearing debt minus cash and cash equivalents at the same reporting-period end. Short-term investments are not subtracted because they are not included in the standardized cash series. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Shell source filings ↗Community posts
Constellation agrees to buy Shell’s Rhode Island power plant for $715 million
Constellation ($CEG) agreed to acquire the Rhode Island State Energy Center from Shell ($SHEL) for $715 million. The 609-megawatt combined-cycle natural-gas plant is located in Johnston, Rhode Island. Constellation estimates that first-year ...