$96.12+0.51 (+0.53%)
Market open · as of 2:34 PM ET
Shell Plc · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineChoppy: revenue fell 10.2% in FY24, net margin 5.8%.
The lines that matter · FY20–FY24
Revenue ($B)▼10.2%
284.3
FY20→FY24CAGR +12.0%/yr
Net income ($B)▼15.9%
16.5
FY20→FY24CAGR —
Diluted EPS▼11.2%
2.53
buyback-liftedCAGR —
What the receipts whisper · what a headline number hides
Share count
−22.1%
7.8bn → 6.1bn diluted shares since FY20. Part of EPS growth is the shrinking denominator. Watch net income too.
What the income statement says · FY20–FY24
Where every revenue dollar goes · FY24 ($B)
6¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 21.9% → 25.6%. Net margin 5.8% is below the sector median.
The receipt · income statement · FY20–FY24 USD millions except per-share & ratios · hover a line for its definition
| Line item | FY24 | FY23 | FY22 | FY21 | FY20 | YoY | CAGR 20→24 |
|---|---|---|---|---|---|---|---|
| Revenue & profitability | |||||||
Revenue | 284,312.0 | 316,620.0 | 381,314.0 | 261,504.0 | 180,543.0 | ▼10.2% | +12.0% |
Cost of revenue | 211,499.0 | 238,123.0 | 284,006.0 | 198,734.0 | 141,094.0 | ▼11.2% | +10.6% |
Gross profit | 72,813.0 | 78,497.0 | 97,308.0 | 62,770.0 | 39,449.0 | ▼7.2% | +16.6% |
Research & development | 1,099.0 | 1,287.0 | 1,075.0 | 815.0 | 907.0 | ▼14.6% | +4.9% |
Selling, general & admin | 12,439.0 | 13,433.0 | 12,883.0 | 11,328.0 | 9,881.0 | ▼7.4% | +5.9% |
Total operating expenses | 42,821.0 | 47,760.0 | 34,199.0 | 40,487.0 | 64,979.0 | ▼10.3% | −9.9% |
Operating incomefeeds ROC rank | 29,992.0 | 30,737.0 | 63,109.0 | 22,283.0 | −25,530.0 | ▼2.4% | — |
Other income, net | −70.0 | 1,890.0 | 1,706.0 | 7,546.0 | −1,437.0 | — | — |
Pretax income | 29,922.0 | 32,627.0 | 64,815.0 | 29,829.0 | −26,967.0 | ▼8.3% | — |
Income tax | — | 12,991.0 | 21,941.0 | — | −5,433.0 | — | — |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 16,521.0 | 19,636.0 | 42,874.0 | 20,630.0 | −21,534.0 | ▼15.9% | — |
| Per share | |||||||
Diluted EPSbuyback-sensitive | 2.53 | 2.85 | 5.71 | 2.57 | −2.78 | ▼11.2% | — |
Diluted shares (bn) | 6.08 | 6.49 | 6.97 | 7.68 | 7.81 | ▼6.2% | −6.0% |
| Margins | |||||||
Gross margin31st pct in Energy | 25.6% | 24.8% | 25.5% | 24.0% | 21.9% | ▲0.8pp | +3.8pp |
Operating margin | 10.5% | 9.7% | 16.6% | 8.5% | −14.1% | ▲0.8pp | +24.7pp |
Net margin41st pct in Energy | 5.8% | 6.2% | 11.2% | 7.9% | −11.9% | ▼0.4pp | +17.7pp |
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2025-07-02 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.