Shell plc
Close on Nov 2, 2026Market cap $298.55BP/E –Yield –
Shell Underlying Operating Expenses: $17,026M in FY2026, down 51.4% from a year earlier. That is the lowest of the 10 years on record here.
Where the FY2026 figure comes from
Source: Shell Q2 2026 Quarterly Databook (Excel) ↗
Underlying operating expenses (excluding identified items) and progress toward the Structural Cost Reduction target relative to the 2022 baseline.
Annual history
Hover a value to see the sentence it was read from; calculated values show their formula
| Period | Ended | Underlying Operating Expenses ($M) ($M) | Year on year | Source |
|---|---|---|---|---|
| FY2026 | Dec 31, 2026 | 17,026 | -51.4% | Shell Q2 2026 Quarterly Databook (Excel) ↗ |
| FY2025 | Dec 31, 2025 | 35,032 | -1.9% | Shell Q2 2026 Quarterly Databook (Excel) ↗ |
| FY2024 | Dec 31, 2024 | 35,707 | -8.9% | Shell Q2 2026 Quarterly Databook (Excel) ↗ |
| FY2023 | Dec 31, 2023 | 39,201 | -0.6% | Shell Q2 2026 Quarterly Databook (Excel) ↗ |
| FY2022 | Dec 31, 2022 | 39,456 | +11.7% | Shell Q2 2026 Quarterly Databook (Excel) ↗ |
| FY2021 | Dec 31, 2021 | 35,309 | +8.6% | Shell Q2 2026 Quarterly Databook (Excel) ↗ |
| FY2020 | Dec 31, 2020 | 32,502 | -12.1% | Shell Q4 2020 Quarterly Databook (Excel) ↗ |
| FY2019 | Dec 31, 2019 | 36,993 | -5.2% | Shell Q4 2020 Quarterly Databook (Excel) ↗ |
| FY2018 | Dec 31, 2018 | 39,025 | +3.9% | Shell Q4 2020 Quarterly Databook (Excel) ↗ |
| FY2017 | Dec 31, 2017 | 37,556 | – | Shell Q4 2020 Quarterly Databook (Excel) ↗ |
Breakdown
What makes up underlying Operating Expenses
Cite this data
StockData. (2026). Shell Underlying Operating Expenses ($M), annual FY2017–FY2026 [Data set]. Compiled from Shell SEC filings and investor materials. https://stockdatahq.com/stocks/shel/kpis/shell-underlying-opex
See every metric in the Shell KPI table. Data updated Oct 25, 2026.