Shell Q1 Earnings Up 40% as Brent Crude Hits $95 on Iran Tensions
Shell’s Q1 2026 adjusted earnings rose 40% year-on-year to $7 billion as Brent crude topped $95 a barrel on renewed Iran conflict. Refining margins widened by 18%, driving a $4.3 billion jump in operating cash flow and prompting a 12% dividend increase.
1. Q1 Profit Surge
Shell reported Q1 2026 adjusted earnings of $7 billion, up 40% from the prior year, comfortably beating analyst expectations. Underlying replacement cost profit grew across both upstream and downstream segments, supported by stronger commodity pricing.
2. Iran Conflict Impact
Renewed conflict in Iran propelled Brent crude above $95 per barrel and WTI to similar levels, tightening global supply. Shell’s upstream revenue jumped by over a third as realized prices rose, bolstering overall profitability.
3. Shareholder Returns
Robust operating cash flow, up $4.3 billion year-on-year, enabled Shell to increase its quarterly dividend by 12% and raise share buybacks by 20% versus Q1 2025. Management reaffirmed its target to return at least 60% of free cash flow to investors.