Shell’s Q4 Adjusted Earnings $3.3B, CFFO $9.4B; Banks Lift Price Targets as Brent Tops $107
Shell reported fiscal Q4 2025 adjusted earnings of $3.3 billion and cash flow from operations of $9.4 billion, driving full-year CFFO to $42.9 billion. JPMorgan raised its price target to 3,600 GBp (from 3,400 GBp) and Citi to 2,950 GBp (from 2,700 GBp) as Brent crude topped $107 per barrel.
1. Price Target Hikes
On March 2, JPMorgan lifted Shell’s price target to 3,600 GBp from 3,400 GBp and maintained an Overweight rating. Citi raised its target to 2,950 GBp from 2,700 GBp, reaffirming Neutral and citing strong valuation support for global energy stocks.
2. Q4 2025 Results
For fiscal Q4 2025, Shell reported adjusted earnings of $3.3 billion and cash flow from operations of $9.4 billion, driven by robust performance in Upstream and Integrated Gas despite a lower price environment. Full-year CFFO reached $42.9 billion, reflecting resilient cash generation across its integrated segments.
3. Oil Prices Boost Performance
Brent crude surged above $107 per barrel, up from $84 to $92 over the previous week, enhancing revenue outlook for Shell’s exploration and production activities. The sharp rise in global oil prices underpins stronger near-term margins and cash flows for major oil companies.