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Side-by-side financial comparison of IMPERIAL OIL LTD (IMO) and Shell plc (SHEL), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Shell plc is the larger business by last-quarter revenue ($65.4B vs $8.2B, roughly 7.9× IMPERIAL OIL LTD). Shell plc runs the higher net margin — 4.4% vs 5.6%, a 1.2% gap on every dollar of revenue. On growth, IMPERIAL OIL LTD posted the faster year-over-year revenue change (-10.5% vs -12.2%). Over the past eight quarters, IMPERIAL OIL LTD's revenue compounded faster (-4.2% CAGR vs -11.9%).
Imperial Oil Limited is a Canadian petroleum company. It is Canada's second-largest integrated oil company that is also occasionally known as Imperial Esso. It is majority-owned by American oil company ExxonMobil, with a 69.6% ownership stake in the company. It is a producer of crude oil, diluted bitumen, and natural gas. Imperial Oil is one of Canada's major petroleum refiners and petrochemical producers. It supplies Esso-brand service stations.
Shell plc is a British multinational oil and gas company, headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New York Stock Exchange. A core component of Big Oil, Shell is the second largest investor-owned oil and gas company in the world by revenue, and among the world's largest companies out of any industry. Measured by both its own emissions, and the emissions of ...
IMO vs SHEL — Head-to-Head
Income Statement — Q4 2025 vs Q2 2025
| Metric | | |
|---|---|---|
| Revenue | $8.2B | $65.4B |
| Net Profit | $359.2M | $3.6B |
| Gross Margin | — | — |
| Operating Margin | 5.6% | — |
| Net Margin | 4.4% | 5.6% |
| Revenue YoY | -10.5% | -12.2% |
| Net Profit YoY | -59.8% | -0.2% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.8B | — | ||
| Q2 25 | $8.2B | $65.4B | ||
| Q1 25 | $9.1B | $69.2B | ||
| Q4 24 | $9.2B | — | ||
| Q3 24 | $9.7B | — | ||
| Q2 24 | $9.8B | $74.5B | ||
| Q1 24 | $9.0B | $72.5B |
| Q4 25 | $359.2M | — | ||
| Q3 25 | $393.5M | — | ||
| Q2 25 | $692.8M | $3.6B | ||
| Q1 25 | $940.2M | $4.9B | ||
| Q4 24 | $894.3M | — | ||
| Q3 24 | $903.0M | — | ||
| Q2 24 | $827.1M | $3.6B | ||
| Q1 24 | $872.4M | $7.4B |
| Q4 25 | 5.6% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | 11.1% | — | ||
| Q1 25 | 13.5% | — | ||
| Q4 24 | 12.5% | — | ||
| Q3 24 | 12.1% | — | ||
| Q2 24 | 11.1% | — | ||
| Q1 24 | 12.8% | — |
| Q4 25 | 4.4% | — | ||
| Q3 25 | 4.5% | — | ||
| Q2 25 | 8.4% | 5.6% | ||
| Q1 25 | 10.3% | 7.0% | ||
| Q4 24 | 9.7% | — | ||
| Q3 24 | 9.3% | — | ||
| Q2 24 | 8.5% | 4.9% | ||
| Q1 24 | 9.7% | 10.3% |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $833.7M | $32.7B |
| Total DebtLower is stronger | $2.9B | — |
| Stockholders' EquityBook value | $16.2B | $183.1B |
| Total Assets | $30.9B | $387.9B |
| Debt / EquityLower = less leverage | 0.18× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $833.7M | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.7B | $32.7B | ||
| Q1 25 | $1.3B | $35.6B | ||
| Q4 24 | $714.7M | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.5B | $38.1B | ||
| Q1 24 | $858.5M | $39.9B |
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.9B | — | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.9B | — |
| Q4 25 | $16.2B | — | ||
| Q3 25 | $17.3B | — | ||
| Q2 25 | $18.2B | $183.1B | ||
| Q1 25 | $17.8B | — | ||
| Q4 24 | $17.1B | — | ||
| Q3 24 | $17.3B | — | ||
| Q2 24 | $17.5B | $187.2B | ||
| Q1 24 | $16.9B | — |
| Q4 25 | $30.9B | — | ||
| Q3 25 | $31.4B | — | ||
| Q2 25 | $32.2B | $387.9B | ||
| Q1 25 | $32.0B | — | ||
| Q4 24 | $31.3B | — | ||
| Q3 24 | $31.0B | — | ||
| Q2 24 | $32.2B | $394.8B | ||
| Q1 24 | $31.0B | — |
| Q4 25 | 0.18× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.16× | — | ||
| Q1 25 | 0.16× | — | ||
| Q4 24 | 0.17× | — | ||
| Q3 24 | 0.17× | — | ||
| Q2 24 | 0.17× | — | ||
| Q1 24 | 0.17× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.4B | $11.9B |
| Free Cash FlowOCF − Capex | $938.8M | — |
| FCF MarginFCF / Revenue | 11.4% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 5.6% | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 3.90× | 3.28× |
| TTM Free Cash FlowTrailing 4 quarters | $3.4B | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.1B | $11.9B | ||
| Q1 25 | $1.1B | $9.3B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.2B | $13.5B | ||
| Q1 24 | $785.5M | $13.3B |
| Q4 25 | $938.8M | — | ||
| Q3 25 | $944.6M | — | ||
| Q2 25 | $725.6M | — | ||
| Q1 25 | $824.2M | — | ||
| Q4 24 | $997.2M | — | ||
| Q3 24 | $730.7M | — | ||
| Q2 24 | $852.6M | — | ||
| Q1 24 | $422.7M | — |
| Q4 25 | 11.4% | — | ||
| Q3 25 | 10.7% | — | ||
| Q2 25 | 8.8% | — | ||
| Q1 25 | 9.0% | — | ||
| Q4 24 | 10.8% | — | ||
| Q3 24 | 7.5% | — | ||
| Q2 24 | 8.7% | — | ||
| Q1 24 | 4.7% | — |
| Q4 25 | 5.6% | — | ||
| Q3 25 | 4.2% | — | ||
| Q2 25 | 4.2% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 3.4% | — | ||
| Q1 24 | 4.0% | — |
| Q4 25 | 3.90× | — | ||
| Q3 25 | 3.34× | — | ||
| Q2 25 | 1.54× | 3.28× | ||
| Q1 25 | 1.19× | 1.90× | ||
| Q4 24 | 1.46× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.44× | 3.70× | ||
| Q1 24 | 0.90× | 1.79× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
