经济观察网壳牌于2026年2月5日公布了2025年第四季度及全年财务报告。第四季度调整后利润为32.6亿 美元，同比下降11%，创下自2021年第一季度以来的新低；营收为640.93亿美元，同比小幅下滑3.3%。 全年调整后利润为185.3亿美元，较2024年下降22%。公司同时宣布将第四季度股息上调4%至每股0.372 美元，并启动一项35亿美元的股票回购计划，预计在下次季度业绩公布前完成。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 业绩显示，化工部门在第四季度出现亏损，而天然气和上游业务保持稳定盈利。壳牌预计2026年资本支 出将维持在200亿至220亿美元区间，并继续执行成本削减策略，自2022年底以来累计节约成本51亿美 元。此外，公司在此前的1月8日交易更新中预警，第四季度石油交易业绩"显著恶化"，化工部门面临亏 损。 行业政策与环境 外部环境方面，2025年布伦特原油价格下跌18%，2026年初回升至约68美元/桶，地缘政治事件(如委内 瑞拉局势)可能影响油价波动。壳牌作为全球最大液化天然气交易商，其加拿大液化天然气项目已于 2025年投产，公司预测全球需求到2040年将增长约60 ...

Core Viewpoint - Tapestry, the parent company of Coach and Kate Spade, is facing significant profit headwinds due to increased tariffs, which are expected to cost the company $160 million in the upcoming fiscal year, despite anticipated sales growth [1][2]. Financial Performance - Tapestry expects full-year fiscal 2026 earnings to be between $5.30 and $5.45 per share, which is below analysts' expectations of $5.49 per share [1][3]. - The company projects revenue of approximately $7.2 billion for the fiscal year, indicating low single-digit growth compared to the previous year [3]. Tariff Impact - The CFO highlighted that the company is experiencing greater profit challenges from tariffs than previously anticipated, particularly due to the suspension of the de minimis rule, which previously allowed duty-free entry for items valued at $800 or less [2]. - Tapestry is exploring various strategies to mitigate the impact of tariffs, including diversifying manufacturing locations and improving operational efficiency [5]. Industry Context - Other retailers are also adapting to higher tariff costs by moving manufacturing, raising prices, and focusing on popular items [4]. - Major U.S. retailers, including Walmart, Home Depot, and Target, are expected to report their quarterly earnings soon, which may provide further insights into industry trends [6].