The Shadow Company is inseparable from its founder, Phillip Graves. This former member of the US military founded Shadow in 2017 after serving effectively while being relatively dissatisfied with military life. Shadow specializes in high-risk and delicate operations, operating on the ground, in the air or at sea. Graves' networks allow him to recruit highly qualified personnel who are distinguished by their efficiency, but also sometimes by their brutality and aggressiveness. A major turning point in the Shadow's existence comes when Graves comes into contact with General Herschel Shepherd, a tough guy who is not in the habit of encumbering himself with ethical principles to achieve his goals. It is with Shepherd's help that the Shadow will land some of its most lucrative contracts, but also find itself drawn into particularly sinister events.

The Shadow Company initially finds itself involved in the events occurring in the Verdansk region, finding itself de facto fighting Al Qatala and the warlord Victor Zakhaev. The company distinguished itself in particular by an extremely daring assault on the Verdank stadium to capture him, but the operation ended in failure, Zakhaev managing to flee the scene through the underground passages of the metro. Despite this failure, the Shadow Company will no longer cease to be involved in General Shepherd's operations. In June 2022, an operator from the company will fire a cruise missile at the position of Iranian General Ghorbrani who pulverizes the area while also killing several Russian officers present to negotiate an arms sale.

But it was a month later that the Shadow Company definitively fell into illegality by agreeing to clandestinely transport on behalf of General Shepherd a batch of three cruise missiles to allies in the Middle East. Unfortunately, the convoy is intercepted by Konni, a private Russian military company, the operators killed and the missiles stolen. These weapons will subsequently be delivered to Major Hassan Ziyani, linked to the Al Qatala terrorist organization. From then on, Sheperd and his Shadow Company ally will spare no effort to find the stolen missiles and erase all traces of their operation.

The first task is to locate and eliminate Major Zyani who may reveal the link between his missiles, Koni and the Shadow Company and then Sheperd. Initially, General Sheperd associated Shadow Company with Task Force 141, ultimately leading to the capture of the Iranian major in Las Almas, Mexico where he was protected by the local cartel. On this occasion, the Shadow will provide decisive fire support with its AC-130H Spectre which will decimate the cartel troops, allowing the exfiltration of Task Force 141 and their Mexican special forces allies. If the major is released soon after - Task Force 141 does not have the legal authority to bring him back to the United States - he will provide some useful information. The Shadow Company will provide additional assistance in the capture of the leader of the Las Almas Cartel, the infamous El Sin Nombre, who will turn out to be Valeria Garzia who until then had been posing as a simple cartel sicario. Garzia's interrogation will provide the location of Zyani's second missile, on a disused oil platform off the coast of Mexico. A joint assault by Task Force 141 and Shadow Company destroys the second warhead. On this occasion, Phillip Graves himself will participate in the battles, demonstrating that although he has become a business leader, he has lost none of his warrior qualities.

This alliance between Task Force 141 and the Shadow, however, will shatter in the worst possible way. Back at the headquarters of the Mexican special forces, Phillip Graves announces that the premises are now the property of the Shadow and that the Vaqueros present have been arrested. According to him, only Shadow Company is capable of neutralizing Major Hassan Zyani and recovering the last missile still in the wild. In addition, Graves questions the honesty of the Mexican police officers of Las Almas, whom he suspects of helping the Iranian major. The members of Task Force 141 oppose this decision, and a violent altercation breaks out with Graves and his men. A shootout ensued after which Colonel Alejandro Vargas was captured, John MacTavish wounded and Simon "Ghost" Riley managed to escape. While exfiltrating, the two men witness the abuses of Shadow Company operators. Seeking to get their hands on Hassan Zyani, the Shadows sweep through the city, breaking down the doors and assassinating the police officers deemed corrupt. Several innocent civilians (simple passers-by, families of police officers, etc.) were also murdered during this murderous madness.

However, Task Force 141 finds Sergeant Major Rodolfo Parra at the Vaqueros hideout and launches an assault on the Shadow Company's clandestine prison in Las Almas. After a discreet infiltration, the Vaqueros and Colonel Alejandro Vargas are freed. The Shadows counterattack several times to regain control of the prison, but cannot prevent the escape of their prisoners while having suffered heavy losses. In difficulty, the Shadow Company remained under pressure and suffered a second heavy setback shortly after. The now complete Vaqueros and Task Force 141 launch a daring assault on their headquarters (formerly that of the Vaqueros) in order to retake the premises, secure Valeria Garza and liquidate Phillip Graves. At the end of a bloody and grueling battle, the Shadow loses control of the scene while Phillip Graves is given up for dead after the destruction of the tank he had taken command of. The Shadow Company therefore appears very weakened, while General Herschel Shepherd, whose actions have been revealed, is forced to flee to escape arrest.

For several months, the Shadow Company and Shepherd disappear from the landscape while Task Force 141 now begins a fight against the Russian private military company Konni and Vladimir Makarov. However, the difficulties of Task Force 141 facing the power of Konni and the need for General Shepherd to return to favor with American institutions will push for a rapprochement. The fallen general offers information and the power of the Shadow Company in exchange for his rehabilitation. On this occasion, the members of Task Force 141 noted that Phillip Graves was still alive and well. Contrary to what they had thought, he was not on board the tank destroyed in Mexico. Task Force 141 reluctantly agrees, and Shepherd provides them with the location of Konni's financier, Milena Romanova. Under pressure, the oligarch will deliver one of Makarov's hideouts to Saint Petersburg and allow the arrest of one of Konni's commanders. Shortly after, an AC-130H Shadow Specter provided decisive support during the assault on the Konni command post in Urzikstan, which destroyed Vladimir Makarov's chemical arsenal.

Shortly after this return to grace, General Herschel Shepherd and Philllip Graves were questioned by the American Congress on their actions in the Middle East. Shortly after this return to grace, General Herschel Shepherd and Philllip Graves were questioned by the American Congress on their actions in the Middle East. Skillfully maneuvering, Graves manages to dissociate himself from Shepherd's actions and limit his company's involvement as much as possible. On the other hand, it is unknown whether he was brought to account for the Las Almas massacre committed under his command. In any case, it is very likely that the Shadow Company has not finished being asked to provide “services” to the American government.

The Shadow Company is one of the most powerful private military companies in the world, its equipment and weaponry being virtually comparable to that of a regular army. The individual weaponry available to his men includes almost all of what is available in the Modern Warfare universe, with the exception of Russian weapons. Assault rifles, precision rifles, light machine guns, grenade launchers or missile systems, the Shadow has an extremely complete arsenal that allows them to face any circumstance and have the upper hand in the event of a shootout.

But what sets Shadow Company apart the most is its immense fleet of vehicles. In addition to the usual transport vehicles (trucks, jeeps, SUVs or helicopters), the Shadow has combat vehicles such as AH-64 Apache attack helicopters or heavy tanks. However, we do not know if these machines were purchased or if they were loaned - or rented - by the American army with which Shadow often collaborates.

One of Shadow Company's most powerful craft is the AC-130H Spectre. This transport aircraft-based flying artillery is capable of delivering enormous firepower to the ground, capable of breaking any defense. It is one of these machines which will wipe out Konni's forces in Urzikstan during the Battle of the Airport.

The Umbra Catervae inscription on the unit's insignia simply means Shadow Company in Latin.

The Shadow Company seems loosely inspired by the real Blackwater company. They were both founded by a former military man, Phillip Graves and Erik Prince. The massacre committed by the Shadows in Las Almas can also be compared to that in Square Nissour in Iraq committed by Blackwater men in 2007.

Shadow Company was the title of a documentary released in 2006 which addressed the issue of the use of private military companies in modern wars, notably in Iraq and Afghanistan. However, it is impossible to know if this title inspired the teams who worked on the first Modern Warfare 2 released in 2007.