This paper is concerned with the local buckling of long thin flat-walled structures, such as integrally stiffened panels or corrugated core sandwich panels, loaded in such a way that the individual flats are in combined uniform longitudinal compression and shear. When buckling occurs the line junctions between adjoining flats remain straight, and the flats are subjected on their long edges to sinusoidally varying edge moments. These produce sinusoidally varying edge rotations which, when shear is present, are in general out of phase with each other and with the moments. Relations between the edge moments and rotations are obtained in terms of two stability functions, one of which is real and the other complex, to take account of phase differences. Explicit expressions are derived for these stability functions and tables are included, giving their values for the case of pure shear.