TotalEnergies SE
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.60%.
Did TTE Beat Earnings? Q1 2026 Results
TotalEnergies SE closed out full-year 2025 under clear pressure from a weaker oil price environment, reporting adjusted net income of $15.59 billion, down 15% year-over-year, as Brent crude averaged $69.10 per barrel, a 14% decline from 2024 levels. Adjusted fully-diluted earnings per share fell to $6.89 from $7.77, while IFRS net income slipped 17% to $13.13 billion. The primary drag came from the company's Exploration and Production segment, which posted adjusted net operating income of $8.40 billion, down 16%, though a 4% increase in hydrocarbon production to 2,529 kboe/d provided partial relief. Bright spots included Refining and Chemicals, where improved margins lifted adjusted net operating income 10% to $2.38 billion, and Integrated Power, which grew net electricity production 17% to 48.1 TWh. The board raised the ordinary dividend 5.6% to $3.40 per share, signaling confidence despite the earnings decline. For 2026, the company targets 5% overall energy production growth and expects cash flow from operations above $26.00 billion under a $60 per barrel Brent scenario.
- Accretive hydrocarbon production growth of 4% to 2,529 kboe/d partially offset oil price decline
- Seven major project start-ups and ramp-ups in 2025 (Mero-2, Mero-3, Mero-4 in Brazil, Anchor and Ballymore in US, Fenix in Argentina, Tyra in Denmark)
- Integrated LNG sales volumes grew 10% to 43.9 Mt
- Net electricity production up 17% to 48.1 TWh
- Refining margins improved in second half of 2025, European Refining Margin Marker up 35% year-over-year
- Marketing & Services unit margin improvement offset 5% volume decline
- Operating costs maintained at $5/b
- Methane emissions from operated facilities reduced by 65% versus 2020
“In 2025, in an environment marked by a decline in oil prices, TotalEnergies reaped the benefits of its integrated and balanced multi-energy strategy, combining profitable growth and sustainable development, and for the fourth consecutive year was the most profitable major, with a ROACE of 12.6%, while also being the one investing the most in the energy transition, with nearly $3.5 billion invested in 2025 in low-carbon energies, including nearly $3 billion in electricity.”
TotalEnergies CEO, on the earnings call
Forward Guidance & Outlook
For 2026, TotalEnergies targets 5% overall energy production growth, including 3% oil and gas production growth supported by project ramp-ups and new start-ups (Lapa in Brazil, Ratawi in Iraq, North Field East in Qatar, TFT II & South in Algeria, Tilenga in Uganda). Hydrocarbon production in Q1 2026 is expected above 2.6 Mboe/d. Electricity production is targeted to grow approximately 25% to exceed 60 TWh, partly driven by the expected mid-2026 completion of the EPH acquisition. Under a $60/b Brent, $10/MBtu TTF, and $5/b ERM scenario, the company expects CFFO above $26 billion. Net investments are planned at around $15 billion, including about $3 billion for low-carbon energies. Integrated Power CFFO is expected to exceed $3 billion. LNG sales are expected above 44 Mt with average LNG sales price near $8.5/MBtu in Q1 2026. Refinery utilization is anticipated at approximately 88% in Q1 2026. The company is implementing a multi-year cash-savings plan targeting $12.5 billion over 2026-2030, with $2.5 billion planned for 2026. Gearing is targeted around 15% at year-end 2026. A temporary $2-3 billion increase in working capital requirements is expected in Q1 2026.
TTE YoY Financials
TTE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.