Companies /Energy

TotalEnergies SE

NYSE: TTE Oil & Gas Integrated
$86.33
▼ $0.80 (−0.92%) today
Markets closed · 11:19pm ET

Q3 2025 Earnings

Reported Oct 30, 2025, 6:34am ET · SEC source
$1.64
Miss −8.89%
EPS · est. $1.80
$43.8B
Miss −1.14%
Revenue · est. $44.4B
+6.3%
Beating market
TTE vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−1%0+1%+2%Oct 30Oct 31report 6:34am ETearnings−0.5%+1.4%
−1%0+1%+2%Oct 30Oct 31earnings−0.5%+1.4%
TTE +1.4%S&P 500 −0.5%
−1%0+1%+2%Oct 30Oct 31report 6:34am ETearnings−0.7%+1.4%
−1%0+1%+2%Oct 30Oct 31earnings−0.7%+1.4%
TTE +1.4%NASDAQ −0.7%
−2%0+2%+4%Oct 29Nov 7report 6:34am ETearnings−2.3%+1.3%
−2%0+2%+4%Oct 29Nov 7earnings−2.3%+1.3%
TTE +1.3%S&P 500 −2.3%
−3%0+3%Oct 29Nov 7report 6:34am ETearnings−3.6%+1.3%
−3%0+3%Oct 29Nov 7earnings−3.6%+1.3%
TTE +1.3%NASDAQ −3.6%
−0.93%
Day of report
+0.97%
Next session
−0.86%
One week
+6.59%
30 days

S&P 500 over the same 30 days: +0.25%.

Did TTE Beat Earnings? Q3 2025 Results

TotalEnergies fell short of Wall Street expectations in Q3 2025, posting earnings per share of $1.64 against a consensus estimate of $1.80, an 8.89% miss, while revenue of $43.84 billion trailed the $44.35 billion forecast by 1.14% and declined 7.6% year-over-year amid a softer crude price environment. The headline shortfall masked a more nuanced operational picture, as the company's adjusted net income climbed 11% quarter-over-quarter to $3.98 billion, lifted by record hydrocarbon production of 2,508 kboe/d, up 4% annually, and a sharp recovery in European refining margins. A planned turnaround at Ichthys LNG weighed on the Integrated LNG segment, which saw adjusted net operating income fall 18% sequentially to $852 million, acting as a meaningful drag on the quarter. Looking ahead, TotalEnergies expects Q4 production of 2,525 to 2,575 kboe/d and has announced a $7.50 billion cost savings program through 2030, reducing 2026 net capital expenditure guidance to approximately $16 billion, signaling a sharper focus on capital discipline as oil prices trend lower.

Key Takeaways
  • 4% year-on-year hydrocarbon production growth driven by start-ups and ramp-ups (Mero-2/3/4, Anchor, Ballymore, Fenix, Tyra)
  • Accretive impact of new barrels driving E&P adjusted net operating income growth exceeding production growth
  • Sharp improvement in European refining margins (ERM $63/t vs $35.3/t in Q2 and $15.4/t in Q3 2024)
  • Portfolio acquisitions of SapuraOMV in Malaysia and Eagle Ford shale gas assets in Texas
  • 9% quarter-over-quarter increase in net power production to 12.6 TWh from flexible generation in Europe
  • Improved unit margins in Marketing & Services despite lower volumes

Forward Guidance & Outlook

Oil prices are trending downwards amid abundant non-OPEC supply and OPEC+ unwinding voluntary production cuts. European refining margins remain above $50/t at the start of Q4 2025. Forward European gas prices are sustained around $11/Mbtu for Q4 2025 and winter 2025/26. TotalEnergies anticipates an average LNG selling price of $8.5/Mbtu for Q4 2025. Q4 2025 hydrocarbon production is expected between 2,525 and 2,575 Mboe/d, growing over 4% YoY, benefiting from the Ichthys LNG restart. Refinery utilization rate expected between 80-84% in Q4 due to planned turnarounds at Antwerp and SATORP. Full-year net investments expected within $17-17.5 billion guidance. Q4 disposals estimated at $2 billion including Nigeria and Norway E&P divestitures and renewable farm-downs in North America and Greece. Gearing at year-end 2025 expected to be 15-16%. The company announced a $7.5 billion savings program (Capex + Opex) over 2026-2030, reducing net capex guidance to ~$16 billion in 2026 and $15-17 billion/year during 2027-2030. Oil and gas production growth of 3%+ per year targeted through 2030. Integrated Power segment expected to be free cash flow positive by 2028 and achieve 12% ROACE by 2030. Share buyback guidance for 2026 set at $0.75-1.5 billion per quarter at $60-70/b Brent.

TTE YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$20.0B$40.0B$47.4B$43.8BRevenue$2.3B$3.7BNet Income
$0$20.0B$40.0BRevenueNet Income

TTE Revenue by Segment

Refining & Chemicals$28.1B
Marketing & Services$15.7B
Exploration & Production$10.3B
Integrated Power$4.4B
Integrated LNG$3.6B

Figures from SEC filings and company reports. Not investment advice.