TotalEnergies SE
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −3.31%.
Did TTE Beat Earnings? Q4 2025 Results
TotalEnergies delivered a mixed fourth quarter for 2025, posting earnings that fell well short of expectations even as revenue held relatively steady. Adjusted EPS came in at $1.30, missing the $1.68 consensus by 22.62%, while revenue of $45.92 billion edged just 0.56% above estimates despite sliding 2.5% from a year earlier. The primary culprit was a sharp drop in crude prices, with Brent averaging $63.70 per barrel in the quarter, down 8% sequentially and well below the $74.70 per barrel recorded in Q4 2024, which squeezed upstream realizations and pushed adjusted net income down to $3.84 billion from $4.41 billion a year prior. Results were further weighed by $700 million in offshore wind impairments within the Integrated Power segment. On a brighter note, Refining and Chemicals adjusted net operating income surged 46% quarter-over-quarter to $1.00 billion, offering a partial offset. Looking ahead, management targets 3% oil and gas production growth in 2026, net investments of roughly $15.00 billion, and cash flow above $26.00 billion at $60 per barrel Brent, while trimming Q1 buybacks to $750 million to preserve balance sheet flexibility amid oil price uncertainty.
- Nearly 4% year-on-year growth in hydrocarbon production driven by project start-ups and ramp-ups
- Strong European refining margins rising 35% year-on-year to $7.1/t
- Renewable capacity growth of 8+ GW year-on-year reaching 34.1 GW gross installed
- LNG sales growth of 10% year-on-year to 43.9 Mt
- Working capital release of $3.8 billion in Q4 2025
- Ichthys LNG restart in Australia driving 13% QoQ LNG production increase
- Active portfolio management with $3.6 billion in divestments for the year
Forward Guidance & Outlook
For 2026, TotalEnergies expects to increase overall energy production (oil, gas, and electricity) by 5%, with oil and gas production growth of 3% and electricity production growth of approximately 25% to exceed 60 TWh. Q1 2026 hydrocarbon production is expected above 2.6 Mboe/d. The company plans net investments of approximately $15 billion, including about $3 billion for low-carbon energies. Under a $60/b Brent, $10/MBtu TTF, $5/b ERM scenario, the company expects to generate cash flow above $26 billion. Gearing is targeted at around 15% at year-end 2026, with a temporary $2-3 billion working capital increase expected in Q1 2026. Refinery utilization is expected around 88% in Q1 2026. LNG sales are expected to exceed 44 Mt in 2026, with average LNG selling price near $8.5/MBtu in Q1 2026. Integrated Power cash flow is expected to exceed $3 billion for investments of $2.5-3 billion. The company is implementing a multi-year cash-savings plan targeting $12.5 billion over 2026-2030, including $2.5 billion in 2026. The EPH acquisition (50% of flexible power generation platform valued at €10.6 billion enterprise value) is expected to close mid-2026, with annual net Capex guidance lowered by $1 billion/year to $14-16 billion for 2026-2030.
TTE YoY Financials
TTE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.