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Sep 30, 2025
TotalEnergies Q3 2025 Earnings Report
TotalEnergies reported solid third quarter results in Q3 2025 with adjusted net income of $4.0 billion and strong operational cash flow of $7.1 billion, despite lower oil prices.
Key Takeaways
TotalEnergies delivered stable profitability in Q3 2025, supported by increased hydrocarbon production, improved downstream margins, and solid performance across its business segments.
Adjusted net income reached $4.0 billion, on par with the prior year quarter.
Cash flow from operations excluding working capital rose to $7.1 billion.
Hydrocarbon production increased by 4% year-over-year to 2,508 kboe/d.
Downstream performance improved due to strong refining margins in Europe.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
TotalEnergies expects Q4 2025 production to rise above Q4 2024, with continued asset divestments, stable refining margins, and LNG pricing remaining firm.
Positive Outlook
- Hydrocarbon production expected to exceed Q4 2024 levels.
- Refining margins in Q4 remain strong, above $50/t.
- LNG average selling price guided at $8.5/Mbtu.
- Estimated Q4 divestments of ~$2 billion.
- Anticipated gearing improvement to 15–16% by year-end.
Challenges Ahead
- Planned turnarounds at Antwerp and SATORP may affect utilization rates.
- Macroeconomic and geopolitical uncertainties persist.
- Oil prices under pressure from non-OPEC supply increases.
- Reduced contribution expected from Ichthys LNG due to Q3 maintenance recovery.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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