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Dec 31, 2025
TotalEnergies Q4 2025 Earnings Report
TotalEnergies reported lower fourth quarter 2025 earnings year over year but maintained strong cash flow generation despite lower oil prices.
Key Takeaways
TotalEnergies generated $50624000000 in sales and $2906000000 in net income in Q4 2025. Adjusted net income reached $3837000000 and adjusted EBITDA totaled $10066000000, supported by resilient downstream and integrated power performance while oil prices declined.
Sales were $50624000000 in Q4 2025.
Net income (TotalEnergies share) was $2906000000, with adjusted net income of $3837000000.
Adjusted EBITDA reached $10066000000.
Cash flow from operations excluding working capital was $7168000000.
Revenue by Segment
Forward Guidance
TotalEnergies confirmed continued shareholder returns with dividend growth and 2026 share buyback guidance, maintaining financial discipline amid oil price uncertainty.
Positive Outlook
- 2025 dividend increased to €3.40 per share.
- 2026 share buyback guidance set between $3000000000 and $6000000000.
- Strong balance sheet with 15% gearing.
- Disciplined capital allocation strategy.
- Resilient cash flow generation despite lower oil prices.
Challenges Ahead
- Adjusted net income declined year over year.
- Oil prices fell more than $5/b in the quarter.
- Impairments of $700000000 impacted results.
- Inventory valuation effects reduced earnings.
- Exposure to commodity price volatility remains high.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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