TotalEnergies SE Ordinary Shares
TTE · NYSE
Next quarter
Expected to report Feb 10, 2027 — estimated from last year’s reporting date.
Consensus is $3.66 EPS for Dec 2026 across 4 estimates, ranging $3.14 to $4.50.
TTE Sep 2026
- 1.95%
- $4.11
- $4.03
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- —
Highlights
- Earnings: Adjusted net income rose 51% quarter over quarter to $9.097 billion, while reported net income attributable to TotalEnergies increased to $8.263 billion from $5.438 billion in 2Q26 and $3.683 billion in 3Q25.
- EPS: The supplied consensus comparison shows EPS of $4.03 versus $4.11 expected, a 1.95% miss; the release separately reports fully diluted EPS of $3.66 and adjusted net income of $9.097 billion.
- Refining: Refining & Chemicals adjusted net operating income doubled sequentially to $3.601 billion as the European Refining Margin rose to $33.2/b from $13.5/b in 2Q26 and $8.4/b a year earlier.
- Cash generation: CFFO increased 25% sequentially to $12.255 billion; a $3.1 billion working-capital release helped lift reported operating cash flow to $15.390 billion.
- Balance sheet: Net debt fell to $13.792 billion from $19.710 billion at June 30, and gearing declined to 9.1% from 13.1%.
- Integrated LNG: Adjusted net operating income more than doubled sequentially to $1.885 billion, supported by a 20% rise in the average LNG selling price to $12.28/Mbtu and stronger trading.
- Production: Hydrocarbon output increased 3% sequentially to 2.474 million boe/d as Middle East oil production gradually returned toward normal; output remained about 1% below 3Q25.
- Outlook and returns: TotalEnergies expects 4Q26 LNG prices above $14/Mbtu, confirms roughly $15 billion of net investment for 2026, and repurchased $1.5 billion of shares in the quarter.
Analysis
TotalEnergies delivered a sharply stronger third quarter, although the supplied consensus comparison shows EPS of $4.03 against $4.11 expected, a 1.95% miss. The release reports fully diluted EPS of $3.66. Sales rose 8% sequentially to $66.8 billion, adjusted net income climbed 51% to $9.1 billion, and reported net income attributable to shareholders reached $8.3 billion, up from $5.4 billion in 2Q26 and $3.7 billion in 3Q25. Adjusted EBITDA increased 35% quarter over quarter to $17.8 billion.
The standout drivers were exceptionally strong refining economics and a rebound in LNG earnings: Refining & Chemicals’ adjusted operating income doubled sequentially as the European refining margin reached $33.2/b, while Integrated LNG benefited from higher selling prices and trading. Cash generation was also robust, but reported operating cash flow included a $3.1 billion working-capital release; CFFO was $12.3 billion. The resulting cash supported a fall in net debt to $13.8 billion and gearing to 9.1%. Production recovered sequentially but remained below the year-ago level, with Middle East disruption still a factor. Management expects LNG prices above $14/Mbtu in 4Q26, sees production growth of more than 3% versus 4Q25 excluding conflict impacts, and reaffirmed about $15 billion of 2026 net investment.
Earnings and adjustments
- Adjusted earnings: Adjusted net income was $9.097 billion, up 51% from $6.027 billion in 2Q26 and from $3.980 billion in 3Q25. Adjusted EBITDA rose 35% sequentially to $17.809 billion.
- Reported results: Net income attributable to TotalEnergies was $8.263 billion, versus $5.438 billion in the prior quarter and $3.683 billion a year earlier. The release reports fully diluted EPS of $3.66; the supplied consensus data gives EPS of $4.03 versus $4.11 expected.
- Adjusting items: Adjustments reduced reported net income by $834 million. These included $1.945 billion of impairment charges, notably related to offshore wind and the Hanwha TotalEnergies petrochemical participation, partly offset by inventory and fair-value effects.
Refining and LNG
- Refining & Chemicals: Adjusted net operating income doubled sequentially to $3.601 billion and was up from $687 million in 3Q25. The European Refining Margin reached $33.2/b, 2.5 times the prior-quarter level; throughput rose 9% sequentially to 1.555 million barrels per day as refineries operated well and SATORP progressively returned to normal capacity.
- Integrated LNG: Adjusted net operating income increased to $1.885 billion from $807 million in 2Q26 and $852 million a year earlier. The average LNG selling price rose 20% sequentially to $12.28/Mbtu, while management cited stronger LNG and gas trading amid the Strait of Hormuz conflict and seasonal demand. LNG production for the segment fell 7% sequentially to 511 kboe/d, mainly due to planned maintenance.
- Marketing & Services: Adjusted net operating income was $467 million, down 7% sequentially but up 23% year over year. Higher unit margins more than offset lower volumes; petroleum product sales were down 4% year over year.
Cash and balance sheet
- Cash flow: Operating cash flow was $15.390 billion and CFFO was $12.255 billion, up 25% sequentially. The company reported a $3.1 billion working-capital release, driven notably by higher supplier payables and tax liabilities; CFFO excludes working-capital movements on a replacement-cost basis.
- Investment and net cash flow: Net investments were $3.279 billion, down 5% sequentially. Net cash flow rose to $8.976 billion from $6.357 billion in 2Q26; CFFO less organic investments was $7.466 billion.
- Leverage and shareholder returns: Net debt declined to $13.792 billion from $19.710 billion at June 30, reducing gearing to 9.1% from 13.1%. The company repurchased 17.5 million shares for $1.5 billion during the quarter and set a third 2026 interim dividend of €0.90 per share.
Production and outlook
- Hydrocarbon output: Production rose 3% sequentially to 2.474 million boe/d, reflecting a gradual return to normal oil production in the Middle East. It was about 1% lower than 3Q25; excluding conflict impacts, management said year-over-year production would have grown by more than 4%.
- Fourth quarter: Management expects production growth of more than 3% versus 4Q25 excluding the conflict, whose current production impact is less than 5% of company output. It expects average LNG selling prices above $14/Mbtu, while refinery throughput should be broadly comparable to 3Q26 despite a planned 20-day Normandy turnaround.
- 2026 investment plan: TotalEnergies reaffirmed net investment of around $15 billion for the year; net investments were $11.204 billion through the first nine months.
Integrated Power
- Generation growth: Net power production rose 21% sequentially to 17.9 TWh; nine-month production increased 25% year over year to 44.3 TWh, in line with the company’s stated 60 TWh objective for 2026. The portfolio’s net installed generation capacity reached 33.8 GW, including 21.5 GW of renewables.
- Segment earnings: Adjusted net operating income was $602 million, up 13% sequentially and 5% year over year, with a full-quarter contribution from TTEP. CFFO was $774 million, up 7% sequentially.
- Portfolio charges: The quarter included impairment charges affecting offshore wind within Integrated Power. For the first nine months, the company recorded $1.948 billion of impairment and provision charges in the segment, tied to offshore wind and a strategic review of parts of its renewables portfolio.
