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TotalEnergies (TTE) investor relations material
TotalEnergies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 delivered strong results with adjusted net income at $4.0 billion, matching the prior year despite a $10/bbl drop in oil prices, and cash flow from operations up 4% year-over-year to $7.1 billion, driven by accretive hydrocarbon production and downstream recovery.
Hydrocarbon production grew over 4% year-over-year, supported by new upstream projects and acquisitions, offsetting natural declines and maintenance.
Downstream segment saw a $500 million cash flow increase and improved refining margins, contributing to higher segment income.
Shareholder returns included a dividend increase (8% in euros, 10% in dollars), an interim dividend of €0.85/share for FY2025 (up 7.6% from 2024), and up to $1.5 billion in buybacks for Q4 2025.
Board approved ADR conversion to ordinary shares, with NYSE listing to begin December 8, 2025.
Financial highlights
Q3 2025 cash flow rose 7% sequentially; adjusted net income up 11% from Q2, with ROE at 14.2% for the trailing 12 months.
Adjusted EBITDA for Q3 2025 was $10.3 billion, up 6% sequentially; adjusted net income per share was $1.77, up 13% from Q2.
Upstream adjusted net income reached $2.2 billion (+10% QoQ), with cash flow at $4 billion (+6% QoQ).
Integrated LNG sales were flat at 10.4 Mt; adjusted net operating income fell 18% QoQ due to planned turnarounds.
Downstream adjusted net operating income was $1.1 billion (+30% QoQ); cash flow $1.7 billion (+11% QoQ).
Outlook and guidance
Upstream production expected to grow over 4% YoY in Q4 2025, with net investments to decrease further.
Gearing forecasted to decline to 15–16% by year-end 2025.
Full-year 2025 net investment guidance reiterated at $17–17.5 billion, with disposals of $2 billion expected in Q4.
Anticipated payout ratio for 2025 remains around 56%.
Refining utilization rate expected between 80–84% in Q4 due to planned turnarounds.
Discuss 4Q25 capital allocation and ADR program changes
Explain Integrated Power portfolio valorization
Assess sustainability of current refining margins
How will NYSE ordinary shares impact trading?
Impact of Russian sanctions on refining margins?
EU sustainability rules: industry response?
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Next TotalEnergies earnings date
Q4 202511 Feb, 2026
Next TotalEnergies earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
TotalEnergies SE engages in the exploration and production of oil, gas, liquefied natural gas, solar energy, biofuels and carbon storage. It operates through the Upstream and Downstream segments. The Upstream segment develops oil and gas assets. The Downstream segment includes refining and marketing operations. The company was founded in 1924 and is headquartered in Paris, France.
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