TotalEnergies (TTE) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 results with robust growth in oil, gas, and integrated power, exceeding guidance and preparing for long-term expansion beyond 2030.

• Maintained disciplined capital allocation, low OpEx per barrel, and high reserve replacement rates, with upstream production up 4% and major project advances in Namibia, Brazil, U.S., and Malaysia.

• Integrated power business expanded significantly, with net power production up 20%, major PPAs signed with data centers, and renewable capacity growth.

• Sustainability targets exceeded, with methane emissions reduced by 65% from 2020 and Scope 1+2 CO2 emissions down 38% vs. 2015.

• Dividend for 2025 increased 5.6% in euros, with $7.5B in share buybacks and a payout ratio of 55%.

Financial highlights

• 2025 cash flow from operations reached $28B; adjusted net income was $15.6B; IFRS net income $13.1B.

• Return on equity at 13.6%, ROACE at 12.6%, and total shareholder return at 28% for 2025.

• CapEx for 2025 was $17.1B, with $3.5B allocated to low-carbon energy; net capex at $16.8B organic investments.

• Gearing at year-end was 14.7%, with a target of ~15% for end-2026.

• Shareholder returns included $8.1B in dividends and $7.5B in buybacks.

Outlook and guidance

• 2026 targets: 5% global energy growth, 3% oil & gas growth, >60 TWh electricity net production, and >44 Mt LNG sales.

• CapEx guidance for 2026 set at ~$15B, with $3B for integrated power and flexibility to adjust if oil prices fall.

• Free cash flow expected above $11B at $60/bbl and $10/mmbtu, with dividend break-even at $50/bbl.

• Cash savings program targets $12.5B by 2030, with $2.5B in 2026.

• Buyback guidance for 2026: $3–6B, with flexibility based on oil price.