- TotalEnergies generates stable cash flow of $7.2 billion in the 4th quarter, despite a drop of more than $5/b in oil prices
- In 2025, TotalEnergies reports adjusted net income of $15.6 bn, down 15% year-on-year reflecting oil price decrease while cash flow of nearly $28 bn decreased by only 7% year-on-year, benefiting from the accretive growth of its production
- Return on average capital employed of 12.6%, the best among the majors for the fourth consecutive year 15% gearing at year-end 2025 Dividend for 2025 at €3.40 per share, up 5.6%
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on February 10, 2026, to approve the 4th quarter 2025 financial statements. On the occasion, Patrick Pouyanné said:
'With cash flow stable at $7.2 billion, TotalEnergies once again demonstrates its ability to offset lower hydrocarbon prices thanks to accretive growth in its Upstream production of 3.9% in 2025, exceeding the guidance of above 3%.
For the year 2025, the Company reported adjusted net income of $15.6 billion and cash flow of $27.8 billion in an environment marked by a decline of 15% in oil prices. IFRS net income amounted to $13.1 billion, down 17%. Return on average capital employed stood at 12.6%, the best among the majors for the fourth consecutive year. TotalEnergies continued to implement its balanced, disciplined growth strategy by investing $17.1 billion in 2025, including 37% for new Oil & Gas projects and around $3.5 billion in low-carbon energies, of which nearly $3 billion in electricity. TotalEnergies ended 2025 with a gearing ratio at 15%, highlighting the Company’s solid financial position.
Fourth-quarter Oil & Gas production reached 2.545 Mboe/d, up nearly 5% year-on-year. Exploration & Production delivered adjusted net operating income of $1.8 billion and cash flow of $3.6 billion in the quarter.
For the year 2025, Exploration & Production generated adjusted net operating income of $8.4 billion and cash flow of $15.6 billion. In 2025, TotalEnergies’ production growth benefited from the start-up and ramp-up of seven major projects (Mero-2, Mero-3 and Mero-4 in Brazil, Anchor and Ballymore in the United States, Fenix in Argentina and Tyra in Denmark). Accretive upstream production growth helped offset $5/b of the $11/b price decline recorded over the year. The Company maintained operating costs at $5/b in 2025 and continued to reduce operated methane emissions by over 20% during the year.
With a reserve replacement rate of 116% in 2025, TotalEnergies maintains proven reserves life above 12 years, while continuing to build its future project portfolio. The Company signed an agreement with Galp to acquire a 40% operated interest in the prolific PEL83 license, which includes the Mopane discovery. It also expanded its exploration portfolio by entering new licenses in Algeria, the United States, Nigeria, Malaysia, Indonesia, Guyana and Liberia. TotalEnergies pursued active management of its upstream portfolio, notably signing an agreement to merge its mature UK North Sea assets with NEO NEXT and selling interests in non-operated projects in Nigeria and Brazil.
Adjusted net operating income and cash flow for the Integrated LNG segment are stable compared to the third quarter of 2025, reaching $0.9 billion and $1.2 billion respectively. These results were supported by higher production (restart of Ichthys LNG) and LNG sales, offsetting a 5% decline in average LNG sales prices during the quarter. For full-year 2025, Integrated LNG generated adjusted net operating income of $4.1 billion and cash flow of $4.7 billion. The Company continued to strengthen its integration along the US LNG value chain with the investment decision for Train 4 of the Rio Grande LNG project, including the purchase of 1.5 Mt/year of LNG and the acquisition of new upstream gas interests in the Anadarko Basin.
In the fourth quarter, Integrated Power confirmed the strong performance of previous quarters with adjusted net operating income of $564 million and much higher cash flow of $788 million. For 2025, cash flow amounted to $2.6 billion, in line with the announced target. Return on average capital employed stood at 10%. Net electricity production reached 48 TWh, up 17% year-on-year, helping reduce the average carbon intensity of all energy products sold to customers (-18.5% versus 2015). To accelerate its gas-to-power integration strategy in Europe, TotalEnergies signed an agreement with EPH to acquire 50% of a portfolio of flexible power generation assets with more than 14 GW of gross capacity. In 2025, TotalEnergies also recycled $2 billion of capital by selling 50% of a 2.7 GW gross capacity portfolio (United States, Portugal, Greece, France), in line with its renewables business model.
Downstream delivered adjusted net operating income of $1.3 billion, up 26% in the quarter, and cash flow of $2.0 billion, up 19%, driven by more than a 30% increase in European refining margins. For 2025, Downstream adjusted net operating income reached $3.8 billion and cash flow $6.2 billion, with Refining & Chemicals capturing the margin improvement in the second half of the year and Marketing & Services benefiting from continued increases in unit margins.
Given the Company’s strong cash-flow generation and solid balance sheet despite uncertain environment, the Board of Directors will propose to the Annual Shareholders’ Meeting on May 29, 2026, the distribution of a final 2025 dividend of €0.85/share, bringing the full-year 2025 dividend to €3.40/share, up 5.6% from the 2024 dividend, reflecting the share buybacks executed in 2025 ($7.5 billion for a 55% payout). The Board also confirmed the 2026 share-buyback guidance of $3 billion to $6 billion for an oil price between $60 and $70/b and an exchange rate around $1.20/€. Considering the uncertain price environment, it authorized $750 million of buybacks in the first quarter 2026, consistent with the budget assumption ($60/b), thereby preserving the flexibility to adjust the level of buybacks during 2026 depending on price developments.'
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Source: TotalEnergies
