EarningsQ2 2026 Earnings Report
MX:TTENN Q2 2026 EPS Results
Actual EPS$48.67
Consensus EPS$48.31
Beat/MissBeat by +$0.36
One Year Ago EPS$28.51
MX:TTENN Q2 2026 Revenue Results
Actual Revenue$1.00T
Expected Revenue$1.03T
Beat/MissMissed by -$26.63B
YoY Revenue Growth+24.59%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:TTENN Upcoming Earnings
TotalEnergies SE's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive tone: TotalEnergies reported strong operational execution and sizeable cash generation across upstream, downstream and integrated power, exceeded production guidance, deleveraged the balance sheet, and raised shareholder returns. These positives were tempered by meaningful near-term headwinds—notably Middle East-related production and lifting disruptions, a weak Q2 gas trading outcome and regional operational incidents—along with lingering geopolitical and sanctions-related uncertainties. On balance the company demonstrated resilience and optionality, with highlights substantially outweighing the lowlights.Company Guidance
Very strong quarterly cash generation
Second quarter cash flow of $9.8 billion, representing an almost 15% increase versus Q1; company generated roughly $10 billion of cash in the quarter.
Robust adjusted net income
Adjusted net income increased to $6.0 billion in Q2 '26, contributing to the strongest results since end-2022.
Upstream production growth above guidance
Underlying hydrocarbons production rose over 4% year-on-year, exceeding the annual guidance of 3% and partly offsetting Middle East disruptions; E&P adjusted net operating income was $3.2 billion (up 25% Q/Q) and E&P cash flow reached $5.8 billion (up 27% Q/Q).
Excellent downstream and marketing performance
Refining & Chemicals adjusted net operating income reached $1.8 billion (up $200 million Q/Q) with cash flow of $2.0 billion; Marketing & Services delivered its best quarter in at least a decade with adjusted net operating income of $500 million (up 21% YoY) and cash flow close to $850 million (up 19% YoY).
Integrated power momentum
Integrated Power net generation rose 28% YoY to 14.8 TWh; cash flow from Integrated Power increased ~25% with >$700 million contributed in the quarter (EPH contribution aligned with expectation).
Deleveraging and stronger balance sheet
Net debt reduced by $3.3 billion in the quarter and working capital released by $1.2 billion; gearing improved by ~2.4 percentage points to ~13% (13.1%).
Shareholder returns increased
Interim quarterly dividend increased by 5.9% to €0.90 per share; buybacks raised to $1.5 billion in Q2 with Board authorization for an additional $1.5 billion in Q3.
Disciplined capex and confirmed guidance
Net investments of $3.4 billion in Q2; full-year 2026 net investment guidance reaffirmed at $15 billion while maintaining disciplined capital allocation.
Operational milestones and project progress
Startup of Energía Costa Azul (ECA) LNG with first cargo loaded and shifted to Asia; Uganda (Kingfisher/Tilenga) ramping toward production (Kingfisher near start, full plateau expected by mid-2027); Suriname FPSO construction ~40% complete with first production targeted H1 2028; positive progress on Papua and Mozambique LNG projects.
Strong commodity and refining environment captured
Brent averaged $104/bbl in Q2 (vs $81 in Q1, +$23 or >25%); average LNG price ~$10.2/MMBtu (noted +20%); European TTF averaged $15.6/MMBtu; European refining margins increased by ~$13.5/bbl Q/Q; management cited integrated margins around ~$130/barrel on peak days and strong July margins (~$31/bbl 30-day average, higher on peak days).
MX:TTENN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed