TotalEnergies SE (TTENN) Q3 2026 Earnings Report
MX:TTENN Q3 2026 EPS Results
- Actual EPS
- MXN 75.71
- Consensus EPS
- MXN 72.16
- Beat/Miss
- Beat by +MXN 3.55
- One Year Ago EPS
- MXN 33.25
MX:TTENN Q3 2026 Revenue Results
- Actual Revenue
- MXN 1.13T
- Expected Revenue
- MXN 1.04T
- Beat/Miss
- Beat by +MXN 91.24B
- YoY Revenue Growth
- +43.31%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
TotalEnergies SE's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive, with record downstream results, adjusted net income up more than 50% quarter-over-quarter, cash flow up 25%, production growth, strong LNG and power performance, lower gearing, and increased shareholder returns. Management also raised the full-year cash flow outlook and reiterated disciplined capital allocation. The main challenges were geopolitical disruption, elevated freight costs, Qatar and Yamal LNG constraints, a Uganda delay, underlifting, refining-margin uncertainty, and write-offs on some German offshore wind concessions. These issues were explicitly acknowledged but were outweighed by the company's operational and financial performance.
Management expects the impact of the Middle East conflict on production to remain below 5%, with hydrocarbons production in the first quarter, excluding the Middle East impact, expected to grow by more than 3% year-on-year; refining treatments in the fourth quarter at the same level, strong results for gas trading in Q4, LNG performance in the same range for Q4, and an average LNG selling price above $14 per million BTU for the first quarter 2026. Full year 2026 cash flow is expected to be above $42 billion and maybe around even reaching $43 billion, with gearing below 10%; net investment is guided at $15 billion, Integrated Power is expected to generate more than 60 terawatt hour over the year, be net cash positive in 2027, and generate around $3 billion of cash flow for the year, while the company will undertake $2.5 billion of share buybacks in the fourth quarter and $2.5 billion in the first quarter, with share buybacks increasing to $2.5 billion per quarter in the first quarter and in the first quarter 2027.
- Strong Third-Quarter Financial PerformanceAdjusted net income was $9.1 billion, increasing by more than 50% compared with the second quarter. Cash flow from operations was $12.3 billion, up 25% quarter-over-quarter, with return on equity at 19.6% and ROACE at 17.4%.
- Raised Full-Year Cash Flow OutlookFull-year 2026 cash flow from operations is now expected to be above $42 billion and potentially around $43 billion, compared with the previous outlook of $42 billion.
- Upstream Production Growth and Project PipelineHydrocarbons production reached 2.47 million barrels of oil equivalent per day and increased by more than 3% quarter-over-quarter. Excluding the impact of the Middle East conflict, production growth exceeded 4% year-on-year, supported by projects launched since the beginning of 2025. TotalEnergies also took final investment decisions on Cronos in Cyprus, Ima in Nigeria, Umm Shaif Gas Cap in Abu Dhabi, and Absheron Phase Two in Azerbaijan.
- Low-Cost Upstream OperationsAverage upstream operating costs were $4.7 per barrel of oil equivalent, below the guidance of less than $5 per barrel.
- Record Downstream ResultsRefining and chemicals achieved record quarterly results. Refinery throughput increased by nearly 10% quarter-over-quarter, adjusted net operating income reached $3.6 billion, and cash flow reached $3.9 billion. All refineries were described as functioning well, while SATORP returned to nominal capacity at the end of the quarter.
- Historically High Refining MarginsThe European refining margin averaged $33 per barrel, an historically high level and 2.5 times higher than the previous quarter. The margin was supported by the unavailability of Russian refining capacity, disruption to Middle East supply, and global inventories at historical lows.
- Strong Integrated LNG PerformanceIntegrated LNG adjusted net operating income was $1.9 billion and cash flow was $1.7 billion. Results more than doubled compared with the previous quarter, supported by a 20% increase in average LNG prices to $12.3 per million BTU and strong LNG and gas trading performance.
- Positive LNG Outlook for the Fourth QuarterTotalEnergies expects Integrated LNG performance in the fourth quarter to be in the same range as the third quarter. The company anticipates an average LNG selling price above $14 per million BTU for the first quarter 2026 and said current conditions could put the price closer to $15 per million BTU.
- Integrated Power GrowthNet power generation increased 25% year-on-year to 44.3 terawatt hours during the first nine months of 2026, driven by new renewable capacity and the contribution from TTEP assets. TotalEnergies remains on track to generate more than 60 terawatt hours for the year.
- Integrated Power Cash Flow ProgressIntegrated Power cash flow from operations increased 7% quarter-over-quarter to nearly $0.8 billion, supported by a full-quarter contribution from TTEP. The company expects approximately $3 billion of full-year Integrated Power cash flow and said the business is on track to be free-cash-flow positive in 2027.
- Disciplined Investment and DeleveragingNet investment was $3.3 billion in the third quarter, in line with the full-year 2026 net investment guidance of $15 billion. Net debt declined, and gearing improved by four percentage points to 9.1%, already below the 10% level targeted for year-end 2026.
- Shareholder Returns and Dividend GrowthShareholder returns totaled $3.7 billion in the quarter, including $2.2 billion of dividends and $1.5 billion of share buybacks. The third interim dividend was confirmed at EUR 0.90 per share, up 5.99% compared with 2025. The board authorized $2.5 billion of buybacks in the fourth quarter and another $2.5 billion in the first quarter, while reiterating its commitment to return 40% of cash flow to shareholders.
- LNG Portfolio Diversification and Customer SupplyTotalEnergies produces LNG in 11 countries and used the length of its LNG portfolio and available tanker fleet to compensate for lost Qatar volumes without declaring force majeure to its LNG customers. The company said Asian buyers were actively seeking long-term contracts, and it established an LNG marketing joint venture with Kumul Petroleum for 2.4 million tons per year and signed a 1.5 million-ton-per-year LNG offtake agreement.
- Trading and Shipping CapabilitiesOil trading activities outperformed at a level comparable with the previous two quarters. Approximately 40% of equity crude off-take is covered by medium- and long-term charters at fixed rates, and the company said its available tanker fleet supported trading results during the quarter.
- Ratawi and U.S. Gulf Growth InitiativesRatawi production was already above 100,000 barrels per day, with the first gas project starting and the first phase expected to reach 120,000 barrels per day by November. TotalEnergies also said its expanded U.S. Gulf of Mexico acreage with Chevron is part of a broader strategy, with the first joint prospect planned for drilling in 2027.
- Integrated Power Farm-Down TransactionsThe company announced two farm-down transactions to KKR covering almost 2 gigawatts in Europe and the U.S., representing a global value of approximately $3 billion. Proceeds were expected to support the company's net capital expenditure commitment and Integrated Power cash flow.
- Capital Allocation DisciplineManagement said it would not become procyclical because of higher cash flow and would maintain its existing strategy. Potential additional investment areas mentioned included short-cycle upstream projects, additional LNG charter capacity, and selected Middle East pipeline investments tied to security of supply.
MX:TTENN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2026 (Q4) | 69.64- | 32.5 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 72.1675.71 | 33.25 | 127.68% (+42.46) | |
| Jul 23, 2026 | 2026 (Q2) | 49.9750.35 | 29.5 | 70.70% (+20.85) | |
| Apr 29, 2026 | 2026 (Q1) | 41.7646.03 | 34.38 | 33.88% (+11.65) | |
| Feb 11, 2026 | 2025 (Q4) | 32.0732.50 | 35.69 | -8.95% (-3.19) | |
| Oct 30, 2025 | 2025 (Q3) | 33.5933.25 | 32.69 | 1.72% (+0.56) | |
| Jul 24, 2025 | 2025 (Q2) | 30.4329.50 | 37.2 | -20.71% (-7.70) | |
| Apr 30, 2025 | 2025 (Q1) | 34.8534.38 | 40.2 | -14.49% (-5.82) | |
| Feb 05, 2025 | 2024 (Q4) | 34.8335.69 | 40.58 | -12.04% (-4.88) | |
| Oct 31, 2024 | 2024 (Q3) | 34.2132.69 | 49.41 | -33.84% (-16.72) |
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.