TotalEnergies Posts Adjusted Profit of $9.1 Billion and Operating Cash Flow of $12.3 Billion
Key Facts
TotalEnergies reported third-quarter results on October 29, posting adjusted net income of $9.1 billion, up 51% from the second quarter, and cash flow from operations excluding working capital of $12.3 billion, up 25% quarter on quarter. The results also showed net income attributable to the company of $8.3 billion for the period. These figures point to improved adjusted earnings and operating liquidity in the quarter, while differing from accounting net income. In the first nine months of 2026, adjusted net income was $20.5 billion, up 75% year on year. Operating cash flow for the same period reached $30.6 billion, up 48% from the first nine months of the previous year.
The improvement extended to adjusted earnings per share, with fully diluted earnings of $4.03 in the third quarter, up 51% from the previous quarter. Adjusted earnings per share were $9.19 in the first nine months, up 78% year on year. The quarterly increase in earnings per share matched the growth in adjusted net income, while its year-to-date growth exceeded the increase in adjusted income for the same period. These indicators place the stock's financial performance within a broader picture of earnings and operating-liquidity growth over the year. The company made its third-quarter results statement available on October 29 at 07:00 London time, according to its financial calendar.
Refining margins were among the key operating indicators ahead of the results announcement; the company had forecast a European refining margin of $33.2 per barrel in the third quarter. The margin was $13.5 in the second quarter and $8.4 a year earlier, according to data Reuters reported from the company. The widening gap between periods reflects a significant improvement in the refining environment, which Reuters cited as one factor behind expectations for a sharp rise in earnings. In its earlier outlook, the company also attributed stronger performance to energy prices and refining margins, while those forecasts should not be confused with the results figures reported later. The growth in operating cash flow in the reported results provided a separate measure of converting market conditions into cash.
The pre-announcement outlook included an estimate that hydrocarbon production could reach 2.5 million barrels of oil equivalent per day in the third quarter. The company estimated the impact of the Iran war on upstream production at about 125,000 barrels of oil equivalent per day, equivalent to 5% of that level, compared with an impact of 210,000 barrels per day in the second quarter, according to Reuters. The estimate sets regional operating pressure alongside the improved margins that supported earnings expectations. These figures remain estimates made before the results were released, while the company subsequently reported quarterly income and cash-flow figures. On the balance sheet, a results-coverage summary reported a gearing ratio of 9.1%, indicating the level of leverage at quarter-end.
On shareholder returns, TotalEnergies set the second interim dividend for 2026 at 0.90 euros per share, equal to the first interim dividend, according to the earlier results disclosure filed with the U.S. Securities and Exchange Commission. The ex-dividend date is scheduled for December 31, 2026, with payment in cash on January 5, 2027. The company's shares closed at $92.88 on October 28, the eve of the results announcement, according to EL7 data. A Reuters report on trading on October 15 also noted that the shares rose 0.7% to 80.7 euros in early trading, as the European energy sector fell 1.3%; the stock was up about 45.2% year to date at that point. That move dates to a period before the announcement and does not represent the market's response to the October 29 results.
The company's calendar set February 10, 2027, as the date for announcing fourth-quarter and full-year 2026 results, with a results presentation on October 29 from 1:00 to 2:30 p.m. London time. The calendar also includes the announcement of first-quarter 2027 results on April 23 and the annual shareholders' meeting on May 21. These are the next announced milestones for investors following the third-quarter results. The second 2026 dividend comes ahead of them, with its ex-dividend date at the end of December and payment scheduled for early January.