TLDR
- Q4 revenue of $45.93B beat estimates by over 25%.
- EPS of $1.73 missed consensus of $1.80 but topped $1.65 estimate in another report.
- Hydrocarbon production rose nearly 5% YoY to 2.545 Mboe/d.
- Full-year 2025 net income fell 15% as oil prices declined 15%.
- Dividend raised 5.6% to €3.40 per share for 2025.
TotalEnergies SE (TTE) stock traded at $76.74, up $2.11 or 2.83%, as of 12:00:10 PM EST following its fourth-quarter earnings release. The energy major delivered mixed headline results but impressed investors with stronger-than-expected revenue, resilient cash flow, and solid production growth despite lower oil prices.
TotalEnergies SE, TTE
For the quarter ended December 2025, TotalEnergies reported revenue of $45.93 billion, representing a 2.5% year-over-year decline. Still, the figure significantly surpassed the Zacks Consensus Estimate of $36.69 billion, marking a positive surprise of 25.16%. Another estimate placed consensus revenue at $31.45 billion, which the company also exceeded comfortably.
Quarterly earnings per share came in at $1.73, compared to $1.90 a year earlier. Against the $1.80 consensus estimate, EPS reflected a negative surprise of 3.89%. However, compared with another analyst estimate of $1.65, earnings topped expectations.
🚨 $TTE | TotalEnergies SE earnings results 💥
EPS: $1.73 vs. $1.8 est. (-3.89%) ❌
Revenue: $45.92B vs. $32.10B est. (+43.07%) ✅#Earnings #StockMarket pic.twitter.com/pjbYfySTno— FundamentalScope (@ScpFundamental) February 11, 2026
Production Growth Offsets Lower Oil Prices
TotalEnergies generated stable quarterly cash flow of $7.2 billion, even as oil prices fell more than $5 per barrel compared to the previous quarter. Hydrocarbon production reached 2.545 million barrels of oil equivalent per day, up nearly 5% year over year. That production growth helped cushion the impact of weaker commodity pricing.
Gas production totaled 5,381.00 Mcf/D, slightly below the analyst average estimate of 5,389.75 Mcf/D. Liquids production reached 1,555 thousand barrels per day, marginally under the 1,556.03 thousand barrels per day estimate. Combined liquids and gas production came in at 2,545.00 KBOE/D, just shy of the 2,548.60 KBOE/D estimate.
Within the Exploration and Production segment, total hydrocarbon production stood at 2,002.00 KBOE/D, below the 2,029.16 KBOE/D estimate. Liquids production in the segment was 1,485 thousand barrels per day versus expectations of 1,494.56 thousand barrels per day.
Refining And Segment Revenue Performance
Refining metrics showed relative strength. Total refinery throughput reached 1,489 thousand barrels per day, ahead of the 1,416.49 thousand barrels per day estimate. The refinery utilization rate was 84%, topping the projected 82.1%.
Segment revenues also exceeded expectations in several areas. Exploration and Production generated $10.01 billion in operating revenue versus $9.74 billion estimated. Marketing and Services delivered $15.3 billion, surpassing the $14.16 billion estimate. Integrated Power posted $6.58 billion, well above the $5.19 billion forecast. Integrated LNG brought in $4.66 billion, ahead of the $4.42 billion estimate. Corporate revenue came in at $26 million, below the $72.5 million estimate.
Full-Year Performance And Capital Discipline
For full-year 2025, adjusted net income totaled $15.6 billion, down 15% year over year, reflecting the 15% drop in oil prices during the year. Cash flow declined only 7% to $27.8 billion, supported by 3.9% upstream production growth, which exceeded the company’s guidance of above 3%.
CEO Patrick Pouyanné highlighted the company’s resilience, stating that stable cash flow demonstrates its ability to offset lower hydrocarbon prices through accretive upstream growth.
TotalEnergies invested $17.1 billion in 2025. About 37% went toward new oil and gas projects, while around $3.5 billion targeted low-carbon energy initiatives. The company maintained a return on average capital employed of 12.6% for the fourth consecutive year and ended 2025 with a gearing ratio of 15%.
The board proposed a final 2025 dividend of €0.85 per share, bringing the full-year dividend to €3.40 per share, up 5.6% from 2024.
Market Performance And Outlook
Shares of TotalEnergies have gained 13.4% over the past month, outperforming the S&P 500’s 0.3% decline. The stock carries a Zacks Rank #3 (Hold), suggesting it may perform in line with the broader market in the near term.
With production growth, disciplined capital allocation, and strong cash flow, TotalEnergies continues to navigate price volatility while maintaining shareholder returns.
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