TotalEnergies has reported net income of $2.9bn, or $1.30 per diluted share, for the fourth quarter of 2025 (Q4 2025), a 26% decrease compared to $3.9bn, or $1.70 per diluted share, for the same period in 2024.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter was $10.1bn, down around 4% from $10.5bn in Q4 2024.
The company reported net income of $13.1bn, or $5.78 per diluted share, for the full‑year 2025, a 17% decrease compared to $15.7bn, or $6.69 per diluted share, in 2024.
Full‑year adjusted net income declined 15% to $15.6bn in 2025 from $18.3bn in 2024. For the full year 2025, adjusted EBITDA eased 6% to $40.6bn compared with $43.1bn for 2024.
TotalEnergies CEO Patrick Pouyanné said: “With cash flow stable at $7.2bn, 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 $15.6bn and cash flow of $27.8 bn in an environment marked by a decline of 15% in oil prices. IFRS [International Financial Reporting Standards] net income amounted to $13.1bn, 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 $17.1bn in 2025, including 37% for new oil and gas projects and around $3.5bn in low‑carbon energies, of which nearly $3bn in electricity. TotalEnergies ended 2025 with a gearing ratio at 15%, highlighting the company’s solid financial position.”
Looking ahead, TotalEnergies plans to lift overall energy production (oil, gas and power) by around 5% in 2026, targeting 3% oil and gas growth backed by ramp‑ups at projects in Brazil, Iraq, Qatar, Algeria and Uganda.
Under a scenario of $60 per barrel (bbl) of Brent, $10 per million British thermal units TTF (Title Transfer Facility) and $5/bbl ERM (European Refining Margin Marker), the group expects to generate cash flow above $26bn, with integrated liquefied natural gas growth and a forecast 25% increase in electricity output to more than 60 terawatt-hours supporting returns while it pursues a $15bn net investment plan, including around $3bn in low‑carbon energies.
