TTE Q4 Earnings Lag Estimates, Production Ramp-Up Boosts Revenues

TotalEnergies SE TTE reported fourth-quarter 2025 operating earnings of $1.73 (€1.48) per share, which missed the Zacks Consensus Estimate of $1.80 by 3.9%. The bottom line dropped 8.9% from the year-ago figure of $1.9 (€1.78).

2025 adjusted earnings per share were $6.89 (€6.10), down 11% year over year from $7.77 (€7.18) reported in 2024.

TTE’s Total Revenues

Total revenues for the fourth quarter were $45.92 billion, which declined from the year-ago reported figure of $47.1 billion by 2.52%. However, the figure beat the Zacks Consensus Estimate of $36.69 billion by 25.2%.

2025 revenues were $182.3 billion, down 7% from $195.6 billion reported in 2024.

TotalEnergies SE Sponsored ADR Price, Consensus and EPS Surprise

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TTE’s Q4 Production Details

In the fourth quarter, hydrocarbon production averaged 2,545 thousand barrels of oil equivalent per day, up 4.9% year over year. This year-over-year increase was due to contributions from start-ups and the ramp-up of production from existing assets. Contributions from acquired assets also boosted production volumes. 

In the reported quarter, liquid production averaged 1,555 thousand barrels per day, up nearly 7.6% year over year.

Quarterly gas production was 5,381 thousand cubic feet per day, up 1.1% year over year.

TTE’s Realized Price

The quarterly realized price for Brent was down 14.7% to $63.7 per barrel from $74.7 in the year-earlier period. The average realized liquid price was $61.4 per barrel, down 14.5% year over year.

Realized gas prices were down 18.4% year over year to $5.11 per thousand British thermal units (Btu).

Realized LNG prices were down 18.2% year over year to $8.48 per thousand Btu.

Highlights of TTE’s Release

Net power production was 12.6 terawatt hours in the fourth quarter of 2025, up 10.5% year over year. Nearly 64.3% of the power generated came from renewable sources.

Net operating income was $4.63 billion, down 7.2% year over year due to weak contribution from the Exploration & Production, Integrated LNG and Marketing & Services segments.
Interest expenses were $833 million, up 6% from the prior-year period.

In 2025, TotalEnergies acquired assets worth $3.92 billion and sold assets worth $3.65 billion.

TotalEnergies repurchased 23.6 million shares worth $1.5 billion in the fourth quarter and 122.6 million shares worth $7.5 billion in full-year 2025.

TTE’s Segmental Details

Exploration & Production’s operating earnings were $1.8 billion, down 21.7% from $2.3 billion in the year-ago period.

Integrated LNG’s operating income was $0.92 billion, down 35.7% from $1.43 billion in the year-earlier quarter.

Integrated Power’s operating income was $564 million, down 1.9% from $575 million in the year-ago quarter.

Refining & Chemicals’ operating income of $1 billion increased 214.8% from $318 million in the prior-year quarter.

Marketing & Services’ operating income of $341 million dropped 5.8% from $362 million in the fourth quarter of 2024.

TTE’s Financial Update

Cash and cash equivalents as of Dec. 31, 2025, were $26.2 billion compared with $25.84 billion as of Dec. 31, 2024. Gearing, including leases, was 19.7% at the end of the fourth quarter of 2025 compared with 13.8% at the end of fourth-quarter 2024.

Cash flow from operating activities in fourth-quarter 2025 was $10.47 billion, down 16.3% year over year.

TTE’s Guidance

TotalEnergies expects to increase its overall energy production in 2026 by 5% from 2025 levels. 

TTE anticipates investing $15 billion in 2026, including $3 billion for low-carbon energies. The company plans to buy back shares worth up to $750 million in the first quarter and in the range of $3-$4 billion for 2026.

TTE’s Zacks Rank

TotalEnergies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Devon Energy Corporation DVN is slated to report fourth-quarter results on Feb. 17, after market close. The Zacks Consensus Estimate for earnings is pegged at 86 cents per share, which indicates a year-over-year decline of 25.86%. Long-term (three to five years) earnings growth of DVN is currently pegged at 3.28%.

Occidental Petroleum Corporation OXY is slated to report fourth-quarter results on Feb. 18, after market close. The Zacks Consensus Estimate for earnings is pegged at 19 cents per share, which indicates a year-over-year decline of 76.25%. Occidental’s earnings surpassed estimates in each of the trailing four quarters, resulting in an average surprise of 27.8%.

CVR Energy CVI is slated to report fourth-quarter results on Feb. 18, after market close. The Zacks Consensus Estimate for earnings is pegged at 84 cents per share, which indicates a year-over-year decline of 546.2%. CVI’s earnings surpassed estimates in three out of the last four quarters and missed in one, resulting in an average surprise of 7.02%.