TotalEnergies Q4 2025 Performance: Refining Profits Surge but Overall Net Profit Declines

TotalEnergies (TTE.US) released its Q4 2025 earnings report on February 11, 2026. The report shows that the company’s adjusted net profit was $3.8 billion, down 13% year-over-year, slightly below market expectations. Refining and chemicals profits surged 215% year-over-year to $1 billion, mainly due to rising European refining margins. However, exploration profits declined due to falling oil prices. The company announced a reduction in its stock buyback program for Q1 2026, while dividends remained stable.

Performance Overview

Adjusted net profit was $3.8 billion, down 13% year-over-year, slightly below analyst consensus of $3.9 billion. Refining and chemicals profits reached $1 billion, a 215% increase, primarily driven by higher European refining margins. Oil and gas production increased 5% year-over-year, but exploration profits fell 21.6% to $1.8 billion, impacted by a 15% decline in Brent crude prices and an 18% drop in liquefied natural gas prices.

Financial Movements

In Q1 2026, the company plans to repurchase $750 million worth of shares, a 50% decrease from the $1.5 billion repurchased in Q4 2025, at the lower end of previous guidance. Quarterly dividends remain at €0.85 per share, unchanged.

Financial Position

The company emphasizes cash flow improvement through asset disposals, but debt pressure remains. As of the end of Q3 2025, net debt stood at $24.6 billion, with a leverage ratio of 17.3%. The 2026 budget is based on a conservative Brent crude oil price of $60 per barrel and may be adjusted according to oil price fluctuations.

Industry Sector Overview

TotalEnergies is the last major European oil and gas producer to report quarterly results. Previously, Shell and BP reported weak earnings due to low oil prices and declining refining margins, with BP also announcing a pause in stock buybacks.

The above information is compiled from public sources and does not constitute investment advice.