TotalEnergies Delivers €14.8 B Net Income, Boosts Dividend 10% for 2026
TotalEnergies reported adjusted net income of €14.8 billion for 2025, a 12% year-over-year increase driven by stronger E&P margins. Free cash flow reached €15.7 billion and the board approved a 10% dividend increase to €0.77 per share for 2026.
1. Financial Results
In 2025, TotalEnergies achieved adjusted net income of €14.8 billion, up 12% from €13.2 billion in 2024. Revenue rose to €205 billion, underpinned by higher oil and gas realizations and expanded refining margins.
2. Cash Flow and Capital Allocation
Free cash flow climbed to €15.7 billion, driven by cash conversion improvements and cost discipline. The board approved a 10% dividend increase, raising the payout to €0.77 per share, and reiterated a share buyback program for H2 2026.
3. Operational Highlights
Upstream production averaged 3.1 million barrels of oil equivalent per day, marginally above guidance, while downstream refining utilization improved to 92%. Renewable energy capacity grew by 1.2 GW, supporting the transition target.
4. Outlook and Guidance
Management set 2026 adjusted net income guidance at €16–17 billion, forecasting free cash flow of €17–18 billion. The company plans further debt reduction and accelerated low-carbon investments of €5 billion next year.