3rd Quarter Results
PARIS--( BUSINESS WIRE)--
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
3Q26
2Q26
Change
vs 2Q26
9M26
Change
vs 9M25
12.3
9.8
+25%
30.6
+48%
9.1
6.0
+51%
20.5
+75%
4.03
2.68
+51%
9.19
+78%
8.3
5.4
+52%
19.5
+91%
17.8
13.2
+35%
43.5
+43%
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on October 28, 2026, to approve the 3 rd quarter 2026 financial statements. On the occasion, Patrick Pouyanné said:
“In a high-price environment characterized by historic refining margin levels and a bull gas market, TotalEnergies is once again fully leveraging its integrated business model and its geographic diversification by posting an adjusted net income of $9.1 billion and cash flow of $12.3 billion for the third quarter, a sharp increase quarter-to-quarter.
Oil & Gas production reached 2.474 Mboe/d in the third quarter, up more than 3% quarter-to-quarter, notably benefiting from a lower impact of the Middle East conflict, limited to only around 5% of the Company’s overall production over the quarter on average. Excluding the Middle East impact, production growth exceeds 4% year-on-year, supported by the ramp-up of projects launched since 2025. Furthermore, with the investment decisions taken this quarter for Cronos in Cyprus, Ima in Nigeria, Umm Shaif Gas Cap in the United Arab Emirates and Absheron Ph2 in Azerbaijan, all the projects contributing to achieving the production growth target of more than 3% per year by 2030 are now in execution phase.
Exploration and Production posted adjusted net operating income of $3.2 billion and cash flow of $5.4 billion, reflecting production growth, sensitivity to declining oil prices and rising gas prices quarter-to-quarter. The Company completed its entry into PEL83 license holding the Mopane discovery and took part in three exploration discoveries in Norway (Grimsnes) and in Angola (Block 0 and Block 17 – Violeta 4). TotalEnergies once again demonstrates its leadership to control costs, with operating costs of $4.7/boe, anchored below $5/boe.
The Integrated LNG segment achieved adjusted net operating income of $1.9 billion and cash flow of $1.7 billion in the third quarter of 2026, a very sharp increase quarter-to-quarter, underpinned by a 20% increase in average LNG price and the outperformance of LNG and gas trading activities in a bull market.
Downstream achieved a record quarter with adjusted net operating income of $4.1 billion and cash flow of $4.6 billion, up close to $2 billion compared to the previous quarter. The increase of nearly 10% refining throughput enabled the Company to fully capture historically high refining margins in Europe and worldwide, while oil trading activities outperformed at a level comparable with the two previous quarters. In this context of rising prices, the Company contributes to the security of supply for Europe by maximizing the use of its refineries and participating in diesel imports from the Middle East. TotalEnergies also announced enhanced protective measures for French consumers and economic players to face increasing diesel prices related to the Middle East conflict.
Integrated Power posted adjusted net operating income of $0.6 billion and cash flow of nearly $0.8 billion, benefiting from an increase of more than 20% in net production in the quarter and the expected contribution from TTEP assets over a full quarter.
Net investments amounted to $3.3 billion in the third quarter and $11.2 billion in the first nine months of 2026, in line with the annual guidance of $15 billion. The gearing ratio now stands at 9.1%, an improvement of 4 percentage points compared to the second quarter, benefiting from free cash flow of more than $6 billion after payment of the dividend.
The Board of Directors commended the very good operational performance of all business segments which enabled the Company to capture higher market prices. It authorized a new capital increase reserved for employees, who will benefit from a 20% discount on the share price. In line with the objective to return 40% of cash flow to shareholders, the Board confirmed a third interim dividend of €0.90/share for fiscal year 2026, up 5.9% compared to 2025, and it authorized share buybacks for cancellation of $2.5 billion for the fourth quarter as well as for the first quarter 2027.”
1. Highlights (2)
Upstream
Integrated LNG
Integrated Power
Downstream
2. Key figures from TotalEnergies’ consolidated financial statements (1)
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
17,809
13,179
+35%
10,295
43,540
30,489
+43%
9,712
6,871
+41%
4,659
22,883
13,841
+65%
3,157
3,231
-2%
2,169
8,964
6,594
+36%
1,885
807
x2.3
852
4,010
3,187
+26%
602
533
+13%
571
1,680
1,651
+2%
3,601
1,800
x2
687
7,000
1,377
x5.1
467
500
-7%
380
1,229
1,032
+19%
1,358
1,156
+17%
692
3,223
2,109
+53%
37.0%
39.3%
-
37.7%
38.3%
40.2%
-
9,097
6,027
+51%
3,980
20,518
11,750
+75%
4.03
2.68
+51%
1.77
9.19
5.17
+78%
3.50
2.31
+52%
1.50
7.91
4.62
+71%
2,234
2,216
+1%
2,200
2,202
2,225
-1%
8,263
5,438
+52%
3,683
19,511
10,221
+91%
4,789
4,694
+2%
3,473
14,133
12,794
+10%
(1,510)
(1,247)
ns
(381)
(2,929)
1,851
ns
3,279
3,447
-5%
3,092
11,204
14,645
-23%
12,255
9,804
+25%
7,061
30,635
20,671
+48%
12,634
10,188
+24%
7,443
31,801
21,663
+47%
15,390
10,858
+42%
8,349
29,609
16,872
+75%
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
97.0
103.8
-7%
69.1
93.9
70.9
+32%
2.9
2.9
-2%
3.1
3.1
3.5
-11%
21.5
15.6
+38%
11.3
17.0
12.5
+36%
22.8
17.5
+31%
11.7
18.2
12.7
+44%
87.1
91.6
-5%
66.5
83.9
67.9
+23%
7.00
5.55
+26%
5.50
6.04
5.92
+2%
12.28
10.20
+20%
8.91
10.18
9.36
+9%
33.2
13.5
x2.5
8.4
19.4
5.7
x3.4
3.2 Greenhouse gas emissions (11)
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
8.5
7.3
+16%
8.4
23.6
24.8
-5%
6.9
6.4
+8%
7.1
20.2
21.4
-6%
1.6
0.9
+78%
1.3
3.4
3.4
-
11.7
10.2
+15%
11.0
32.3
32.7
-1%
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
4
4
-
5
12
17
-29%
Estimated quarterly emissions.
For the first nine months of 2026, Scope 3 (13) Category 11 emissions are estimated at 243 Mt CO 2e.
3.3 Production (14)
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
2,474
2,395
+3%
2,508
2,474
2,523
-2%
1,400
1,298
+8%
1,407
1,342
1,369
-2%
1,074
1,097
-2%
1,101
1,132
1,154
-2%
2,474
2,395
+3%
2,508
2,474
2,523
-2%
1,510
1,410
+7%
1,553
1,467
1,525
-4%
5,209
5,330
-2%
5,182
5,444
5,409
+1%
Hydrocarbon production was 2,474 thousand barrels of oil equivalent per day in the third quarter of 2026, up more than 3% compared to the second quarter, benefiting from a gradual return-to-normal oil production in the Middle East.
Hydrocarbon production is down 1% year-on-year primarily due to:
Excluding the impact of the conflict in the Middle East, production would be up by more than 4% year-on-year.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
1,963
1,845
+6%
2,026
1,918
1,986
-3%
1,446
1,342
+8%
1,501
1,399
1,460
-4%
2,739
2,668
+3%
2,782
2,756
2,799
-2%
4.1.2 Results
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
3,157
3,231
-2%
2,169
8,964
6,594
+36%
263
137
+92%
177
539
503
+7%
49.2%
45.4%
-
48.5%
48.0%
49.4%
-
2,921
2,231
+31%
1,922
7,876
7,659
+3%
(321)
(348)
ns
(53)
(896)
225
ns
2,600
1,883
+38%
1,869
6,980
7,884
-11%
5,389
5,777
-7%
3,984
15,730
12,035
+31%
4,905
5,546
-12%
4,187
13,420
11,128
+21%
Adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $3,157 million and $5,389 million, respectively, reflecting production growth and sensitivities to declining oil prices and rising gas prices quarter-to-quarter.
4.2 Integrated LNG
4.2.1 Production
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
511
550
-7%
482
556
537
+4%
64
68
-6%
52
68
65
+6%
2,470
2,662
-7%
2,400
2,688
2,610
+3%
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
9.8
10.7
-9%
10.4
32.9
31.6
+4%
3.5
3.9
-9%
3.4
11.5
11.2
+2%
9.4
9.8
-4%
9.2
30.1
28.0
+8%
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.
Hydrocarbon production for LNG decreased by 7% quarter-to-quarter, mainly due to planned maintenance, notably on Angola LNG and Ichthys LNG.
4.2.2 Results
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
12.28
10.20
+20%
8.91
10.18
9.36
+9%
1,885
807
x2.3
852
4,010
3,187
+26%
574
705
-19%
423
1,710
1,471
+16%
328
908
-64%
330
1,646
1,825
-10%
(1,162)
4
ns
(134)
(1,066)
116
ns
(834)
912
ns
196
580
1,941
-70%
1,724
833
x2.1
1,134
4,342
3,542
+23%
1,213
2,137
-43%
789
2,230
3,071
-27%
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.
Adjusted net operating income and cash flow from operations excluding working capital (CFFO) for the Integrated LNG segment were $1,885 million and $1,724 million, respectively, underpinned by a 20% increase of average LNG price and the outperformance of LNG and gas trading activities in a bull market, given the ongoing conflict in the Strait of Hormuz and the seasonality of demand.
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
17.9
14.8
+21%
12.6
44.3
35.5
+25%
9.6
9.6
-
8.2
27.3
23.3
+17%
8.3
5.2
+61%
4.5
17.0
12.2
+39%
33.8
33.4
+1%
25.2
33.8
25.2
+34%
21.5
21.1
+2%
18.7
21.5
18.7
+15%
12.3
12.2
+1%
6.5
12.3
6.5
+88%
105.9
105.8
-
106.0
105.9
106.0
-
37.9
37.4
+1%
32.3
37.9
32.3
+17%
6.2
6.1
+1%
6.0
6.2
6.0
+3%
2.7
2.7
-1%
2.7
2.7
2.7
-1%
11.9
11.6
+3%
10.6
38.7
35.6
+9%
10.6
14.5
-27%
11.6
56.6
62.2
-9%
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 17.25% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.
Net power production was 44.3 TWh over the first nine months of 2026, up 25% year-on-year and in line with the objective of 60 TWh in 2026. This reflects the growth of the integrated power generation portfolio, notably driven by the commissioning of new renewable capacities and the contribution of TTEP’s assets in line with expectations.
4.3.2 Results
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
602
533
+13%
571
1,680
1,651
+2%
142
168
-15%
48
362
114
x3.2
1,135
920
+23%
596
2,878
1,663
+73%
(25)
(749)
ns
(147)
(851)
1,658
ns
1,110
171
x6.5
449
2,027
3,321
-39%
774
721
+7%
611
2,069
1,770
+17%
1,636
(239)
ns
674
1,252
1,074
+17%
Integrated Power segment adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $602 million and $774 million, respectively, in the quarter, sustained by the contribution of TTEP over a full quarter. This consists of production activities (including renewables and gas-fired power plants) for around 55%, and marketing activities (including B2B, B2C and trading), for around 45%.
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
4,068
2,300
+77%
1,067
8,229
2,409
x3.4
319
540
-41%
590
1,513
1,508
-
(4)
(156)
ns
(45)
(121)
(147)
ns
315
384
-18%
545
1,392
1,361
+2%
4,622
2,877
+61%
1,653
9,635
4,253
x2.3
7,912
4,114
+92%
3,126
14,658
3,226
x4.5
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
1,555
1,426
+9%
1,478
1,535
1,538
-
426
354
+21%
481
414
460
-10%
688
684
+1%
595
683
618
+11%
441
389
+13%
402
438
461
-5%
88%
80%
84%
86%
87%
-
* Based on distillation capacity at the beginning of the year
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
1,165
1,100
+6%
1,326
3,448
3,740
-8%
1,152
1,165
-1%
1,174
3,476
3,474
-
75%
71%
84%
73%
79%
-
* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year.
Refinery throughput was up nearly 10% over the quarter, underpinned by all refineries well-functioning in Europe and United States (Port Arthur), and the progressive return of the SATORP refinery in Saudi Arabia to its nominal capacity.
4.5.2 Results
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
33.2
13.5
x2.5
8.4
19.4
5.7
x3.4
3,601
1,800
x2
687
7,000
1,377
x5.1
150
366
-59%
387
1,034
956
+8%
(1)
(1)
ns
(2)
73
(26)
ns
149
365
-59%
385
1,107
930
+19%
3,943
2,030
+94%
1,015
7,689
2,420
x3.2
6,290
3,565
+76%
2,839
11,419
1,743
x6.6
* This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.
Refining and Chemicals adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $3,601 million and $3,943 million, demonstrating the segment’s ability to capture historically high refining margins in Europe and worldwide, while oil trading activities continue to outperform on a level consistent with the previous two quarters.
4.6 Marketing & Services
4.6.1 Petroleum product sales
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
1,218
1,213
-
1,269
1,221
1,286
-5%
711
732
-3%
744
719
749
-4%
507
481
+5%
525
502
537
-6%
* Excludes trading and bulk refining sales.
Sales of petroleum products were down 4% compared to the third quarter of 2025, reflecting demand elasticity in a high price environment.
4.6.2 Results
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
467
500
-7%
380
1,229
1,032
+19%
169
174
-3%
203
479
552
-13%
(3)
(155)
ns
(43)
(194)
(121)
ns
166
19
x8.7
160
285
431
-34%
679
847
-20%
638
1,946
1,833
+6%
1,622
549
x3
287
3,239
1,483
x2.2
Marketing & Services segment adjusted net operating income was $467 million in the quarter, up 23% year-on-year, with higher unit margins that more than offset lower volumes.
Cash flow from operations excluding working capital (CFFO) amounted to $679 million in the third quarter of 2026, up 6% year-on-year for the same reasons.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Segment adjusted net operating income was $9,712 million in the third quarter of 2026, compared to $6,871 million in the second quarter of 2026, due to increased production, higher refining margins in Europe and worldwide, higher gas prices and significant performance of LNG and gas trading activities.
5.2 Adjusted net income (1) (TotalEnergies share)
Adjusted net income (TotalEnergies share) was $9,097 million in the third quarter of 2026, compared with $6,027 million in the second quarter.
Adjusted net income excludes the after-tax inventory effect, non-recurring items, and effects of changes in fair-value.
Adjusting items to net income totaled ($0.8) billion in the third quarter, consisting mainly of:
TotalEnergies’ average tax rate was 37.0% in the third quarter versus 39.3% in the second quarter of 2026.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were as follows:
As of September 30, 2026, the number of diluted shares was 2,232 million.
TotalEnergies repurchased* the following:
5.4 Acquisitions – asset sales
Acquisitions amounted to $240 million in the third quarter of 2026, primarily related to the entry in the Bab Gas Cap concession in the United Arab Emirates.
Divestments amounted to $1,750 million in the third quarter of 2026, mainly reflecting the agreement with Global Infrastructure Partners (GIP) on some African energy infrastructure assets.
5.5 Net cash flow (1)
TotalEnergies’ net cash flow was $8,976 million in the third quarter of 2026, compared to $6,357 million in the previous quarter, considering the $2,451 million increase in cash flow from operations excluding working capital (CFFO), combined with a $168 million reduction in net investments over the quarter.
Cash flow from operating activities was $15,390 million in the third quarter of 2026, for a cash flow from operations excluding working capital (CFFO) of $12,255 million, positively impacted by a $3.1 billion decrease in working capital, driven notably by an increase in suppliers’ payables related to the increase of shipping costs and the increase in tax liabilities related to higher prices.
5.6 Profitability
Return on equity was 19.6% for the twelve months ending on September 30, 2026.
24,581
19,477
16,431
125,107
122,739
116,051
19.6%
15.9%
14.2%
Return on average capital employed (1) was 17.4% for the twelve months ending on September 30, 2026.
26,646
21,608
18,204
153,100
155,138
146,636
17.4%
13.9%
12.4%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, was €2,728 million in the third quarter of 2026 compared to €3,618 million in the second quarter of 2026.
7. Annual 2026 Sensitivities (16)
8. Outlook
At the beginning of the fourth quarter, oil prices remain above $100/b, reflecting lasting tensions in the Middle East. In petroleum products markets, the situation is highly volatile, impacted by supply disruptions from the Gulf and global inventories at their lowest levels.
Forward European gas prices remain on a bull trend in anticipation of the winter demand given the ongoing conflict in the Middle East. With the evolution of oil and gas prices in recent months and the lag effect on pricing formulas, TotalEnergies anticipates an increasing average LNG selling price of above $14/Mbtu for the fourth quarter of 2026.
Excluding the impact of the conflict in the Middle East, fourth-quarter production is expected to grow by more than 3% compared to fourth quarter 2025, in line with the annual growth guidance. The impact of the conflict on production is currently decreasing compared to the third quarter and represents less than 5% of the Company’s total production, primarily related to limited exports of LNG volumes via the Strait of Hormuz.
Refinery throughput volumes are expected to be broadly comparable to those of the third quarter, benefiting from the return-to-normal operations at the SATORP platform in Saudi Arabia, and despite a turnaround of the Normandy platform of 20 days.
The Company confirms its planned investments for the year, for a net amount of around $15 billion over 2026, in line with the annual guidance.
To listen to the live conference call in English with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 2:00 pm (Paris time) with financial analysts, please log on to totalenergies.com or dial +33 (0) 1 70 91 87 04, +44 (0) 12 1281 8004 or +1 718 705 8796. The conference replay will be available on the Company's website totalenergies.com after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
517
517
-
515
535
536
-
408
414
-1%
433
418
427
-2%
776
671
+16%
864
741
854
-13%
512
513
-
476
504
446
+13%
261
280
-7%
220
276
260
+6%
2,474
2,395
+3%
2,508
2,474
2,523
-2%
383
375
+2%
361
371
375
-1%
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
208
202
+3%
204
206
207
-1%
294
286
+3%
317
293
312
-6%
637
537
+19%
696
597
684
-13%
277
283
-2%
249
273
223
+22%
94
102
-8%
87
98
99
-
1,510
1,410
+7%
1,553
1,467
1,525
-4%
167
120
+39%
161
140
161
-13%
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
1,654
1,693
-2%
1,675
1,764
1,771
-
574
656
-13%
588
633
578
+10%
761
736
+3%
928
793
940
-16%
1,310
1,275
+3%
1,260
1,282
1,237
+4%
910
970
-6%
731
972
883
+10%
5,209
5,330
-2%
5,182
5,444
5,409
+1%
1,150
1,374
-16%
1,120
1,248
1,176
+6%
9.2 Downstream (Refining & Chemicals and Marketing & Services)
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
1,731
1,704
+2%
1,839
1,748
1,806
-3%
478
445
+7%
566
485
600
-19%
1,033
1,141
-9%
978
1,110
1,036
+7%
730
721
+1%
1,128
816
976
-16%
3,972
4,011
-1%
4,510
4,159
4,418
-6%
365
343
+6%
354
356
359
-1%
2,389
2,455
-3%
2,887
2,582
2,773
-7%
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
1,045
1,030
+1%
976
3,063
2,792
+10%
791
734
+8%
773
2,201
2,217
-1%
482
501
-4%
751
1,660
2,205
-25%
* Olefins, polymers.
9.3 Integrated Power
9.3.1 Net power production
3Q26
2Q26
Solar
Onshore Wind
Offshore Wind
Gas
Others
Total
Solar
Onshore Wind
Offshore Wind
Gas
Others
Total
0.3
0.2
0.0
1.5
0.0
2.0
0.3
0.2
0.0
0.6
0.0
1.2
0.2
0.4
0.2
4.5
0.5
5.9
0.2
0.4
0.2
2.7
0.4
3.9
0.0
-
-
-
0.1
0.2
0.0
-
-
-
0.1
0.1
0.4
-
-
0.4
-
0.8
0.4
-
-
0.3
-
0.7
1.5
0.5
-
1.9
-
3.9
1.3
0.6
-
1.4
-
3.4
0.2
1.2
-
-
-
1.4
0.1
1.0
-
-
-
1.1
2.4
0.7
-
-
-
3.1
3.1
0.7
-
-
-
3.8
0.5
0.0
0.1
-
-
0.6
0.4
0.0
0.1
-
-
0.5
5.5
3.1
0.3
8.3
0.7
17.9
5.9
2.9
0.3
5.2
0.5
14.8
9.3.2 Installed power generation net capacity
3Q26
2Q26
Solar
Onshore Wind
Offshore Wind
Gas
Others
Total
Solar
Onshore Wind
Offshore Wind
Gas
Others
Total
0.8
0.6
0.0
2.7
0.2
4.3
0.8
0.6
0.0
2.7
0.2
4.3
0.7
1.1
0.3
7.4
0.4
9.9
0.8
1.1
0.3
7.3
0.4
9.8
0.1
-
-
-
0.1
0.2
0.1
-
-
-
0.1
0.2
0.6
-
-
0.3
-
1.0
0.6
-
-
0.3
-
1.0
3.1
0.9
-
1.9
0.5
6.4
3.1
0.9
-
2.0
0.5
6.5
1.0
1.2
-
-
-
2.2
0.9
1.2
-
-
-
2.1
7.3
0.7
-
-
0.4
8.4
7.2
0.7
-
-
0.3
8.1
1.2
0.0
0.2
-
-
1.4
1.2
0.0
0.2
-
-
1.4
14.9
4.4
0.5
12.3
1.7
33.8
14.8
4.4
0.5
12.2
1.5
33.4
9.3.3 Power generation gross capacity from renewables
3Q26
2Q26
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
1.4
0.9
0.0
0.3
2.6
1.4
0.9
0.0
0.2
2.5
0.9
1.8
1.1
0.5
4.4
0.9
1.8
1.1
0.5
4.4
0.4
0.0
0.0
0.4
0.7
0.4
0.0
0.0
0.4
0.7
1.6
0.0
0.0
0.0
1.6
1.6
0.0
0.0
0.0
1.6
7.8
2.3
0.0
1.2
11.3
7.8
2.3
0.0
1.2
11.3
1.2
1.9
0.0
0.0
3.1
1.2
1.9
0.0
0.0
3.0
10.4
0.7
0.0
0.4
11.5
10.3
0.7
0.0
0.3
11.2
1.9
0.0
0.6
0.0
2.6
1.9
0.0
0.6
0.0
2.6
25.6
7.7
1.8
2.8
37.9
25.4
7.6
1.8
2.5
37.4
3Q26
2Q26
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
0.1
0.1
0.0
0.0
0.3
0.1
0.1
0.0
0.0
0.3
0.7
0.1
0.8
0.8
2.4
0.7
0.1
0.8
0.7
2.3
0.2
0.2
0.0
0.0
0.3
0.2
0.2
0.0
0.0
0.3
1.3
0.2
0.0
0.0
1.5
1.3
0.2
0.0
0.0
1.5
1.8
0.4
0.0
0.3
2.5
1.8
0.4
0.0
0.3
2.5
0.7
0.7
0.0
0.3
1.7
0.7
0.8
0.0
0.3
1.7
0.7
0.0
0.0
0.0
0.7
0.3
0.0
0.0
0.0
0.3
0.6
0.0
0.0
0.0
0.6
0.5
0.0
0.0
0.0
0.5
6.1
1.8
0.8
1.4
10.0
5.6
1.8
0.8
1.3
9.6
3Q26
2Q26
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
0.7
0.4
1.5
0.3
2.9
0.9
0.5
1.5
0.0
2.8
3.6
2.0
13.9
4.1
23.7
3.7
1.9
14.3
4.3
24.3
1.1
0.6
0.0
0.0
1.7
1.1
0.5
0.0
0.0
1.6
0.8
0.0
0.0
0.0
0.8
0.8
0.0
0.0
0.0
0.8
11.1
3.4
0.0
4.4
19.0
10.8
3.1
0.0
4.9
18.8
0.6
1.0
0.0
0.0
1.7
0.7
1.0
0.0
0.0
1.8
1.0
0.0
0.0
0.0
1.0
1.4
0.0
0.0
0.0
1.4
2.5
1.1
2.6
1.1
7.3
2.6
1.1
2.6
1.1
7.3
21.6
8.6
18.0
9.9
58.0
21.9
8.1
18.4
10.4
58.8
10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
3Q26
2Q26
3Q25
9M26
9M25
8,263
5,438
3,683
19,511
10,221
(2,320)
(268)
(93)
(3,619)
(541)
(114)
(17)
284
121
284
-
(30)
(7)
(52)
(7)
(1,945)
-
(286)
(3,093)
(495)
(261)
(221)
(84)
(595)
(323)
1,227
(290)
(32)
2,444
(378)
259
(31)
(172)
168
(610)
(834)
(589)
(297)
(1,007)
(1,529)
9,097
6,027
3,980
20,518
11,750
10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
8,263
5,438
+52%
3,683
19,511
10,221
+91%
834
589
+42%
297
1,007
1,529
-34%
9,097
6,027
+51%
3,980
20,518
11,750
+75%
67
45
+49%
80
190
210
-10%
4,741
3,365
+41%
2,281
11,430
7,314
+56%
3,233
3,075
+5%
3,277
9,405
9,381
-
116
95
+22%
104
301
283
+6%
821
817
-
808
2,429
2,349
+3%
(266)
(245)
ns
(235)
(733)
(798)
ns
17,809
13,179
+35%
10,295
43,540
30,489
+43%
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
61,622
57,334
+7%
43,844
168,472
136,419
+23%
(37,008)
(37,734)
ns
(26,940)
(103,861)
(86,036)
ns
(8,160)
(7,954)
ns
(7,555)
(24,677)
(22,685)
ns
(134)
(95)
ns
(64)
(362)
(242)
ns
146
338
-57%
303
669
1,094
-39%
(222)
(164)
ns
(101)
(500)
(550)
ns
391
482
-19%
324
1,167
1,040
+12%
(184)
(184)
ns
(208)
(591)
(660)
ns
1,358
1,156
+17%
692
3,223
2,109
+53%
17,809
13,179
+35%
10,295
43,540
30,489
+43%
(3,233)
(3,075)
ns
(3,277)
(9,405)
(9,381)
ns
(116)
(95)
ns
(104)
(301)
(283)
ns
(821)
(817)
ns
(808)
(2,429)
(2,349)
ns
266
245
+9%
235
733
798
-8%
(4,741)
(3,365)
ns
(2,281)
(11,430)
(7,314)
ns
(67)
(45)
ns
(80)
(190)
(210)
ns
(834)
(589)
ns
(297)
(1,007)
(1,529)
ns
8,263
5,438
+52%
3,683
19,511
10,221
+91%
10.3 Investments – Divestments
Reconciliation of Cash flow used in investing activities to Net investments
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
4,962
3,276
+51%
3,203
12,550
14,697
-15%
(1,815)
-
ns
-
(1,815)
-
ns
14
57
-75%
45
120
105
+14%
-
50
-100%
(242)
64
(463)
ns
88
63
+40%
84
226
282
-20%
30
1
x30
2
59
24
x2.5
3,279
3,447
-5%
3,092
11,204
14,645
-23%
(1,510)
(1,247)
ns
(381)
(2,929)
1,851
ns
240
141
+70%
474
773
3,416
-77%
1,750
1,388
+26%
855
3,702
1,565
x2.4
-
68
-100%
121
50
188
-73%
4,789
4,694
+2%
3,473
14,133
12,794
+10%
137
88
+55%
74
299
222
+34%
413
452
-9%
408
1,166
1,401
-17%
(202)
(1,017)
ns
(449)
(1,495)
(808)
ns
-
118
-100%
(121)
114
(275)
ns
* Cash flows used in investing activities do not include increases in property, plant and equipment arising from Apache’s carry arrangement on the GranMorgu project in offshore Block 58 in Suriname, which resulted in specific supplier financing recognised as financial debt. These increases amounted to $153 million in the second quarter of 2026, $207 million in the third quarter of 2026 and $578 million in the first nine months of 2026. Payments to these suppliers are classified as financing cash flows.
** Change in debt from renewable projects (TotalEnergies share and partner share).
10.4 Cash flow
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow
3Q26
2Q26
3Q26
vs
2Q26
3Q25
9M26
9M25
9M26
vs
9M25
15,390
10,858
+42%
8,349
29,609
16,872
+75%
1,593
1,667
-4%
1,382
(3,733)
(3,180)
ns
1,556
(506)
ns
(55)
2,899
(434)
ns
0
50
-100%
(6)
72
80
-10%
14
57
-75%
45
120
105
+14%
12,255
9,804
+25%
7,061
30,635
20,671
+48%
(379)
(384)
ns
(382)
(1,166)
(992)
ns
12,634
10,188
+24%
7,443
31,801
21,663
+47%
4,789
4,694
+2%
3,473
14,133
12,794
+10%
7,466
5,110
+46%
3,588
16,502
7,877
x2.1
3,279
3,447
-5%
3,092
11,204
14,645
-23%
8,976
6,357
+41%
3,969
19,431
6,026
x3.2
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
10.5 Gearing ratio
09/30/2026
06/30/2026
09/30/2025
11,966
11,229
11,830
180
209
568
(3,327)
(3,720)
(4,607)
731
114
49
40,960
41,157
41,296
(2,510)
(1,601)
(1,168)
(34,208)
(27,678)
(23,415)
13,792
19,710
24,553
132,698
128,408
115,281
4,268
2,545
2,384
136,966
130,953
117,665
9.1%
13.1%
17.3%
8,773
8,904
8,827
14.1%
17.9%
22.1%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on organized markets.
10.6 Return on average capital employed
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Company
10,769
4,932
2,244
8,001
1,570
26,646
66,102
43,872
26,960
7,123
7,565
149,974
69,581
51,030
29,648
3,087
4,671
156,226
15.9%
10.4%
7.9%
156.7%
25.7%
17.4%
10.7 Pay-out
9M26
9M25
2025
6,372
5,961
8,121
3,744
5,997
7,496
33%
56%
55%
GLOSSARY
Acquisitions net of assets sales is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Acquisitions net of assets sales refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates the allocation of cash flow used for growing the Company’s asset base via external growth opportunities.
Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. It refers to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure and compare the Company’s profitability with utility companies (energy sector).
Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income (TotalEnergies share). Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies share) less adjustment items to Net Income (TotalEnergies share). Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and to understand its operating trends by removing the impact of non-operational results and special items.
Adjusted net operating income is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. Adjusted Net Operating Income refers to Net Income before net cost of net debt, i.e., cost of net debt net of its tax effects, less adjustment items. Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. Adjusted Net Operating Income can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and understanding its operating trends, by removing the impact of non-operational results and special items and is used to evaluate the Return on Average Capital Employed (ROACE) as explained below.
Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities, (v) Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity affiliates.
This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.
ESRS perimeter: the GHG emissions within the ESRS perimeter correspond to 100% of the emissions from operated sites, plus the equity share of emissions from non-operated and financially consolidated assets excluding equity affiliates.
Cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business post allocation of cash for Organic Investments.
Free cash flow is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow refers to Net cash flow minus cash flows with non-controlling interests, payments on perpetual subordinated notes, repayments of leases and repayment (issuance) of shares of parent company shareholders. Free cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Net investments and certain cash flows from financing activities. This performance indicator corresponds to the cash flow available to repay the other debts and allocate cash to parent company shareholders distribution or share buybacks.
Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s balance sheet.
Normalized Gearing: indicator defined as the gearing excluding the impact of seasonal variations, notably on working capital.
Net cash flow is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the Glossary.
Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling interests. Organic Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow used by the Company to grow its asset base, excluding sources of external growth.
Operated perimeter: activities, sites and industrial assets of which TotalEnergies SE or one of its subsidiaries has operational control, i.e. has the responsibility of the conduct of operations on behalf of all its partners. For the operated perimeter, the indicators are reported 100%, regardless of the Company’s equity interest in the asset.
Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks for cancellation to the Cash Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed in its business operations and is used by the Company to benchmark its performance internally and externally with its peers.
Disclaimer
Unless otherwise stated, the terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities. The term “Corporation” as used in this document exclusively refers to TotalEnergies SE, which is the parent company of the Company.
This press release presents the results for the third quarter of 2026 and first nine months of 2026 from the consolidated financial statements of TotalEnergies SE as of September 30, 2026 (unaudited). The consolidated financial statements of TotalEnergies SE as of September 30, 2026 have been subject to a limited review by the Statutory Auditors. The notes to the consolidated financial statements (unaudited) are available on the Corporation’s website www.totalenergies.com.
This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies and expectations regarding returns to stockholders, including with respect to future dividends and share buybacks. This document may also contain statements regarding the outlook, objectives, areas of improvement, goals and ambitions of TotalEnergies SE, including with respect to climate change and carbon neutrality. An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies.
These forward-looking statements may be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “estimates”, “considers”, “plans”, “expects”, “thinks”, “targets”, “has an ambition to”, “commits”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of publication of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the outlook, objectives, goals or ambitions announced will be achieved. They are uncertain and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, fluctuations in the price of crude oil and natural gas, changes in demand and prices of petroleum products, changes in production levels and estimates of reserves, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, pandemics, and other risk factors described in the Corporation’s regulatory filings, including its Universal Registration Document filed with the French Autorité des Marchés Financiers, its Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”) and its other reports filed or furnished with the SEC. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Future interim or final annual dividend payments beyond the interim dividend payable on April 2 nd, 2027 (or April 20 th, 2027 for holders on the U.S. register) have not yet been decided by the Board of Directors or approved by shareholders at a General Meeting. Management’s expectations with respect to such future dividends are “forward-looking statements” and are non-binding. The Board of Directors retains full discretion to decide to distribute an interim dividend and to set the amount and date of the distribution and decide on the dividend to be submitted for approval by shareholders at a General Meeting, based on a number of factors, including TotalEnergies’ financial results, balance sheet strength, cash and liquidity requirements, future prospects, commodity prices, and other factors deemed relevant by the Board.
Readers are cautioned not to consider forward-looking statements as certain, but as an expression of the Corporation’s views only as of the date this document is published.
TotalEnergies SE and its subsidiaries undertake no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statements, objectives or trends contained in this document. In addition, the Corporation has not verified and is under no obligation to verify any data or information provided by or sourced from third parties contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document. Users are advised to verify them independently before relying on them. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the SEC.
Additionally, the developments of climate change and other environmental or social issues in this document are based on various frameworks and the interests of various stakeholders which are subject to evolve independently of our will. Moreover, our disclosures on such issues, including disclosures on climate change and other environmental or social issues, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes or under applicable securities law.
In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted net operating income, adjusted net income), net cash flow, cash flow after organic investments, normalized gearing, return on equity (ROE), return on average capital employed (ROACE), gearing ratio, cash flow from operations excluding working capital, debt adjusted cash flow, and the payout ratio. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. TotalEnergies measures performance at the segment level on the basis of adjusted net operating income.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualifying as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent, or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years.
(ii) The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors.
In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.
The adjusted results (adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented for the adjusted fully-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault – 92078 Paris-La Défense Cedex, France, or at the Corporation’s website totalenergies.com. The Form 20-F is also available from the SEC by calling 1-800-SEC-0330 or on the SEC’s website.
(1)
Refer to Glossary pages 23 & 24 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19 and following for reconciliation tables.
(2)
Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements
(3)
Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
(4)
In accordance with IFRS rules, adjusted fully diluted earnings per share corresponds to the ratio between the adjusted net income (TotalEnergies’ share), reduced by the coupon on perpetual subordinated notes and the weighted average diluted number of shares outstanding during the period, excluding shares held by TotalEnergies SE.
(5)
Average €-$ exchange rate: 1.1505 in the 3 rd quarter 2026, 1.1629 in the 2 nd quarter 2026, 1.1681 in the 3 rd quarter 2025, 1.1610 in the first nine months of 2026 and 1.1188 in the first nine months of 2025.
(6)
Does not include oil, gas and LNG trading activities, respectively.
(7)
Sales in $ / Sales in volume for consolidated affiliates.
(8)
Sales in $ / Sales in volume for consolidated affiliates.
(9)
Sales in $ / Sales in volume for consolidated and equity affiliates.
(10)
This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies.
(11)
The seven greenhouse gases in the Kyoto protocol, namely CO 2, CH 4, N 2O, HFCs, PFCs, SF 6 and NF 3, with their respective 100-year time horizon GWP (Global Warming Potential) as described in the most recent IPCC report. HFCs, PFCs, SF 6 and NF 3 are virtually absent from the Company’s emissions and are not accounted for by the Company.
(12)
Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from sites or activities that are included in the scope of reporting for climate change-related indicators and indirect emissions resulting from the production of electricity, steam, heat or cooling, purchased or acquired, and consumed by the sites or activities included in the scope of reporting for climate change-related indicators, net from potential energy sales, excluding purchased industrial gases (H 2). If not stated otherwise, TotalEnergies reports Scope 2 GHG emissions according to the market-based method defined by the GHG Protocol.
(13)
If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the direct use phase emissions of sold products over their expected lifetime (i.e., the scope 1 and scope 2 emissions of end users that occur from the combustion of fuels) in accordance with the definition of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard Supplement. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chains, i.e. the higher of the two production volumes or sales for end use. The highest point for each value chain for the year 2026 will be determined with regard to the achievement over the whole year, with TotalEnergies providing estimates as the quarters progress. A stoichiometric emission factor (oxidation of molecules to carbon dioxide) is applied to these sales or production to obtain an emission volume. In accordance with the Technical Guidance for Calculating Scope 3 Emissions Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting Standard which defines end users as both consumers and business customers that use final products, and with IPIECA’s Estimating petroleum industry value chain (Scope 3) greenhouse gas emissions guidelines, under which reporting of emissions from fuel purchased for resale to non-end users (e.g. traded) is optional, TotalEnergies does not report emissions associated with trading activities.
(14)
Company production = E&P production + Integrated LNG production.
(15)
Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
*
Net of fees and taxes, including coverage of employees share grant plans.
(16)
Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2026. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
(17)
In a 60-70 $/b Brent environment.
(18)
End-of-period data.
(19)
Includes 17.25% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.
(20)
End-of-period data.
TotalEnergies financial statements
Third quarter 2026 consolidated accounts, IFRS
Consolidated statement of income
TotalEnergies
(unaudited)
3rd quarter
2nd quarter
3rd quarter
(M$) (a)
2026
2026
2025
Sales
66,819
61,771
48,691
Excise taxes
(4,960)
(4,674)
(4,847)
Revenue from sales
61,859
57,097
43,844
Purchases, net of inventory variation
(35,205)
(38,308)
(27,191)
Other operating expenses
(8,719)
(8,038)
(7,591)
Exploration costs
(134)
(95)
(64)
Depreciation, depletion and impairment of tangible assets and mineral interests
(4,180)
(3,075)
(3,280)
Other income
146
330
778
Other expenses
(403)
(279)
(528)
Financial interest on debt
(821)
(817)
(808)
Financial income and expenses from cash & cash equivalents
266
245
265
Cost of net debt
(555)
(572)
(543)
Other financial income
391
482
366
Other financial expenses
(184)
(184)
(208)
Net income (loss) from equity affiliates
427
1,271
602
Income taxes
(5,080)
(3,154)
(2,423)
Consolidated net income
8,363
5,475
3,762
TotalEnergies share
8,263
5,438
3,683
Non-controlling interests
100
37
79
Earnings per share ($)
3.69
2.44
1.65
Diluted earnings per share ($)
3.66
2.41
1.64
(a) Except for per share amounts.
Consolidated statement of comprehensive income
TotalEnergies
(unaudited)
3rd quarter
2nd quarter
3rd quarter
(M$)
2026
2026
2025
Consolidated net income
8,363
5,475
3,762
Other comprehensive income
Actuarial gains and losses
–
21
(2)
Change in fair value of investments in equity instruments
(74)
(29)
(96)
Tax effect
25
(7)
19
Currency translation adjustment generated by the parent company
(311)
(857)
(2)
Items not potentially reclassifiable to profit and loss
(360)
(872)
(81)
Currency translation adjustment
125
573
(230)
Cash flow hedge
2,510
454
(346)
Variation of foreign currency basis spread
7
1
6
Share of other comprehensive income of equity affiliates, net amount
327
63
(112)
Other
1
2
5
Tax effect
(650)
(113)
81
Items potentially reclassifiable to profit and loss
2,320
980
(596)
Total other comprehensive income (net amount)
1,960
108
(677)
Comprehensive income
10,323
5,583
3,085
– TotalEnergies share
10,226
5,531
3,001
– Non-controlling interests
97
52
84
Consolidated statement of income
TotalEnergies
(unaudited)
(M$) (a)
9 months 2026
9 months 2025
Sales
182,753
150,572
Excise taxes
(14,281)
(14,153)
Revenue from sales
168,472
136,419
Purchases, net of inventory variation
(100,860)
(87,204)
Other operating expenses
(25,432)
(22,989)
Exploration costs
(362)
(242)
Depreciation, depletion and impairment of tangible assets and mineral interests
(10,461)
(9,536)
Other income
947
1,569
Other expenses
(1,907)
(1,106)
Financial interest on debt
(2,429)
(2,349)
Financial income and expenses from cash & cash equivalents
733
882
Cost of net debt
(1,696)
(1,467)
Other financial income
1,167
1,113
Other financial expenses
(591)
(660)
Net income (loss) from equity affiliates
2,515
1,794
Income taxes
(12,022)
(7,262)
Consolidated net income
19,770
10,429
TotalEnergies share
19,511
10,221
Non-controlling interests
259
208
Earnings per share ($)
8.82
4.53
Diluted earnings per share ($)
8.73
4.49
(a) Except for per share amounts.
Consolidated statement of comprehensive income
TotalEnergies
(unaudited)
(M$)
9 months 2026
9 months 2025
Consolidated net income
19,770
10,429
Other comprehensive income
Actuarial gains and losses
22
14
Change in fair value of investments in equity instruments
9
(32)
Tax effect
(7)
–
Currency translation adjustment generated by the parent company
(2,960)
8,688
Items not potentially reclassifiable to profit and loss
(2,936)
8,670
Currency translation adjustment
2,602
(6,939)
Cash flow hedge
3,901
(1,014)
Variation of foreign currency basis spread
12
25
Share of other comprehensive income of equity affiliates, net amount
545
(386)
Other
4
12
Tax effect
(998)
237
Items potentially reclassifiable to profit and loss
6,066
(8,065)
Total other comprehensive income (net amount)
3,130
605
Comprehensive income
22,900
11,034
– TotalEnergies share
22,641
10,760
– Non-controlling interests
259
274
Consolidated balance sheet
TotalEnergies
September 30, 2026
June 30, 2026
December 31, 2025
September 30, 2025
(M$)
(unaudited)
(unaudited)
(unaudited)
ASSETS
Non-current assets
Intangible assets, net
34,488
35,631
37,345
37,764
Property, plant and equipment, net
115,021
117,889
114,694
115,198
Equity affiliates: investments and loans
47,632
44,663
38,090
36,968
Other investments
1,977
2,099
1,914
2,046
Non-current financial assets
3,551
2,702
3,270
2,426
Deferred income taxes
2,111
2,939
3,358
3,633
Other non-current assets
2,816
2,573
2,915
2,990
Total non-current assets
207,596
208,496
201,586
201,025
Current assets
Inventories, net
26,887
21,373
16,663
17,058
Accounts receivable, net
24,712
21,184
18,559
19,735
Other current assets
40,474
28,976
20,437
21,833
Current financial assets
3,595
4,039
3,332
4,884
Cash and cash equivalents
34,208
27,678
26,202
23,415
Assets classified as held for sale
4,456
2,015
4,276
4,009
Total current assets
134,332
105,265
89,469
90,934
Total assets
341,928
313,761
291,055
291,959
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares
7,280
7,280
7,059
7,059
Paid-in surplus and retained earnings
146,280
139,898
125,860
125,073
Currency translation adjustment
(14,182)
(14,146)
(14,033)
(13,853)
Treasury shares
(6,680)
(4,624)
(4,003)
(2,998)
Total shareholders' equity - TotalEnergies share
132,698
128,408
114,883
115,281
Non-controlling interests
4,268
2,545
2,640
2,384
Total shareholders' equity
136,966
130,953
117,523
117,665
Non-current liabilities
Deferred income taxes
14,181
13,347
12,634
12,830
Employee benefits
2,006
1,996
2,018
1,991
Provisions and other non-current liabilities
18,721
18,734
17,322
20,096
Non-current financial debt
49,090
49,525
48,995
49,552
Total non-current liabilities
83,998
83,602
80,969
84,469
Current liabilities
Accounts payable
47,176
41,438
38,065
38,062
Other creditors and accrued liabilities
57,374
43,108
36,344
35,266
Current borrowings
13,901
13,183
12,038
13,820
Other current financial liabilities
180
209
388
568
Liabilities directly associated with the assets classified as held for sale
2,333
1,268
5,728
2,109
Total current liabilities
120,964
99,206
92,563
89,825
Total liabilities & shareholders' equity
341,928
313,761
291,055
291,959
Consolidated statement of cash flow
TotalEnergies
(unaudited)
3rd quarter
2nd quarter
3rd quarter
(M$)
2026
2026
2025
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income
8,363
5,475
3,762
Depreciation, depletion, amortization and impairment
4,342
3,097
3,405
Non-current liabilities, valuation allowances and deferred taxes
1,166
599
272
(Gains) losses on disposals of assets
52
(266)
(603)
Undistributed affiliates' equity earnings
333
(65)
(195)
(Increase) decrease in working capital
921
1,663
1,600
Other changes, net
213
355
108
Cash flow from operating activities
15,390
10,858
8,349
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions
(4,449)
(4,232)
(3,812)
Acquisitions of subsidiaries, net of cash acquired
–
(6)
–
Investments in equity affiliates and other securities
(252)
(561)
(215)
Increase in non-current loans
(413)
(452)
(408)
Total expenditures
(5,114)
(5,251)
(4,435)
Proceeds from disposals of intangible assets and property, plant and equipment
(114)
500
613
Proceeds from disposals of subsidiaries, net of cash sold
10
135
133
Proceeds from disposals of non-current investments
40
266
(8)
Repayment of non-current loans
216
1,074
494
Total divestments
152
1,975
1,232
Cash flow used in investing activities
(4,962)
(3,276)
(3,203)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
– Parent company shareholders
(2)
363
–
– Treasury shares
(1,505)
(1,511)
(2,349)
Dividends paid:
– Parent company shareholders
(2,155)
(2,094)
(2,216)
– Non-controlling interests
(136)
(166)
(89)
Net issuance (repayment) of perpetual subordinated notes
–
–
–
Payments on perpetual subordinated notes
(22)
(40)
(26)
Other transactions with non-controlling interests
1,771
(37)
23
Net issuance (repayment) of non-current debt
62
84
3,682
Increase (decrease) in current borrowings
(2,033)
(1,994)
(1,962)
Increase (decrease) in current financial assets and liabilities
323
127
529
Cash flow / (used in) financing activities
(3,697)
(5,268)
(2,408)
Net increase (decrease) in cash and cash equivalents
6,731
2,314
2,738
Effect of exchange rates
(201)
(329)
253
Cash and cash equivalents at the beginning of the period
27,678
25,693
20,424
Cash and cash equivalents at the end of the period
34,208
27,678
23,415
Consolidated statement of cash flow
TotalEnergies
(unaudited)
(M$)
9 months 2026
9 months 2025
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income
19,770
10,429
Depreciation, depletion, amortization and impairment
11,588
9,851
Non-current liabilities, valuation allowances and deferred taxes
2,356
608
(Gains) losses on disposals of assets
(534)
(913)
Undistributed affiliates' equity earnings
81
(720)
(Increase) decrease in working capital
(4,384)
(2,583)
Other changes, net
732
200
Cash flow from operating activities
29,609
16,872
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions
(13,302)
(12,800)
Acquisitions of subsidiaries, net of cash acquired
(85)
(1,859)
Investments in equity affiliates and other securities
(1,034)
(945)
Increase in non-current loans
(1,166)
(1,401)
Total expenditures
(15,587)
(17,005)
Proceeds from disposals of intangible assets and property, plant and equipment
567
983
Proceeds from disposals of subsidiaries, net of cash sold
542
404
Proceeds from disposals of non-current investments
313
8
Repayment of non-current loans
1,615
913
Total divestments
3,037
2,308
Cash flow used in investing activities
(12,550)
(14,697)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
– Parent company shareholders
361
492
– Treasury shares
(3,791)
(6,208)
Dividends paid:
– Parent company shareholders
(6,372)
(5,961)
– Non-controlling interests
(311)
(401)
Net issuance (repayment) of perpetual subordinated notes
1,751
(1,139)
Payments on perpetual subordinated notes
(216)
(181)
Other transactions with non-controlling interests
1,718
(28)
Net issuance (repayment) of non-current debt
3,730
7,370
Increase (decrease) in current borrowings
(5,310)
(2,168)
Increase (decrease) in current financial assets and liabilities
(19)
2,534
Cash flow / (used in) financing activities
(8,459)
(5,690)
Net increase (decrease) in cash and cash equivalents
8,600
(3,515)
Effect of exchange rates
(594)
1,086
Cash and cash equivalents at the beginning of the period
26,202
25,844
Cash and cash equivalents at the end of the period
34,208
23,415
Consolidated statement of changes in shareholders' equity
TotalEnergies
(unaudited)
Common shares issued
Paid-in surplus and retained earnings
Currency translation adjustment
Treasury shares
Shareholders' equity - TotalEnergies Share
Non-controlling interests
Total shareholders' equity
(M$)
Number
Amount
Number
Amount
As of January 1, 2025
2,397,679,661
7,577
135,496
(15,259)
(149,529,818)
(9,956)
117,858
2,397
120,255
Net income of the first nine months 2025
–
–
10,221
–
–
–
10,221
208
10,429
Other comprehensive income
–
–
(867)
1,406
–
–
539
66
605
Comprehensive income
–
–
9,354
1,406
–
–
10,760
274
11,034
Dividend
–
–
(6,103)
–
–
–
(6,103)
(267)
(6,370)
Issuance of common shares
11,149,053
30
462
–
–
–
492
–
492
Purchase of treasury shares
–
–
–
–
(99,060,045)
(6,520)
(6,520)
–
(6,520)
Sale of treasury shares (a)
–
–
(414)
–
6,218,249
414
–
–
–
Share-based payments
–
–
463
–
–
–
463
–
463
Share cancellation
(202,243,171)
(548)
(12,704)
–
202,243,171
13,064
(188)
–
(188)
Net issuance (repayment) of perpetual subordinated notes
–
–
(1,219)
–
–
–
(1,219)
–
(1,219)
Payments on perpetual subordinated notes
–
–
(238)
–
–
–
(238)
–
(238)
Other operations with non-controlling interests
–
–
(6)
–
–
–
(6)
(22)
(28)
Other items
–
–
(18)
–
–
–
(18)
2
(16)
As of September 30, 2025
2,206,585,543
7,059
125,073
(13,853)
(40,128,443)
(2,998)
115,281
2,384
117,665
Net income of the fourth quarter 2025
–
–
2,906
–
–
–
2,906
22
2,928
Other comprehensive income
–
–
(130)
(180)
–
–
(310)
11
(299)
Comprehensive income
–
–
2,776
(180)
–
–
2,596
33
2,629
Dividend
–
–
(2,032)
–
–
–
(2,032)
(81)
(2,113)
Issuance of common shares
–
–
–
–
–
–
–
–
–
Purchase of treasury shares
–
–
–
–
(23,577,249)
(1,006)
(1,006)
–
(1,006)
Sale of treasury shares (a)
–
–
–
–
3,163
–
–
–
–
Share-based payments
–
–
122
–
–
–
122
–
122
Share cancellation
–
–
–
–
–
–
–
–
–
Net issuance (repayment) of perpetual subordinated notes
–
–
–
–
–
–
–
–
–
Payments on perpetual subordinated notes
–
–
(82)
–
–
–
(82)
–
(82)
Other operations with non-controlling interests
–
–
5
–
–
–
5
308
313
Other items
–
–
(2)
–
–
1
(1)
(4)
(5)
As of December 31, 2025
2,206,585,543
7,059
125,860
(14,033)
(63,702,529)
(4,003)
114,883
2,640
117,523
Net income of the first nine months 2026
–
–
19,511
–
–
–
19,511
259
19,770
Other comprehensive income
–
–
3,279
(149)
–
–
3,130
–
3,130
Comprehensive income
–
–
22,790
(149)
–
–
22,641
259
22,900
Dividend
–
–
(6,814)
–
–
–
(6,814)
(311)
(7,125)
Issuance of common shares
100,985,040
295
6,090
–
–
–
6,385
–
6,385
Purchase of treasury shares
–
–
–
–
(43,827,303)
(4,710)
(4,710)
–
(4,710)
Sale of treasury shares (a)
–
–
(426)
–
6,640,933
426
–
–
–
Share-based payments
–
–
510
–
–
–
510
–
510
Share cancellation
(25,913,869)
(74)
(1,564)
–
25,913,869
1,607
(31)
–
(31)
Net issuance (repayment) of perpetual subordinated notes
–
–
91
–
–
–
91
–
91
Payments on perpetual subordinated notes
–
–
(281)
–
–
–
(281)
–
(281)
Other operations with non-controlling interests
–
–
24
–
–
–
24
1,704
1,728
Other items
–
–
–
–
–
–
–
(24)
(24)
As of September 30, 2026
2,281,656,714
7,280
146,280
(14,182)
(74,975,030)
(6,680)
132,698
4,268
136,966
(a) Treasury shares related to the performance share grants.
Information by business segment
TotalEnergies
(unaudited)
3rd quarter 2026
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Corporate
Intercompany
Total
(M$)
External sales
1,644
3,470
4,221
30,778
26,693
13
–
66,819
Intersegment sales
10,528
1,934
1,985
11,409
228
33
(26,117)
–
Excise taxes
–
–
–
(188)
(4,772)
–
–
(4,960)
Revenues from sales
12,172
5,404
6,206
41,999
22,149
46
(26,117)
61,859
Operating expenses
(4,481)
(2,939)
(5,472)
(36,267)
(20,804)
(212)
26,117
(44,058)
Depreciation, depletion and impairment of tangible assets and mineral interests
(2,017)
(405)
(1,017)
(428)
(282)
(31)
–
(4,180)
Net income (loss) from equity affiliates and other items
229
610
199
(584)
(47)
(30)
–
377
Tax on net operating income
(2,873)
(648)
(136)
(1,306)
(328)
109
–
(5,182)
Adjustments (a)
(127)
137
(822)
(187)
221
(23)
–
(801)
Adjusted net operating income
3,157
1,885
602
3,601
467
(95)
–
9,617
Adjustments (a)
(801)
Net cost of net debt
(453)
Non-controlling interests
(100)
Net income - TotalEnergies share
8,263
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
3rd quarter 2026
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Corporate
Intercompany
Total
(M$)
Total expenditures
3,026
359
1,186
278
180
85
–
5,114
Total divestments
(121)
32
86
129
14
12
–
152
Cash flow from operating activities
4,905
1,213
1,636
6,290
1,622
(276)
–
15,390
Information by business segment
TotalEnergies
(unaudited)
2nd quarter 2026
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Corporate
Intercompany
Total
(M$)
External sales
1,830
1,880
3,846
28,792
25,422
1
–
61,771
Intersegment sales
9,221
2,258
1,511
11,058
260
41
(24,349)
–
Excise taxes
–
–
–
(164)
(4,510)
–
–
(4,674)
Revenues from sales
11,051
4,138
5,357
39,686
21,172
42
(24,349)
57,097
Operating expenses
(3,629)
(3,469)
(5,105)
(37,806)
(20,465)
(316)
24,349
(46,441)
Depreciation, depletion and impairment of tangible assets and mineral interests
(1,920)
(413)
(74)
(404)
(233)
(31)
–
(3,075)
Net income (loss) from equity affiliates and other items
292
767
302
204
86
(31)
–
1,620
Tax on net operating income
(2,570)
(167)
(36)
(259)
(183)
12
–
(3,203)
Adjustments (a)
(7)
49
(89)
(379)
(123)
(48)
–
(597)
Adjusted net operating income
3,231
807
533
1,800
500
(276)
–
6,595
Adjustments (a)
(597)
Net cost of net debt
(523)
Non-controlling interests
(37)
Net income - TotalEnergies share
5,438
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
2nd quarter 2026
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,282
874
1,419
385
197
94
–
5,251
Total divestments
460
(36)
1,356
20
178
(3)
–
1,975
Cash flow from operating activities
5,546
2,137
(239)
3,565
549
(700)
–
10,858
Information by business segment
TotalEnergies
(unaudited)
3rd quarter 2025
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Corporate
Intercompany
Total
(M$)
External sales
1,392
1,995
3,955
21,205
20,138
6
–
48,691
Intersegment sales
8,892
1,587
434
7,122
234
38
(18,307)
–
Excise taxes
–
–
–
(201)
(4,646)
–
–
(4,847)
Revenues from sales
10,284
3,582
4,389
28,126
15,726
44
(18,307)
43,844
Operating expenses
(4,200)
(2,880)
(3,863)
(27,069)
(14,916)
(225)
18,307
(34,846)
Depreciation, depletion and impairment of tangible assets and mineral interests
(2,145)
(376)
(103)
(380)
(243)
(33)
–
(3,280)
Net income (loss) from equity affiliates and other items
522
492
(52)
75
(24)
(3)
–
1,010
Tax on net operating income
(2,055)
(97)
(110)
(143)
(177)
115
–
(2,467)
Adjustments (a)
237
(131)
(310)
(78)
(14)
(22)
–
(318)
Adjusted net operating income
2,169
852
571
687
380
(80)
–
4,579
Adjustments (a)
(318)
Net cost of net debt
(499)
Non-controlling interests
(79)
Net income - TotalEnergies share
3,683
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
3rd quarter 2025
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,409
611
773
402
205
35
–
4,435
Total divestments
622
465
81
17
45
2
–
1,232
Cash flow from operating activities
4,187
789
674
2,839
287
(427)
–
8,349
Information by business segment
TotalEnergies
(unaudited)
9 months 2026
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Corporate
Intercompany
Total
(M$)
External sales
4,593
8,280
13,508
83,750
72,604
18
–
182,753
Intersegment sales
28,752
7,002
4,223
30,682
607
107
(71,373)
–
Excise taxes
–
–
–
(519)
(13,762)
–
–
(14,281)
Revenues from sales
33,345
15,282
17,731
113,913
59,449
125
(71,373)
168,472
Operating expenses
(11,399)
(10,560)
(16,287)
(102,743)
(56,262)
(776)
71,373
(126,654)
Depreciation, depletion and impairment of tangible assets and mineral interests
(5,902)
(1,239)
(1,254)
(1,235)
(745)
(86)
–
(10,461)
Net income (loss) from equity affiliates and other items
907
1,830
(312)
(155)
(81)
(58)
–
2,131
Tax on net operating income
(7,869)
(1,131)
(225)
(2,261)
(758)
22
–
(12,222)
Adjustments (a)
118
172
(2,027)
519
374
(94)
–
(938)
Adjusted net operating income
8,964
4,010
1,680
7,000
1,229
(679)
–
22,204
Adjustments (a)
(938)
Net cost of net debt
(1,496)
Non-controlling interests
(259)
Net income - TotalEnergies share
19,511
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
9 months 2026
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Corporate
Intercompany
Total
(M$)
Total expenditures
8,168
1,882
3,506
1,279
529
223
–
15,587
Total divestments
801
147
1,660
172
244
13
–
3,037
Cash flow from operating activities
13,420
2,230
1,252
11,419
3,239
(1,951)
–
29,609
Information by business segment
TotalEnergies
(unaudited)
9 months 2025
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Corporate
Intercompany
Total
(M$)
External sales
4,330
7,669
13,880
65,591
59,083
19
–
150,572
Intersegment sales
26,481
6,708
1,819
20,939
567
95
(56,609)
–
Excise taxes
–
–
–
(567)
(13,586)
–
–
(14,153)
Revenues from sales
30,811
14,377
15,699
85,963
46,064
114
(56,609)
136,419
Operating expenses
(12,577)
(11,468)
(14,527)
(83,712)
(44,041)
(719)
56,609
(110,435)
Depreciation, depletion and impairment of tangible assets and mineral interests
(6,073)
(1,164)
(286)
(1,239)
(684)
(90)
–
(9,536)
Net income (loss) from equity affiliates and other items
713
1,635
332
25
79
(74)
–
2,710
Tax on net operating income
(6,176)
(538)
(210)
(238)
(443)
246
–
(7,359)
Adjustments (a)
104
(345)
(643)
(578)
(57)
(67)
–
(1,586)
Adjusted net operating income
6,594
3,187
1,651
1,377
1,032
(456)
–
13,385
Adjustments (a)
(1,586)
Net cost of net debt
(1,370)
Non-controlling interests
(208)
Net income - TotalEnergies share
10,221
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
9 months 2025
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Corporate
Intercompany
Total
(M$)
Total expenditures
8,642
2,390
4,212
995
611
155
–
17,005
Total divestments
1,060
500
486
65
180
17
–
2,308
Cash flow from operating activities
11,128
3,071
1,074
1,743
1,483
(1,627)
–
16,872
Non GAAP Financial Measures
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2026
vs
(in millions of dollars)
9 months 2026
9 months 2025
9 months 2026
vs
2026
2026
2025
3rd quarter 2025
9 months 2025
3,147
1,822
1,787
76%
Cash flow used in investing activities ( a ) *
7,367
7,582
-3%
(647)
–
–
ns
Other transactions with non-controlling interests ( b )
(647)
–
ns
–
–
–
ns
Organic loan repayment from equity affiliates ( c )
–
–
ns
–
–
–
ns
Change in debt from renewable projects financing ( d ) **
–
–
ns
70
60
80
-13%
Capex linked to capitalized leasing contracts ( e )
201
278
-28%
30
1
2
x15
Expenditures related to carbon credits ( f )
59
24
x2.5
2,600
1,883
1,869
39%
Net investments ( a + b + c + d + e + f = g - i + h )
6,980
7,884
-11%
(321)
(348)
(53)
ns
of which net acquisitions ( g - i )
(896)
225
ns
197
105
522
-62%
Acquisitions ( g )
524
1,160
-55%
518
453
575
-10%
Assets sales ( i )
1,420
935
52%
–
–
–
ns
Change in debt (partner share) and capital gain from renewable project sales
–
–
ns
2,921
2,231
1,922
52%
Of which organic investments ( h )
7,876
7,659
3%
111
64
70
58%
Capitalized exploration
244
209
17%
42
17
38
11%
Increase in non-current loans
111
162
-31%
(8)
(7)
(47)
ns
Repayment of non-current loans, excluding organic loan repayment from equity affiliates
(28)
(125)
ns
–
–
–
ns
Change in debt from renewable projects (TotalEnergies share)
–
–
ns
*Cash flows used in investing activities do not include increases in property, plant and equipment arising from Apache’s carry arrangement on the GranMorgu project in offshore Block 58 in Suriname, which resulted in specific supplier financing recognised as financial debt. These increases amounted to $153 million in the second quarter of 2026, $207 million in the third quarter of 2026 and $578 million in the first nine months of 2026. Payments to these suppliers are classified as financing cash flows
**Change in debt from renewable projects (TotalEnergies share and partner share)
1.2 Integrated LNG
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2026
vs
(in millions of dollars)
9 months 2026
9 months 2025
9 months 2026
vs
2026
2026
2025
3rd quarter 2025
9 months 2025
327
910
146
x2.2
Cash flow used in investing activities ( a )
1,735
1,890
-8%
(1,168)
–
–
ns
Other transactions with non-controlling interests ( b )
(1,168)
–
ns
3
–
46
-93%
Organic loan repayment from equity affiliates ( c )
4
47
-91%
–
–
–
ns
Change in debt from renewable projects financing ( d ) *
–
–
ns
4
2
4
ns
Capex linked to capitalized leasing contracts ( e )
9
4
x2.3
–
–
–
ns
Expenditures related to carbon credits ( f )
–
–
ns
(834)
912
196
ns
Net investments ( a + b + c + d + e + f = g - i + h )
580
1,941
-70%
(1,162)
4
(134)
ns
of which net acquisitions ( g - i )
(1,066)
116
ns
6
7
(60)
ns
Acquisitions ( g )
105
194
-46%
1,168
3
74
x15.8
Assets sales ( i )
1,171
78
x15
–
–
–
ns
Change in debt (partner share) and capital gain from renewable project sales
–
–
ns
328
908
330
-1%
Of which organic investments ( h )
1,646
1,825
-10%
26
24
4
x6.5
Capitalized exploration
55
13
x4.2
49
71
174
-72%
Increase in non-current loans
189
543
-65%
(29)
39
(345)
ns
Repayment of non-current loans, excluding organic loan repayment from equity affiliates
(140)
(375)
ns
–
–
–
ns
Change in debt from renewable projects (TotalEnergies share)
–
–
ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.3 Integrated Power
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2026
vs
(in millions of dollars)
9 months 2026
9 months 2025
9 months 2026
vs
2026
2026
2025
3rd quarter 2025
9 months 2025
1,100
63
692
59%
Cash flow used in investing activities ( a )
1,846
3,726
-50%
–
–
–
ns
Other transactions with non-controlling interests ( b )
–
–
ns
11
57
(1)
ns
Organic loan repayment from equity affiliates ( c )
116
58
100%
–
50
(242)
ns
Change in debt from renewable projects financing ( d ) *
64
(463)
ns
(1)
1
–
ns
Capex linked to capitalized leasing contracts ( e )
1
–
ns
–
–
–
ns
Expenditures related to carbon credits ( f )
–
–
ns
1,110
171
449
x2.5
Net investments ( a + b + c + d + e + f = g - i + h )
2,027
3,321
-39%
(25)
(749)
(147)
ns
of which net acquisitions ( g - i )
(851)
1,658
ns
35
26
12
x2.9
Acquisitions ( g )
64
2,048
-97%
60
775
159
-62%
Assets sales ( i )
915
390
x2.3
–
68
121
-100%
Change in debt (partner share) and capital gain from renewable project sales
50
188
-73%
1,135
920
596
90%
Of which organic investments ( h )
2,878
1,663
73%
–
–
–
ns
Capitalized exploration
–
–
ns
250
320
162
54%
Increase in non-current loans
671
580
16%
(15)
(1,014)
(43)
ns
Repayment of non-current loans, excluding organic loan repayment from equity affiliates
(1,101)
(226)
ns
–
118
(121)
ns
Change in debt from renewable projects (TotalEnergies share)
114
(275)
ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
1.4 Refining & Chemicals
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2026
vs
(in millions of dollars)
9 months 2026
9 months 2025
9 months 2026
vs
2026
2026
2025
3rd quarter 2025
9 months 2025
149
365
385
-61%
Cash flow used in investing activities ( a )
1,107
930
19%
–
–
–
ns
Other transactions with non-controlling interests ( b )
–
–
ns
–
–
–
ns
Organic loan repayment from equity affiliates ( c )
–
–
ns
–
–
–
ns
Change in debt from renewable projects financing ( d ) *
–
–
ns
–
–
–
ns
Capex linked to capitalized leasing contracts ( e )
–
–
ns
–
–
–
ns
Expenditures related to carbon credits ( f )
–
–
ns
149
365
385
-61%
Net investments ( a + b + c + d + e + f = g - i + h )
1,107
930
19%
(1)
(1)
(2)
ns
of which net acquisitions ( g - i )
73
(26)
ns
1
–
–
ns
Acquisitions ( g )
76
11
x6.9
2
1
2
ns
Assets sales ( i )
3
37
-92%
–
–
–
ns
Change in debt (partner share) and capital gain from renewable project sales
–
–
ns
150
366
387
-61%
Of which organic investments ( h )
1,034
956
8%
–
–
–
ns
Capitalized exploration
–
–
ns
30
32
16
88%
Increase in non-current loans
131
43
x3
(127)
(19)
(15)
ns
Repayment of non-current loans, excluding organic loan repayment from equity affiliates
(169)
(28)
ns
–
–
–
ns
Change in debt from renewable projects (TotalEnergies share)
–
–
ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.5 Marketing & Services
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2026
vs
(in millions of dollars)
9 months 2026
9 months 2025
9 months 2026
vs
2026
2026
2025
3rd quarter 2025
9 months 2025
166
19
160
4%
Cash flow used in investing activities ( a )
285
431
-34%
–
–
–
ns
Other transactions with non-controlling interests ( b )
–
–
ns
–
–
–
ns
Organic loan repayment from equity affiliates ( c )
–
–
ns
–
–
–
ns
Change in debt from renewable projects financing ( d ) *
–
–
ns
–
–
–
ns
Capex linked to capitalized leasing contracts ( e )
–
–
ns
–
–
–
ns
Expenditures related to carbon credits ( f )
–
–
ns
166
19
160
4%
Net investments ( a + b + c + d + e + f = g - i + h )
285
431
-34%
(3)
(155)
(43)
ns
of which net acquisitions ( g - i )
(194)
(121)
ns
–
–
–
ns
Acquisitions ( g )
–
3
-100%
3
155
43
-93%
Assets sales ( i )
194
124
56%
–
–
–
ns
Change in debt (partner share) and capital gain from renewable project sales
–
–
ns
169
174
203
-17%
Of which organic investments ( h )
479
552
-13%
–
–
–
ns
Capitalized exploration
–
–
ns
13
11
18
-28%
Increase in non-current loans
34
62
-45%
(10)
(20)
1
ns
Repayment of non-current loans, excluding organic loan repayment from equity affiliates
(43)
(38)
ns
–
–
–
ns
Change in debt from renewable projects (TotalEnergies share)
–
–
ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
2. Reconciliation of cash flow from operating activities to CFFO
2.1 Exploration & Production
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2026
vs
(in millions of dollars)
9 months 2026
9 months 2025
9 months 2026
vs
2026
2026
2025
3rd quarter 2025
9 months 2025
4,905
5,546
4,187
17%
Cash flow from operating activities ( a )
13,420
11,128
21%
(484)
(231)
203
ns
(Increase) decrease in working capital ( b )
(2,310)
(907)
ns
–
–
–
ns
Inventory effect ( c )
–
–
ns
–
–
–
ns
Capital gain from renewable projects sales ( d )
–
–
ns
–
–
–
ns
Organic loan repayments from equity affiliates ( e )
–
–
ns
5,389
5,777
3,984
35%
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )
15,730
12,035
31%
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2026
vs
(in millions of dollars)
9 months 2026
9 months 2025
9 months 2026
vs
2026
2026
2025
3rd quarter 2025
9 months 2025
1,213
2,137
789
54%
Cash flow from operating activities ( a )
2,230
3,071
-27%
(508)
1,304
(299)
ns
(Increase) decrease in working capital ( b ) *
(2,108)
(424)
ns
–
–
–
ns
Inventory effect ( c )
–
–
ns
–
–
–
ns
Capital gain from renewable projects sales ( d )
–
–
ns
3
–
46
-93%
Organic loan repayments from equity affiliates ( e )
4
47
-91%
1,724
833
1,134
52%
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )
4,342
3,542
23%
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
2.3 Integrated Power
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2026
vs
(in millions of dollars)
9 months 2026
9 months 2025
9 months 2026
vs
2026
2026
2025
3rd quarter 2025
9 months 2025
1,636
(239)
674
x2.4
Cash flow from operating activities ( a )
1,252
1,074
17%
873
(853)
56
x15.6
(Increase) decrease in working capital ( b ) *
(629)
(558)
ns
–
–
–
ns
Inventory effect ( c )
–
–
ns
–
50
(6)
ns
Capital gain from renewable projects sales ( d )
72
80
-10%
11
57
(1)
ns
Organic loan repayments from equity affiliates ( e )
116
58
100%
774
721
611
27%
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )
2,069
1,770
17%
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.4 Refining & Chemicals
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2026
vs
(in millions of dollars)
9 months 2026
9 months 2025
9 months 2026
vs
2026
2026
2025
3rd quarter 2025
9 months 2025
6,290
3,565
2,839
x2.2
Cash flow from operating activities ( a )
11,419
1,743
x6.6
1,250
1,929
1,900
-34%
(Increase) decrease in working capital ( b )
1,678
(281)
ns
1,097
(394)
(76)
ns
Inventory effect ( c )
2,052
(396)
ns
–
–
–
ns
Capital gain from renewable projects sales ( d )
–
–
ns
–
–
–
ns
Organic loan repayments from equity affiliates ( e )
–
–
ns
3,943
2,030
1,015
x3.9
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )
7,689
2,420
x3.2
2.5 Marketing & Services
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2026
vs
(in millions of dollars)
9 months 2026
9 months 2025
9 months 2026
vs
2026
2026
2025
3rd quarter 2025
9 months 2025
1,622
549
287
x5.7
Cash flow from operating activities ( a )
3,239
1,483
x2.2
484
(186)
(372)
ns
(Increase) decrease in working capital ( b )
446
(312)
ns
459
(112)
21
x21.9
Inventory effect ( c )
847
(38)
ns
–
–
–
ns
Capital gain from renewable projects sales ( d )
–
–
ns
–
–
–
ns
Organic loan repayments from equity affiliates ( e )
–
–
ns
679
847
638
6%
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )
1,946
1,833
6%
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and calculation of ROACE
(In millions of dollars)
Exploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Corporate
InterCompany
Company
Adjusted net operating income 3rd quarter 2026
3,157
1,885
602
3,601
467
(95)
–
9,617
Adjusted net operating income 2nd quarter 2026
3,231
807
533
1,800
500
(276)
–
6,595
Adjusted net operating income 1st quarter 2026
2,576
1,318
545
1,599
262
(308)
–
5,992
Adjusted net operating income 4th quarter 2025
1,805
922
564
1,001
341
(191)
–
4,442
Adjusted net operating income ( a )
10,769
4,932
2,244
8,001
1,570
(870)
–
26,646
Balance sheet as of September 30, 2026
Property plant and equipment intangible assets net
88,505
27,132
12,834
13,055
6,432
1,551
–
149,509
Investments & loans in equity affiliates
5,189
21,648
15,838
4,102
855
–
–
47,632
Other non-current assets
1,976
2,879
988
715
1,014
(668)
–
6,904
Inventories, net
1,736
2,458
583
17,556
4,554
–
–
26,887
Accounts receivable, net
6,840
9,890
3,736
28,533
9,876
1,337
(35,500)
24,712
Other current assets
8,569
28,170
7,605
5,959
3,946
3,095
(16,870)
40,474
Accounts payable
(6,372)
(10,374)
(5,298)
(46,961)
(12,760)
(982)
35,571
(47,176)
Other creditors and accrued liabilities
(12,989)
(26,484)
(6,852)
(13,490)
(7,222)
(7,136)
16,799
(57,374)
Working capital
(2,216)
3,660
(226)
(8,403)
(1,606)
(3,686)
–
(12,477)
Provisions and other non-current liabilities
(24,158)
(4,860)
(1,801)
(3,813)
(1,288)
1,012
–
(34,908)
Assets and liabilities classified as held for sale - Capital employed
285
571
2,015
–
–
–
–
2,871
Capital Employed (Balance sheet)
69,581
51,030
29,648
5,656
5,407
(1,791)
–
159,531
Less inventory valuation effect
–
–
–
(2,569)
(736)
–
–
(3,305)
Capital Employed at replacement cost ( b )
69,581
51,030
29,648
3,087
4,671
(1,791)
–
156,226
Balance sheet as of September 30, 2025
Property plant and equipment intangible assets net
87,453
29,195
15,681
12,725
7,111
797
–
152,962
Investments & loans in equity affiliates
4,498
16,983
10,257
4,137
1,093
–
–
36,968
Other non-current assets
2,504
2,285
1,705
748
1,083
344
–
8,669
Inventories, net
1,674
1,076
596
10,196
3,516
–
–
17,058
Accounts receivable, net
5,533
5,828
4,045
17,547
8,328
1,300
(22,846)
19,735
Other current assets
7,020
7,252
5,567
2,251
2,889
2,600
(5,746)
21,833
Accounts payable
(6,668)
(6,661)
(6,309)
(30,876)
(9,472)
(901)
22,825
(38,062)
Other creditors and accrued liabilities
(11,225)
(7,587)
(4,810)
(5,175)
(5,546)
(6,690)
5,767
(35,266)
Working capital
(3,666)
(92)
(911)
(6,057)
(285)
(3,691)
–
(14,702)
Provisions and other non-current liabilities
(25,136)
(4,499)
(1,388)
(3,569)
(1,227)
902
–
(34,917)
Assets and liabilities classified as held for sale - Capital employed
449
–
1,616
–
–
–
–
2,065
Capital Employed (Balance sheet)
66,102
43,872
26,960
7,984
7,775
(1,648)
–
151,045
Less inventory valuation effect
–
–
–
(861)
(210)
–
–
(1,071)
Capital Employed at replacement cost ( c )
66,102
43,872
26,960
7,123
7,565
(1,648)
–
149,974
ROACE as a percentage ( a / average ( b + c ))
15.9%
10.4%
7.9%
156.7%
25.7%
–
–
17.4%
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
3rd quarter
2nd quarter
3rd quarter
9 months 2026
9 months 2025
2026
2026
2025
(in millions of dollars)
8,363
5,475
3,762
Consolidated net income ( a )
19,770
10,429
(453)
(523)
(499)
Net cost of net debt ( b )
(1,496)
(1,370)
(2,320)
(268)
(113)
Special items affecting net operating income
(3,619)
(596)
(114)
(17)
284
Gains (losses) on disposals of assets
121
284
–
(30)
(7)
Restructuring charges
(52)
(7)
(1,945)
–
(286)
Asset impairment and provisions charges
(3,093)
(495)
(261)
(221)
(104)
Other items
(595)
(378)
1,260
(298)
(33)
After-tax inventory effect : FIFO vs. replacement cost
2,513
(380)
259
(31)
(172)
Effect of changes in fair value
168
(610)
(801)
(597)
(318)
Total adjustments affecting net operating income ( c )
(938)
(1,586)
9,617
6,595
4,579
Adjusted net operating income ( a - b - c )
22,204
13,385
TotalEnergies contacts
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