TotalEnergies earnings: third quarter 2026

TotalEnergies, the French oil, gas and power company, had a very profitable third quarter of 2026. Sales were $66.8 billion, about 37% more than a year ago. Profit after everything more than doubled to $8.3 billion. Cash poured in, and the company used it to cut its debt sharply. Profit per share of $3.66 was still below what analysts had on average expected. Looking ahead, the company kept its plans: production growth for the year and around $15 billion of net investment. It also says the hit to its output from the Middle East conflict is shrinking. ¹

Against what analysts expected

Profit per share was $3.66, below the average forecast of $4.11 from four analysts' estimates collected by Nasdaq's earnings calendar, or about 11% short. The release gives only this one figure, so we cannot say whether the analysts' estimates were made on the same basis. ¹²

The strong points

• Net income, the profit after everything, more than doubled from a year ago to $8.3 billion. ¹
• After paying for its investments, the company was left with $9.0 billion of cash in the quarter, more than double a year earlier. ¹
• Net debt fell to $13.8 billion, from $24.6 billion a year ago. ¹

The weak points

• About $3.1 billion of the quarter's operating cash came from bills not yet paid, such as shipping costs and taxes, and that can reverse. ¹
• Spending on the company's own projects rose to $4.8 billion in the quarter, and part of it was covered by selling assets. ¹
• The Middle East conflict still holds back a little under 5% of the company's production, mainly gas shipped through the Strait of Hormuz. ¹

What the company expects

• Leaving out the conflict's effect, TotalEnergies expects fourth-quarter production to be more than 3% higher than a year earlier, and it keeps its production growth goal for the year unchanged. ¹
• The company keeps its plan to invest a net amount of around $15 billion in 2026. ¹

Our verdict on the quarter

A strong report. Profit more than doubled from a year ago, cash came in strongly and debt fell sharply, and the company kept its plans for the year, although profit per share still fell short of what analysts expected.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. TotalEnergies's results release, 29 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 29 October 2026. ↩