Report
TotalEnergies Q3 2026 results report
TotalEnergies made $9.1bn of adjusted net income in Q3 2026, up 51% on the quarter, as refining posted a record and gearing fell to 9.1%. Profit, cash, returns and segments, from the company’s own results.
TotalEnergies reported adjusted net income of $9.10bn for the third quarter of 2026 on 29 October 2026, up 51% on Q2 2026’s $6.03bn and more than double the $3.98bn of Q3 2025. Net income (TotalEnergies share) was $8.26bn.
Its downstream business had a record quarter. Refining & Chemicals earned $3.60bn of adjusted net operating income, double Q2 2026, as the European Refining Margin Marker averaged $33.2/bbl, against $13.5/bbl in Q2 2026 and $8.4/bbl a year earlier. Integrated LNG more than doubled to $1.89bn.
| Key number | Q3 2026 | Change |
|---|---|---|
| Adjusted net income | $9.10bn | +51% vs Q2 2026; +129% vs Q3 2025 |
| Net income (TotalEnergies share) | $8.26bn | +52% vs Q2 2026; +124% vs Q3 2025 |
| Cash flow from operations excl. working capital (CFFO) | $12.3bn | +25% vs Q2 2026; +74% vs Q3 2025 |
| Gearing, 30 September 2026 | 9.1% | 13.1% at 30 June 2026 |
Cash flow from operations before working capital (CFFO) was $12.3bn. Net debt fell to $13.8bn and gearing to 9.1%. TotalEnergies bought back $1.5bn of shares in the quarter, kept its interim dividend at €0.90 ($1.04) a share, and authorised $2.5bn of buybacks for each of Q4 2026 and Q1 2027.
Looking ahead, TotalEnergies expects its average LNG selling price to be above $14/MMBtu in Q4 2026, and Q4 2026 production to grow by more than 3% on Q4 2025, excluding the Middle East impact. It confirmed net investments of ~$15bn for 2026.
TotalEnergies had its best quarter of the year on the back of refining and LNG, while upstream eased. The cash went mostly to the balance sheet: gearing fell below 10%, which leaves room to keep buybacks at $2.5bn a quarter into 2027. The rising LNG price guided for Q4 2026 suggests the gas side will carry more of the load if refining margins come off their highs.
What the full report covers
The full report is a 7-page PDF for $9.99, available to download straight after payment. It covers:
- Headline numbers against the prior quarter and the prior year
- Profit, reported and adjusted, and what moved it
- Revenue and operating cash flow
- Capex, net debt and gearing
- Buybacks and dividends
- Segment results, with a table and a chart
- Production and throughput
- Guidance and outlook
- What it means
- Notes on the numbers and a full list of sources
The TotalEnergies logo is used only to identify the company this report is about. Entelera Research is independent and has no connection with, or endorsement from, TotalEnergies.
Sources
- TotalEnergies, Third quarter 2026 results (press release), 29 October 2026: totalenergies.com
- TotalEnergies, Third quarter 2026 results (full document, PDF): totalenergies.com
This summary is for information only and is not investment advice. It is based solely on the company’s own published results documents listed above; Entelera Research has not audited them. © 2026 Entelera (entelera.com).