TotalEnergies Q3 results showed adjusted net income of $9.1bn for the third quarter of 2026. That is up 51% from $6.0bn in the second quarter and more than double the $4.0bn of a year earlier. The figure also beat the $8.3bn analysts expected, Reuters reported. Record refining margins and a strong gas market drove the jump.
Cash flow from operations rose 25% to $12.3bn. Meanwhile, net income reached $8.3bn and adjusted EBITDA climbed to $17.8bn. Shares rose 1.8% on Thursday 29 October 2026.
Downstream drives TotalEnergies Q3 results
Downstream had a record quarter. Its adjusted net operating income was $4.1bn, up close to $2bn on the previous quarter, with cash flow of $4.6bn. Refining throughput rose nearly 10%. As a result, the company captured what chief executive Patrick Pouyanné called “historically high refining margins in Europe and worldwide”. TotalEnergies’ refining margin averaged $33.2 a barrel, according to Reuters.
The LNG business also surged. Integrated LNG earned $1.9bn, as the average LNG price rose 20% on the quarter. In addition, LNG and gas trading outperformed in what Pouyanné described as “a bull gas market”. By contrast, exploration and production earned $3.2bn, as lower oil prices partly offset higher gas prices and volumes.
Production and new projects
Oil and gas output reached 2.47 mmboe/d, up more than 3% on the quarter. The Middle East conflict cut only about 5% of production on average. Excluding that impact, growth topped 4% year on year. Operating costs stayed at $4.7 per barrel of oil equivalent.
The company also took four investment decisions this quarter. They cover Cronos in Cyprus, Ima in Nigeria, Umm Shaif Gas Cap in the UAE and Absheron Phase 2 in Azerbaijan. Therefore, every project behind its target of more than 3% annual growth to 2030 is now in execution, the company said.
Shareholder returns in TotalEnergies Q3 results
TotalEnergies kept its interim dividend at €0.90 ($1.04) per share. It confirmed $2.5bn of buybacks in the fourth quarter of 2026. It also set a further $2.5bn for the first quarter of 2027. Furthermore, it will offer employees new shares at a 20% discount.
Gearing fell to 9.1%, from 13.1% at the end of June 2026. That already beats the goal of under 10% by the end of 2026.
Not every number impressed
Jefferies called the results “solid, not standout”. Production missed consensus by 4%, the broker said. Moreover, TotalEnergies took a $1.9bn impairment, mainly on offshore wind and a South Korean petrochemical stake, Reuters reported.
Why it matters
The results show how integrated majors are profiting from the fuel squeeze that followed the war with Iran. Shell reported the same day, with record refining margins and a larger buyback. Rivals in Europe face the same pattern: Equinor’s record Mongstad refinery result came a day earlier.
TotalEnergies also said it supports Europe’s supply by running its refineries hard and importing diesel from the Middle East. In France, it announced extra measures to shield consumers from rising diesel prices.
What comes next
BP, ExxonMobil and Chevron report on Friday 30 October 2026. For TotalEnergies, the next test is whether high refining margins last into the winter of 2026-27.
