EURONEXT-PAR$TTE

TotalEnergies SE · Q2 2026 earnings

Q2 2026 earnings · · Investor relations

Briefing

TotalEnergies SE reported strong Q2 2026 results with adjusted net income of $6.0 billion and cash flow from operations excluding working capital of $9.8 billion.

In a high commodity price environment, TotalEnergies leveraged its integrated model to deliver increasing cash flow and adjusted net income. Net income (TotalEnergies share) reached $5.438 billion, with adjusted net income at $6.027 billion. Hydrocarbon production was 2.395 Mboe/d, and gearing improved to 13.1%.

  • Adjusted net income (TotalEnergies share) of $6.0 billion, up 12% QoQ; adjusted fully-diluted EPS $2.68.
  • Cash flow from operations excluding working capital (CFFO) of $9.8 billion, up 14% QoQ.
  • Exploration & Production adjusted net operating income $3.2 billion and cash flow $5.8 billion, up over 25% QoQ.
  • Gearing ratio down to 13.1% at period end; second interim dividend set at €0.90/share, up 5.9% YoY.

Headline financials

Total Revenue

$61.8B

Previous: $49.6B+24.5%
EPS (adj)

$2.68

Previous: $1.57+70.7%
Adjusted EBITDA

$13.2B

Previous: $9.69B+36.0%
CFFO

$9.8B

Previous: $6.62B+48.1%
Hydrocarbon production

2.4M

Previous: 2.5M-4.3%
Gearing ratio

13.1%

Previous: 17.9%-26.8%
Net Income

$5.44B

Previous: $2.69B+102.4%
Operating Income

$6.87B

Previous: $4.39B+56.5%

Revenue & EPS history

TotalEnergies · Revenue · Quarterly

$61.8B

Q2 2026+24.5%vs Q2 2025
Beat estimate in 10 of 13 quarters(77%)
ActualEstimate

Forward guidance

Company reaffirmed annual production growth and investment guidance of $15 billion; priority on deleveraging and dividend growth.

Tailwinds

  • Organic production growth over 4% YoY in Upstream.
  • Strong refining margins captured in Downstream.
  • Integrated Power cash flow up 25% QoQ.

Headwinds

  • Production losses in Middle East of ~210 kboe/d.
  • Integrated LNG results impacted by gas trading underperformance.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports

Historical avg

+0.3%

Avg return

Earnings day

+0.4%

Avg return

5 days after

+2.5%

Avg return

30 days after

59%

38 / 64 earnings

Positive

+6.7%

Q3 2020

Best reaction

-7.1%

Q2 2014

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q2 2026
Q1 2026+0.0%-17.8%-17.3%
Q4 2025+4.1%+2.9%+10.9%
Q3 2025-1.1%+0.0%+7.5%
Q2 2025-3.9%+1.1%+5.4%
Q1 2025+0.2%+2.5%+3.2%
Q4 2024+2.9%+2.0%+3.7%
Q3 2024-1.6%-0.3%-8.8%
Q2 2024+0.9%-4.1%+1.8%
Q4 2023-1.3%-0.6%+1.1%
Q3 2023+1.0%+1.5%+4.8%
Q2 2023+0.3%+1.1%+4.3%
Q1 2023+0.9%-4.3%-5.9%
Q4 2022-0.0%+3.6%-1.2%
Q3 2022+1.9%+3.9%+12.7%
Q2 2022+0.5%-3.9%+5.7%
Q1 2022+1.0%+6.7%+22.0%
Q4 2021-2.3%-4.3%-17.3%
Q3 2021-0.6%+0.1%-7.5%
Q2 2021+0.2%+2.8%+2.4%
Q1 2021-3.5%-1.0%+1.8%
Q4 2020-2.7%-1.7%+14.1%
Q3 2020+6.7%+8.7%+51.7%
Q2 2020-1.7%+2.7%+4.3%
Q1 2020+1.9%+8.5%+21.4%
Q4 2019-1.3%-1.5%-15.4%
Q3 2019-0.1%+2.6%-0.3%
Q2 2019-0.2%-1.1%-10.5%
Q1 2019-2.1%-1.6%-4.4%
Q4 2018-0.8%-0.0%+1.8%
Q3 2018-1.5%+0.7%-7.2%
Q2 2018+2.5%+4.5%+2.5%
Q1 2018+1.3%-0.0%-4.6%
Q4 2017+0.5%+2.4%+4.6%
Q3 2017+2.3%+3.6%+4.0%
Q2 2017+0.4%+1.6%+2.5%
Q1 2017-0.6%-1.0%+3.0%
Q4 2016+1.8%+1.4%+0.5%
Q3 2016-1.3%-3.7%-3.7%
Q2 2016+2.5%-0.4%+3.3%
Q1 2016+1.5%
Q4 2015+5.1%
Q3 2015-0.7%
Q2 2015+2.3%
Q1 2015+1.7%
Q4 2014+1.5%
Q3 2014+2.4%
Q2 2014-7.1%
Q1 2014+0.7%
Q4 2013+1.8%
Q2 2013-0.6%
Q3 2013-0.6%
Q4 2012-0.2%
Q1 2013+0.9%
Q3 2012+0.6%
Q2 2012+1.2%
Q1 2012+2.4%
Q4 2011-5.8%
Q3 2011-6.4%
Q2 2011+2.9%
Q1 2011+1.7%
Q4 2010+0.7%
Q3 2010+1.8%
Q2 2010+0.9%
Q1 2010+2.9%
Q3 2009
Q2 2009
Q1 2009
Q3 2008
Q2 2008
Q1 2008
Q3 2007
Q2 2007
Q1 2007
Q3 2006
Q2 2006
Q1 2006
Q4 2005

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