TotalEnergies Posts Strong $15.6B Adjusted Net Income in 2025

Ticker: TTE · Form: 20-F · Filed: Mar 27, 2026 · CIK: 0000879764

Totalenergies Se 20-F Filing Summary
FieldDetail
CompanyTotalenergies Se (TTE)
Form Type20-F
Filed DateMar 27, 2026
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$13.1 b, $15.6b, $27.3 billion, $27.8billion, $17.1billion
Sentimentbullish

Sentiment: bullish

Topics: Oil & Gas, Energy Sector, Financial Performance, Cash Flow, Net Income, SEC Filing, International Operations

Related Tickers: TTE, XOM, SHEL, BP

TL;DR

**TotalEnergies crushed 2025 with $15.6B adjusted net income and $27.8B CFFO, making it a solid bet despite energy market volatility.**

AI Summary

TotalEnergies SE reported a robust financial performance for the fiscal year ended December 31, 2025, with IFRS net income reaching $13.1 billion. The adjusted net income, a key metric for the company, stood at $15.6 billion, indicating strong underlying operational profitability. Cash flow from operating activities was substantial at $27.3 billion, further bolstered by cash flow from operations excluding working capital (CFFO) of $27.8 billion. These figures highlight the company's ability to generate significant cash, crucial for its strategic investments and shareholder returns. The company's results are notably influenced by fluctuations in crude oil and natural gas prices, refining and marketing margins, and exchange rates, particularly the euro-dollar parity. Higher hydrocarbon prices generally benefit the Exploration & Production and Integrated LNG segments, while lower prices have an adverse effect. Strategic cost reduction efforts also play a significant role in shaping TotalEnergies' financial outcomes. The company continues to navigate a dynamic economic and political landscape, including the impact of OPEC+ decisions on production levels and governmental regulations.

Why It Matters

TotalEnergies' strong financial performance, with $15.6 billion in adjusted net income and $27.8 billion in CFFO, signals robust health in a volatile energy market, reassuring investors about dividend sustainability and future growth. This performance is critical for its competitive standing against peers like Shell and ExxonMobil, especially as the company balances traditional fossil fuel operations with its transition to renewables. For employees, stable financial results ensure job security and potential for investment in new energy projects. Customers benefit from a financially sound company capable of investing in reliable energy supply and innovation. The broader market gains stability from a major energy player demonstrating resilience and adaptability amidst global energy transitions and geopolitical shifts.

Risk Assessment

Risk Level: medium — The company explicitly states its results are 'affected by a variety of factors, including changes in crude oil and natural gas prices and refining and marketing margins,' which are inherently volatile. Furthermore, 'general economic and political conditions and changes in governmental laws and regulations, as well as by the impact of decisions by OPEC+ on production levels' introduce significant external risks beyond the company's direct control, justifying a medium risk level.

Analyst Insight

Investors should consider TotalEnergies' strong cash flow generation of $27.8 billion as a positive indicator for dividend stability and potential share buybacks. However, they must closely monitor global oil and gas price trends and geopolitical developments, as these external factors significantly influence the company's profitability.

Key Numbers

  • $13.1B — IFRS Net Income (Reported for the fiscal year ended December 31, 2025)
  • $15.6B — Adjusted Net Income (Reported for the fiscal year ended December 31, 2025, indicating strong operational profitability)
  • $27.3B — Cash Flow from Operating Activities (Generated during the fiscal year ended December 31, 2025)
  • $27.8B — Cash Flow from Operations Excluding Working Capital (CFFO) (Generated during the fiscal year ended December 31, 2025, a key liquidity metric)
  • 2,206,585,543 — Shares Outstanding (As of December 31, 2025, par value 2.50 each)

Key Players & Entities

  • TotalEnergies SE (company) — Registrant and parent company
  • Jean-Pierre Sbraire (person) — Chief Financial Officer of TotalEnergies SE
  • New York Stock Exchange (regulator) — Exchange where TotalEnergies SE shares (TTE) are registered
  • SEC (regulator) — United States Securities and Exchange Commission
  • IASB (regulator) — International Accounting Standards Board
  • OPEC+ (company) — Organization influencing global oil production levels
  • $13.1 billion (dollar_amount) — TotalEnergies' IFRS net income for 2025
  • $15.6 billion (dollar_amount) — TotalEnergies' adjusted net income for 2025
  • $27.3 billion (dollar_amount) — TotalEnergies' cash flow from operating activities for 2025
  • $27.8 billion (dollar_amount) — TotalEnergies' cash flow from operations excluding working capital (CFFO) for 2025

FAQ

What was TotalEnergies' IFRS net income for the fiscal year 2025?

TotalEnergies reported an IFRS net income of $13.1 billion for the fiscal year ended December 31, 2025.

How did TotalEnergies' adjusted net income perform in 2025?

TotalEnergies' adjusted net income for the fiscal year 2025 was $15.6 billion, reflecting strong underlying operational profitability.

What were TotalEnergies' cash flow from operating activities and CFFO in 2025?

In 2025, TotalEnergies generated $27.3 billion in cash flow from operating activities and $27.8 billion in cash flow from operations excluding working capital (CFFO).

Who is the Chief Financial Officer of TotalEnergies SE?

Jean-Pierre Sbraire is the Chief Financial Officer of TotalEnergies SE, as listed in the 20-F filing.

What factors primarily affect TotalEnergies' financial results?

TotalEnergies' results are primarily affected by changes in crude oil and natural gas prices, refining and marketing margins, exchange rates (especially euro-dollar), and decisions by OPEC+ on production levels.

Where are TotalEnergies' shares registered for trading?

TotalEnergies' shares (TTE) are registered for trading on the New York Stock Exchange.

What accounting standards does TotalEnergies use for its financial statements?

TotalEnergies' Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB and IFRS as adopted by the European Union (EU).

How many shares of TotalEnergies SE were outstanding as of December 31, 2025?

As of December 31, 2025, there were 2,206,585,543 shares of TotalEnergies SE outstanding, each with a par value of 2.50.

What is the primary risk factor for TotalEnergies' business?

A significant risk factor for TotalEnergies is the volatility of crude oil and natural gas prices, which can materially impact its Exploration & Production and Integrated LNG segments.

Does TotalEnergies provide non-GAAP financial measures?

Yes, TotalEnergies includes certain non-GAAP financial measures, such as adjusted net income and CFFO, which management uses to evaluate operating performance and believes are useful to investors.

Risk Factors

  • Commodity Price Volatility [high — market]: TotalEnergies' results are significantly influenced by fluctuations in crude oil and natural gas prices. A 15% decline in oil prices in 2025 impacted the company's performance, though specific segment revenue impacts are not detailed in this excerpt.
  • Exchange Rate Fluctuations [medium — market]: Changes in exchange rates, particularly the euro-dollar parity, affect TotalEnergies' financial results. The specific impact of euro-dollar movements on 2025 results is not quantified in this section.
  • Governmental Laws and Regulations [medium — regulatory]: General economic and political conditions, along with changes in governmental laws and regulations, can impact TotalEnergies' results. Specific regulatory changes affecting 2025 performance are not detailed.
  • OPEC+ Production Decisions [medium — market]: Decisions by OPEC+ on production levels can influence hydrocarbon prices and, consequently, TotalEnergies' financial performance. The specific impact of OPEC+ decisions in 2025 is not quantified.

Industry Context

TotalEnergies operates in the integrated energy sector, facing dynamic market conditions influenced by global oil and gas prices, refining margins, and geopolitical factors. The company competes with other major integrated energy companies, with performance heavily tied to commodity price cycles and strategic cost management.

Regulatory Implications

TotalEnergies' operations are subject to governmental laws and regulations, which can impact financial results. Changes in these regulations, alongside broader economic and political conditions, represent a key area of risk and require ongoing compliance efforts.

What Investors Should Do

  1. Monitor commodity price trends and their impact on segment profitability.
  2. Analyze the company's cost reduction strategies and their effectiveness.
  3. Evaluate the impact of exchange rate fluctuations, particularly EUR/USD.

Glossary

IFRS
International Financial Reporting Standards, a set of accounting standards used for financial statements. (TotalEnergies' consolidated financial statements are prepared in accordance with IFRS, providing a standardized basis for financial reporting.)
Adjusted Net Income
A non-GAAP financial measure used by management to evaluate operating performance, excluding certain items from IFRS net income. (Indicates strong underlying operational profitability for TotalEnergies, reported at $15.6 billion for 2025.)
CFFO
Cash Flow from Operations Excluding Working Capital, a non-GAAP measure that provides insight into cash generation from core operations. (A key liquidity metric for TotalEnergies, reported at $27.8 billion for 2025, highlighting strong cash generation capacity.)
ROACE
Return on Average Capital Employed, a profitability ratio measuring how efficiently a company uses its capital. (TotalEnergies achieved 12.6% ROACE in 2025, noted as the best among its peers for the fourth consecutive year.)

Year-Over-Year Comparison

The provided text focuses on the fiscal year ended December 31, 2025, and does not contain comparative data from the previous filing (likely 2024). Therefore, a direct comparison of revenue growth, margin changes, or new risks versus the prior year cannot be made based on this excerpt.

Filing Stats: 4,425 words · 18 min read · ~15 pages · Grade level 13.3 · Accepted 2026-03-27 11:00:54

Key Financial Figures

  • $13.1 b — talEnergies reported IFRS net income of $13.1 billion, adjusted net income 1 of $15.6bi
  • $15.6b — $13.1 billion, adjusted net income 1 of $15.6billion, cash flow from operating activit
  • $27.3 billion — cash flow from operating activities of $27.3 billion and cash flow from operations excluding
  • $27.8billion — s excluding working capital (CFFO) 1 of $27.8billion in an environment marked by a decline o
  • $17.1billion — isciplined growth strategy by investing $17.1billion in 2025, including 37% for new Oil & Ga
  • $3.5billion — % for new Oil & Gas projects and around $3.5billion in low carbon energies, of which nearly
  • $3billion — in low carbon energies, of which nearly $3billion in electricity. TotalEnergies ended 202
  • $8.4b — erated adjusted net operating income of $8.4billion, cash flow from operating activit
  • $14.9 billion — cash flow from operating activities of $14.9 billion and cash flow from operations excluding
  • $15.6billion — ons excluding working capital (CFFO) of $15.6billion. In 2025, TotalEnergies' production gro
  • $5 — pstream production growth helped offset $5/b of the $11/b price decline recorded o
  • $11 — uction growth helped offset $5/b of the $11/b price decline recorded over the year.
  • $4.1b — erated adjusted net operating income of $4.1billion, cash flow from operating activit
  • $5.1 billion — cash flow from operating activities of $5.1 billion and cash flow from operations excluding
  • $4.7billion — ons excluding working capital (CFFO) of $4.7billion. The Company continued to strengthen it

Filing Documents

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 30 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 30 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 30 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 30 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 31 ITEM 16B. CODE OF ETHICS 31 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 31 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 31 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 32 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 32 ITEM 16G. CORPORATE GOVERNANCE 32 ITEM 16H. MINE SAFETY DISCLOSURE 35 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 35 ITEM 16J. INSIDER TRADING POLICIES 35 ITEM 16K. CYBERSECURITY 35 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 36 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 36 ITEM 19. EXHIBITS 37 BASIS OF PRESENTATION References in this annual report on Form 20-F (this "Annual Report" or this "document") to pages and sections of the "Universal Registration Document 2025" are references only to those pages and sections of TotalEnergies' Universal Registration Document for the year ended December 31, 2025 attached in Exhibit 15.1 to this Annual Report and forming a part hereof. Other than as expressly provided herein, the Universal Registration Document 2025 is not incorporated herein by reference. TotalEnergies' Consolidated Financial Statements on pages F-9 to F-13 are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and IFRS as adopted by the European Union (EU) as of December 31, 2025. In addition, this Annual Report and the Universal Registration Document 2025 contain certain measures that are not defined by generally accepted accounting principles (GAAP) such as IFRS. TotalEnergies' management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating TotalEnergies' operating performance. TotalEnergies believes that presentation of this information, along with comparable GAAP measures, is useful to investors because it allows investors to understand the primary method used by management to evaluate performance on a meaningful basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. Non-GAAP financial measures as reported by TotalEnergies may not be comparable with similarly titled amounts reported by other companies. Unless otherwise indicated, statements made in "Item 4. Information on the Company" referring to TotalEnergies' competitive position are based on TotalEnergies' estimates, and in some cases rely

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION 3.1 Risk factors TotalEnergies conducts its business in a constantly changing environment and is exposed to risks that, if they were to occur, could have a material adverse effect on its business, financial condition, reputation, outlook, or the price of financial instruments issued by TotalEnergies SE. Point 3.1 of chapter 3 of the Universal Registration Document 2025 (starting on page 130), incorporated herein by reference, presents the significant risk factors specific to TotalEnergies, to which it believes it is exposed as of the filing date of this Annual Report. For additional information on the risks to which TotalEnergies believes it is exposed as of the filing date of this Annual Report, along with its approaches to managing certain of these risks, please refer to "Item 5. Operating and financial review and prospects" and "Item 11. Quantitative and qualitative disclosures about market risk", as well as points 3.2, 3.3 and 3.6 of chapter 3 (starting on pages 139, 142 and 150, respectively) of the Universal Registration Document 2025, incorporated herein by reference.

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY The following information providing an integrated overview of TotalEnergies from the Universal Registration Document 2025 is incorporated herein by reference: - presentation of TotalEnergies and its governance (points 1.1.1 and 1.7 of chapter 1, starting on pages 6 and 45 respectively); - its strategy and ambition (points 1.2 and 1.3 of chapter 1, starting on page 14); - history, employees, integrated business model, industrial assets and geographic presence (points 1.1.2, 1.1.3, and 1.6.1-1.6.4 of chapter 1, starting on pages 10, 12 and 42 respectively); - an overview of its approach to sustainable development, investment policy, R&D and dialogue with stakeholders (points 1.4, 1.5, and 1.6 of chapter 1, point 5.1.1 of chapter 5, starting on pages 36, 39, 42 and 274 respectively); and - organizational structure (point 1.7.3 of chapter 1, starting on page 49). The following information providing an overview of TotalEnergies' businesses and activities from the Universal Registration Document 2025 is incorporated herein by reference: - information concerning TotalEnergies' principal capital expenditures and divestitures (point 1.5 of chapter 1, starting on page 39). See also "Item 5. Operating and financial review and prospects"; - business overview for fiscal year 2025 (points 2.1 to 2.6 of chapter 2, starting on page 74); and - geographical breakdown of TotalEnergies' sales, property, plants and equipment, intangible assets and capital expenditures over the past three years (Note 4 to the Consolidated Financial Statements, on page F-31). The following other information from the Universal Registration Document 2025 is incorporated herein by reference: - countries under economic sanctions (point 3.2 of chapter 3, starting on page 139); - insurance and risk management (point 3.4 of chapter 3, starting on page 148); and - investor relations (point 6.6 of chapter 6, starting on page 435). See also "Ad

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS None. Form 20-F 2025 TotalEnergies 3

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS This section is an analysis of the financial performance and of significant trends that may affect TotalEnergies' future performance and it should be read in conjunction with the Consolidated Financial Statements and the Notes thereto starting on page F-9. The Consolidated Financial Statements and the Notes thereto are prepared in accordance with IFRS as issued by the IASB and IFRS as adopted by the EU. The critical accounting estimates are disclosed in the paragraph "Major judgments and accounting estimates" of the Notes to the Consolidated Financial Statements. This section contains forward-looking statements that are subject to risks and uncertainties. For a list of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, see "Cautionary Statement Concerning Forward-Looking Statements" starting on page i. For information on the invasion of Ukraine by Russia and the situation of the Company at March 27, 2026, refer to "Item 5. – 5.6 Situation of the Company in Russia at March 27, 2026" below. 5.1 Overview TotalEnergies' results are affected by a variety of factors, including changes in crude oil and natural gas prices and refining and marketing margins, all generally expressed in dollars, as well as changes in exchange rates, particularly the value of the euro compared to the dollar. Higher crude oil and natural gas prices generally have a positive effect on the income of TotalEnergies because the Exploration & Production segment's oil and gas business and the Integrated LNG and downstream gas business are positively impacted by the resulting increase in revenues. Lower crude oil and natural gas prices generally have a corresponding negative effect. The effect of changes in crude oil prices on the activities of TotalEnergies' Refining & Chemicals and Marketing & Services segments (Downstream) depends upon the speed at which the prices

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