TotalEnergies' Full-year 2025 Results in Pictures
02/17/2026
TotalEnergies 2025 Annual Results
For the year 2025, TotalEnergies reports an adjusted net income of $15.6 billion (TotalEnergies share), which is down 15%, reflecting the year on year decline in oil prices, while cash flow decreased by only 7%, to nearly $28 billion, driven by the 4% accretive growth in its Upstream production.
The net income amounted to $13.1 billion, according to IFRS International Financial Reporting Standards.
Return on average capital employed stood at 12.6%, the best among the majors, making TotalEnergies the most profitable major for the fourth consecutive year.
Cash flow generation (cash flow from operations — CFFO) was close to $28 billion, broken down as follows:
- Exploration & Production: $15.6 billion
- Integrated LNG: $4.7 billion
- Downstream: $6.2 billion
- Integrated Power: $2.6 billion
In 2025, the Company completed several strategic operations in the implementation of its integrated multi energy model:
- Europe: Agreement with EPH: TotalEnergies accelerated its gas to power integration in Europe by acquiring, in shares, 50% of a flexible power generation of more than 14GW portfolio from EPH.
- Namibia: Major deal with Galp: swap of a 40% operated interest in license PEL83 (Mopane) for interests in licenses PEL56 (Venus) and PEL91.
- United Kingdom: Strategic agreement with NEO NEXT: merger of Upstream assets with NEO NEXT to create the largest oil and gas producer in the country, with TotalEnergies holding a 47.5% majority stake.
TotalEnergies continues to prepare the future: maintaining a proved reserves life of more than 12 years and entering new exploration licenses (US, Nigeria, Malaysia, Indonesia, Algeria, Guyana, Liberia…).
Investments totaled $17.1 billion, including nearly 40% allocated to new Oil & Gas projects and around $3.5 billion to low carbon energies, of which nearly $3 billion in electricity.
TotalEnergies ended 2025 with a gearing ratio close to 15%, highlighting the company’s strong financial health.
The dividend for fiscal year 2025 is €3.40 per share (subject to approval at the May 29, 2026, Shareholders’ Meeting), up +5.6% compared to 2024, reflecting the $7.5 billion share buybacks completed in 2025 (55% payout).
More energy, low emissions, more cash flow.
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