In the third quarter of 2025, TotalEnergies posted solid results with adjusted net income of $3.7 billion and a 7% increase in cash flow, despite the decline in oil prices.
This performance confirms the resilience of the group’s integrated model, driven by growth in hydrocarbon production and the strong performance of its European refining operations.
In parallel, TotalEnergies is preparing for its direct listing on the NYSE (New York) in December 2025, a strategic step designed to strengthen its presence with American investors. This strategy aims to boost the share price and reduce dependence on the European continent, which is mired in its societal contradictions.
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TotalEnergies Posts Strong Q3 2025 Results Despite Unfavorable Oil Market Environment
Despite a year-over-year decline of more than $10 per barrel in Brent crude, TotalEnergies delivered remarkable performance in the third quarter of 2025:
- Adjusted net income: $3.7 billion (+11% quarter-over-quarter),
- Operating cash flow (CFFO): $7.1 billion (+7%),
- Adjusted EBITDA: $10.3 billion (+6%).
This stability, despite a volatile energy environment, illustrates the resilience of the Group’s integrated model: growth in hydrocarbon production (+4%), improved performance of European refining, and solid performance in gas and electricity activities.
“These results demonstrate the relevance of our strategy of profitable growth and energy diversification.”
💬 Patrick Pouyanné, CEO of TotalEnergies
Sustained performance across all segments
Exploration & Production
The upstream segment posted adjusted net operating income of $2.2 billion, up 10% quarter over quarter.
The ramp-up of new projects (Mero 2-4 in Brazil, Anchor and Ballymore in the United States, Tyra in Denmark) generated approximately $400 million in additional cash flow.
Liquefied Natural Gas (LNG)
Cash flow in the LNG segment remained stable at $1.1 billion, supported by the Rio Grande LNG project in Texas and a long-term supply agreement with KOGAS.
Integrated Power
Power generation increased by 20% year over year, driven equally by renewables and gas-fired power plants.
TotalEnergies sold 50% of its renewable assets in North America and France for $1.5 billion, confirming its ability to leverage its portfolio.
Refining and Chemicals
Adjusted net operating income for refining reached $687 million, boosted by higher European margins (ERM: $63/t).
Marketing & Services
This segment recorded net income of $380 million, an increase despite lower volumes, thanks to a better margin mix.
Dividend Increase and Return to Shareholders
The Board of Directors, at its meeting on October 29, 2025, confirmed a third interim dividend of €0.85 per share for fiscal year 2025, representing a 7.6% increase compared to 2024.
Calendar:
| Market | Detachment | Payment |
| Euronext Paris | March 31, 2026 | April 2, 2026 |
| NYSE (USD) | March 31, 2026 | April 23, 2026 |
This decision confirms the group’s attractive distribution policy, which combines growing dividends and share buybacks ($1.5 billion planned for Q4 2025).
TotalEnergies to Be Listed Directly on the New York Stock Exchange (NYSE) in December 2025
TotalEnergies is taking a strategic step by converting its American Depositary Receipts (ADRs) into ordinary shares listed directly on the NYSE, effective December 8, 2025.
ADR holders will receive one TotalEnergies ordinary share listed in New York for each ADR canceled. This transaction does not affect shareholders of Euronext Paris, the stock’s original listing market.
This move comes after months of hesitation and is expected to be a key driver of TotalEnergies’ share price growth. French authorities are likely to have a very cautious view of this transaction, which is a prelude to a move towards more favorable conditions for the company and its shareholders.
2026 Outlook: Growth, Transition, and Financial Discipline
For the end of fiscal year 2025 and 2026, TotalEnergies anticipates:
- Hydrocarbon production between 2.525 and 2.575 million barrels of oil equivalent per day (Mboe/d),
- An expected debt level between 15% and 16%,
- Net investments in line with the guidance of $17–17.5 billion,
Continued divestment of non-strategic assets and renewable energy farm-downs.
Video: TotalEnergies’ listing on Wall Street is confirmed
Frequently Asked Questions (FAQ) on Totalenergies’ Q3 2025 Results
Download the minutes of the board meeting on the New York listing and the Q3 2025 results of TotalEnergies
Other articles and financial analyses on TotalEnergies stock
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