The strong earnings beat and dividend/buyback announcements support a positive near-term outlook. Watch for updates on Middle East production restart (currently ~15% shut-in) and LNG price realizations in Q2. The elevated oil price environment and robust refining margins provide a tailwind; maintain long exposure.
Price Chart
Executive Summary
TotalEnergies reported strong Q1 2026 results with adjusted net income of $5.4B (+29% YoY) and cash flow from operations of $8.6B (+23% YoY), driven by 4% organic production growth and high oil/refining margins despite Middle East disruption. The Board approved a 5.9% dividend increase to €0.90/share and authorized up to $1.5B in Q2 buybacks, signaling confidence in cash flow generation.
Key Facts
- Adjusted net income $5.4B (Q1 2026), up 29% YoY from $4.2B
- Cash flow from operations excl. working capital (CFFO) $8.6B, up 23% YoY
- IFRS net income $5.8B, up 51% YoY
- Adjusted EBITDA $12.6B, up 19% YoY
- Hydrocarbon production 2,553 kboe/d, flat YoY (organic growth +4% offset by Middle East conflict -4%)
- First interim dividend increased 5.9% to €0.90/share
- Share buybacks authorized up to $1.5B in Q2 2026
- Gearing ratio 15.5% (vs 14.3% a year ago)
- Refining & Chemicals adjusted NOI surged to $1.6B (5.3x YoY) on high margins
- Integrated LNG adjusted NOI $1.3B, up 2% YoY; LNG production +12% QoQ
Financial Impact
Adjusted net income of $5.4B, CFFO of $8.6B, revenue from sales $49.5B (+3% YoY), adjusted EPS $2.45 (+34% YoY). Dividend increase to €0.90/share (+5.9%).
Risk Factors
- Escalation of Middle East conflict could further disrupt production (15% already shut-in)
- Potential economic slowdown reducing oil demand and refining margins
- SATORP refinery outage impact on downstream earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 16 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-054533 |
| Document: tm2613468d1_6k.htm | 0001104659-26-054533 |
| Document: tm2613468d1_ex99-8.htm | 0001104659-26-054533 |
| Document: tm2613468d1_ex99-6.htm | 0001104659-26-054533 |
| Document: tm2613468d1_ex99-5.htm | 0001104659-26-054533 |
| Document: tm2613468d1_ex99-2.htm | 0001104659-26-054533 |
| Document: tm2613468d1_ex99-11.htm | 0001104659-26-054533 |
| Document: tm2613468d1_ex99-1.htm | 0001104659-26-054533 |
| Document: tm2613468d1_ex99-7.htm | 0001104659-26-054533 |
| Document: tm2613468d1_ex99-9.htm | 0001104659-26-054533 |
| Document: tm2613468d1_ex99-12.htm | 0001104659-26-054533 |
| Document: tm2613468d1_ex99-3.htm | 0001104659-26-054533 |
| Document: tm2613468d1_ex99-4.htm | 0001104659-26-054533 |
| Document: 0001104659-26-054533-index-headers.html | 0001104659-26-054533 |
| Document: 0001104659-26-054533-index.html | 0001104659-26-054533 |
| Document: 0001104659-26-054533.txt | 0001104659-26-054533 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 23, 2026 10w ago | 6-K | $86.23 $90.90 | ▲ +5.42% | ▲ +2.11% | $84.40 (−2.12%) |
Jun 1, 2026 17w ago | 6-K | $88.71 $77.76 | ▼ −12.34% | ▼ −11.05% | $84.40 (−4.86%) |
May 4, 2026 21w ago | 6-K | $92.30 $88.71 | ▼ −3.89% | ▼ −9.53% | $84.40 (−8.56%) |
Apr 29, 2026 22w ago | 6-K | $92.24 $86.66 | ▼ −6.05% | ▼ −11.51% | $84.40 (−8.50%) |
Apr 1, 2026 26w ago | 6-K | $89.78 $92.24 | ▲ +2.74% | ▼ −6.98% | $84.40 (−5.99%) |
US Market Status
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