TotalEnergies’ Adjusted Net Income Rises 51% to $9.1 Billion in Q3 2026 on Refining and LNG

TotalEnergies reported adjusted net income of $9.1 billion for the third quarter of 2026, up 51% from the second quarter and more than double the $4.0 billion it earned a year earlier, as its refining and liquefied natural gas trading businesses both roughly doubled their contribution in the space of three months. The Paris-based major disclosed the figures in a Form 6-K filed with the U.S. Securities and Exchange Commission on October 29, 2026, reporting net income attributable to the company of $8.3 billion for the quarter and a reduction in net debt gearing to 9.1%, its lowest level in at least five quarters.

Refining and chemicals swung hardest

Adjusted net operating income from Refining & Chemicals jumped to $3.6 billion from $1.8 billion in the second quarter — roughly double — and from just $687 million in the third quarter of 2025. The move tracks the same European fuel-market squeeze that lifted refining margins across the industry this quarter, as reduced Middle Eastern product flows and Russian diesel export restrictions tightened supply ahead of the northern hemisphere winter. Integrated LNG moved even more sharply, with adjusted net operating income rising to $1.9 billion from $807 million in the second quarter, a gain the company’s own reporting table describes as “x2.3,” and up from $852 million a year earlier.

Upstream and power held comparatively steady

Exploration & Production adjusted net operating income was $3.16 billion, little changed from $3.23 billion in the second quarter but up sharply from $2.17 billion a year earlier, making it still the single largest contributor to TotalEnergies’ total segment income of $9.7 billion for the quarter. Integrated Power — the segment covering the company’s renewables and electricity business — contributed $602 million, up from $533 million in the second quarter and $571 million a year earlier, a comparatively modest but steadily growing share of the total. Marketing & Services earnings dipped slightly to $467 million from $500 million in the second quarter.

Adjusted EBITDA and per-share earnings also jumped

Adjusted EBITDA for the quarter rose to $17.8 billion from $13.2 billion in the second quarter, a 35% increase, and compared with $10.3 billion a year earlier. Fully diluted adjusted earnings per share came to $3.66, up from $2.41 in the second quarter and $1.64 a year ago. Sales, as reported in the company’s key-figures table, reached $66.8 billion for the quarter, up from $61.8 billion in the second quarter, a smaller proportional move than the earnings jump, again pointing to margin expansion rather than volume growth as the main driver behind the quarter.

Cash generation outpaced the earnings jump

Cash flow from operating activities reached $15.4 billion, up 42% from $10.9 billion in the second quarter, while cash flow from operations excluding working-capital movements rose a quarter less steeply, to $12.3 billion from $9.8 billion. TotalEnergies repurchased 17.5 million of its own shares for $1.5 billion during the quarter and has paid $6.4 billion in dividends over the first nine months of 2026. Organic capital investment rose only modestly, to $4.8 billion from $4.7 billion in the second quarter, meaning most of the extra cash flowed to debt reduction and shareholder returns rather than new spending: net debt gearing fell to 9.1% at the end of September from 13.1% three months earlier and 17.3% a year ago.

An LNG portfolio built over more than a decade

TotalEnergies’ Integrated LNG result reflects a trading and liquefaction portfolio the company has built up across several continents, from a first-partner stake in QatarEnergy’s North Field South expansion to an 18.4% working interest in Norway’s Snøhvit licence, according to Norwegian state licence manager Petoro’s most recent published ownership breakdown. Equinor, the licence operator, raised its own cost estimate for the Snøhvit Future redevelopment to NOK 26.5 billion earlier this quarter, a reminder that TotalEnergies’ LNG earnings reflect both trading conditions and the underlying capital cost of the assets behind them.

The second supermajor this week to report a refining-led jump

TotalEnergies’ quarter follows a similar pattern at Shell, which reported adjusted earnings of $10.8 billion for the same three months, also driven chiefly by a surge in refining margins tied to the same European fuel squeeze. Between the two companies, Refining & Chemicals-type earnings alone moved by several billion dollars quarter-on-quarter, underscoring how concentrated this quarter’s gains were in downstream fuel markets rather than in crude production or renewable power, even as TotalEnergies’ own Integrated Power segment continued its slower, steadier climb.

Sources

• TotalEnergies SE, Form 6-K, third-quarter and nine-month 2026 results exhibit, filed with the U.S. SEC on October 29, 2026 — for adjusted net income, segment income, cash flow, buybacks, dividends and gearing figures.
• Petoro AS, “Facts about Snøhvit Future” licence ownership release — for TotalEnergies EP Norge’s 18.4% working interest in the Snøhvit licence.
• Oilprice.com, “TotalEnergies Profit Doubles as War Boosts Refining and Trading,” October 29-30, 2026 — for independent confirmation of the headline figure and market framing.

Illustrative image. Photo: Virtual-Pano, CC BY-SA 4.0, via Wikimedia Commons — source