TotalEnergies reported Oct. 29, 2026, that third-quarter adjusted net income rose 51% from the previous quarter to $9.1 billion, as stronger refining margins and gas prices increased earnings and the company set out additional share repurchases.
Rapid News Brief — The results show that the profit increase was not uniform across the energy group. Refining and liquefied natural gas contributed larger adjusted earnings, while Exploration & Production’s adjusted net operating income declined from the second quarter.
Refining changes the earnings mix
Refining & Chemicals generated $3.6 billion in adjusted net operating income, twice the previous quarter’s $1.8 billion, according to the company’s regulatory filing. Exploration & Production contributed $3.16 billion, down 2% sequentially.
Investing.com’s reporting also documented the rise in the European Refining Margin Marker to $33.20 per barrel from $13.50. That market indicator is not the same measure as company-wide profit. Refinery throughput increased to 1.56 million barrels a day from 1.43 million.
The group’s hydrocarbon production reached 2.47 million barrels of oil equivalent a day, up 3% from the second quarter but down 1% from a year earlier. TotalEnergies attributed the year-over-year decline primarily to the impact of the Middle East conflict, partly offset by project start-ups and improved plant availability.
Integrated LNG’s adjusted net operating income reached $1.89 billion, compared with $807 million in the second quarter. The company attributed that increase to higher average LNG prices and stronger gas and LNG trading performance.
Separate profit and cash measures
Reported net income attributable to TotalEnergies shareholders was $8.26 billion, compared with $5.44 billion in the previous quarter. It is distinct from the $9.1 billion adjusted result.
Cash flow from operating activities was $15.39 billion. The company’s separately calculated cash flow from operations excluding working capital was $12.26 billion, up 25% sequentially. The two figures describe different measures and should not be combined.
TotalEnergies’ gearing ratio fell to 9.1% at Sept. 30 from 13.1% at June 30. The board authorized $2.5 billion of share buybacks for the fourth quarter and another $2.5 billion for the first quarter of 2027. Those authorizations concern future repurchases, not shares already bought in the reported quarter.