Cash flow generation remains highly sensitive to working capital swings, as evidenced by a $6.9 billion outflow in 2026Q1 and a fluctuating free cash flow margin that reached a negative 2.5% in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 28.35B | 28.46B | 30.85B | 40.68B | 47.37B | 30.41B | 14.8B | 24.68B | 24.7B | 22.32B | 16.52B | 19.95B | 25.61B | 29.65B | 29.71B | 25.32B | 24.6B | 17.71B | 25.99B | 25.83B | 21.2B | 17.36B | 19.55B | 15.7B | 11.56B | 10.97B | 12.61B | 3.43B | 2.96B | 2.64B | 2.98B |
| Operating CF Margin % | - | 15.61% | 15.77% | 18.58% | 17.99% | 16.47% | 12.37% | 14.01% | 13.42% | 14.97% | 12.91% | 13.91% | 12.08% | 13.01% | 12.68% | 11.73% | 13.16% | 11.02% | 11.64% | 12.95% | 12.1% | 12.52% | 15.14% | 11.93% | 10.73% | 11.68% | 11.69% | 8.05% | 10.39% | 8.32% | 8.75% |
| Operating CF Growth % | -2.18% | -7.77% | -24.15% | -14.12% | 55.76% | 105.43% | -40.03% | -0.07% | 10.68% | 35.09% | -17.17% | -22.11% | -13.64% | -0.18% | 17.32% | 2.95% | 38.89% | -31.86% | 0.63% | 21.84% | 22.1% | -11.18% | 24.5% | 35.8% | 5.42% | -13.04% | 268.07% | 15.7% | 12.26% | -11.49% | 21.05% |
| Net Income | 15.07B | 13.66B | 16.03B | 21.38B | 20.53B | 16.37B | 903M | 11.27B | 11.55B | 8.3B | 6.21B | 4.79B | 4.25B | 11.96B | 14.34B | 16.31B | 14.37B | 12.36B | 15.25B | 19.77B | 16.02B | 14.96B | 13.37B | 9.08B | 6.25B | 6.97B | 6.79B | 1.53B | 1.04B | 1.26B | 1.09B |
| Depreciation & Amortization | 10.44B | 13.85B | 13.11B | 12.93B | 13.68B | 14.34B | 13.91B | 16.4B | 14.58B | 16.61B | 14.42B | 19.33B | 20.86B | 13.89B | 13.86B | 10.5B | 11.55B | 9.78B | 8.24B | 8.68B | 7.33B | 6.69B | 8.25B | 6.67B | 6.55B | 4.8B | 5.24B | 2.5B | 1.63B | 1.51B | 1.54B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 251M | 0 | 214M | 233M | 315M | 182M | 141M | 179M | 194M | 287M | 191M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 563M | 556M | 2.42B | 1.43B | -2.13B | -461M | -455M | -387M | -1.94B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.01B | -395.47M | -1.21B | -282M | 9.3B | -1.11B | 40M | -1.04B | -444M | -3.42B | -2.99B | -5.86B | -3.98B | 1.14B | 74.06M | 772.47M | -672.96M | 319.5M | -1.07B | -1.67B | -1.57B | 445M | -2.71B | -527M | -1.18B | 1.14B | 650M | 1.37B | 27.2M | 153M | 555M |
| Working Capital Changes | -1.18B | 1.34B | 2.36B | 6.09B | 1.19B | -616M | 1.87B | -1.72B | 769M | 827M | -1.12B | 1.68B | 4.48B | 2.67B | 1.43B | -2.25B | -659.66M | -4.75B | 3.58B | -950M | -582M | -4.74B | 638M | 481M | -67M | -1.95B | -65M | -1.98B | 268.2M | -284.7M | -200.4M |
| Change in Receivables | 0 | 0 | 3.88B | 306M | -3.27B | -6.79B | 4.82B | -933M | -1.46B | -1.9B | -1.92B | 4.15B | 5.92B | 3.31B | 1.01B | -1.67B | -3.61B | -492.86M | 4.49B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | -203M | 3.16B | -3.81B | -5.9B | 2.27B | -2.07B | 1.43B | -476M | -2.48B | 888M | 5.29B | 1.12B | 491.97M | -2.39B | -2.52B | -6.04B | 5.6B | -3.95B | -660M | 0 | -1.22B | -24M | -188M | 0 | -1.31B | -1.6B | 383.8M | 0 | 0 |
| Change in Payables | 0 | 0 | -889M | 572M | 5.31B | 12.07B | -5.36B | 2B | -822M | 2.34B | 2.55B | -2.23B | -4.53B | 179.51M | 456.26M | 3.43B | 3.3B | 818.1M | -4.25B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -17.2B | -18.57B | -17.33B | -16.45B | -15.12B | -13.66B | -13.08B | -17.18B | -14.95B | -11.63B | -17.65B | -20.45B | -24.32B | -29.15B | -22.58B | -20.69B | -15.9B | -14.71B | -15.39B | -14.85B | -12.64B | -11.96B | -10.05B | -7.21B | -7.19B | -3.56B | -4.84B | -3.47B | -3.48B | -3.29B | -2.59B |
| Capital Expenditures | -17.31B | -17.64B | -14.91B | -17.72B | -15.69B | -12.34B | -10.76B | -11.81B | -17.08B | -13.77B | -18.11B | -25.13B | -26.32B | -30.93B | -26.32B | -23.26B | -18.37B | -16.98B | -16.51B | -15.4B | -13.08B | -10.04B | -9.71B | -8.43B | -7.29B | -6.7B | -6.21B | -3.76B | -3.35B | -2.75B | -3.16B |
| CapEx % of Revenue | 9.41% | 9.68% | 7.62% | 8.09% | 5.96% | 6.69% | 8.99% | 6.7% | 9.28% | 9.23% | 14.15% | 17.52% | 12.41% | 13.57% | 11.24% | 10.78% | 9.83% | 10.56% | 7.4% | 7.72% | 7.47% | 7.24% | 7.52% | 6.41% | 6.77% | 7.14% | 5.75% | 8.83% | 11.75% | 8.68% | 9.27% |
| Acquisitions | 776.49M | 888.76M | -2.4B | -1.69B | -2.3B | -2.73B | -2.8B | -6.21B | -4.47B | 741M | -1.03B | 1.87B | -1.28B | 912.76M | -974.69M | -361.61M | -734.14M | -802.34M | -1.23B | -22M | -168M | -1.32B | -177M | -529M | -134M | -937M | -186M | -535M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -452.09M | -820.07M | -371M | 2.47B | 5.34B | 695M | -10.85B | -11.32B | -11.91B | -12.67B | -16.75B | -23.15B | -24.11B | -30.4B | -25.33B | 1.43B | 1.93B | 22.92M | 180.97M | 325M | 219M | -603M | -512M | 1.49B | -653M | 332M | 76M | 183M | 282M | -413.5M | 621.3M |
| Cash from Financing | -8.75B | -10.63B | -14.43B | -29.73B | -19.27B | -25.5B | 1.4B | -7.71B | -13.93B | -5.54B | 3.53B | 1.06B | 5.91B | -1.58B | -4.95B | -5.58B | -4.45B | -4.11B | -1.1B | -4.88B | -9.78B | -6B | -10.45B | -8.29B | -2.82B | -8.5B | -7.05B | 825M | -54.1M | -2.43B | 262.7M |
| Debt Issued (Net) | 3.82B | 2.48B | 1.62B | -15.55B | -5.3B | -8.28B | 9.31B | 1.93B | -3.67B | -5.17B | 4.89B | 9.19B | 13.41B | 2.06B | 3.24B | 257.92M | 4.07B | 3.44B | 6.19B | 825.23M | 4.66B | 2.39B | 67.09M | -57M | 2.51B | -1.35B | -3.6B | 1.53B | 524M | -2.06B | 396.2M |
| Equity Issued (Net) | -5.83B | -7.52B | -7.47B | -8.78B | -7.34B | -1.44B | -237M | -2.36B | -3.83B | 519M | 100M | 248M | 131M | 247M | -47M | 668.94M | 119.7M | 90.26M | -1.29B | -2.1B | -4.38B | -3.94B | -4.25B | -4.93B | -2.58B | -7.13B | -1.71B | 309M | 20.2M | 85.4M | 40.7M |
| Dividends Paid | -8.39B | -8.45B | -7.72B | -7.52B | -9.99B | -8.23B | -6.69B | -6.64B | -4.91B | -2.92B | -2.66B | -2.85B | -7.31B | -7.41B | -6.86B | -6.66B | -6.78B | -7.56B | -7.18B | -6.59B | -5.28B | -4.43B | -6.1B | -3.39B | -2.75B | 0 | -1.72B | -997M | -587.4M | -455.3M | -164.2M |
| Share Repurchases | -6.32B | -8.03B | -8B | -9.17B | -7.71B | -1.82B | -611M | -2.81B | -4.33B | 0 | 0 | -237M | -289M | -238M | -88M | 0 | 65.17M | 0 | -1.66B | -2.22B | -5.05B | -3.77B | -4.71B | -5.02B | -3.09B | -7.16B | -1.94B | 0 | 0 | 0 | 0 |
| Other Financing | 1.65B | 2.85B | -853M | 2.13B | 3.36B | -7.55B | -992M | -641M | -1.52B | 1.76B | 1.2B | -5.53B | -326M | 3.29B | -1.35B | 150.19M | -1.86B | -348.16M | 1.18B | 2.98B | -4.78B | -290.66M | -166.34M | 89M | -11M | -17M | -27M | -15M | -10.9M | -9.9M | -10M |
| Net Change in Cash | 2.96B | 366.33M | -1.42B | -5.76B | 11.68B | -9.93B | 3.92B | -555M | -5.28B | 8.59B | 1.33B | -1.91B | 4.98B | -1.14B | 1.91B | -601.39M | 3.76B | -944.18M | 8.82B | 5.1B | -2.41B | 542M | -1.35B | -163M | 1.46B | -914M | 620M | 494M | -476.8M | -3.21B | 663M |
| Free Cash Flow | 11.04B | 10.81B | 15.95B | 22.96B | 31.68B | 18.07B | 4.04B | 12.88B | 7.62B | 8.55B | -1.58B | -5.19B | -712M | -1.28B | 3.38B | 2.06B | 6.23B | 732.13M | 9.48B | 10.42B | 8.12B | 7.32B | 9.84B | 7.27B | 4.27B | 4.27B | 6.4B | -334M | -387M | -116.1M | -178.8M |
| FCF Margin % | 6% | 5.93% | 8.15% | 10.49% | 12.03% | 9.79% | 3.37% | 7.31% | 4.14% | 5.74% | -1.24% | -3.62% | -0.34% | -0.56% | 1.44% | 0.95% | 3.33% | 0.46% | 4.25% | 5.22% | 4.64% | 5.28% | 7.62% | 5.52% | 3.96% | 4.54% | 5.93% | -0.78% | -1.36% | -0.37% | -0.52% |
| FCF Growth % | -28.95% | -32.19% | -30.54% | -27.53% | 75.33% | 347.31% | -68.63% | 68.9% | -10.86% | 639.56% | 69.44% | -628.37% | 44.38% | -137.85% | 64.51% | -66.98% | 750.33% | -92.27% | -9.06% | 28.38% | 10.86% | -25.56% | 35.4% | 70.2% | 0.07% | -33.38% | 2017.07% | 13.7% | -233.33% | 35.07% | -127.77% |
| FCF per Share | 5.09 | 4.88 | 6.77 | 9.43 | 12.32 | 6.82 | 1.54 | 4.80 | 2.84 | 3.33 | -0.64 | -2.21 | -0.31 | -0.56 | 1.49 | 0.91 | 2.77 | 0.33 | 4.22 | 4.58 | 3.51 | 3.10 | 4.07 | 2.91 | 1.62 | 1.55 | 2.27 | -0.34 | -0.40 | -0.12 | -0.19 |
| FCF Conversion (FCF/Net Income) | 0.73x | 2.17x | 1.96x | 1.90x | 2.31x | 1.90x | -2.04x | 2.19x | 2.16x | 2.59x | 2.67x | 3.92x | 6.03x | 2.64x | 2.18x | 1.59x | 1.75x | 1.46x | 1.76x | 1.34x | 1.36x | 1.19x | 1.33x | 1.78x | 1.85x | 1.61x | 1.94x | 2.23x | 2.85x | 2.09x | 2.74x |
| Interest Paid | 0 | 0 | 2.93B | 2.88B | 2.29B | 1.89B | 2.15B | 2.18B | 1.82B | 1.3B | 1.03B | 862M | 789M | 715M | 917.82M | 880.05M | 625.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 10.56B | 12.69B | 14.49B | 4.51B | 2.86B | 5.29B | 5.02B | 4.01B | 2.89B | 4.94B | 11.37B | 13.71B | 17.28B | 15.63B | 11.77B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity price and regulatory volatility
As reported in financial statements, TTE's operating cash flow to net income ratio fluctuated significantly, reaching a low of 0.57 in 2026Q1 compared to a 3.69 peak in 2025Q4, illustrating the disconnect between accounting profits and actual cash generation in this capital-intensive energy model.
The wide variance in the OCF/NI ratio suggests that reported net income is frequently distorted by non-cash inventory valuation effects and equity-accounted affiliate earnings. Investors should monitor these swings, as they indicate that bottom-line figures may not reliably reflect the company's immediate ability to fund operations and dividends.
Based on recent quarterly data, TTE's free cash flow margin has exhibited extreme volatility, swinging from a 20.2% high in 2023Q4 to a negative 2.5% in 2026Q1, highlighting the sensitivity of cash generation to cyclical commodity price shifts and heavy capital expenditure requirements.
The inability to maintain positive free cash flow in recent periods suggests that the company's aggressive investment in the energy transition may be outpacing its current cash-generative capacity. This trajectory warrants further investigation into whether the current dividend and buyback programs are sustainable without relying on balance sheet flexibility.
According to historical data, TTE's capital expenditure as a percentage of revenue has remained consistently high, peaking at 10.7% in 2025Q2, which reflects the ongoing requirement to fund both traditional upstream maintenance and the expansion of the integrated power and renewable infrastructure portfolio.
The persistent level of capital intensity suggests that the company is locked into a high-cost cycle to replace depleting oil assets while simultaneously building out its multi-energy strategy. This structural commitment to heavy spending may limit the company's ability to pivot quickly if energy market conditions deteriorate further.
As indicated by quarterly filings, working capital changes have been a major source of cash flow variance, with a significant $6.9 billion outflow in 2026Q1 contrasting sharply with the $9.6 billion inflow observed in 2023Q4, signaling substantial volatility in inventory and receivables management.
These dramatic shifts in working capital appear to be driven by the timing of commodity price movements and the resulting impact on inventory valuation. Such fluctuations suggest that the company's cash position is highly susceptible to short-term market disruptions, which may complicate internal liquidity planning and capital allocation decisions.
Quick answers to the most common questions about buying TTE stock.
TotalEnergies SE (TTE) generated $28.46B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TotalEnergies SE (TTE) generated $10.81B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
TotalEnergies SE (TTE) spent $17.64B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, TotalEnergies SE (TTE) returned $8.45B to shareholders via cash dividends and spent $8.03B on share repurchases. This shows the company's commitment to returning capital to its equity investors.