Revenue growth returned to positive territory at 3.4% in 2026Q1, supported by a significant gross margin expansion to 38.3% from the 26.5% trough observed in 2025Q4.
| 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 |
|---|
| Sales/Revenue | 183.96B | 182.34B | 195.61B | 218.94B | 263.31B | 184.63B | 119.7B | 176.25B | 184.11B | 149.1B | 127.92B | 143.42B | 212.02B | 227.97B | 234.22B | 215.86B | 186.83B | 160.69B | 223.2B | 199.49B | 175.12B | 138.64B | 129.13B | 131.57B | 107.7B | 93.87B | 107.89B | 42.57B | 28.51B | 31.72B | 34.06B |
| Revenue Growth % | -4% | -6.78% | -10.66% | -16.85% | 42.61% | 54.24% | -32.08% | -4.27% | 23.48% | 16.55% | -10.8% | -32.35% | -7% | -2.67% | 8.5% | 15.54% | 16.27% | -28.01% | 11.88% | 13.91% | 26.31% | 7.37% | -1.86% | 22.16% | 14.73% | -12.99% | 153.47% | 49.32% | -10.13% | -6.87% | 22.99% |
| Cost of Goods Sold | 127.2B | 130.5B | 140.08B | 156.57B | 182.1B | 132.63B | 100.09B | 132.22B | 140.03B | 115.71B | 97.24B | 114.72B | 172.88B | 173.13B | 175.47B | 158.11B | 135.47B | 101.81B | 154.56B | 128.02B | 109.98B | 83.25B | 76.44B | 109.26B | 90.98B | 78.22B | 89.93B | 37.35B | 25.26B | 28.04B | 30.77B |
| COGS % of Revenue | - | 71.57% | 71.61% | 71.51% | 69.16% | 71.83% | 83.62% | 75.02% | 76.06% | 77.6% | 76.02% | 79.99% | 81.54% | 75.95% | 74.92% | 73.25% | 72.51% | 63.36% | 69.25% | 64.18% | 62.8% | 60.05% | 59.2% | 83.04% | 84.48% | 83.33% | 83.35% | 87.74% | 88.6% | 88.41% | 90.33% |
| Gross Profit | 56.76B | 51.85B | 55.53B | 62.37B | 81.21B | 52.01B | 19.61B | 44.03B | 44.07B | 33.39B | 30.68B | 28.7B | 39.13B | 54.83B | 58.75B | 57.75B | 51.36B | 58.88B | 68.64B | 71.47B | 65.14B | 55.39B | 52.68B | 22.31B | 16.72B | 15.65B | 17.96B | 5.22B | 3.25B | 3.68B | 3.29B |
| Gross Margin % | 30.86% | 28.43% | 28.39% | 28.49% | 30.84% | 28.17% | 16.38% | 24.98% | 23.94% | 22.4% | 23.98% | 20.01% | 18.46% | 24.05% | 25.08% | 26.75% | 27.49% | 36.64% | 30.75% | 35.82% | 37.2% | 39.95% | 40.8% | 16.96% | 15.52% | 16.67% | 16.65% | 12.26% | 11.4% | 11.59% | 9.67% |
| Gross Profit Growth % | - | -6.64% | -10.97% | -23.2% | 56.15% | 165.2% | -55.46% | -0.1% | 31.98% | 8.84% | 6.91% | -26.67% | -28.63% | -6.67% | 1.73% | 12.45% | -12.77% | -14.22% | -3.96% | 9.71% | 17.6% | 5.14% | 136.13% | 33.45% | 6.83% | -12.87% | 244.3% | 60.53% | -11.59% | 11.64% | 10.43% |
| Operating Expenses | 33.09B | 31.92B | 31.43B | 31.52B | 31.52B | 28.08B | 19.61B | 28.68B | 28.81B | 26.37B | 26.09B | 26.85B | 30.86B | 31.52B | 31.65B | 27.42B | 27.05B | 38.27B | 36.44B | 35.26B | 33.18B | 27.1B | 29.62B | 6.26B | 6.08B | 15.88B | 4.58B | 2.5B | 1.63B | 1.51B | 1.54B |
| OpEx % of Revenue | - | 17.51% | 16.07% | 14.39% | 11.97% | 15.21% | 16.38% | 16.27% | 15.65% | 17.69% | 20.39% | 18.72% | 14.55% | 13.83% | 13.51% | 12.7% | 14.48% | 23.81% | 16.32% | 17.68% | 18.95% | 19.54% | 22.94% | 4.76% | 5.65% | 16.91% | 4.24% | 5.87% | 5.71% | 4.75% | 4.51% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.59B | 25.43B | 25.78B | 0 | 22.72B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 11.91% | 12.75% | 14.72% | - | 17.59% | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 31.92B | 31.43B | 31.52B | 31.52B | 28.08B | 19.61B | 28.68B | 28.81B | 26.37B | 26.09B | 26.85B | 30.86B | 31.52B | 31.65B | 27.42B | 27.05B | 38.27B | 9.85B | 9.83B | 7.39B | 27.1B | 6.9B | 6.26B | 6.08B | 15.88B | 4.58B | 2.5B | 1.63B | 1.51B | 1.54B |
| Operating Income | 23.68B | 19.93B | 24.11B | 30.86B | 49.69B | 23.93B | 0 | 15.35B | 15.26B | 7.02B | 4.59B | 1.85B | 8.28B | 23.32B | 27.1B | 30.34B | 24.31B | 20.61B | 32.2B | 36.2B | 31.96B | 28.29B | 23.06B | 16.05B | 10.63B | -225M | 13.39B | 2.72B | 1.62B | 2.17B | 1.76B |
| Operating Margin % | 12.87% | 10.93% | 12.32% | 14.09% | 18.87% | 12.96% | - | 8.71% | 8.29% | 4.71% | 3.59% | 1.29% | 3.9% | 10.23% | 11.57% | 14.05% | 13.01% | 12.83% | 14.43% | 18.15% | 18.25% | 20.41% | 17.86% | 12.2% | 9.87% | -0.24% | 12.41% | 6.39% | 5.69% | 6.84% | 5.16% |
| Operating Income Growth % | - | -17.34% | -21.88% | -37.9% | 107.7% | - | -100% | 0.59% | 117.44% | 52.85% | 148.35% | -77.66% | -64.5% | -13.96% | -10.66% | 24.78% | 17.94% | -35.99% | -11.05% | 13.28% | 12.96% | 22.68% | 43.66% | 50.95% | 4826.67% | -101.68% | 392.49% | 67.53% | -25.23% | 23.55% | 35.02% |
| EBITDA | 38.45B | 33.77B | 37.21B | 44.67B | 63.37B | 38.27B | 17.88B | 31.75B | 29.85B | 23.63B | 19.02B | 21.18B | 29.14B | 36.67B | 40.57B | 41.52B | 36.44B | 30.8B | 40.83B | 44.87B | 39.29B | 35.5B | 32.11B | 22.72B | 17.19B | 4.58B | 18.62B | 5.22B | 3.25B | 3.68B | 3.29B |
| EBITDA Margin % | 20.9% | 18.52% | 19.02% | 20.4% | 24.07% | 20.73% | 14.94% | 18.02% | 16.21% | 15.85% | 14.86% | 14.77% | 13.74% | 16.09% | 17.32% | 19.23% | 19.5% | 19.16% | 18.29% | 22.49% | 22.44% | 25.6% | 24.87% | 17.27% | 15.96% | 4.88% | 17.26% | 12.26% | 11.4% | 11.59% | 9.67% |
| EBITDA Growth % | 6.12% | -9.24% | -16.71% | -29.5% | 65.6% | 114.03% | -43.69% | 6.39% | 26.31% | 24.27% | -10.23% | -27.3% | -20.56% | -9.59% | -2.29% | 13.94% | 18.32% | -24.58% | -9.01% | 14.2% | 10.69% | 10.54% | 41.33% | 32.19% | 275.41% | -75.41% | 256.97% | 60.53% | -11.59% | 11.64% | 10.43% |
| D&A (Non-Cash Add-back) | 14.77B | 13.85B | 13.11B | 13.82B | 13.68B | 14.34B | 22.86B | 16.4B | 14.58B | 16.61B | 14.42B | 19.33B | 20.86B | 13.36B | 13.47B | 11.18B | 12.13B | 10.18B | 8.63B | 8.67B | 7.33B | 7.2B | 9.05B | 6.67B | 6.55B | 4.8B | 5.24B | 2.5B | 1.63B | 1.51B | 1.54B |
| EBIT | 28.31B | 25.01B | 29.17B | 36.96B | 45.36B | 27.72B | -4.98B | 19.66B | 20.19B | 12.72B | 8.28B | 7.41B | 13.61B | 27.18B | 31.45B | 35.54B | 28.59B | 24.06B | 35.96B | 41.66B | 36.1B | 29.43B | 23.06B | 16.05B | 10.63B | -225M | 13.39B | 2.72B | 1.62B | 2.17B | 1.76B |
| Net Interest Income | -1.99B | -1.44B | -2.06B | -809M | -1.5B | -1.55B | -1.95B | -2.01B | -1.33B | -842M | -416M | -399M | -234M | -428M | -445.71M | -318.84M | -287.27M | -101.73M | -172.62M | -247.86M | -64.67M | -178.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.05B | 1.11B | 1.79B | 1.42B | 562M | 188M | 102M | 199.96M | 606M | 53M | 356M | 204M | 135M | 250M | 102.76M | 353.83M | 174.23M | 189.12M | 1.67B | 1.7B | 1.72B | 1.1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.04B | 2.56B | 3.85B | 2.23B | 2.06B | 1.74B | 2.06B | 2.21B | 1.93B | 1.53B | 1.11B | 967M | 748M | 925.18M | 548.47M | 924.11M | 618.43M | 759.36M | 1.84B | 2.13B | 453 | 388M | 179M | 183M | 195M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.84B | 2.52B | 2.7B | 3.95B | -6.41B | 2.03B | -7.02B | 1.96B | 2.8B | 4.31B | 2.58B | 4.59B | 4.59B | 2.97B | 3.48B | 4.28B | 3.66B | 2.86B | 2.74B | 3.32B | 2.17B | -178.84M | 4.26B | -492M | 892M | 12.29B | -930M | -333M | -155M | -229.7M | -161.4M |
| Pretax Income | 25.52B | 22.45B | 26.81B | 34.81B | 43.29B | 25.95B | -7.02B | 17.31B | 18.07B | 11.33B | 7.18B | 6.44B | 12.86B | 26.29B | 30.58B | 34.61B | 27.98B | 23.47B | 34.94B | 39.53B | 34.13B | 28.11B | 27.32B | 15.56B | 11.53B | 12.06B | 12.46B | 2.38B | 1.47B | 1.94B | 1.59B |
| Pretax Margin % | 13.87% | 12.31% | 13.7% | 15.9% | 16.44% | 14.06% | -5.86% | 9.82% | 9.81% | 7.6% | 5.61% | 4.49% | 6.07% | 11.53% | 13.06% | 16.03% | 14.97% | 14.61% | 15.65% | 19.81% | 19.49% | 20.28% | 21.16% | 11.83% | 10.7% | 12.85% | 11.55% | 5.6% | 5.15% | 6.12% | 4.68% |
| Income Tax | 10.15B | 9.09B | 10.78B | 13.3B | 22.24B | 9.59B | 318M | 5.87B | 6.52B | 3.03B | 970M | 1.65B | 8.61B | 14.77B | 16.75B | 18.26B | 13.6B | 11.11B | 19.69B | 19.79B | 18.11B | 13.98B | 11.65B | 6.73B | 5.29B | 5.24B | 5.95B | 851M | 429M | 676.8M | 505.8M |
| Effective Tax Rate % | 39.77% | 40.5% | 40.2% | 38.21% | 51.38% | 36.94% | -4.53% | 33.92% | 36.07% | 26.74% | 13.52% | 25.67% | 66.96% | 56.17% | 54.76% | 52.77% | 48.62% | 47.32% | 56.36% | 50.07% | 53.05% | 49.74% | 42.66% | 43.25% | 45.87% | 43.4% | 47.8% | 35.68% | 29.24% | 34.88% | 31.71% |
| Net Income | 15.07B | 13.13B | 15.76B | 21.38B | 20.53B | 16.03B | -7.24B | 11.27B | 11.45B | 8.63B | 6.2B | 5.09B | 4.24B | 11.23B | 13.65B | 15.95B | 14.06B | 12.1B | 14.74B | 19.22B | 15.53B | 14.54B | 14.72B | 8.83B | 6.24B | 6.83B | 6.5B | 1.53B | 1.04B | 1.26B | 1.09B |
| Net Margin % | 8.19% | 7.2% | 8.06% | 9.77% | 7.8% | 8.68% | -6.05% | 6.39% | 6.22% | 5.79% | 4.84% | 3.55% | 2% | 4.93% | 5.83% | 7.39% | 7.53% | 7.53% | 6.61% | 9.63% | 8.87% | 10.48% | 11.4% | 6.71% | 5.79% | 7.27% | 6.03% | 3.6% | 3.64% | 3.98% | 3.2% |
| Net Income Growth % | 8.51% | -16.7% | -26.31% | 4.18% | 28.03% | 321.38% | -164.28% | -1.56% | 32.62% | 39.3% | 21.8% | 19.86% | -62.2% | -17.73% | -14.45% | 13.48% | 16.17% | -17.91% | -23.29% | 23.74% | 6.85% | -1.25% | 66.67% | 41.54% | -8.58% | 4.98% | 323.86% | 47.73% | -17.81% | 16% | 137.59% |
| Net Income (Continuing) | 15.37B | 13.36B | 16.03B | 21.51B | 21.04B | 16.37B | -7.34B | 11.44B | 11.55B | 8.3B | 6.21B | 4.79B | 4.25B | 11.52B | 13.84B | 16.35B | 14.37B | 12.36B | 15.25B | 19.73B | 16.02B | 15.52B | 15.67B | 8.83B | 6.24B | 6.83B | 6.5B | 1.53B | 1.04B | 1.26B | 1.09B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.6M | -546.01M | -946M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.7B | 2.64B | 2.4B | 2.7B | 2.85B | 3.26B | 2.38B | 2.53B | 2.47B | 2.48B | 2.89B | 2.92B | 3.2B | 3.15B | 1.69B | 1.75B | 1.14B | 1.41B | 1.33B | 1.23B | 1.09B | 992M | 852M | 835M | 760M | 800M | 711M | 1.5B | 281.7M | 266.4M | 428.4M |
| EPS (Diluted) | 6.95 | 5.78 | 6.69 | 8.67 | 7.85 | 5.92 | -2.80 | 4.20 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | 13.45% | -13.6% | -22.84% | 10.45% | 32.6% | 311.43% | -166.67% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS (Basic) | - | 5.84 | 6.86 | 8.85 | 8.03 | 6.09 | -2.78 | 4.33 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 2.17B | 2.21B | 2.36B | 2.43B | 2.57B | 2.65B | 2.62B | 2.68B | 2.68B | 2.57B | 2.46B | 2.34B | 2.28B | 2.27B | 2.27B | 2.26B | 2.24B | 2.24B | 2.25B | 2.27B | 2.31B | 2.36B | 2.42B | 2.5B | 2.63B | 2.74B | 2.82B | 977.33M | 979.62M | 979.38M | 959.56M |
| Basic Shares Outstanding | 2.17B | 2.19B | 2.34B | 2.42B | 2.55B | 2.63B | 2.6B | 2.6B | 2.61B | 2.48B | 2.38B | 2.3B | 2.27B | 2.26B | 2.26B | 2.25B | 2.23B | 2.23B | 2.23B | 2.26B | 2.29B | 2.35B | 2.41B | 2.49B | 2.61B | 2.73B | 2.82B | 977.33M | 979.62M | 979.38M | 959.56M |
| Dividend Payout Ratio | - | 64.38% | 48.97% | 35.15% | 48.65% | 51.32% | - | 58.94% | 42.92% | 30.62% | 42.95% | 55.93% | 172.2% | 63.48% | 48.8% | 41.76% | 48.23% | 60.21% | 46.7% | 34.22% | 33.98% | 28.6% | 36.23% | 38.36% | 43.99% | - | 26.51% | 64.99% | 56.57% | 36.04% | 15.08% |
Geopolitical and regulatory volatility
According to the most recent quarterly data, TotalEnergies achieved a 3.4% year-over-year revenue growth in 2026Q1, marking a significant reversal from the persistent contraction observed throughout 2025, where revenue declines peaked at 9.2% in the second quarter as global energy price volatility weighed heavily on top-line performance.
The return to positive growth suggests that the company's integrated gas and power strategy is beginning to capture value from stabilizing energy markets. Investors should monitor whether this trajectory is sustainable or merely a temporary recovery driven by seasonal demand shifts rather than structural volume expansion.
As reported in financial statements, TotalEnergies expanded its gross margin to 38.3% in 2026Q1, a notable improvement from the 26.5% trough recorded in 2025Q4, indicating a potential optimization in feedstock procurement and a favorable shift in the product mix toward higher-margin integrated gas and power assets.
This margin expansion appears to reflect the company's ability to leverage its integrated value chain to capture arbitrage opportunities during periods of market volatility. The significant variance in margin performance over the last ten quarters suggests that profitability remains highly sensitive to the spread between upstream production costs and downstream market pricing.
Based on the provided income statement data, operating income surged to $10.2 billion in 2026Q1, representing a 20.5% operating margin, which demonstrates a strong scaling effect as the company successfully converted gross profit gains into bottom-line results despite the capital-intensive nature of its global energy infrastructure.
The ability to scale operating income faster than revenue during the most recent quarter suggests disciplined cost management and effective utilization of existing assets. This operating leverage warrants further investigation to determine if it stems from permanent structural efficiencies or temporary reductions in discretionary operational expenditures.
Analysis of the historical income statement reveals that EPS growth has been highly erratic, swinging from a 23.5% decline in 2025Q4 to a 57.1% increase in 2026Q1, which highlights the significant impact of non-operating items and inventory valuation effects inherent in the integrated oil and gas business model.
The lack of stock-based compensation expense in the reported data simplifies the earnings quality assessment, yet the wide fluctuations in net income suggest that headline figures may not fully capture the underlying operational health. Investors should focus on adjusted metrics to strip out the noise created by commodity price-driven inventory adjustments and one-off impairments.
Quick answers to the most common questions about buying TTE stock.
For fiscal year 2025, TotalEnergies SE (TTE) reported total revenue of $182.34B. This represents a 435.3% increase compared to $34.06B in 1996.
TotalEnergies SE (TTE) is profitable, generating $13.13B in net income for the fiscal year ending 2025 with a net profit margin of 7.2%.
TotalEnergies SE (TTE) reported an operating income of $19.93B, resulting in an operating profit margin of 10.9%. This margin reflects the operational efficiency of the business before interest and taxes.
TotalEnergies SE (TTE) generated $51.85B in gross profit for the year, representing a gross profit margin of 28.4%. This demonstrates the company's core pricing power and production efficiency.