TTE Q1 2026 Earnings
Reported Apr 29, 2026 at 7:45 AM ET · SEC Source
Q1 26 EPS
$2.64
BEAT +29.25%
Est. $2.04
Q1 26 Revenue
$54.16B
BEAT +16.45%
Est. $46.51B
Did TTE Beat Earnings? Q1 2026 Results
TotalEnergies SE posted a powerful first quarter for fiscal 2026, reporting earnings per share of $2.64 on revenue of $54.16 billion, as a sharp rebound in oil prices and exceptional refining and LNG trading performance drove adjusted net income up 4… Read more TotalEnergies SE posted a powerful first quarter for fiscal 2026, reporting earnings per share of $2.64 on revenue of $54.16 billion, as a sharp rebound in oil prices and exceptional refining and LNG trading performance drove adjusted net income up 41% quarter-over-quarter to $5.39 billion. The primary engine behind the results was a resurgent Exploration and Production segment, where adjusted net operating income climbed over 40% sequentially to $2.58 billion, fueled by Brent crude averaging $81.10 per barrel and meaningful output contributions from newly launched projects including Mero-3, Mero-4, and Ballymore. Refining margins also delivered, with the European Refining Margin nearly tripling year-over-year to $11.40 per barrel. Looking ahead, management acknowledged that the ongoing Middle East conflict has shut in roughly 15% of total production, yet guided for Q2 production to grow approximately 4% year-over-year excluding that impact, with oil prices near $100 per barrel and elevated European gas prices expected to sustain strong cash generation through the second quarter.
Key Takeaways
- • Higher Brent oil prices averaging $81.1/b, up 27% QoQ and 7% YoY
- • European refining margins nearly tripled YoY to $11.4/b
- • Strong LNG and oil trading activities benefiting from market volatility
- • New project start-ups and ramp-ups including Mero-3, Mero-4, Lapa SW in Brazil, Anchor and Ballymore in the US, and Mabruk in Libya
- • LNG production increased 12% QoQ supported by growth in Australia, US and Malaysia
- • Refinery utilization rate of 92% in Q1 with no turnarounds
- • Higher unit margins in Marketing & Services
TTE Forward Guidance & Outlook
Oil markets remain elevated around $100/b and volatile due to the Middle East conflict, with prices expected to stay high during Q2 as production facilities require 2-3 months to restart. European gas prices for Q2 are high at $14-15/Mbtu amid inventory replenishment with storage at 5-year lows (25%). TotalEnergies anticipates an average LNG selling price of around $10/Mbtu in Q2 2026. Excluding the Middle East conflict impact, Q2 production is expected to grow around 4% YoY. Production shut down in Qatar, Iraq and offshore UAE represents around 15% of total production as of end-April. Refinery utilization is expected at 80-85% in Q2 due to SATORP capacity reduction and a planned Donges turnaround. Integrated Power should benefit from 10 TWh of net power production in 2026 following the EPH transaction closing, with more than $500 million of available cash flow contribution. Net investments are confirmed at $15 billion for 2026, with the company evaluating options to accelerate short-cycle investments to capture current high hydrocarbon prices.
TTE YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
TTE Revenue by Segment
With YoY comparisons, source: SEC Filings
TTE Earnings Trends
TTE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TTE EPS Trend
Earnings per share: estimate vs actual
TTE Revenue Trend
Quarterly revenue: estimate vs actual
TTE Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $2.04 | $2.64 | +29.25% | $54.16B | +16.45% |
| Q4 25 MISS FY | $1.68 | $1.30 | -22.62% | $45.93B | +0.56% |
| FY Full Year | $7.03 | $5.78 | -17.82% | $182.34B | +0.14% |
| Q3 25 MISS | $1.80 | $1.64 | -8.89% | $43.84B | -1.14% |
| Q2 25 MISS | $1.59 | $1.37 | -14.05% | $57.96B | +35.05% |