TotalEnergies Non-GAAP EPS of $1.77 misses by $0.03, revenue of $43.84B misses by $510M

* TotalEnergies press release [https://seekingalpha.com/pr/20285637-totalenergies-se-third-quarter-2025-results] (TTE [https://seekingalpha.com/symbol/TTE]): Q3 Non-GAAP EPS of $1.77 misses by $0.03.
* Revenue of $43.84B (-7.6% Y/Y) misses by $510M.
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TotalEnergies' net cash flow in the third quarter of 2025 was $3,969 million, compared to ($14) million in the previous quarter, due to a $443 million increase in CFFO and a $3,540 million decrease in net investments over the quarter.

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2025 third quarter cash flow from operating activities was $8,349 million versus CFFO of $7,061 million, benefiting from a $1.3 billion positive contribution to working capital.

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Return on equity was 14.2% for the twelve months ended September 30, 2025.

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OUTLOOK

In the context of continued uncertainty in the geopolitical and macroeconomic environment, oil prices are trending downwards, facing an abundant supply that is fueled by production from non-OPEC countries (Guyana, Brazil, US) and OPEC+'s decision to unwind some voluntary productions cuts.

At the beginning of the fourth quarter of 2025, refining margins remain above $50/t reflecting disruptions of diesel flows and low inventory levels.

Forward European gas prices remain sustained at around $11/Mbtu for the fourth quarter of 2025 and winter 2025/26 due to anticipated winter consumption. Given the evolution of oil and gas prices in recent months and the lag effect on pricing formulas, TotalEnergies anticipates an average LNG selling price of $8.5/Mbtu for the fourth quarter of 2025.

Hydrocarbon production in the fourth quarter of 2025 is expected to be between 2.525 and 2.575 Mboe/d, growing over 4% compared to the fourth quarter of 2024, notably benefiting from the restart of Ichthys LNG.

Taking into account planned turnarounds at Antwerp and SATORP in Saudi Arabia, the utilization rate should be between 80% and 84% in the fourth quarter.

The company anticipates net investments for the full year will be within the $17-17.5 billion guidance range, based on organic investments and expected disposals in the fourth quarter. Fourth quarter disposals are estimated to total $2 billion, including the closing of Nigeria and Norway divestitures for Exploration & Production, as well as farm-downs of renewable assets in North America and Greece for Integrated Power.

Given forecasted divestments net of acquisitions of $1.5 billion in the fourth quarter 2025 and an anticipated positive contribution from working capital, gearing at the end of 2025 is expected to be 15-16%.

MORE ON TOTALENERGIES

* TotalEnergies: LNG, Portfolio Shifts And Capex Discipline Create Opportunity [https://seekingalpha.com/article/4827915-totalenergies-lng-portfolio-shifts-and-capex-discipline-create-opportunity]
* TotalEnergies SE (TTE) Analyst/Investor Day Transcript [https://seekingalpha.com/article/4827171-totalenergies-se-tte-analyst-investor-day-transcript]
* TotalEnergies: Going For The Top Debt Rating [https://seekingalpha.com/article/4826976-totalenergies-going-for-top-debt-rating]
* TotalEnergies Q3 2025 Earnings Preview [https://seekingalpha.com/news/4510496-totalenergies-q3-2025-earnings-preview]
* TotalEnergies CEO Pouyanne rejects oversupply fears, downplays effect of Trump's sanctions [https://seekingalpha.com/news/4509502-totalenergies-ceo-pouyanne-rejects-oversupply-fears-downplays-effect-of-trumps-sanctions]