TotalEnergies SE

Name: TotalEnergies SE financial statements and ratios
Creator: Annalist

TTE · NYSE · Energy, oil and gas · France · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, released 27 March 2026. Snapshot FY2025_a6dbe6a6.

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Overview

Revenue, fiscal year

−6.2% year on year

Profit before tax, fiscal year

n/a

Net income, fiscal year

−16.7% year on year

Diluted EPS, fiscal year

−13.6% year on year

Pre-tax margin, fiscal year

n/a

Return on equity, fiscal year

−2.2pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was US$201.2 billion, 6.2% lower than in the previous fiscal year.
Weakenedin FY2025 · stated since FY2023−6.2% from −9.5% in FY2024
Rule: Revenue against the previous fiscal year · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 WeakenedRevenue for the fiscal year ended 31 December 2025 was US$201.2 billion, 6.2% lower than in the previous fiscal year.Recorded from FY2025_a6dbe6a6 · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was US$214.6 billion, 9.5% lower than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was US$237.1 billion, 15.6% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was US$13.1 billion, 16.7% lower than in the previous fiscal year.
Weakenedin FY2025 · stated since FY2024−16.7% from −26.3% in FY2024
Rule: Net income against the previous fiscal year · Sources 20-F 2025-12
History of this finding, 4 records
1. FY2025 WeakenedNet income attributable to the company for fiscal 2025 was US$13.1 billion, 16.7% lower than in the previous fiscal year.Recorded from FY2025_a6dbe6a6 · data update
2. FY2024 NewNet income attributable to the company for fiscal 2024 was US$15.8 billion, 26.3% lower than in the previous fiscal year.Reconstructed · data update
3. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 was US$21.4 billion, 4.2% higher than in the previous fiscal year.Reconstructed · initial
Return on equity for fiscal 2025 was 11.3%, against 13.4% a year earlier.
Weakenedin FY2025 · stated since FY2024
Rule: Return on equity against a year earlier · Sources 20-F 2025-12
History of this finding, 4 records
1. FY2025 WeakenedReturn on equity for fiscal 2025 was 11.3%, against 13.4% a year earlier.Recorded from FY2025_a6dbe6a6 · data update
2. FY2024 NewReturn on equity for fiscal 2024 was 13.4%, against 18.7% a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 18.7%, against 18.4% a year earlier.Reconstructed · initial
Net debt was US$44.8 billion at 31 December 2025.
Strengthenedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedNet debt was US$44.8 billion at 31 December 2025.Recorded from FY2025_a6dbe6a6 · data update
2. FY2024 StrengthenedNet debt was US$37.6 billion at 31 December 2024.Reconstructed · data update
3. FY2023 NewNet debt was US$32.3 billion at 31 December 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest 20-F for the year to 31 December 2025List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2025_a6dbe6a6

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Profit Attributable to Owners of the Parent

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Net Debt

Total debt less cash and short-term investments, at fiscal year end, US dollars

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

20-F for the year to 31 December 2025, filed 27 March 2026. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Data Limits 1

Credit Metrics Not Updated for Fiscal 2025
Debt to EBITDA and FFO to debt have no value for fiscal 2025; the latest values are for fiscal 2020.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Position in the S&P Standard Volatility Table, Fiscal 2020

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 5.2 years of adjusted EBITDA; a year of funds from operations equals 13.4% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5.21x5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	20% to 30%	13.4%12% to 20%	below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	$64.5bn	$60.8bn	$50.1bn	$53.6bn	$61.0bn
Lease liabilities	$9.0bn	$9.7bn	$9.5bn	$9.9bn	$9.9bn
Borrowings and lease liabilities presented as one line	$0	$0	$0	$0	$0
Lease-adjusted debt	$73.6bn	$70.5bn	$59.5bn	$63.5bn	$71.0bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −4.9% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 4.9% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin FY2025 · stated since FY2023−4.9% from −5.3% in FY2024
Rule: Cash backing of earnings · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 4.9% of average total assets.Recorded from FY2025_a6dbe6a6 · data update
2. FY2024 WeakenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 5.3% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 6.6% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresPublished distress and misstatement models, with their original coefficients and thresholds.

Published distress and misstatement models, with their original coefficients and thresholds.

By Fiscal Year

Ratio	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.59 means a probability of a misstatement 0.59 times the average rate in the Dechow sample: 0.22% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	−0.011	0.790	−0.008
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.003	2.518	−0.006
Change in inventories / average total assetsThe growth of stock against average assets.	−0.008	1.191	−0.009
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.910	1.979	1.801
Change in cash salesThe growth of sales collected in cash.	−0.077	0.171	−0.013
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	−0.010	−0.932	0.009
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−6.120
Probability of a misstatement			0.22%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
20-F for the year to 31 December 2025	27 Mar 2026	20-F:0001104659-26-035876
20-F for the year to 31 December 2024	31 Mar 2025	20-F:0001104659-25-029751
20-F for the year to 31 December 2023	29 Mar 2024	20-F:0001104659-24-040994
20-F for the year to 31 December 2022	24 Mar 2023	20-F:0001104659-23-036495
20-F for the year to 31 December 2021	25 Mar 2022	20-F:0001104659-22-037947

Checks

187187 checks, all passed

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports162 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	213
Confirmed by other figures	79.8%, 170 values
Confirmed by a second document	76.1%, 162 values
Derived from reported figures	2.8%, 6 values
Values withheld	0
Restated figures tracked	9
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, TotalEnergies SE, snapshot totalenergies/FY2025_a6dbe6a6 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_a6dbe6a6 · dataset SHA-256 a6dbe6a64b38f7e1e19e72d211b797834883530180375f5ae1173ca577c372e5 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json