TotalEnergies SE
Integrated Oil & Gas and Multi-EnergyFounded 1924- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
TotalEnergies SE
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$194.2B
Market Cap
$165.0B
Net Income
$17.1B
Employees
103,000
Revenue peaked at $274.3 billion in fiscal 2022 during the post-Ukraine war energy price spike, fell to $218.9 billion in fiscal 2023, and settled at $194.2 billion in fiscal 2024. The $80 billion revenue decline from peak to fiscal 2024 reflects lower hydrocarbon prices, not a structural reduction in volume or competitive position. Net income of $17.1 billion in fiscal 2024 on $194.2 billion in revenue produces an 8.8% net margin — consistent with the integrated major peer group. The $165 billion market capitalization prices TotalEnergies at approximately 0.85 times fiscal 2024 revenue — a discount to US majors that reflects European market dynamics and investor uncertainty about the pace and economics of the energy transition. The 103,000 employees across the organization produce roughly $1.9 million in revenue per employee, a productivity ratio that reflects the capital-intensive nature of upstream hydrocarbon production and LNG operations. The Integrated LNG segment is the most important financial asset in the portfolio for pure return-on-capital analysis. The $8.1 billion in cash flow from LNG in fiscal 2024 came from geographic arbitrage executed through a physical fleet and long-term upstream production contracts — assets that required decades and tens of billions in capital to assemble and that cannot be replicated by a new entrant regardless of available capital. The African downstream business is the most undervalued asset in the portfolio for investors focused on renewable energy metrics. Four thousand service stations across 40 countries generating $4.5 billion in adjusted cash flow annually represent a distribution network with real estate, brand positioning, and customer relationships that have been built over decades in markets that are still growing. That business will remain profitable long after European fuel retailing has declined to marginal economics.
Revenue Trend Analysis
YoY Change
-11.3%
2-Year CAGR
-15.9%
Peak Year
2022
Trend
Declining Trend
TotalEnergies SE has reported revenue across 3 fiscal years, compounding at -15.9% annually over 2 years. The most recent year saw a 11.3% decline versus the prior year. Revenue peaked in 2022 at $274.3B. Out of 2 reported periods, 0 showed growth and 2 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $194.2B | $17.1B | -11.3% |
| FY2023 | $218.9B | — | -20.2% |
| FY2022 | $274.3B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
TotalEnergies reported revenue of $218.9 billion (€202 billion) for the full year 2023, down from $263.3 billion (€250 billion) in 2022, reflecting lower oil and gas prices across the year. Adjusted net income for 2023 was $23.2 billion, down from a record $36.2 billion in 2022 when European energy prices spiked after Russia's invasion of Ukraine. Cash flow from operations was $35.9 billion in 2023 against $45.7 billion in 2022. The 2023 results were nevertheless the second-strongest in the company's history and supported a substantial capital-return program. Production averaged 2.48 million barrels of oil equivalent per day, slightly higher than 2022 despite the company's announced 1 percent annual production-decline target. Operating margins in the Integrated LNG segment were exceptional, reflecting the prolonged European gas-price premium, while Refining and Chemicals margins were strong but below the 2022 peak as global refining markets normalized. Capital expenditure for 2023 was $17.0 billion, of which roughly $5 billion was allocated to low-carbon energies, consistent with the company's stated 33 percent of net investments going to electricity and renewables.
TotalEnergies' market capitalization at the end of 2024 was approximately $165 billion, making it the largest French company by market value and the third-largest European oil-and-gas major after Shell at roughly $215 billion and BP at roughly $90 billion. By global comparison, ExxonMobil traded at approximately $480 billion, Chevron at $290 billion and Saudi Aramco at $1.8 trillion at year-end. TotalEnergies trades on Euronext Paris with American depositary receipts on the New York Stock Exchange. The 2024 valuation reflected steady earnings, a generous dividend payout and ongoing strong cash returns, partially offset by the persistent European discount applied to oil-and-gas equities relative to U.S. peers. The dividend yield of roughly 5 percent and the company's track record of buybacks have made the stock attractive to income-focused investors, while the renewable-energy investments provide a partial hedge against decarbonization risk that the pure U.S. majors lack. ESG-mandated funds in Europe have a wider tolerance for TotalEnergies than for ExxonMobil and Chevron because of the renewables commitment, though some Scandinavian funds have divested entirely.
TotalEnergies operates one of the most generous capital-return programs among integrated oil companies. For 2023 the company distributed a total dividend of €3.01 per share, up roughly 7 percent from 2022, paid as four quarterly installments. The total cash returned to shareholders in 2023 was approximately $16.4 billion, comprising $7.2 billion in dividends and $9.2 billion in share buybacks. The buyback program reduced the share count by roughly 4 percent during the year. The board has committed publicly to returning more than 40 percent of cash flow from operations to shareholders when Brent prices exceed $60 per barrel, a payout ratio similar to or higher than European peers Shell and BP. For 2024 the board set a target of an additional €2.0 billion of buybacks per quarter, alongside the dividend, and raised the 2024 dividend by 7 percent. The capital-return program is paid for through a combination of operating cash flow, asset disposals such as the partial SunPower exit and the sale of Hutchinson rubber products in 2022, and the proceeds from selective LNG project investments. The aggressive returns have anchored the stock as a yield play among European institutional investors.
TotalEnergies' Integrated Power segment, which houses renewables and electricity, generated $8.5 billion of revenue in 2023 and adjusted net operating income of $1.1 billion, representing a return on average capital employed of approximately 10 percent. The figures remain a small share of consolidated profits, with Exploration and Production and Integrated LNG generating the bulk of group earnings, but the segment is growing quickly: revenue more than doubled from 2021 to 2023 as installed capacity rose from roughly 10 GW to 22 GW. The economics of utility-scale solar and onshore wind generation have been pressured globally by higher interest rates and equipment-cost inflation since 2022, but TotalEnergies' integrated electricity-trading business in Europe partially offsets weaker generation margins by capturing arbitrage between intermittent generation and dispatchable demand. The company has committed to a return-on-average-capital-employed target of greater than 12 percent across the Integrated Power segment by 2028, which would require both new low-cost capacity additions and continued scaling of the retail electricity book in France and Belgium acquired through the 2018 Direct Energie acquisition. Critics question whether returns at scale can match the 15-to-20 percent ROACE TotalEnergies earns in upstream oil and gas.
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CorpDigest. "TotalEnergies SE Revenue & Financials." CorpDigest, https://corpdigest.com/company/totalenergies/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>TotalEnergies SE reported $194B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/totalenergies/financials" target="_blank" rel="noopener">CorpDigest — TotalEnergies SE financials</a></div>