TotalEnergies SE (TTE) Cash Flow Statement
Where TTE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $28.46B −7.8% vs 2024
- Capital expenditures
- $17.64B 9.7% of revenue
- Free cash flow
- $10.81B 5.9% margin
- Returned to shareholders
- $16.48B 152% of free cash flow
- Change in cash
- $366.3M cash at year-end $26.20B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TTE operating cash flow, capex and free cash flow
TTE cash flow trends, 2024–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $30.85B2024 | $28.46B2025 | −7.8%/yr | |
| Capital expenditures | $14.91B2024 | $17.64B2025 | +18.3%/yr | |
| Free cash flow | $15.95B2024 | $10.81B2025 | −32.2%/yr | |
| Free cash flow margin | 8.2%2024 | 5.9%2025 | −2.2 pts | |
| Operating cash flow / net income | 1.922024 | 2.082025 | +0.16 | |
| Dividends paid | $7.72B2024 | $8.45B2025 | +9.5%/yr | |
| Share buybacks (net) | $8.00B2024 | $8.03B2025 | +0.4%/yr | |
| Capex / revenue | 7.6%2024 | 9.7%2025 | +2.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TTE cash flow by activity
TTE net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TTE cash flow statement
| 2025 | 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | $13.66B | $16.03B |
| Depreciation & amortization | $13.85B | $13.11B |
| Change in working capital | $1.34B | $2.36B |
| Other non-cash items | −$388.7M | −$648.0M |
| Cash from operating activities | $28.46B | $30.85B |
| Investing activities | ||
| Capital expenditures | −$17.64B | −$14.91B |
| Investments (net) | $329.0M | −$17.33B |
| Acquisitions & other investing | −$1.26B | $14.91B |
| Cash from investing activities | −$18.57B | −$17.33B |
| Financing activities | ||
| Dividends paid | −$8.45B | −$7.72B |
| Share repurchases & issuance (net) | −$8.03B | −$8.00B |
| Net borrowing (repayment) | $2.39B | $1.62B |
| Shares issued | $492.0M | $521.0M |
| Other financing | $2.97B | −$853.0M |
| Cash from financing activities | −$10.63B | −$14.43B |
| Summary | ||
| Net change in cash | $366.3M | −$1.42B |
| Cash at end of period | $26.20B | $25.84B |
| Free cash flow | $10.81B | $15.95B |
| Free cash flow margin | 5.9% | 8.2% |
| Capex / revenue | 9.7% | 7.6% |
| Operating cash flow / net income | 2.08 | 1.92 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $5.34B | $5.74B | $2.93B | $3.67B | $2.75B | $3.92B | $3.96B |
| Depreciation & amortization | $3.10B | $4.15B | $4.00B | $3.27B | $3.36B | $3.09B | $2.63B |
| Change in working capital | $1.61B | −$6.88B | $4.05B | $1.60B | $49.0M | −$4.23B | $5.74B |
| Other non-cash items | $593.7M | $313.8M | −$261.4M | −$181.9M | −$195.0M | −$212.0M | $180.1M |
| Cash from operating activities | $10.64B | $3.32B | $10.72B | $8.35B | $5.96B | $2.56B | $12.51B |
| Investing activities | |||||||
| Capital expenditures | −$4.16B | −$4.56B | −$4.19B | −$3.79B | −$4.77B | −$4.22B | −$3.68B |
| Investments (net) | $266.0M | $7.0M | $321.0M | −$3.20B | −$6.69B | −$4.80B | −$3.75B |
| Acquisitions & other investing | $634.6M | $282.4M | $773.4M | $3.85B | $4.77B | $4.22B | $3.66B |
| Cash from investing activities | −$3.26B | −$4.27B | −$3.09B | −$3.15B | −$6.69B | −$4.80B | −$3.76B |
| Financing activities | |||||||
| Dividends paid | −$2.06B | −$2.10B | −$2.18B | −$2.21B | −$1.89B | −$1.85B | −$2.00B |
| Share repurchases & issuance (net) | −$1.48B | −$765.4M | −$1.50B | −$2.34B | −$1.71B | −$2.15B | −$1.98B |
| Net borrowing (repayment) | −$1.95B | $3.90B | −$1.50B | $1.69B | −$126.0M | $2.31B | −$2.96B |
| Shares issued | $363.0M | $0 | $0 | $0 | $492.0M | $0 | $0 |
| Other financing | $4.9M | −$520.6M | $499.9M | $431.7M | $1.08B | $559.0M | −$983.0M |
| Cash from financing activities | −$5.12B | $515.5M | −$4.68B | −$2.43B | −$2.15B | −$1.13B | −$7.92B |
| Summary | |||||||
| Net change in cash | $1.88B | −$439.7M | $2.82B | $2.99B | −$2.41B | −$3.01B | $172.0M |
| Cash at end of period | $27.65B | $25.76B | $26.20B | $23.41B | $20.42B | $22.84B | $25.84B |
| Free cash flow | $6.48B | −$1.24B | $6.53B | $4.56B | $1.19B | −$1.66B | $8.83B |
| Free cash flow margin | 11.4% | −2.5% | 14.2% | 10.4% | 2.7% | −3.5% | 18.7% |
| Capex / revenue | 7.3% | 9.2% | 9.1% | 8.7% | 10.7% | 8.8% | 7.8% |
| Operating cash flow / net income | 1.99 | 0.58 | 3.66 | 2.28 | 2.17 | 0.65 | 3.16 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TTE cash generation
In fiscal 2025 (ended December 31, 2025), TotalEnergies generated $28.5 billion of cash from operations (down 7.8%) and spent $17.6 billion on capital expenditures, leaving free cash flow of $10.8 billion, 5.9% of revenue. It returned $16.5 billion to shareholders through dividends ($8.5 billion) and net share buybacks ($8.0 billion). Cash and equivalents rose by $366.3 million over the year.
Related: TTE income statement, TTE balance sheet, TTE dividend history. See the TTE stock overview for the latest quote and news.
TTE cash flow FAQ
What is TotalEnergies's free cash flow?
TotalEnergies's free cash flow was $10.8 billion in fiscal 2025: $28.5 billion of operating cash flow minus $17.6 billion of capital expenditures It was $15.9 billion a year earlier..
How much cash does TotalEnergies generate from operations?
TotalEnergies generated $28.5 billion of cash from operating activities in fiscal 2025, 2.08 times its net income of $13.7 billion.
How much does TotalEnergies spend on capital expenditures?
TotalEnergies spent $17.6 billion on capital expenditures in fiscal 2025, 9.7% of revenue, compared with $14.9 billion the year before.
How much stock does TotalEnergies buy back?
TotalEnergies spent $8.0 billion on net share repurchases in fiscal 2025.
How much does TotalEnergies pay in dividends?
TotalEnergies paid $8.5 billion in dividends in fiscal 2025, 78.2% of free cash flow.