TotalEnergies dividend: history and cash coverage
MyStockButler's October 2026 analysis: TotalEnergies paid €3.40 per share in 2025. Its 2025 cash covered capital spending before shareholder payments, but the company’s own free-cash-flow count included $3,644 million from asset sales.
How much does TotalEnergies pay in dividends?
The weighted values imply +16% by October 2027 and +37% by October 2029, including dividends. The bear case has 30% probability; the base case has 50%. The bull case has 20%. For 2025, the declared dividend was €3.40 per share; cash spent on buybacks was US$3.48 per average diluted share.
The base dividend rises from $4.02 per share to $4.44, applying management’s 5% annual growth commitment after the 2026 increase. The bear case holds at $3.62 after an initial reduction because weaker cash flow could force a pause. The bull case reaches $4.78 through faster growth as projects and Power generate more cash. The uninterrupted rise from €2.64 in 2021 to €3.40 in 2025 supports continuity, but commodity exposure limits certainty.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| FCF per share — the company's own count | 4.85 | 5.22 | 7.85 | 11.44 | 5.98 |
| − Dividends paid, per share | 3.67 | 3.33 | 3.09 | 3.88 | 3.11 |
| − Share buybacks, per share | 3.48 | 3.45 | 3.77 | 3.00 | 0.69 |
What this means. The company's own free cash flow is not the usual leftover cash because it includes buying and selling businesses and leaves out lease repayments.
Is TotalEnergies’ dividend covered by its cash?
Shareholders received $15,835 million in 2025. Dividends accounted for $8,121 million, while buybacks accounted for $7,714 million. Buybacks had been $1,823 million in 2021. They can increase each remaining share’s claim on future earnings, but only if the company buys at a sensible price and can afford the purchases.
Capital spending was $16,953 million in 2025. Stock pay used another $585 million. The company’s own free-cash-flow count was $10,748 million, but asset sales contributed $3,644 million. Sale proceeds can strengthen cash without representing recurring operating power.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends paid | 8,121 | 7,717 | 7,517 | 9,986 | 8,228 |
| − Share buybacks | 7,714 | 7,995 | 9,167 | 7,711 | 1,823 |
| Cash and short-term investments | 29,534 | 32,758 | 33,848 | 41,772 | 33,657 |
| − Total debt | 51,106 | 43,640 | 40,591 | 51,052 | 55,513 |
| = Net debt | 21,572 | 10,882 | 6,743 | 9,280 | 21,856 |
| Paid to shareholders | 15,835 | 15,712 | 16,684 | 17,697 | 10,051 |
What this means. The company paid both its shareholders and outside owners of partly owned businesses; the “Paid to shareholders” row counts only dividends and buybacks, so it leaves out the money paid to minority owners.
What could change TotalEnergies’ dividend?
Management targets 3.0% oil and gas production growth and 25.0% electricity production growth in 2026. Net investment is targeted at $15 billion. Integrated Power is expected to generate at least $3 billion of cash flow in 2026. It is expected to become free-cash-flow positive in 2027. Management targets annual dividend growth of at least 5.0% through 2030 and shareholder returns equal to at least 40.0% of cash flow over 2026–2030.
What is TotalEnergies’ dividend yield at today’s price?
| Today (Oct 22, 2026) | |
|---|---|
| Share price | 80.50 |
| Market value (calculated) | 177,637.88 |
| Dividend yield (calculated) | 4.5% |