Detailed financial statements for Eni S.p.A. (E): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Eni S.p.A. is an international energy company primarily engaged in the discovery, development, and extraction of crude oil and natural gas resources. Its operations are organized into distinct divisions: Exploration & Production; Global Gas & LNG Portfolio; Refining & Marketing and Chemicals; Plenitude and Power; and Corporate and Other activities.
Analysis Summary
Eni S.p.A. reported revenue of 82.15B EUR in the most recent fiscal year, growing at a 5-year CAGR of 13.3%.
Trailing-twelve-month margins: gross margin 9.8%, operating margin 7.7%, net margin 8.7%. Free cash flow grew at 62.0% CAGR over 5 years.
At $59.65 (closing price, October 28, 2026), E trades at a P/E of 10.30 and an ROE of 15.47%. Market capitalisation stands at $89.7B, placing it among large-cap names.
Balance sheet quality for E: current ratio of 1.2, net debt of 24.11B EUR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 4.63B EUR represents 177% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 55.76B EUR | 66.92B EUR | 75.82B EUR | 69.88B EUR | 43.99B EUR | 76.58B EUR | 132.51B EUR | 93.72B EUR | 88.80B EUR | 82.15B EUR |
| Cost of Revenue | 50.89B EUR | 58.41B EUR | 61.88B EUR | 59.23B EUR | 40.82B EUR | 61.72B EUR | 105.59B EUR | 80.25B EUR | 77.25B EUR | 74.41B EUR |
| Gross Profit | 4.87B EUR | 8.51B EUR | 13.94B EUR | 10.65B EUR | 3.17B EUR | 14.85B EUR | 26.92B EUR | 13.47B EUR | 11.54B EUR | 7.75B EUR |
| Research & Development | 161.0M EUR | 185.0M EUR | 197.0M EUR | 194.0M EUR | 157.0M EUR | 177.0M EUR | 164.0M EUR | 166.0M EUR | 178.0M EUR | 0 |
| Selling, General & Admin | 3.42B EUR | 3.67B EUR | 3.17B EUR | 2.60B EUR | 2.26B EUR | 3.32B EUR | 4.16B EUR | 3.26B EUR | 3.58B EUR | 3.23B EUR |
| Operating Expenses | 4.09B EUR | 4.74B EUR | 3.82B EUR | 2.42B EUR | 1.71B EUR | 3.11B EUR | 6.18B EUR | 3.72B EUR | 1.38B EUR | 3.24B EUR |
| Operating Income | 780.0M EUR | 3.76B EUR | 10.12B EUR | 8.23B EUR | 1.46B EUR | 11.74B EUR | 20.74B EUR | 9.75B EUR | 10.16B EUR | 4.51B EUR |
| EBITDA | 8.64B EUR | 11.51B EUR | 17.35B EUR | 16.80B EUR | 8.40B EUR | 18.77B EUR | 30.36B EUR | 19.09B EUR | 15.63B EUR | 21.30B EUR |
| Interest Expense | 962.0M EUR | 1.06B EUR | 946.0M EUR | 1.13B EUR | 896.0M EUR | 873.0M EUR | 912.0M EUR | 1.05B EUR | 1.28B EUR | 8.17B EUR |
| Pre-tax Income | 892.0M EUR | 6.84B EUR | 10.11B EUR | 5.75B EUR | -5.98B EUR | 10.69B EUR | 22.05B EUR | 10.23B EUR | 6.49B EUR | 5.78B EUR |
| Income Tax | 1.94B EUR | 3.47B EUR | 5.97B EUR | 5.59B EUR | 2.65B EUR | 4.84B EUR | 8.09B EUR | 5.37B EUR | 3.73B EUR | 3.02B EUR |
| Net Income | -1.46B EUR | 3.37B EUR | 4.13B EUR | 148.0M EUR | -8.63B EUR | 5.82B EUR | 13.89B EUR | 4.77B EUR | 2.62B EUR | 2.61B EUR |
| EPS | $-0.82 | $1.88 | $2.30 | $0.08 | $-4.84 | $3.22 | $7.92 | $2.82 | $1.58 | $1.72 |
| EPS (Diluted) | $-0.82 | $1.88 | $2.28 | $0.08 | $-4.84 | $3.20 | $7.90 | $2.80 | $1.56 | $1.56 |
| Shares Outstanding (Diluted) | 1,800.5 M | 1,801.4 M | 1,802.0 M | 1,797.3 M | 1,786.3 M | 1,786.8 M | 1,745.0 M | 1,663.6 M | 1,615.2 M | 1,544.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 20.61B EUR | 19.74B EUR | 22.67B EUR | 25.49B EUR |
| Gross Profit | 333.0M EUR | 2.00B EUR | 4.86B EUR | 2.51B EUR |
| Operating Income | 851.0M EUR | 629.0M EUR | 1.18B EUR | 2.85B EUR |
| EBITDA | 3.32B EUR | 4.09B EUR | -182.0M EUR | 4.40B EUR |
| Net Income | 90.0M EUR | 1.07B EUR | 3.38B EUR | 3.19B EUR |
| EPS | $0.02 | $0.72 | $2.22 | $2.20 |
| EPS (Diluted) | $0.02 | $0.72 | $2.18 | $2.16 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.04B EUR | 7.56B EUR | 10.84B EUR | 5.99B EUR | 9.41B EUR | 8.25B EUR | 10.15B EUR | 10.19B EUR | 8.18B EUR | 8.10B EUR |
| Short-term Investments | 8.65B EUR | 7.45B EUR | 6.55B EUR | 6.76B EUR | 5.50B EUR | 6.30B EUR | 8.25B EUR | 6.78B EUR | 6.80B EUR | 6.99B EUR |
| Receivables | 17.95B EUR | 16.20B EUR | 15.15B EUR | 13.83B EUR | 11.56B EUR | 23.35B EUR | 22.66B EUR | 17.91B EUR | 18.68B EUR | 16.68B EUR |
| Inventory | 4.64B EUR | 4.62B EUR | 4.65B EUR | 4.73B EUR | 3.89B EUR | 6.07B EUR | 7.71B EUR | 6.19B EUR | 6.26B EUR | 5.14B EUR |
| Total Current Assets | 37.97B EUR | 36.43B EUR | 39.45B EUR | 34.91B EUR | 32.86B EUR | 57.61B EUR | 61.60B EUR | 46.70B EUR | 43.58B EUR | 40.86B EUR |
| Property, Plant & Equipment | 70.79B EUR | 63.16B EUR | 60.30B EUR | 67.54B EUR | 58.59B EUR | 61.12B EUR | 60.78B EUR | 61.13B EUR | 65.69B EUR | 55.72B EUR |
| Goodwill | 1.32B EUR | 1.20B EUR | 1.28B EUR | 1.26B EUR | 1.30B EUR | 2.89B EUR | 3.16B EUR | 3.16B EUR | 3.19B EUR | 3.19B EUR |
| Intangible Assets | 1.95B EUR | 1.72B EUR | 1.89B EUR | 1.79B EUR | 1.64B EUR | 1.91B EUR | 2.36B EUR | 3.22B EUR | 2.71B EUR | 2.39B EUR |
| Total Assets | 128.83B EUR | 119.20B EUR | 122.06B EUR | 128.10B EUR | 112.70B EUR | 143.60B EUR | 156.35B EUR | 146.37B EUR | 150.08B EUR | 139.20B EUR |
| Accounts Payable | 11.04B EUR | 10.89B EUR | 11.64B EUR | 10.48B EUR | 8.68B EUR | 16.80B EUR | 19.53B EUR | 14.23B EUR | 15.17B EUR | 13.90B EUR |
| Short-term Debt | 6.67B EUR | 4.53B EUR | 5.78B EUR | 5.61B EUR | 4.79B EUR | 4.08B EUR | 7.54B EUR | 7.01B EUR | 8.82B EUR | 8.36B EUR |
| Total Current Liabilities | 27.70B EUR | 24.73B EUR | 28.38B EUR | 29.64B EUR | 23.69B EUR | 43.15B EUR | 48.72B EUR | 36.06B EUR | 37.83B EUR | 34.27B EUR |
| Long-term Debt | 20.56B EUR | 20.18B EUR | 20.08B EUR | 18.91B EUR | 21.89B EUR | 28.71B EUR | 24.37B EUR | 26.80B EUR | 26.57B EUR | 25.14B EUR |
| Total Liabilities | 75.75B EUR | 71.12B EUR | 70.98B EUR | 80.20B EUR | 75.21B EUR | 104.08B EUR | 106.12B EUR | 97.80B EUR | 99.43B EUR | 91.41B EUR |
| Retained Earnings | 37.46B EUR | 37.90B EUR | 40.83B EUR | 37.58B EUR | 25.41B EUR | 28.57B EUR | 37.34B EUR | 37.76B EUR | 35.18B EUR | 35.82B EUR |
| Total Equity | 53.04B EUR | 48.03B EUR | 51.02B EUR | 47.84B EUR | 37.41B EUR | 39.44B EUR | 49.76B EUR | 48.10B EUR | 47.78B EUR | 42.94B EUR |
| Total Debt | 27.24B EUR | 24.71B EUR | 25.86B EUR | 30.17B EUR | 31.70B EUR | 38.13B EUR | 36.87B EUR | 39.14B EUR | 41.84B EUR | 39.20B EUR |
| Net Debt | 12.55B EUR | 9.70B EUR | 8.48B EUR | 17.41B EUR | 16.79B EUR | 23.58B EUR | 18.46B EUR | 22.17B EUR | 26.86B EUR | 24.11B EUR |
| Working Capital | 10.28B EUR | 11.70B EUR | 11.07B EUR | 5.26B EUR | 9.17B EUR | 14.46B EUR | 12.88B EUR | 10.65B EUR | 5.75B EUR | 6.59B EUR |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | 8.10B EUR | 8.32B EUR | 8.37B EUR | 11.97B EUR |
| Total Assets | 139.20B EUR | 147.71B EUR | 147.00B EUR | 156.69B EUR |
| Total Liabilities | 91.41B EUR | 93.42B EUR | 90.08B EUR | 98.07B EUR |
| Total Equity | 42.94B EUR | 49.19B EUR | 52.00B EUR | 55.43B EUR |
| Total Debt | 39.20B EUR | 36.57B EUR | 36.99B EUR | 40.57B EUR |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -1.05B EUR | 3.37B EUR | 4.13B EUR | 148.0M EUR | -8.63B EUR | 5.82B EUR | 13.89B EUR | 4.77B EUR | 2.49B EUR | 2.37B EUR |
| Depreciation & Amortization | 7.86B EUR | 7.75B EUR | 7.24B EUR | 8.58B EUR | 6.95B EUR | 7.21B EUR | 7.40B EUR | 7.82B EUR | 7.86B EUR | 7.35B EUR |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 2.11B EUR | 1.48B EUR | 1.63B EUR | 366.0M EUR | -18.0M EUR | -3.09B EUR | -1.24B EUR | 1.81B EUR | 1.18B EUR | 2.66B EUR |
| Operating Cash Flow | 7.67B EUR | 10.12B EUR | 13.65B EUR | 12.39B EUR | 4.82B EUR | 12.86B EUR | 17.46B EUR | 15.12B EUR | 13.09B EUR | 13.33B EUR |
| Capital Expenditure | -9.07B EUR | -8.49B EUR | -8.78B EUR | -8.06B EUR | -4.41B EUR | -4.95B EUR | -7.70B EUR | -8.74B EUR | -8.00B EUR | -8.70B EUR |
| Acquisitions | -343.0M EUR | 5.41B EUR | 923.0M EUR | 445.0M EUR | -97.0M EUR | -1.62B EUR | -1.46B EUR | -776.0M EUR | 1.03B EUR | 2.04B EUR |
| Stock Repurchased | 0 | 0 | 0 | -400.0M EUR | 0 | -400.0M EUR | -2.40B EUR | -1.80B EUR | -2.01B EUR | -1.90B EUR |
| Dividends Paid | -2.88B EUR | -2.88B EUR | -2.95B EUR | -3.02B EUR | -1.97B EUR | -2.36B EUR | -3.01B EUR | -3.05B EUR | -3.07B EUR | -3.08B EUR |
| Free Cash Flow | -1.39B EUR | 1.63B EUR | 4.87B EUR | 4.33B EUR | 415.0M EUR | 7.91B EUR | 9.76B EUR | 6.38B EUR | 5.09B EUR | 4.63B EUR |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | 4.46B EUR | 1.40B EUR | 4.39B EUR | 4.13B EUR |
| Capital Expenditure | -2.93B EUR | -2.36B EUR | -2.16B EUR | -1.63B EUR |
| Free Cash Flow | 1.52B EUR | -965.0M EUR | 2.23B EUR | 2.50B EUR |
| Dividends Paid | -775.0M EUR | -766.0M EUR | -803.1M EUR | -775.9M EUR |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.0% | +13.3% | -7.8% | -37.1% | +74.1% | +73.0% | -29.3% | -5.2% | -7.5% | |
| Net Income Growth (YoY) | +330.5% | +22.3% | -96.4% | -5,934.5% | +167.4% | +138.6% | -65.6% | -45.0% | -0.6% | |
| EPS Growth (YoY) | +329.3% | +22.3% | -96.4% | -5,973.8% | +166.5% | +146.0% | -64.4% | -44.0% | +8.9% | |
| Shares Change (YoY) | +0.0% | +0.0% | -0.3% | -0.6% | +0.0% | -2.3% | -4.7% | -2.9% | -4.4% | |
| FCF Growth (YoY) | +216.7% | +199.3% | -11.1% | -90.4% | +1,805.8% | +23.4% | -34.6% | -20.3% | -9.0% | |
| Gross Margin | 8.7% | 12.7% | 18.4% | 15.2% | 7.2% | 19.4% | 20.3% | 14.4% | 13.0% | 9.4% |
| Operating Margin | 1.4% | 5.6% | 13.3% | 11.8% | 3.3% | 15.3% | 15.6% | 10.4% | 11.4% | 5.5% |
| EBITDA Margin | 15.5% | 17.2% | 22.9% | 24.0% | 19.1% | 24.5% | 22.9% | 20.4% | 17.6% | 25.9% |
| Net Margin | -2.6% | 5.0% | 5.4% | 0.2% | -19.6% | 7.6% | 10.5% | 5.1% | 3.0% | 3.2% |
| FCF Margin | -2.5% | 2.4% | 6.4% | 6.2% | 0.9% | 10.3% | 7.4% | 6.8% | 5.7% | 5.6% |
| Effective Tax Rate | 217.0% | 50.7% | 59.1% | 97.3% | -44.3% | 45.3% | 36.7% | 52.5% | 57.4% | 52.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.77 | $0.90 | $2.70 | $2.41 | $0.23 | $4.43 | $5.59 | $3.84 | $3.15 | $3.00 |
| Dividends Per Share | $1.60 | $1.60 | $1.64 | $1.68 | $1.10 | $1.32 | $1.72 | $1.83 | $1.90 | $1.99 |
| Shares Outstanding (Basic) | 1,800.5 M | 1,800.6 M | 1,800.6 M | 1,796.1 M | 1,786.3 M | 1,783.0 M | 1,741.8 M | 1,651.9 M | 1,583.5 M | 1,512.4 M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 15.47% |
| Return on Invested Capital | 3.37% |
| Return on Assets | 4.99% |
| Gross Margin | 9.84% |
| Operating Margin | 7.75% |
| Net Margin | 8.70% |
Financial Health
| Debt / Equity | 0.73 |
| Current Ratio | 1.18 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.43 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -37.34 | 14.89 | 11.94 | 335.04 | -3.48 | 7.55 | 3.38 | 10.91 | 16.72 | 18.77 |
| P/B | 1.04 | 1.05 | 0.97 | 1.04 | 0.80 | 1.10 | 0.94 | 1.06 | 0.88 | 1.14 |
| P/S | 0.99 | 0.75 | 0.65 | 0.71 | 0.68 | 0.57 | 0.35 | 0.54 | 0.47 | 0.59 |
| Gross Margin | 8.7% | 12.7% | 18.4% | 15.2% | 7.2% | 19.4% | 20.3% | 14.4% | 13.0% | 9.4% |
| Operating Margin | 1.4% | 5.6% | 13.3% | 11.8% | 3.3% | 15.3% | 15.6% | 10.4% | 11.4% | 5.5% |
| Net Margin | -2.6% | 5.0% | 5.4% | 0.2% | -19.6% | 7.6% | 10.5% | 5.1% | 3.0% | 3.2% |
Related companies: XOM · CVX · SHEL · TTE · PBR · BP · EQNR · SU
Explore sector: Energy · Oil & Gas Integrated
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