Eni S.p.A. (E) Cash Flow Statement
Where E’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €13.33B +1.8% vs 2024
- Capital expenditures
- €8.70B 10.6% of revenue
- Free cash flow
- €4.63B 5.6% margin
- Returned to shareholders
- €4.98B 108% of free cash flow
- Change in cash
- −€83.0M cash at year-end €8.10B
Drawn to scale: where the cash came from and how it was used. Hover for values.
E operating cash flow, capex and free cash flow
E cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −€1.4M2017 | €13.33B2025 | — | |
| Capital expenditures | €408,7302017 | €8.70B2025 | +202.6%/yr | |
| Free cash flow | −€1.8M2017 | €4.63B2025 | — | |
| Free cash flow margin | −41.3%2017 | 5.6%2025 | +46.9 pts | |
| Operating cash flow / net income | 3.002017 | 5.622025 | +2.62 | |
| Stock-based compensation | −€6.93B2017 | −€20.72B2023 | — | |
| Dividends paid | €2.88B2017 | €3.08B2025 | +0.8%/yr | |
| Share buybacks (net) | €02017 | €1.90B2025 | — | |
| Capex / revenue | 9.3%2017 | 10.6%2025 | +1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
E cash flow by activity
E 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).
E cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €2.37B | €2.49B | €4.77B | €5.40B | €5.84B | −€8.63B | €155.0M | €4.13B | €3.37B | −€5.2M |
| Depreciation & amortization | €7.35B | €7.86B | €7.82B | €7.21B | €7.06B | €7.30B | €8.11B | €7.24B | €7.75B | €338,565 |
| Stock-based compensation | — | — | −€20.72B | — | −€2.27B | €2.67B | −€2.53B | −€5.04B | −€6.93B | — |
| Change in working capital | €2.66B | €1.18B | €1.81B | −€697.0M | −€3.15B | −€18.0M | €366.0M | €1.63B | €1.48B | — |
| Other non-cash items | €954.0M | €1.56B | €21.43B | −€6.09B | €5.37B | €3.49B | €6.29B | €5.69B | €4.45B | €3.5M |
| Cash from operating activities | €13.33B | €13.09B | €15.12B | €5.82B | €12.86B | €4.82B | €12.39B | €13.65B | €10.12B | −€1.4M |
| Investing activities | ||||||||||
| Capital expenditures | −€8.70B | −€8.00B | −€8.74B | −€783.0M | −€5.24B | −€4.63B | −€8.38B | −€8.78B | −€8.49B | −€408,730 |
| Investments (net) | −€1.88B | −€9.82B | −€9.80B | −€7.02B | −€767.0M | −€297.0M | −€11.41B | −€7.54B | −€3.77B | — |
| Acquisitions & other investing | €1.99B | €8.59B | €9.16B | €783.0M | −€6.01B | €342.0M | €8.38B | €8.78B | €8.49B | −€22.3M |
| Cash from investing activities | −€8.59B | −€9.23B | −€9.38B | −€7.02B | −€12.01B | −€4.59B | −€11.41B | −€7.54B | −€3.77B | −€22.7M |
| Financing activities | ||||||||||
| Dividends paid | −€3.08B | −€3.07B | −€3.05B | −€3.01B | −€2.36B | −€1.97B | −€3.02B | −€2.95B | −€2.88B | — |
| Share repurchases & issuance (net) | −€1.90B | −€2.01B | −€1.80B | −€2.40B | −€400.0M | — | −€400.0M | €0 | €0 | €48.2M |
| Net borrowing (repayment) | −€3.81B | −€2.50B | −€569.0M | −€3.56B | −€1.18B | €2.25B | −€2.42B | €320.0M | −€1.71B | €80,864 |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | €4.48B | €1.61B | −€234.0M | €7.88B | €1.90B | €2.97B | −€6.0M | −€3.0M | −€3.0M | −€3.2M |
| Cash from financing activities | −€4.30B | −€5.97B | −€5.65B | −€1.09B | −€2.04B | €3.25B | −€5.84B | −€2.64B | −€4.59B | €45.1M |
| Summary | ||||||||||
| Net change in cash | −€83.0M | −€2.01B | €38.0M | €998.0M | −€1.15B | €3.42B | −€4.86B | €3.28B | €1.52B | €21.5M |
| Cash at end of period | €8.10B | €8.18B | €10.19B | €7.63B | €8.27B | €9.41B | €5.99B | €10.84B | €7.56B | €5.67B |
| Free cash flow | €4.63B | €5.09B | €6.38B | €5.04B | €7.62B | €190.0M | €4.02B | €4.87B | €1.63B | −€1.8M |
| Free cash flow margin | 5.6% | 5.7% | 6.8% | 3.8% | 10.0% | 0.4% | 5.7% | 6.4% | 2.4% | −41.3% |
| Capex / revenue | 10.6% | 9.0% | 9.3% | 0.6% | 6.8% | 10.5% | 12.0% | 11.6% | 12.7% | 9.3% |
| Operating cash flow / net income | 5.62 | 5.25 | 3.17 | 1.08 | 2.20 | — | 79.95 | 3.31 | 3.00 | — |
| Jun '26 | Mar '26 | Dec '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €2.66B | −€183.0M | €90.0M | −€537.0M | €247.0M | €522.0M | €661.0M | €1.21B | €149.0M | €1.94B |
| Depreciation & amortization | €1.78B | €1.62B | €1.81B | €1.77B | €2.02B | €1.84B | €1.93B | €1.96B | €1.99B | €5.49B |
| Stock-based compensation | — | — | — | — | — | — | — | −€3.41B | — | −€1.77B |
| Change in working capital | −€736.6M | −€776.0M | €2.32B | −€49.0M | €1.02B | €1.23B | €763.0M | −€1.83B | €704.0M | −€140.0M |
| Other non-cash items | €692.3M | €739.0M | €230.0M | €1.16B | €429.0M | −€688.0M | €1.22B | €3.98B | €1.34B | −€2.00B |
| Cash from operating activities | €4.39B | €1.40B | €4.46B | €2.35B | €3.71B | €2.91B | €4.57B | €1.90B | €4.17B | €3.52B |
| Investing activities | ||||||||||
| Capital expenditures | −€2.16B | −€2.36B | −€2.93B | −€1.69B | −€2.39B | −€1.89B | −€1.90B | −€1.82B | −€2.38B | −€1.87B |
| Investments (net) | −€175.0M | −€89.0M | −€1.35B | −€2.17B | −€2.50B | −€1.61B | −€2.19B | −€3.51B | −€2.53B | −€1.80B |
| Acquisitions & other investing | −€534.2M | −€393.0M | €911.0M | €2.40B | €2.39B | €1.89B | €1.91B | €2.41B | €2.37B | −€3.16B |
| Cash from investing activities | −€2.87B | −€2.85B | −€3.37B | −€1.46B | −€2.50B | −€1.62B | −€2.19B | −€2.93B | −€2.54B | −€6.84B |
| Financing activities | ||||||||||
| Dividends paid | −€803.1M | −€766.0M | −€775.0M | −€765.0M | −€794.0M | −€779.0M | −€728.0M | −€767.0M | −€747.0M | −€790.0M |
| Share repurchases & issuance (net) | −€572.3M | −€289.0M | −€670.0M | −€386.0M | −€876.0M | −€570.0M | −€168.0M | −€398.0M | −€790.0M | −€607.0M |
| Net borrowing (repayment) | −€223.0M | €2.01B | −€1.41B | −€1.38B | −€946.0M | −€2.33B | — | — | — | −€2.27B |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | −€303.2M | €968.0M | €1.23B | €2.69B | €95.0M | €1.62B | −€96.0M | €767.0M | €625.0M | €70.0M |
| Cash from financing activities | −€1.90B | €1.93B | −€1.62B | €162.0M | −€2.52B | −€2.06B | −€992.0M | −€398.0M | −€912.0M | −€3.60B |
| Summary | ||||||||||
| Net change in cash | −€16.7M | €217.0M | −€829.0M | €964.0M | −€1.18B | −€813.0M | €1.40B | −€1.41B | €634.0M | −€1.84B |
| Cash at end of period | €8.36B | €8.32B | €8.10B | €9.15B | €8.18B | €9.37B | €10.18B | €8.78B | €10.19B | €9.57B |
| Free cash flow | €2.23B | −€965.0M | €1.52B | €659.0M | €1.31B | €1.02B | €2.67B | €84.0M | €1.79B | €1.65B |
| Free cash flow margin | 9.9% | −4.9% | 7.4% | 3.5% | 5.6% | 5.0% | 12.3% | 0.4% | 7.3% | 7.4% |
| Capex / revenue | 9.5% | 12.0% | 14.2% | 8.9% | 10.2% | 9.1% | 8.8% | 7.9% | 9.7% | 8.4% |
| Operating cash flow / net income | 1.65 | — | 49.50 | — | 15.01 | 5.57 | 6.92 | 1.57 | 28.02 | 1.82 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
E cash generation
In fiscal 2025 (ended December 31, 2025), Eni S.p.A. generated €13.3 billion of cash from operations (up 1.8%) and spent €8.7 billion on capital expenditures, leaving free cash flow of €4.6 billion, 5.6% of revenue. It returned €5.0 billion to shareholders through dividends (€3.1 billion) and net share buybacks (€1.9 billion). Cash and equivalents fell by €83.0 million over the year.
Related: E income statement, E balance sheet, E dividend history. See the E stock overview for the latest quote and news.
E cash flow FAQ
What is Eni S.p.A.'s free cash flow?
Eni S.p.A.'s free cash flow was €4.6 billion in fiscal 2025: €13.3 billion of operating cash flow minus €8.7 billion of capital expenditures It was €5.1 billion a year earlier..
How much cash does Eni S.p.A. generate from operations?
Eni S.p.A. generated €13.3 billion of cash from operating activities in fiscal 2025, 5.62 times its net income of €2.4 billion.
How much does Eni S.p.A. spend on capital expenditures?
Eni S.p.A. spent €8.7 billion on capital expenditures in fiscal 2025, 10.6% of revenue, compared with €8.0 billion the year before.
How much stock does Eni S.p.A. buy back?
Eni S.p.A. spent €1.9 billion on net share repurchases in fiscal 2025.
How much does Eni S.p.A. pay in dividends?
Eni S.p.A. paid €3.1 billion in dividends in fiscal 2025, 66.6% of free cash flow.