Ecopetrol S.A. (EC) Cash Flow Statement
Where EC’s cash came from and went, 2025
December 31, 2025 · COP- Cash from operations
- COP 25.30T −40.9% vs 2024
- Capital expenditures
- COP 9.10T 8.2% of revenue
- Free cash flow
- COP 16.19T 14.5% margin
- Returned to shareholders
- COP 10.93T 67% of free cash flow
- Change in cash
- −COP 1.36T cash at year-end COP 10.68T
Cash from operations
COP 25.30T
Capital expenditures
−COP 9.10T
Investments (net)
+COP 2.27T
Acquisitions & other
−COP 11.73T
Dividends
−COP 10.91T
Net borrowing (repayment)
+COP 2.57T
Other financing
−COP 176.26B
Currency & other
+COP 429.62B
Change in cash
−COP 1.36T
Drawn to scale: where the cash came from and how it was used. Hover for values.
EC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
EC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | COP 12.36T2016 | COP 25.30T2025 | +8.3%/yr | |
| Capital expenditures | COP 3.59T2016 | COP 9.10T2025 | +10.9%/yr | |
| Free cash flow | COP 8.77T2016 | COP 16.19T2025 | +7.0%/yr | |
| Free cash flow margin | 18.1%2016 | 14.5%2025 | −3.6 pts | |
| Operating cash flow / net income | 8.032016 | 3.012025 | −5.01 | |
| Stock-based compensation | COP 4.01T2016 | −COP 49.43T2023 | — | |
| Dividends paid | COP 1.69T2016 | COP 10.91T2025 | +23.1%/yr | |
| Share buybacks (net) | COP 3.15T2016 | COP 16.76B2025 | −44.1%/yr | |
| Capex / revenue | 7.4%2016 | 8.2%2025 | +0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EC cash flow by activity
OperatingInvestingFinancingChange in cash
EC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EC cash flow statement in COP
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | COP 8.40T | COP 16.13T | COP 17.64T | COP 33.41T | COP 16.70T | COP 1.69T | COP 13.25T | COP 12.77T | COP 6.68T | COP 1.54T |
| Depreciation & amortization | COP 14.46T | COP 15.20T | COP 13.81T | COP 12.13T | COP 10.16T | COP 9.32T | COP 8.58T | COP 7.70T | COP 8.28T | COP 7.61T |
| Stock-based compensation | — | — | −COP 49.43T | — | −COP 10.16T | −COP 9.32T | −COP 8.58T | COP 2.37T | COP 3.74T | COP 4.01T |
| Change in working capital | −COP 1.37T | COP 2.88T | −COP 26.51T | −COP 31.48T | −COP 12.68T | −COP 2.37T | COP 784.00B | −COP 3.35T | −COP 2.68T | −COP 201.69B |
| Other non-cash items | COP 3.81T | COP 8.62T | COP 58.91T | COP 22.19T | COP 18.52T | COP 9.87T | COP 13.68T | COP 2.91T | −COP 934.49B | −COP 597.55B |
| Cash from operating activities | COP 25.30T | COP 42.83T | COP 14.42T | COP 36.23T | COP 22.54T | COP 9.19T | COP 27.71T | COP 22.40T | COP 15.09T | COP 12.36T |
| Investing activities | ||||||||||
| Capital expenditures | −COP 9.10T | −COP 10.28T | −COP 8.65T | −COP 21.88T | −COP 13.29T | −COP 11.12T | −COP 13.98T | −COP 9.23T | −COP 5.84T | −COP 3.59T |
| Investments (net) | COP 2.27T | −COP 22.03T | −COP 20.02T | −COP 18.09T | COP 1.61T | −COP 8.53T | −COP 10.04T | −COP 8.72T | −COP 4.38T | −COP 9.38T |
| Acquisitions & other investing | −COP 11.73T | COP 6.30T | COP 7.96T | COP 21.88T | −COP 8.83T | COP 11.12T | COP 13.98T | COP 7.86T | COP 5.12T | COP 2.93T |
| Cash from investing activities | −COP 18.56T | −COP 26.01T | −COP 20.71T | −COP 18.09T | −COP 20.52T | −COP 8.53T | −COP 10.04T | −COP 10.09T | −COP 5.11T | −COP 10.05T |
| Financing activities | ||||||||||
| Dividends paid | −COP 10.91T | −COP 16.81T | −COP 5.15T | −COP 13.36T | −COP 2.77T | −COP 8.73T | −COP 13.87T | −COP 4.89T | −COP 1.52T | −COP 1.69T |
| Share repurchases & issuance (net) | −COP 16.76B | −COP 33.12B | −COP 41.42B | −COP 16.41T | −COP 11.27T | −COP 5.00T | −COP 1.60T | −COP 10.24T | −COP 9.09T | −COP 3.15T |
| Net borrowing (repayment) | COP 2.57T | COP 434.78B | COP 11.84T | −COP 20.0M | COP 13.06T | COP 8.45T | −COP 1.54T | −COP 8.75T | −COP 8.56T | COP 1.44T |
| Shares issued | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 |
| Other financing | −COP 176.26B | COP 34.80B | −COP 884.67B | COP 10.83T | COP 7.93T | COP 2.66T | −COP 169.29B | COP 9.32T | COP 9.01T | COP 3.13T |
| Cash from financing activities | −COP 8.54T | −COP 16.37T | COP 5.76T | −COP 18.93T | COP 6.96T | −COP 2.63T | −COP 17.17T | −COP 14.56T | −COP 10.16T | −COP 263.34B |
| Summary | ||||||||||
| Net change in cash | −COP 1.36T | COP 25.74B | COP 32.53B | COP 851.00B | COP 9.47T | −COP 1.99T | COP 764.00B | −COP 2.35T | −COP 345.49B | COP 2.22T |
| Cash at end of period | COP 10.68T | COP 14.04T | COP 12.74T | COP 15.40T | COP 14.55T | COP 5.08T | COP 7.08T | COP 6.42T | COP 8.00T | COP 8.42T |
| Free cash flow | COP 16.19T | COP 32.54T | COP 5.77T | COP 14.36T | COP 9.24T | −COP 1.93T | COP 13.73T | COP 13.17T | COP 9.25T | COP 8.77T |
| Free cash flow margin | 14.5% | 24.4% | 4.0% | 9.0% | 10.1% | −3.8% | 19.2% | 19.2% | 16.5% | 18.1% |
| Capex / revenue | 8.2% | 7.7% | 6.0% | 13.7% | 14.5% | 22.1% | 19.6% | 13.5% | 10.4% | 7.4% |
| Operating cash flow / net income | 3.01 | 2.66 | 0.82 | 1.08 | 1.35 | 5.44 | 2.09 | 1.75 | 2.26 | 8.03 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | COP 5.60T | COP 2.87T | COP 1.49T | COP 2.56T | COP 1.76T | COP 3.08T | COP 3.90T | COP 3.72T | COP 3.56T | COP 3.95T | COP 4.23T | COP 5.09T |
| Depreciation & amortization | COP 3.33T | COP 3.53T | COP 3.44T | COP 4.07T | COP 4.49T | COP 3.83T | COP 2.96T | COP 4.00T | COP 3.71T | COP 3.52T | COP 3.87T | COP 4.25T |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | −COP 8.12T | −COP 8.12T | −COP 12.01T |
| Change in working capital | −COP 4.97T | −COP 2.47T | COP 433.74B | −COP 1.20T | −COP 4.14T | −COP 1.79T | COP 3.92T | COP 1.04T | COP 7.94T | −COP 5.22T | COP 949.18B | −COP 5.64T |
| Other non-cash items | COP 1.34T | COP 1.31T | COP 1.27T | COP 3.44T | COP 6.37T | −COP 967.39B | −COP 1.20T | COP 2.31T | COP 1.74T | COP 10.39T | COP 8.33T | COP 12.51T |
| Cash from operating activities | COP 5.31T | COP 5.24T | COP 6.64T | COP 8.88T | COP 8.49T | COP 4.16T | COP 9.58T | COP 11.08T | COP 16.96T | COP 4.53T | COP 9.26T | COP 4.19T |
| Investing activities | ||||||||||||
| Capital expenditures | −COP 1.72T | −COP 1.88T | −COP 3.33T | −COP 5.07T | −COP 2.11T | −COP 1.59T | −COP 7.50T | −COP 2.20T | −COP 2.27T | −COP 1.59T | −COP 7.22T | −COP 6.10T |
| Investments (net) | — | — | COP 3.27T | −COP 3.13T | −COP 6.08T | — | −COP 6.23T | −COP 7.27T | −COP 4.53T | — | — | −COP 233.55B |
| Acquisitions & other investing | −COP 3.47T | −COP 1.40T | −COP 3.51T | COP 5.07T | COP 1.91T | −COP 4.12T | −COP 8.31T | COP 1.50T | COP 1.33T | −COP 2.76T | — | COP 1.12T |
| Cash from investing activities | −COP 5.19T | −COP 3.28T | −COP 3.56T | −COP 3.13T | −COP 6.29T | −COP 5.71T | −COP 22.03T | −COP 7.97T | −COP 5.47T | −COP 4.35T | — | −COP 5.22T |
| Financing activities | ||||||||||||
| Dividends paid | −COP 5.05T | −COP 498.18B | −COP 698.46B | −COP 329.00B | −COP 9.36T | −COP 1.01T | −COP 2.76T | −COP 2.66T | −COP 12.69T | −COP 266.87B | −COP 1.71T | −COP 1.30T |
| Share repurchases & issuance (net) | — | −COP 16.70B | −COP 16.70B | −COP 9.95T | −COP 3.31T | −COP 10.03B | −COP 9.53B | −COP 5.68B | −COP 16.32B | −COP 19.42B | −COP 20.70B | −COP 12.04B |
| Net borrowing (repayment) | — | — | −COP 1.44T | −COP 2.36T | COP 3.68T | — | −COP 1.12T | −COP 101.00B | — | — | — | COP 4.87T |
| Shares issued | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 |
| Other financing | COP 1.62T | COP 768.93B | COP 123.71B | COP 7.45T | COP 3.18T | COP 2.65T | COP 221.21B | −COP 36.81B | −COP 1.09T | COP 2.68T | COP 1.56T | −COP 1.53T |
| Cash from financing activities | −COP 3.43T | COP 254.05B | −COP 2.03T | −COP 5.19T | −COP 5.81T | COP 1.63T | −COP 3.67T | −COP 2.80T | −COP 13.80T | COP 2.39T | −COP 175.42B | COP 2.02T |
| Summary | ||||||||||||
| Net change in cash | −COP 3.28T | COP 2.53T | COP 695.54B | COP 246.00B | −COP 3.62T | COP 715.70B | −COP 14.10T | COP 767.23B | −COP 3.03T | COP 2.85T | COP 265.37B | COP 745.91B |
| Cash at end of period | COP 8.46T | COP 12.91T | COP 10.68T | COP 10.36T | COP 10.12T | COP 13.88T | COP 14.10T | COP 14.12T | COP 13.25T | COP 15.15T | COP 12.34T | COP 12.07T |
| Free cash flow | COP 3.59T | COP 3.36T | COP 3.31T | COP 3.81T | COP 6.37T | COP 2.56T | COP 2.08T | COP 8.88T | COP 14.69T | COP 2.94T | COP 2.04T | −COP 1.91T |
| Free cash flow margin | 9.7% | 11.8% | 11.6% | 12.8% | 21.5% | 8.2% | 6.0% | 25.7% | 45.0% | 9.4% | 6.4% | −5.4% |
| Capex / revenue | 4.6% | 6.6% | 11.7% | 17.0% | 7.1% | 5.1% | 21.6% | 6.4% | 7.0% | 5.1% | 22.7% | 17.4% |
| Operating cash flow / net income | 0.95 | 1.83 | 4.45 | 3.46 | 4.82 | 1.35 | 2.46 | 2.98 | 4.76 | 1.15 | 2.19 | 0.82 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in COP as reported; data from EODHD.
EC cash generation
In fiscal 2025 (ended December 31, 2025), Ecopetrol generated COP 25.30 trillion of cash from operations (down 40.9%) and spent COP 9.10 trillion on capital expenditures, leaving free cash flow of COP 16.19 trillion, 14.5% of revenue. It returned COP 10.93 trillion to shareholders through dividends (COP 10.91 trillion) and net share buybacks (COP 16.8 billion). Cash and equivalents fell by COP 1.36 trillion over the year.
Related: EC income statement, EC balance sheet, EC dividend history. See the EC stock overview for the latest quote and news.
EC cash flow FAQ
What is Ecopetrol's free cash flow?
Ecopetrol's free cash flow was COP 16.19 trillion in fiscal 2025: COP 25.30 trillion of operating cash flow minus COP 9.10 trillion of capital expenditures It was COP 32.54 trillion a year earlier..
How much cash does Ecopetrol generate from operations?
Ecopetrol generated COP 25.30 trillion of cash from operating activities in fiscal 2025, 3.01 times its net income of COP 8.40 trillion.
How much does Ecopetrol spend on capital expenditures?
Ecopetrol spent COP 9.10 trillion on capital expenditures in fiscal 2025, 8.2% of revenue, compared with COP 10.28 trillion the year before.
How much stock does Ecopetrol buy back?
Ecopetrol spent COP 16.8 billion on net share repurchases in fiscal 2025.
How much does Ecopetrol pay in dividends?
Ecopetrol paid COP 10.91 trillion in dividends in fiscal 2025, 67.4% of free cash flow.