Okeanis Eco Tankers Corp. (ECO) Cash Flow Statement
Where ECO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $111.3M −32.5% vs 2024
- Capital expenditures
- $40.2M 10.3% of revenue
- Free cash flow
- $71.1M 18.2% margin
- Returned to shareholders
- $70.7M 99% of free cash flow
- Change in cash
- $67.3M cash at year-end $116.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ECO operating cash flow, capex and free cash flow
ECO cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$4.3M2018 | $111.3M2025 | — | |
| Capital expenditures | $192.2M2018 | $40.2M2025 | −20.0%/yr | |
| Free cash flow | −$196.4M2018 | $71.1M2025 | — | |
| Free cash flow margin | −672.5%2018 | 18.2%2025 | +690.7 pts | |
| Operating cash flow / net income | 2.552019 | 0.912025 | −1.64 | |
| Dividends paid | $4582019 | $70.7M2025 | +632.4%/yr | |
| Share buybacks (net) | $1.0M2019 | $02025 | −100.0% | |
| Capex / revenue | 657.9%2018 | 10.3%2025 | −647.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ECO cash flow by activity
ECO 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).
ECO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $123.0M | $108.9M | $145.3M | $84.6M | −$902,899 | $101.3M | $11.4M | −$3.0M |
| Depreciation & amortization | $41.4M | $41.1M | $40.4M | $38.0M | $38.7M | $41.6M | $24.6M | $7.3M |
| Change in working capital | −$50.0M | $14.5M | −$7.7M | −$45.5M | −$8.9M | $5.9M | −$666,757 | −$7.0M |
| Other non-cash items | −$3.1M | $405,984 | −$3.0M | $4.1M | −$269,135 | $1.6M | −$6.3M | −$1.5M |
| Cash from operating activities | $111.3M | $164.9M | $174.9M | $81.2M | $28.6M | $150.5M | $29.0M | −$4.3M |
| Investing activities | ||||||||
| Capital expenditures | −$40.2M | −$11.2M | −$3.3M | −$180.1M | −$22.3M | −$173.6M | −$443.7M | −$192.2M |
| Investments (net) | — | −$7.9M | $4.1M | −$178.7M | $285.7M | −$183.7M | −$445.4M | — |
| Acquisitions & other investing | −$2.2M | $7.9M | −$2.0M | $179.8M | $22.3M | $178.5M | $443.5M | $1.9M |
| Cash from investing activities | −$42.4M | −$11.2M | −$1.3M | −$179.1M | $285.7M | −$178.8M | −$445.5M | −$190.3M |
| Financing activities | ||||||||
| Dividends paid | −$70.7M | −$106.6M | −$159.4M | −$19.6M | −$3.2M | −$43.7M | −$458 | — |
| Share repurchases & issuance (net) | $110.4M | −$106.6M | −$159.4M | −$1.0M | −$503,530 | −$2.1M | −$1.0M | — |
| Net borrowing (repayment) | −$41.9M | −$46.9M | −$46.4M | $161.3M | −$261.4M | $89.0M | $398.5M | — |
| Shares issued | $110.4M | $0 | $0 | $0 | $0 | $0 | $15.0M | $0 |
| Other financing | −$111.7M | $106.6M | $159.4M | $0 | −$34.3M | $0 | −$623,501 | $212.6M |
| Cash from financing activities | −$3.4M | −$153.4M | −$205.7M | $140.7M | −$299.4M | $43.2M | $411.8M | $212.6M |
| Summary | ||||||||
| Net change in cash | $67.3M | −$2.1M | −$31.9M | $43.6M | $14.8M | $11.9M | −$4.7M | $18.1M |
| Cash at end of period | $116.6M | $49.8M | $51.9M | $83.8M | $40.1M | $25.3M | $13.4M | $18.1M |
| Free cash flow | $71.1M | $153.7M | $171.6M | −$99.0M | $6.3M | −$23.1M | −$414.7M | −$196.4M |
| Free cash flow margin | 18.2% | 39.1% | 41.5% | −36.5% | 3.7% | −8.2% | −324.6% | −672.5% |
| Capex / revenue | 10.3% | 2.8% | 0.8% | 66.5% | 13.2% | 61.4% | 347.3% | 657.9% |
| Operating cash flow / net income | 0.91 | 1.51 | 1.20 | 0.96 | — | 1.49 | 2.55 | — |
| 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 | $230.3M | $88.3M | $59.5M | $24.1M | $26.9M | $12.6M | $13.2M | $14.5M | $39.6M | $41.6M | $41.6M | $19.4M |
| Depreciation & amortization | $12.7M | $12.0M | $10.4M | $10.4M | $10.3M | $10.2M | $10.4M | $10.4M | $10.2M | $10.2M | $10.2M | $10.0M |
| Change in working capital | −$52.6M | $7.9M | −$33.7M | −$4.8M | $1.1M | −$9.4M | $7.1M | −$17.1M | $1.1M | $23.9M | $23.9M | $25.7M |
| Other non-cash items | −$34,461 | $286,152 | −$3.7M | −$123,397 | −$1.0M | −$1.4M | −$67,597 | −$991,794 | $113,400 | −$1.4M | −$1.4M | $776,165 |
| Cash from operating activities | $190.4M | $108.5M | $32.5M | $29.5M | $37.3M | $12.0M | $30.6M | $6.9M | $51.0M | $74.2M | $74.2M | $56.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$79.7M | −$196.1M | −$40.2M | −$2.3M | −$2.0M | −$719,610 | −$11.2M | −$3.0M | −$1.7M | −$1.0M | −$1.0M | −$1.1M |
| Investments (net) | — | — | — | $281,568 | −$552,767 | −$1.3M | −$3.1M | −$3.5M | −$533,416 | −$766,502 | −$766,502 | −$701,743 |
| Acquisitions & other investing | $26.6M | −$45.0M | −$615,001 | $2.3M | $2.0M | $719,610 | $11.2M | $3.0M | $1.7M | $521,977 | — | $1.6M |
| Cash from investing activities | −$53.1M | −$241.2M | −$40.8M | $281,568 | −$552,767 | −$1.3M | −$3.1M | −$3.5M | −$533,416 | −$1.3M | — | −$194,984 |
| Financing activities | ||||||||||||
| Dividends paid | −$78.1M | −$60.5M | −$26.6M | −$22.5M | −$10.3M | −$11.3M | −$14.5M | −$35.4M | −$35.4M | −$21.2M | −$21.2M | −$48.3M |
| Share repurchases & issuance (net) | — | −$11.8M | $110.4M | $0 | $0 | −$11.3M | −$14.5M | −$35.4M | — | −$19.3M | −$21.2M | −$48.3M |
| Net borrowing (repayment) | $38.8M | $90.0M | −$11.8M | −$14.4M | −$3.7M | −$11.9M | −$11.9M | −$11.8M | — | — | — | — |
| Shares issued | $0 | $124.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.1M | −$517,500 | $4 | −$416,000 | −$884,000 | $11.3M | $14.5M | $35.1M | −$26.0M | $21.9M | $23.9M | $37.6M |
| Cash from financing activities | −$40.3M | $141.6M | $72.0M | −$37.3M | −$14.9M | −$23.2M | −$26.4M | −$47.5M | −$61.4M | −$18.6M | −$18.6M | −$58.9M |
| Summary | ||||||||||||
| Net change in cash | $97.0M | $8.9M | $64.0M | −$7.1M | $22.6M | −$12.2M | $200,512 | −$43.7M | −$11.1M | $53.1M | $53.1M | −$3.7M |
| Cash at end of period | $222.6M | $125.6M | $116.6M | $52.6M | $59.8M | $37.1M | $49.3M | $49.1M | $92.8M | $105.0M | $105.0M | $76.5M |
| Free cash flow | $110.7M | −$87.6M | −$7.7M | $29.5M | $37.3M | $12.0M | $30.6M | $6.9M | $51.0M | $73.1M | $73.1M | $56.0M |
| Free cash flow margin | 34.7% | −51.5% | −6.1% | 32.6% | 39.7% | 14.9% | 35.9% | 8.1% | 45.5% | 65.8% | 65.8% | 62.9% |
| Capex / revenue | 25.0% | 115.3% | 31.7% | 2.5% | 2.1% | 0.9% | 13.1% | 3.6% | 1.5% | 0.9% | 0.9% | 1.3% |
| Operating cash flow / net income | 0.83 | 1.23 | 0.55 | 1.23 | 1.39 | 0.95 | 2.32 | 0.47 | 1.29 | 1.78 | 1.78 | 2.88 |
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.
ECO cash generation
In fiscal 2025 (ended December 31, 2025), Okeanis Eco Tankers generated $111.3 million of cash from operations (down 32.5%) and spent $40.2 million on capital expenditures, leaving free cash flow of $71.1 million, 18.2% of revenue. It returned $70.7 million to shareholders through dividends ($70.7 million) and net share buybacks ($0). Cash and equivalents rose by $67.3 million over the year.
Related: ECO income statement, ECO balance sheet, ECO dividend history. See the ECO stock overview for the latest quote and news.
ECO cash flow FAQ
What is Okeanis Eco Tankers's free cash flow?
Okeanis Eco Tankers's free cash flow was $71.1 million in fiscal 2025: $111.3 million of operating cash flow minus $40.2 million of capital expenditures It was $153.7 million a year earlier..
How much cash does Okeanis Eco Tankers generate from operations?
Okeanis Eco Tankers generated $111.3 million of cash from operating activities in fiscal 2025, 0.91 times its net income of $123.0 million.
How much does Okeanis Eco Tankers spend on capital expenditures?
Okeanis Eco Tankers spent $40.2 million on capital expenditures in fiscal 2025, 10.3% of revenue, compared with $11.2 million the year before.
How much does Okeanis Eco Tankers pay in dividends?
Okeanis Eco Tankers paid $70.7 million in dividends in fiscal 2025, 99.4% of free cash flow.