NYSE : EC
Ecopetrol S.A. — Financial statements
Energy · Oil & Gas Integrated · Colombia
Last price 17.28 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 35.32B
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Financial statements
Ecopetrol S.A. (EC) reported revenue of 127.48T COP (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in COP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 127.48T | 119.69T | 133.33T | 143.08T | 159.47T | 91.74T |
| Cost of Revenue | 80.19T | 80.48T | 85.42T | 86.74T | 88.35T | 54.68T |
| Gross Profit | 47.30T | 39.21T | 47.91T | 56.33T | 71.13T | 37.07T |
| Selling, General & Admin | 8.21T | 7.72T | 7.91T | 7.61T | 6.57T | 4.81T |
| Other Operating Expenses | 3.84T | 3.76T | 493.00B | 3.01T | 2.58T | 1.58T |
| Operating Expenses | 13.48T | 12.71T | 10.51T | 14.86T | 11.28T | 6.98T |
| Operating Income | 33.82T | 26.51T | 37.41T | 41.47T | 59.84T | 30.08T |
| Interest Expense | -7.34T | -7.60T | -7.38T | -6.92T | -5.52T | -3.10T |
| Interest & Investment Income | 1.21T | 1.25T | 1.63T | 1.89T | 965.95B | 266.12B |
| Earnings From Equity Investments | 730.00B | 710.00B | 764.00B | 805.00B | 768.42B | 426.16B |
| Currency Exchange Gain (Loss) | 555.00B | 159.00B | 52.00B | 2.40T | -124.65B | 330.00B |
| Other Non Operating Income (Expenses) | -2.86T | -2.33T | -2.82T | -3.02T | -2.16T | -1.20T |
| EBT Excluding Unusual Items | 26.12T | 18.69T | 29.65T | 36.61T | 53.78T | 26.81T |
| Gain (Loss) on Sale of Investments | 15.00B | -8.00B | -2.09B | -84.50B | ||
| Gain (Loss) on Sale of Assets | -108.00B | -121.00B | -148.00B | 121.00B | -86.95B | -123.34B |
| Asset Writedown | 297.00B | 294.00B | 1.19T | 64.00B | 337.17B | -312.98B |
| Pretax Income | 26.31T | 18.86T | 30.70T | 36.79T | 54.03T | 26.29T |
| Income Tax Expense | 9.15T | 5.93T | 11.09T | 13.48T | 16.99T | 7.56T |
| Earnings From Continuing Operations | 17.16T | 12.93T | 19.61T | 23.30T | 37.04T | 18.73T |
| Minority Interest in Earnings | -4.12T | -3.90T | -4.68T | -4.24T | -3.63T | -2.03T |
| Net Income | 13.04T | 9.03T | 14.94T | 19.06T | 33.41T | 16.69T |
| Net Income to Common | 13.04T | 9.03T | 14.94T | 19.06T | 33.41T | 16.69T |
| Shares Outstanding (Basic) | 41.12B | 41.12B | 41.12B | 41.12B | 41.12B | 41.12B |
| Shares Outstanding (Diluted) | 41.12B | 41.12B | 41.12B | 41.12B | 41.12B | 41.12B |
| EPS (Basic) | 317.19 | 219.59 | 363.23 | 463.61 | 812.48 | 406.03 |
| EPS (Diluted) | 317.19 | 219.59 | 363.23 | 463.61 | 812.48 | 406.03 |
| Free Cash Flow | 11.74T | 11.92T | 24.20T | -3.51T | 15.50T | 9.69T |
| Free Cash Flow Per Share | 285.65 | 289.91 | 588.50 | -85.44 | 377.08 | 235.56 |
| Dividend Per Share | 110.00 | 110.00 | 278.00 | 486.99 | 243.00 | |
| Gross Margin | 37.10% | 32.76% | 35.94% | 39.37% | 44.60% | 40.40% |
| Operating Margin | 26.53% | 22.14% | 28.06% | 28.98% | 37.53% | 32.79% |
| Profit Margin | 10.23% | 7.54% | 11.20% | 13.32% | 20.95% | 18.20% |
| Free Cash Flow Margin | 9.21% | 9.96% | 18.15% | -2.46% | 9.72% | 10.56% |
| EBITDA | 49.27T | 43.22T | 53.73T | 58.91T | 73.63T | 40.36T |
| EBITDA Margin | 38.65% | 36.11% | 40.30% | 41.17% | 46.17% | 44.00% |
| D&A For EBITDA | 15.45T | 16.72T | 16.32T | 17.44T | 13.78T | 10.28T |
| EBIT | 33.82T | 26.51T | 37.41T | 41.47T | 59.84T | 30.08T |
| EBIT Margin | 26.53% | 22.14% | 28.06% | 28.98% | 37.53% | 32.79% |
| Effective Tax Rate | 34.78% | 31.42% | 36.12% | 36.65% | 31.45% | 28.77% |
Balance sheet
Fiscal year January - December; amounts in COP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 8.74T | 10.69T | 14.05T | 12.34T | 15.40T | 14.55T |
| Short-Term Investments | 2.45T | 1.84T | 851.00B | 1.86T | 1.16T | 1.63T |
| Cash & Short-Term Investments | 11.19T | 12.53T | 14.90T | 14.20T | 16.56T | 16.18T |
| Accounts Receivable | 18.67T | 13.32T | 19.26T | 31.88T | 38.01T | 17.38T |
| Other Receivables | 16.16T | 16.07T | 12.60T | 9.55T | 8.00T | 7.35T |
| Receivables | 34.83T | 29.39T | 31.86T | 41.42T | 46.01T | 24.72T |
| Inventory | 10.58T | 8.61T | 10.03T | 10.20T | 11.88T | 8.40T |
| Prepaid Expenses | 1.11T | 1.08T | 1.59T | 789.03B | 693.34B | 549.46B |
| Other Current Assets | 1.88T | 1.83T | 2.25T | 2.00T | 2.13T | 1.85T |
| Total Current Assets | 59.59T | 53.45T | 60.64T | 68.62T | 77.28T | 51.70T |
| Property, Plant & Equipment | 152.94T | 155.50T | 156.10T | 141.23T | 143.95T | 126.48T |
| Long-Term Investments | 9.36T | 9.51T | 13.04T | 8.79T | 11.06T | 9.66T |
| Goodwill | 4.43T | 4.59T | 4.91T | 4.61T | 5.11T | 4.69T |
| Other Intangible Assets | 13.02T | 14.04T | 16.41T | 14.71T | 18.15T | 15.51T |
| Long-Term Accounts Receivable | 31.56T | 30.61T | 27.89T | 25.89T | 28.91T | 21.48T |
| Long-Term Deferred Tax Assets | 6.93T | 10.17T | 16.24T | 12.90T | 17.21T | 9.02T |
| Other Long-Term Assets | 5.71T | 5.74T | 5.77T | 5.39T | 4.71T | 3.89T |
| Total Assets | 284.10T | 284.14T | 301.34T | 282.28T | 306.37T | 242.43T |
| Accounts Payable | 12.88T | 11.64T | 15.14T | 13.77T | 15.10T | 10.54T |
| Accrued Expenses | 3.25T | 3.89T | 3.65T | 3.33T | 3.08T | 2.59T |
| Short-Term Debt | 668.00B | -47.00B | 125.00B | 683.95B | 815.06B | 1.48T |
| Current Portion of Long-Term Debt | 10.25T | 9.26T | 10.11T | 14.52T | 21.11T | 7.43T |
| Current Portion of Leases | 149.00B | 869.00B | 1.05T | 342.14B | 277.02B | 288.52B |
| Current Income Taxes Payable | 3.07T | 2.37T | 2.77T | 2.87T | 7.63T | 2.15T |
| Other Current Liabilities | 9.16T | 6.54T | 6.79T | 8.04T | 8.77T | 5.76T |
| Total Current Liabilities | 39.43T | 34.51T | 39.63T | 43.56T | 56.78T | 30.25T |
| Long-Term Debt | 92.56T | 98.44T | 108.03T | 89.23T | 92.00T | 84.98T |
| Long-Term Leases | 1.30T | 677.00B | 651.00B | 1.04T | 935.33B | 876.58B |
| Pension & Post-Retirement Benefits | 10.44T | 10.47T | 14.01T | 15.21T | 10.21T | 9.08T |
| Long-Term Deferred Tax Liabilities | 11.64T | 11.91T | 12.00T | 11.12T | 11.87T | 10.85T |
| Other Long-Term Liabilities | 19.13T | 18.88T | 17.05T | 19.02T | 15.48T | 15.81T |
| Total Liabilities | 174.50T | 174.89T | 191.37T | 179.18T | 187.28T | 151.84T |
| Common Stock | 25.04T | 25.04T | 25.04T | 25.04T | 25.04T | 25.04T |
| Additional Paid-In Capital | 6.61T | 6.61T | 6.61T | 6.61T | 6.61T | 6.61T |
| Retained Earnings | 44.73T | 40.76T | 40.52T | 38.52T | 43.84T | 25.48T |
| Comprehensive Income & Other | 8.56T | 11.36T | 11.52T | 8.22T | 15.55T | 11.36T |
| Total Common Equity | 84.94T | 83.76T | 83.70T | 78.39T | 91.03T | 68.49T |
| Minority Interest | 24.66T | 25.49T | 26.28T | 24.71T | 28.05T | 22.09T |
| Shareholders' Equity | 109.60T | 109.25T | 109.98T | 103.10T | 119.09T | 90.58T |
| Total Liabilities & Equity | 284.10T | 284.14T | 301.34T | 282.28T | 306.37T | 242.43T |
| Total Debt | 104.92T | 109.20T | 119.97T | 105.82T | 115.13T | 95.06T |
| Net Cash (Debt) | -93.73T | -96.67T | -105.06T | -91.62T | -98.57T | -78.88T |
| Net Cash Per Share | -2,279.51 | -2,351.06 | -2,555.17 | -2,228.26 | -2,397.36 | -1,918.54 |
| Filing Date Shares Outstanding | 41.12B | 41.12B | 41.12B | 41.12B | 41.12B | 41.12B |
| Total Common Shares Outstanding | 41.12B | 41.12B | 41.12B | 41.12B | 41.12B | 41.12B |
| Working Capital | 20.16T | 18.93T | 21.01T | 25.05T | 20.49T | 21.45T |
| Book Value Per Share | 2,065.78 | 2,037.13 | 2,035.60 | 1,906.57 | 2,214.06 | 1,665.74 |
| Tangible Book Value | 67.49T | 65.13T | 62.38T | 59.07T | 67.78T | 48.29T |
| Tangible Book Value Per Share | 1,641.43 | 1,583.98 | 1,517.12 | 1,436.67 | 1,648.44 | 1,174.58 |
| Land | 4.70T | 4.84T | 5.14T | 4.83T | 5.20T | 4.80T |
| Buildings | 19.71T | 19.92T | 19.53T | 16.67T | 15.35T | 9.66T |
| Machinery | 60.07T | 62.11T | 63.14T | 54.85T | 62.76T | 57.45T |
| Construction In Progress | 18.00T | 17.53T | 18.27T | 15.49T | 13.43T | 10.57T |
Cash flow statement
Fiscal year January - December; amounts in COP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 13.04T | 9.03T | 14.94T | 19.06T | 33.41T | 16.69T |
| Depreciation & Amortization | 16.02T | 17.09T | 16.64T | 17.44T | 13.78T | 10.28T |
| Loss (Gain) From Sale of Assets | -57.00B | -31.00B | 71.00B | -123.00B | 100.35B | 58.01B |
| Asset Writedown & Restructuring Costs | -297.00B | -294.00B | -1.19T | -64.00B | -337.17B | 312.98B |
| Loss (Gain) From Sale of Investments | -15.00B | 8.00B | 2.09B | -284.66B | ||
| Loss (Gain) on Equity Investments | -730.00B | -710.00B | -764.00B | -805.00B | -768.42B | -426.16B |
| Other Operating Activities | 11.98T | 9.72T | 12.79T | 11.21T | 20.60T | 9.29T |
| Change in Accounts Receivable | -13.03T | 296.00B | 9.05T | -20.44T | -27.54T | -9.46T |
| Change in Inventory | -670.00B | 897.00B | 533.00B | 808.00B | -2.83T | -2.98T |
| Change in Accounts Payable | 2.73T | -1.29T | -1.27T | 511.00B | 3.69T | 3.12T |
| Change in Income Taxes | 3.44T | -334.00B | -2.00T | -5.86T | -3.10T | -2.45T |
| Change in Other Net Operating Assets | -1.11T | -1.04T | -3.65T | -1.95T | -770.08B | -1.62T |
| Operating Cash Flow | 31.31T | 33.34T | 45.13T | 19.80T | 36.23T | 22.54T |
| Capital Expenditures | -19.57T | -21.42T | -20.93T | -23.31T | -20.73T | -12.85T |
| Sale of Property, Plant & Equipment | 176.00B | 113.00B | 355.00B | 729.00B | 373.63B | 17.99B |
| Cash Acquisitions | -301.00B | -301.00B | -8.95T | |||
| Sale (Purchase) of Intangibles | -597.00B | -502.00B | -866.00B | -776.00B | -1.15T | -444.35B |
| Sale (Purchase) of Real Estate | -23.00B | -12.00B | -12.00B | |||
| Investment in Securities | 3.80T | 2.26T | -2.48T | 975.00B | 972.02B | 1.24T |
| Other Investing Activities | 2.05T | 1.95T | 1.89T | 2.37T | 2.44T | 472.16B |
| Investing Cash Flow | -14.46T | -17.91T | -22.03T | -20.02T | -18.10T | -20.52T |
| Long-Term Debt Issued | 18.40T | 27.16T | 34.03T | 16.84T | 24.67T | |
| Long-Term Debt Repaid | -15.70T | -26.61T | -22.19T | -16.84T | -11.60T | |
| Lease Payments | -517.00B | -506.00B | -453.00B | -533.00B | -434.56B | -336.03B |
| Net Debt Issued (Repaid) | -1.13T | 2.70T | 544.00B | 11.84T | -20.00M | 13.06T |
| Repurchase of Common Stock | -18.00B | -18.00B | -30.00B | -44.00B | -84.82B | |
| Common Dividends Paid | -4.85T | -8.78T | -12.80T | -2.75T | -11.62T | -696.39B |
| Other Financing Activities | -10.57T | -11.27T | -10.40T | -9.41T | -7.23T | -5.41T |
| Financing Cash Flow | -16.57T | -17.36T | -22.69T | -355.00B | -18.93T | 6.96T |
| Foreign Exchange Rate Adjustments | -1.66T | -1.43T | 1.31T | -2.49T | 1.65T | 491.43B |
| Net Cash Flow | -1.37T | -3.36T | 1.72T | -3.06T | 851.15B | 9.47T |
| Free Cash Flow | 11.74T | 11.92T | 24.20T | -3.51T | 15.50T | 9.69T |
| Free Cash Flow Margin | 9.21% | 9.96% | 18.15% | -2.46% | 9.72% | 10.56% |
| Free Cash Flow Per Share | 285.65 | 289.91 | 588.50 | -85.44 | 377.08 | 235.56 |
| Levered Free Cash Flow | 12.15T | 7.90T | 22.63T | 14.67T | 14.21T | 1.58T |
| Unlevered Free Cash Flow | 16.74T | 12.65T | 27.24T | 18.99T | 17.66T | 3.51T |
| Free Cash Flow After Leases | 11.23T | 11.41T | 23.74T | -4.05T | 15.07T | 9.35T |
| Cash Interest Paid | 8.35T | 8.33T | 7.64T | 6.58T | 5.49T | 3.33T |
| Cash Income Tax Paid | 8.61T | 9.03T | 10.22T | 12.83T | 8.76T | 5.70T |
| Change in Working Capital | -8.64T | -1.47T | 2.66T | -26.92T | -30.55T | -13.39T |
Ratios
Fiscal year January - December; amounts in COP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 33.98B | 20.39B | 15.62B | 24.84B | 20.53B | 27.19B |
| Enterprise Value | 71.00B | 54.03B | 44.35B | 56.28B | 44.99B | 54.41B |
| Last Close Price | 17.19 | 9.55 | 6.81 | 9.03 | 6.27 | 6.65 |
| PE Ratio | 8.22 | 8.52 | 4.61 | 5.05 | 2.98 | 6.62 |
| PS Ratio | 0.96 | 0.64 | 0.52 | 0.67 | 0.62 | 1.21 |
| PB Ratio | 1.12 | 0.70 | 0.63 | 0.93 | 0.84 | 1.22 |
| P/TBV Ratio | 1.82 | 1.18 | 1.10 | 1.63 | 1.47 | 2.29 |
| P/FCF Ratio | 9.72 | 6.45 | 2.85 | 6.42 | 11.42 | |
| P/OCF Ratio | 3.64 | 2.31 | 1.53 | 4.86 | 2.75 | 4.91 |
| EV/Sales Ratio | 1.96 | 1.70 | 1.47 | 1.52 | 1.37 | 2.41 |
| EV/EBITDA Ratio | 5.08 | 4.71 | 3.64 | 3.70 | 2.96 | 5.48 |
| EV/EBIT Ratio | 7.40 | 7.69 | 5.23 | 5.26 | 3.64 | 7.36 |
| EV/FCF Ratio | 19.78 | 17.09 | 8.08 | 14.06 | 22.85 | |
| Debt / Equity Ratio | 0.96 | 1.00 | 1.09 | 1.03 | 0.97 | 1.05 |
| Debt / EBITDA Ratio | 2.11 | 2.50 | 2.22 | 1.80 | 1.56 | 2.36 |
| Debt / FCF Ratio | 8.93 | 9.16 | 4.96 | 7.43 | 9.81 | |
| Net Debt / Equity Ratio | 0.85 | 0.89 | 0.95 | 0.89 | 0.83 | 0.87 |
| Net Debt / EBITDA Ratio | 1.90 | 2.24 | 1.96 | 1.55 | 1.34 | 1.95 |
| Net Debt / FCF Ratio | 7.98 | 8.11 | 4.34 | -26.08 | 6.36 | 8.14 |
| Asset Turnover | 0.44 | 0.41 | 0.46 | 0.49 | 0.58 | 0.48 |
| Inventory Turnover | 7.65 | 8.64 | 8.44 | 7.86 | 8.71 | 8.13 |
| Quick Ratio | 1.17 | 1.22 | 1.18 | 1.28 | 1.10 | 1.35 |
| Current Ratio | 1.51 | 1.55 | 1.53 | 1.57 | 1.36 | 1.71 |
| Return on Equity (ROE) | 15.95% | 11.80% | 18.41% | 20.98% | 35.33% | 25.99% |
| Return on Assets (ROA) | 7.31% | 5.66% | 8.01% | 8.81% | 13.63% | 9.89% |
| Return on Invested Capital (ROIC) | 10.96% | 8.64% | 11.66% | 12.74% | 21.19% | 16.33% |
| Return on Capital Employed (ROCE) | 13.80% | 10.60% | 14.30% | 17.40% | 24.00% | 14.20% |
| Earnings Yield | 12.16% | 11.74% | 21.69% | 19.81% | 33.57% | 15.09% |
| FCF Yield | 10.29% | 15.50% | 35.13% | -3.65% | 15.58% | 8.76% |
| Dividend Yield | 3.97% | 5.88% | 11.88% | 20.12% | 9.03% | |
| Payout Ratio | 32.51% | 97.29% | 85.73% | 14.41% | 34.79% | 4.17% |
| Total Shareholder Return | 3.76% | 5.88% | 11.88% | 20.12% | 9.03% |