ENI SPA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ENI SPA files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	56,693	70,977	76,938	69,881	43,987	76,575	132,512	93,717	88,797	82,151
Cost of revenue	18,785	18,749
Gross profit	37,908	52,228
Research and development	161	185	197	194	157	177	164	166	178	207
Operating income	2,157	8,012	9,983	6,432	-3,275	12,341	17,510	8,257	5,238	5,010
Interest expense	6,232	5,886	4,663	4,079	4,958	4,216	9,333	8,113	8,980	8,170
Interest income	5,850	3,924	3,967	3,087	3,531	3,723	8,450	7,417	7,715	7,196
Pre-tax income	892	6,844	10,107	5,746	-5,978	10,685	22,049	10,228	6,489	5,778
Income tax	1,936	3,467	5,970	5,591	2,650	4,845	8,088	5,368	3,725	3,020
Income from continuing operations	-1,044	3,377	4,137
Net income to minority interests	7	3	11	7	7	19	74	89	140	150
Net income	36	44	129	148	-8,635	5,821	13,887	4,771	2,624	2,608
EBITDA	9,716	15,495	16,971	14,538	4,029	19,404	24,715	15,736	12,838	12,359
EPS, basic	-0.41	0.94	1.15	0.04	-2.42	1.61	3.96	1.41	0.79	0.78
EPS, diluted	-0.41	0.94	1.15	0.04	-2.42	1.60	3.95	1.40	0.78	0.78

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,674	7,363	10,836	5,994	9,413	8,254	10,155	10,193	8,183	8,100
Receivables	17,593	15,421	14,101	12,873	10,926	18,850	20,840	16,551	16,901	12,436
Inventory	4,637	4,621	4,651	4,734	3,893	6,072	7,709	6,186	6,259	5,143
Total current assets	37,971	36,433	39,450
Property, plant and equipment	70,793	63,158	60,302	62,192	53,943	56,299	56,332	56,299	59,864	50,536
Lease right-of-use assets			5,700	5,349	4,643	4,821	4,446	4,834	5,822	5,184
Goodwill	1,320	1,204	1,284	1,265	1,297	2,862	3,138	3,133	3,167	3,164
Total assets	124,545	114,928	118,373	123,440	109,648	137,765	100,686	142,606	146,939	137,069
Accounts payable	16,703	16,748	16,747	15,545	12,936	21,720	25,709	20,654	22,092	20,261
Short-term debt	3,396	2,242	2,182	2,452	2,882	2,299	4,446	4,092	4,238	4,929
Total current liabilities	27,696	24,735	28,382
Lease liabilities				4,759	4,169	4,389	4,067	4,208	5,174	4,437
Total liabilities	71,459	66,849	67,300	75,540	72,155	93,246	48,103	88,962	91,291	84,282
Total debt	27,239	24,707	25,865	24,518	26,686	27,794	26,917	28,729	30,390	28,502
Retained earnings	40,367	35,966	36,702
Shareholders' equity	53,037	48,030	51,016	47,839	37,415	44,437	54,759	53,184	52,785	47,940
Minority interests	49	49	57	61	78	82	471	460	2,863	4,847
Total equity	53,086	48,079	51,073	47,900	37,493	44,519	55,230	53,644	55,648	52,787
Total liabilities and equity	124,545	114,928	118,373	123,440	109,648	137,765	152,130	142,606	146,939	137,069

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	36	44	129	155	-8,628	5,840	13,961	4,860	2,764	2,758
Depreciation and amortization	7,559	7,483	6,988	8,106	7,304	7,063	7,205	7,479	7,600	7,349
Cash from operations	7,673	10,117	13,647	12,392	4,822	12,861	17,460	15,119	13,092	13,330
Capital expenditures	-9,067	-8,490	-8,778	-8,049	-4,407	-4,950	-7,700	-8,739	-7,999	-8,702
Cash from investing	-4,443	-3,768	-7,536	-11,413	-4,587	-12,022	-7,018	-9,365	-9,817	-9,298
Share buybacks				-400		-400	-2,400	-1,803	-2,012	-1,896
Cash from financing	-3,651	-4,595	-2,637	-5,841	3,253	-2,039	-8,542	-5,668	-5,380	-3,596
Exchange rate effect	2	-72
Net change in cash	465	1,689	3,492	-4,861	3,419	-1,148	1,916	24	-2,022	238
Free cash flow	-1,394	1,627	4,869	4,343	415	7,911	9,760	6,380	5,093	4,628
Interest paid	780	582	609	1,029	928	792	851	919	1,130	1,269
Income taxes paid	2,941	3,437	5,226	5,068	2,049	3,726	8,488	6,283	5,826	3,737

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	6.1%	Operating income / revenue.
EBITDA margin	15.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.0%	Pre-tax income / revenue.
Net margin	3.2%	Net income / revenue.
FCF margin	5.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.2%	Cash from operations / revenue.
Effective tax rate	52.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.8%	Net income / average total assets.
Return on invested capital (ROIC)	5.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.3%	Research and development expense / revenue.
Capex / revenue	10.6%	Capital expenditures / revenue.
D&A / revenue	8.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-7.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-14.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-4.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-34.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-20.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	25.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-0.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-42.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	0.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-41.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-9.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-22.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	62.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-9.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.59x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.8%	Total debt / total assets.
Liabilities / assets	61.5%	Total liabilities / total assets.
Net debt	€20.40B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.65x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.61x	Operating income / interest expense.
Goodwill and intangibles / assets	2.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	€44.78B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	1.49x	Revenue / average property, plant and equipment.
Receivables turnover	5.60x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
FCF conversion	177.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	65.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	€0.78	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€0.78	Net income per basic share, as reported (split-adjusted).
Buybacks / FCF	41.0%	Share buybacks / free cash flow, when free cash flow is positive.

What was ENI SPA's revenue in fiscal 2025?

ENI SPA reported revenue of €82.15B for fiscal 2025, 7.5% lower than the year before.

Was ENI SPA profitable in fiscal 2025?

Yes. Net income was €2.61B, a net margin of 3.2%.

How much free cash flow did ENI SPA generate in fiscal 2025?

Cash from operations of €13.33B minus capital expenditures of €8.70B left free cash flow of €4.63B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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