ECOPETROL S.A. financial statements

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

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

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	52,347,271	48,485,561	55,954,228	68,603,872	71,488,512	50,223,393	91,881,204	159,611,078	143,189,602	133,330,428
Cost of revenue	36,994,516	34,251,423	36,908,325	41,184,379	44,972,360	37,567,472	55,581,776	89,458,148	88,178,198	86,481,154
Gross profit	15,352,755	14,234,138	19,045,903	27,419,493	26,516,152	12,655,921	36,299,428	70,152,930	55,011,404	46,849,274
General and administrative	1,700,985	1,923,268	1,764,524	1,653,858	2,151,599	3,373,150	3,342,069	4,335,695	5,025,797	5,103,103
Operating income	2,131,165	8,904,548	16,171,855	22,458,414	21,027,158	7,181,765	29,697,707	60,229,753	41,758,981	38,462,997
Interest expense	2,718,414	3,463,540	3,660,601	3,512,161	3,334,469	3,929,791	4,431,648	8,027,252	10,384,065	10,319,316
Interest income	621,924	1,311,743	1,159,356	1,129,563	1,623,336	1,101,430	403,592	1,317,145	2,320,969	1,747,801
Pre-tax income	-5,578,626	7,790,526	13,769,662	20,613,875	19,723,568	4,776,514	26,425,817	54,163,418	36,898,946	30,707,415
Income tax	710,353	4,543,046	5,800,268	8,258,485	4,718,413	2,038,661	8,795,263	18,963,938	11,515,875	12,208,540
Net income to minority interests	904,880	799,599	790,855	974,004	1,261,144	1,151,176	1,981,411	3,594,699	4,322,273	4,657,722
Net income	-7,193,859	2,447,881	7,178,539	11,381,386	13,744,011	1,586,677	15,649,143	31,604,781	21,060,798	13,841,153
EPS, basic	-175.00	59.50	174.60	276.80	334.27	38.59	380.60	768.70	512.20	336.60
EPS, diluted	-175.00	59.50	174.60	276.80	334.27	38.59	380.60	768.70	512.20	336.60

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	6,550,450	8,410,467	7,945,885	6,311,744	7,075,758	5,082,308	14,549,906	15,401,058	12,336,115	14,054,475
Short-term investments		735,032	583,656	519,460	921,983	534,145	639,199	871,409	845,590	1,144,637
Receivables		4,212,701	6,098,918	8,194,243	5,700,334	4,819,092	18,448,882	39,224,999	33,310,642	20,425,640
Inventory		3,841,901	4,601,396	5,100,407	5,658,099	5,053,960	8,398,212	11,880,034	10,202,448	10,027,831
Total current assets		24,129,162	23,224,016	27,030,612	23,364,461	22,834,374	51,695,747	77,276,845	68,615,106	60,659,805
Property, plant and equipment		62,328,502	61,404,374	62,799,983	64,214,822	66,508,338	90,076,526	100,997,498	95,171,302	107,454,558
Lease right-of-use assets				0	456,225	377,886	496,678	627,813	841,636	980,411
Goodwill		1,159,922	1,159,922	1,159,922	1,159,922	1,594,279	4,686,324	5,350,114	4,846,667	5,145,785
Intangible assets	388,051	272,132	380,226	410,747	483,098	555,043	15,508,516	18,146,605	14,714,809	16,413,285
Total assets		118,958,977	117,847,412	124,643,498	133,890,296	137,694,169	242,426,616	302,792,431	280,141,090	298,242,156
Accounts payable		6,854,363	6,968,207	8,945,790	10,689,246	8,449,041	13,568,231	19,937,704	18,891,434	19,302,124
Short-term debt		4,126,203	5,144,504	4,019,927	5,012,173	4,923,346	9,206,283	22,198,583	15,550,008	11,287,944
Total current liabilities		16,387,358	16,846,611	17,824,622	21,742,299	18,282,443	30,248,731	56,782,338	43,564,563	39,635,471
Total liabilities		75,398,476	69,631,713	67,535,718	75,658,668	84,194,806	151,842,844	188,889,342	179,888,610	192,328,717
Total debt		52,222,027	43,547,835	38,062,645	38,239,139	46,731,754	95,060,928	115,134,839	105,815,527	119,965,031
Retained earnings		-402,462	5,210,302	9,970,492	12,334,706	669,900	14,859,658	29,811,809	17,461,488	12,138,221
Shareholders' equity		42,026,858	46,434,953	55,137,914	54,413,790	49,899,864	68,489,547	86,154,927	75,706,627	79,854,603
Minority interests		1,533,643	1,780,746	1,969,866	3,817,838	3,599,499	22,094,225	27,748,162	24,545,853	26,058,836
Total equity	43,100,963	43,560,501	48,215,699	57,107,780	58,231,628	53,499,363	90,583,772	113,903,089	100,252,480	105,913,439
Total liabilities and equity		118,958,977	117,847,412	124,643,498	133,890,296	137,694,169	242,426,616	302,792,431	280,141,090	298,242,156

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	-6,288,979	3,247,480	7,969,394	12,355,390	15,005,155	2,737,853	17,630,554	35,199,480	25,383,071	18,498,875
Cash from operations	11,677,915	14,232,940	16,973,626	22,469,194	27,711,767	9,186,704	22,536,021	36,234,570	19,800,552	45,127,516
Capital expenditures	-8,548,933	-3,646,929	-2,363,283	-3,302,929	-4,012,659	-5,032,317	-6,117,588	-8,767,716	-9,349,885	-9,521,041
Cash from investing	-12,811,479	-9,383,569	-4,383,759	-8,718,803	-10,035,969	-8,528,805	-20,518,231	-18,095,033	-20,019,738	-22,033,982
Debt issued	10,985,933	4,594,640	444,827	517,747	359,876	13,805,403	24,666,792	16,844,029	34,035,090	27,155,189
Debt repaid	-4,903,592	-3,149,917	-9,007,340	-9,270,262	-1,596,630	-5,003,885	-11,267,540	-16,409,494	-21,659,669	-26,157,908
Stock issued	3	0	0
Dividends paid	-5,493,400	-1,712,298	-1,504,647	-4,427,701	-13,867,029	-8,734,351	-2,771,287	-13,356,947	-5,570,876	-15,565,064
Cash from financing	-1,392,183	-2,763,021	-12,764,139	-15,790,778	-17,170,332	-2,629,055	6,958,380	-18,934,042	-354,609	-22,687,122
Exchange rate effect	1,458,019	-226,333	-290,310	406,246	258,548	-22,294	491,428	1,645,657	-2,491,148	1,311,948
Net change in cash	-1,067,728	1,860,017	-464,582	-1,634,141	764,014	-1,993,450	9,467,598	851,152	-3,064,943	1,718,360
Free cash flow	3,128,982	10,586,011	14,610,343	19,166,265	23,699,108	4,154,387	16,418,433	27,466,854	10,450,667	35,606,475
Income taxes paid	3,148,028	4,347,364	4,217,303	6,650,116	5,295,703	5,457,225	5,702,902	8,761,294	12,832,403	10,219,264

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	35.1%	Gross profit / revenue.
Operating margin	28.8%	Operating income / revenue.
Pre-tax margin	23.0%	Pre-tax income / revenue.
Net margin	10.4%	Net income / revenue.
FCF margin	26.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	33.8%	Cash from operations / revenue.
Effective tax rate	39.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	13.1%	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%.
Capex / revenue	7.1%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.2%	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.
Gross profit growth, 1y	-14.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-34.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	0.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-34.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-4.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	127.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.0%	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	10.2%	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	240.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.4%	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	8.5%	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	5.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.3%	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	8.0%	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	6.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.2%	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	17.4%	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
Current ratio	1.53x	Current assets / current liabilities.
Quick ratio	0.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.38x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.50x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.2%	Total debt / total assets.
Liabilities / assets	64.5%	Total liabilities / total assets.
Net debt	COP 104.77T	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	3.73x	Operating income / interest expense.
Working capital	COP 21.02T	Current assets - current liabilities.
Goodwill and intangibles / assets	7.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	COP 58.3T	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	1.32x	Revenue / average property, plant and equipment.
Inventory turnover	8.55x	Cost of revenue / average inventory.
Days inventory	43 days	365 x average inventory / cost of revenue.
Receivables turnover	4.96x	Revenue / average receivables.
Days sales outstanding	74 days	365 x average receivables / revenue.
Days payables	81 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	36 days	Days inventory + days sales outstanding - days payables.
FCF conversion	257.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	21.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	COP 336.60	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	COP 336.60	Net income per basic share, as reported (split-adjusted).
Payout ratio	112.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	43.7%	Dividends paid / free cash flow, when free cash flow is positive.

What was ECOPETROL S.A.'s revenue in fiscal 2024?

ECOPETROL S.A. reported revenue of COP 133.33T for fiscal 2024, 6.9% lower than the year before.

Was ECOPETROL S.A. profitable in fiscal 2024?

Yes. Net income was COP 13.84T, a net margin of 10.4%.

How much free cash flow did ECOPETROL S.A. generate in fiscal 2024?

Cash from operations of COP 45.13T minus capital expenditures of COP 9.52T left free cash flow of COP 35.61T.

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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