Revenue growth reached 4.2% in 2026Q1, though the 26.7% operating margin appears sensitive to inflationary tariff adjustments and the timing of regulatory settlements.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Revenue | 2.01T | 1.28T | 738.17B | 682.84B | 687.58B | 346.24B | 112.05B | 73.9B | 14.27B | 5.96B | 5.32B | 3.23B | 1.3B | 518.72M | 1.05B | 1.91B | 1.9B | 971.03M | 1.14B | 750.14M | 469.36M | 575.1M |
| Revenue Growth % | 142.05% | 73.24% | 8.1% | -0.69% | 98.58% | 209.02% | 51.63% | 418.02% | 139.49% | 11.96% | 64.9% | 148.3% | 150.51% | -50.37% | -45.21% | 0.49% | 95.5% | -15% | 52.29% | 59.82% | -18.39% | - |
| Cost of Revenue | 1.31T | 825.11B | 446.53B | 457.67B | 361.6B | 179.33B | 49.44B | 38.95B | 6.49B | 2.74B | 3.15B | 1.75B | 846.04M | 510.43M | 963.57M | 1.51B | 1.63B | 886.9M | 954.15M | 633.95M | 422.15M | 536.98M |
| Gross Profit | 701.24B | 453.71B | 291.64B | 225.17B | 325.98B | 166.92B | 62.61B | 34.94B | 7.78B | 3.21B | 2.17B | 1.48B | 453.4M | 8.29M | 81.56M | 399.53M | 268.25M | 84.12M | 188.28M | 116.2M | 47.21M | 38.12M |
| Gross Margin % | 34.81% | 35.48% | 39.51% | 32.98% | 47.41% | 48.21% | 55.87% | 47.29% | 54.53% | 53.96% | 40.76% | 45.76% | 34.89% | 1.6% | 7.8% | 20.94% | 14.13% | 8.66% | 16.48% | 15.49% | 10.06% | 6.63% |
| Gross Profit Growth % | - | 55.57% | 29.52% | -30.92% | 95.29% | 166.62% | 79.17% | 349.21% | 141.99% | 48.22% | 46.87% | 225.67% | 5370.58% | -89.84% | -79.59% | 48.94% | 218.88% | -55.32% | 62.03% | 146.12% | 23.84% | - |
| Operating Expenses | 98.17B | 75.32B | 94.44B | -511.35B | -93.72B | 10.95B | -19.56B | -22.7B | 1.38B | 595.46M | -278.11M | 250.57M | 269.23M | 83.17M | 65.53M | 45.05M | -15.92M | -91.99M | 50.03M | 36.89M | 36.03M | 27.41M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 792.04B | 568.27B | 310.99B | 889.43B | 551.6B | 220.94B | 99.67B | 64.61B | 32.5B | 3.46B | 3.04B | 1.98B | 372.15M | 80.9M | 120.68M | 405.57M | 316.64M | 199.16M | 196.11M | 128.18M | 61.35M | 89.7M |
| EBITDA Margin % | 39.32% | 44.44% | 42.13% | 130.25% | 80.22% | 63.81% | 88.96% | 87.43% | 227.79% | 58.12% | 57.08% | 61.34% | 28.64% | 15.6% | 11.55% | 21.26% | 16.68% | 20.51% | 17.17% | 17.09% | 13.07% | 15.6% |
| EBITDA Growth % | 138.56% | 82.73% | -65.03% | 61.24% | 149.66% | 121.66% | 54.28% | 98.82% | 838.58% | 14% | 53.45% | 431.8% | 360.02% | -32.96% | -70.24% | 28.09% | 58.99% | 1.55% | 53% | 108.93% | -31.6% | - |
| Depreciation & Amortization | 188.98B | 189.89B | 113.79B | 152.91B | 131.91B | 64.98B | 17.51B | 6.97B | 2B | 350.92M | 248.3M | 194.2M | 105.48M | 100.49M | 104.66M | 51.09M | 32.47M | 23.05M | 57.87M | 48.88M | 50.17M | 78.99M |
| D&A / Revenue % | 9.38% | 14.85% | 15.41% | 22.39% | 19.18% | 18.77% | 15.63% | 9.43% | 14.01% | 5.89% | 4.67% | 6.02% | 8.12% | 19.37% | 10.01% | 2.68% | 1.71% | 2.37% | 5.07% | 6.52% | 10.69% | 13.74% |
| Operating Income (EBIT) | 603.07B | 378.39B | 197.2B | 736.52B | 419.7B | 155.97B | 82.17B | 57.64B | 30.5B | 3.11B | 2.79B | 1.78B | 266.68M | -19.59M | 16.03M | 354.48M | 284.17M | 176.11M | 138.25M | 79.3M | 11.18M | 10.71M |
| Operating Margin % | 29.94% | 29.59% | 26.72% | 107.86% | 61.04% | 45.05% | 73.33% | 78% | 213.78% | 52.23% | 52.42% | 55.32% | 20.52% | -3.78% | 1.53% | 18.58% | 14.97% | 18.14% | 12.1% | 10.57% | 2.38% | 1.86% |
| Operating Income Growth % | - | 91.88% | -73.22% | 75.49% | 169.1% | 89.82% | 42.55% | 89% | 880.19% | 11.57% | 56.24% | 569.31% | 1461.09% | -222.26% | -95.48% | 24.74% | 61.36% | 27.39% | 74.33% | 609.18% | 4.41% | - |
| Interest Expense | 4M | 65.48B | 57.44B | 59.44B | 42.79B | 28.58B | 75.71M | 80.7M | 1.48B | 626.98M | 530M | 261.15M | 43.65M | 25.64M | 19.58M | 22.64M | 20.26M | 7.09M | 10.68M | 49.03M | 185.12M | 110.48M |
| Interest Coverage | - | 5.78x | 3.48x | 7.00x | 5.09x | 2.62x | 624.94x | 448.59x | 35.40x | 16.35x | 4.95x | 8.00x | 10.62x | 5.68x | -3.26x | 16.42x | 19.77x | 29.74x | 2.39x | 6.05x | 1.62x | 0.39x |
| Interest / Revenue % | 0% | 5.12% | 7.78% | 8.71% | 6.22% | 8.25% | 0.07% | 0.11% | 10.36% | 10.53% | 9.96% | 8.09% | 3.36% | 4.94% | 1.87% | 1.19% | 1.07% | 0.73% | 0.93% | 6.54% | 39.44% | 19.21% |
| Non-Operating Income | 2M | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K |
| Pretax Income | 787.9B | 527.8B | 142.71B | 356.91B | 174.95B | 46.23B | 35.51B | 29.6B | 23.51B | 4.06B | 2.72B | 2.02B | 419.87M | 119.91M | -59.53M | 349.25M | 380.2M | 203.89M | 14.83M | 247.38M | 115.43M | -67.76M |
| Pretax Margin % | 39.11% | 41.27% | 19.33% | 52.27% | 25.44% | 13.35% | 31.69% | 40.06% | 164.83% | 68.17% | 51.17% | 62.56% | 32.31% | 23.12% | -5.7% | 18.31% | 20.03% | 21% | 1.3% | 32.98% | 24.59% | -11.78% |
| Income Tax | 96.4B | 116.72B | 81.46B | 39.06B | 45.57B | 50.16B | 15.05B | 11.81B | 6.6B | 1.05B | 953.47M | 687.89M | 102.14M | 29.62M | -29.49M | 117.4M | 131.76M | 72.23M | 5.17M | 40.58M | -64.56M | 18.33M |
| Effective Tax Rate % | 12.23% | 22.11% | 57.08% | 10.94% | 26.05% | 108.5% | 42.38% | 39.88% | 28.09% | 25.9% | 35.02% | 34.08% | 24.33% | 24.7% | 49.53% | 33.62% | 34.66% | 35.43% | 34.83% | 16.4% | -55.93% | -27.04% |
| Net Income | 688.59B | 403.52B | 49.6B | 322.39B | 129.12B | -4.5B | 20.26B | 18.1B | 17.52B | 3.51B | 1.77B | 1.33B | 317.73M | 90.28M | -30.05M | 231.85M | 248.43M | 131.65M | 9.67M | 206.8M | 179.99M | -86.09M |
| Net Margin % | 34.18% | 31.55% | 6.72% | 47.21% | 18.78% | -1.3% | 18.09% | 24.5% | 122.81% | 58.89% | 33.25% | 41.24% | 24.45% | 17.41% | -2.87% | 12.15% | 13.09% | 13.56% | 0.85% | 27.57% | 38.35% | -14.97% |
| Net Income Growth % | 540.85% | 713.58% | -84.62% | 149.68% | 2968.41% | -122.21% | 11.95% | 3.32% | 399.45% | 98.31% | 32.92% | 318.82% | 251.92% | 400.5% | -112.96% | -6.68% | 88.71% | 1262.01% | -95.33% | 14.9% | 309.08% | - |
| EPS (Diluted) | 4578.93 | 2684.40 | 330.10 | 2145.30 | 394.00 | -9.60 | 69.10 | 72.60 | 116.40 | 53.76 | 9.16 | 8.40 | 1.99 | 2.68 | -0.89 | 3.28 | 3.51 | 1.86 | 0.14 | 2.93 | 3.00 | -2.60 |
| EPS Growth % | 589.61% | 713.21% | -84.61% | 444.49% | 4204.17% | -113.89% | -4.82% | -37.63% | 116.52% | 486.9% | 9.05% | 322.11% | -25.75% | 401.12% | -127.13% | -6.55% | 88.71% | 1228.57% | -95.22% | -2.33% | 215.38% | - |
| EPS (Basic) | - | 2684.40 | 330.10 | 2145.30 | 394.00 | -9.60 | 69.10 | 72.60 | 116.40 | 53.76 | 9.16 | 8.40 | 1.99 | 2.68 | -0.89 | 3.28 | 3.51 | 1.86 | 0.14 | 2.93 | 3.00 | -2.60 |
| Diluted Shares Outstanding | 150.38M | 150.19M | 150.26M | 150.27M | 150.5M | 150.52M | 150.52M | 150.52M | 150.52M | 151.4M | 150.57M | 159.79M | 159.79M | 33.63M | 33.63M | 70.8M | 70.8M | 70.8M | 33.63M | 33.63M | 33.63M | 33.63M |
High regulatory and macroeconomic exposure
As reported in recent financial statements, CEPU’s revenue growth reached 4.2% in 2026Q1, reflecting the complex interplay between inflationary tariff adjustments and the underlying CAMMESA payment cycle, which continues to obscure the true organic growth trajectory of the company's core thermal and renewable generation segments.
Revenue figures appear heavily influenced by the mandatory application of IAS 29, making period-over-period comparisons difficult to interpret without adjusting for hyperinflationary accounting. The reliance on government-controlled clearinghouse settlements suggests that revenue growth is less a function of market demand and more a reflection of the timing of regulatory tariff updates.
Based on the company's 2026Q1 filings, the operating margin of 26.7% suggests that while CEPU maintains a competitive position, the gap between authorized returns and actual realized margins remains sensitive to the unpredictable timing of tariff adjustments within the Argentine energy framework.
The fluctuation in operating margins, ranging from a low of -10% in 2024Q4 to over 50% in other periods, indicates significant regulatory lag. Investors should monitor whether the current margin profile is sustainable or if it remains vulnerable to the government's fiscal austerity measures impacting energy sector payments.
According to the latest quarterly data, CEPU reported a net income of $440.1B in 2026Q1, yet this figure appears heavily impacted by non-cash items such as RECPAM, which complicates the assessment of the company's true, sustainable regulated earnings power in a hyperinflationary environment.
The wide variance in net margins, which reached 87.5% in 2023Q4 before contracting significantly, suggests that reported EPS is not a reliable proxy for operational cash generation. Analysts should focus on the underlying capacity payments rather than headline net income to gauge the company's long-term viability.
As indicated by the company's financial disclosures, the accumulation of trade receivables from CAMMESA represents a significant, non-obvious risk, as these assets may be subject to future restructuring or haircuts that are not currently reflected in the reported income statement's bottom-line figures.
The income statement fails to capture the credit risk inherent in the government-controlled clearinghouse, which could lead to future impairments. The reliance on these receivables for liquidity warrants further investigation into the potential for a forced conversion of debt into long-term, lower-value instruments.
Quick answers to the most common questions about buying CEPU stock.
For fiscal year 2025, Central Puerto S.A. (CEPU) reported total revenue of $1.28T. This represents a 222263.0% increase compared to $575.1M in 2005.
Central Puerto S.A. (CEPU) is profitable, generating $403.52B in net income for the fiscal year ending 2025 with a net profit margin of 31.6%.
Central Puerto S.A. (CEPU) reported an operating income of $378.39B, resulting in an operating profit margin of 29.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Central Puerto S.A. (CEPU) generated $453.71B in gross profit for the year, representing a gross profit margin of 35.5%. This demonstrates the company's core pricing power and production efficiency.