The company's cash conversion efficiency is currently strained, highlighted by a negative free cash flow of $965 million in 2026Q1 despite continued capital expenditures of $2.4 billion.
| 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 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 12.38B | 13.33B | 13.09B | 15.12B | 17.46B | 12.86B | 4.82B | 12.39B | 13.65B | 10.12B | 7.67B | 11.65B | 15.11B | 11.03B | 12.37B | 14.38B | 14.69B | 11.14B | 21.8B | 15.52B | 17B | 14.94B | 12.5B | 10.81B | 10.59B | 8.16B | 10.61B | 8.25B | 6.85B | 6.49B | 4.71B |
| Operating CF Margin % | - | 16.23% | 14.74% | 16.13% | 13.18% | 16.8% | 10.96% | 17.73% | 18% | 15.12% | 13.76% | 16.12% | 16.21% | 9.61% | 9.72% | 13.12% | 14.86% | 13.33% | 20.22% | 17.81% | 19.78% | 20.27% | 21.77% | 20.66% | 21.59% | 16.34% | 21.67% | 26.6% | 24.22% | 20.79% | 15.43% |
| Operating CF Growth % | -38.87% | 1.82% | -13.41% | -13.41% | 35.76% | 166.72% | -61.09% | -9.2% | 34.89% | 31.85% | -34.13% | -22.91% | 37.04% | -10.87% | -13.98% | -2.12% | 31.95% | -48.92% | 40.5% | -8.73% | 13.83% | 19.49% | 15.65% | 2.09% | 29.74% | -23.1% | 28.56% | 20.48% | 5.62% | 37.81% | -28.28% |
| Net Income | 2.51B | 2.37B | 2.49B | 4.77B | 13.89B | 5.82B | -8.63B | 148M | 4.13B | 3.37B | -1.05B | -7.95B | 101M | 5.16B | 4.2B | 6.86B | 6.32B | 4.37B | 8.82B | 10.01B | 9.22B | 8.79B | 7.06B | 5.57B | 4.6B | 7.76B | 5.79B | 2.86B | 2.32B | 2.63B | 2.35B |
| Depreciation & Amortization | 7.09B | 7.6B | 7.86B | 7.82B | 7.4B | 7.21B | 6.95B | 8.58B | 7.24B | 7.75B | 7.86B | 9.23B | 9.43B | 9.66B | 9.54B | 8.3B | 8.88B | 8.77B | 8.43B | 7.03B | 6.16B | 5.51B | 4.6B | 4.7B | 4.97B | 4.68B | 3.8B | 3.59B | 3.77B | 3.6B | 3.4B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -785M | -785M | -988M | 0 | 0 | 640M | 850M | 363M | 600M | -554M | 0 | 0 | 621M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.98B | 1.49B | 2.55B | 716M | -2.59B | 2.29B | 5.68B | 2.94B | 54M | -1.93B | -1.25B | 5.59B | 2.81B | -4.25B | 2.01B | 1.4B | 1.21B | -230M | 2.33B | 142M | 2.65B | 3.06B | 1.75B | 996.51M | 1.54B | -4.09B | 2.62B | 2.46B | -26.43M | 527.27M | -299.69M |
| Working Capital Changes | 2.84B | 2.66B | 1.18B | 1.81B | -1.24B | -3.09B | -18M | 366M | 1.63B | 1.48B | 2.11B | 4.78B | 2.15B | 456M | -3.37B | -2.18B | -1.72B | -1.77B | 2.21B | -1.67B | -1.02B | -2.42B | -909M | -464.51M | -511.74M | -196.68M | -1.6B | -659.88M | 782.74M | -266.36M | -743.21M |
| Change in Receivables | 131M | 3.21B | 1.15B | 3.32B | -1.04B | -7.89B | 1.32B | 1.02B | 334M | 657M | 1.29B | 4.94B | 1.97B | -1.38B | -3.18B | -369M | -1.92B | -19M | -974M | -728M | -1.95B | -4.41B | -1.24B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -47M | 916M | 68M | 1.79B | -2.53B | -2.03B | 1.05B | -200M | 15M | -346M | -273M | 1.64B | 1.56B | 350M | -1.4B | -1.42B | -1.15B | 52M | -801M | -1.12B | -953M | -1.4B | -355M | -161.98M | -209.65M | 179.83M | -524.92M | -63.6M | 104.88M | -80.91M | -95.61M |
| Change in Payables | 3.37B | -835M | 110M | -4.82B | 2.28B | 7.74B | -1.61B | -940M | 642M | 284M | 1.5B | -2.34B | -1.52B | 703M | 2.03B | 161M | 2.77B | -1.2B | 2.32B | 433M | 2.15B | 3.03B | 727M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -9.97B | -8.59B | -9.23B | -9.38B | -6.93B | -12.02B | -4.59B | -11.41B | -7.54B | -3.77B | -4.44B | -10.92B | -8.94B | -10.98B | -8.29B | -11.22B | -12.96B | -10.25B | -16.96B | -20.14B | -7.05B | -6.85B | -6.6B | -8.04B | -8.54B | -6.65B | -8.62B | -6.19B | -3.28B | -3.89B | -3.82B |
| Capital Expenditures | -9.84B | -9.23B | -8.49B | -9.21B | -8.06B | -5.24B | -4.64B | -8.38B | -9.12B | -8.68B | -9.18B | -11.3B | -12.24B | -12.8B | -13.52B | -13.44B | -13.87B | -13.7B | -14.56B | -10.59B | -7.83B | -7.41B | -7.5B | -7.83B | -6.85B | -5.28B | -4.35B | -4.43B | -4.16B | -3.23B | -3.05B |
| CapEx % of Revenue | 12.41% | 11.23% | 9.56% | 9.83% | 6.08% | 6.84% | 10.56% | 11.99% | 12.03% | 12.97% | 16.46% | 15.64% | 13.13% | 11.16% | 10.62% | 12.26% | 14.03% | 16.4% | 13.5% | 12.16% | 9.11% | 10.06% | 13.06% | 14.97% | 13.96% | 10.58% | 8.89% | 14.28% | 14.7% | 10.35% | 9.99% |
| Acquisitions | 1.34B | 2.04B | 1.03B | -776M | -1.46B | -1.62B | -97M | 445M | 923M | 5.41B | -343M | 500M | 61M | 3.89B | 4.57B | 1.04B | 344M | 101M | -3.17B | -4.53B | 199M | 278M | 817M | -282.67M | -1.04B | -2.67B | -597.32M | 203.73M | 180.76M | 192.73M | 241.84M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.12B | -858M | -1.5B | 1.88B | 3.17B | -4.4B | 421M | -528M | 961M | -374M | 7.05B | -1.44B | 49M | 804M | -193M | 643M | 295M | 189M | 652M | -941M | 252M | 254M | 349M | 484.36M | -617.52M | 1.05B | -3.87B | -1.43B | -378.58M | -844.54M | -698.22M |
| Cash from Financing | -2.54B | -4.3B | -5.97B | -5.65B | -8.63B | -2.04B | 3.25B | -5.84B | -2.64B | -4.59B | -3.65B | -1.35B | -5.06B | -2.51B | 2.2B | -3.22B | -1.83B | -1.18B | -5.03B | 2.91B | -7.1B | -7.82B | -6.26B | -4.3B | -110.54M | -1.46B | -2B | -1.66B | -4.35B | -2.11B | -832.39M |
| Debt Issued (Net) | 1.24B | -2.88B | 347M | 256M | -2.71B | 1.68B | 3.12B | -1.54B | 320M | -1.71B | -766M | 2.13B | -628M | 1.72B | 5.95B | 1.1B | 2.27B | 3.84B | 980M | 8.76B | -682M | -540M | -3.74B | 1.63B | 3.74B | -533.86M | 121.38M | -294.16M | -3.71B | -1.11B | 20.09M |
| Equity Issued (Net) | -1.8B | -1.9B | -2.01B | -1.8B | -2.4B | -400M | 0 | -400M | 0 | 0 | 0 | 1M | -379M | 1M | 29M | 20M | 0 | 0 | -768M | -625M | -1.16B | -987M | -65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -3.08B | -3.08B | -3.07B | -3.05B | -3.01B | -2.36B | -1.97B | -3.02B | -2.95B | -2.88B | -2.88B | -3.46B | -4.01B | -3.95B | -3.84B | -3.69B | -3.62B | -4.17B | -4.91B | -4.58B | -4.61B | -6.29B | -2.87B | -3.01B | -3.04B | -1.74B | -1.52B | -1.3B | -1.2B | -1.03B | -950.51M |
| Share Repurchases | -1.8B | -1.9B | -2.01B | -1.8B | -2.4B | -400M | 0 | -400M | 0 | 0 | 0 | 0 | -380M | 0 | 0 | 0 | 0 | 0 | -768M | -625M | -1.16B | -987M | -65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.1B | 3.55B | -1.24B | -1.06B | -518M | -961M | 2.1B | -882M | -3M | -3M | -4M | -21M | -49M | -277M | 65M | -652M | -477M | -858M | -327M | -644M | -649M | -9M | 412M | -2.92B | -811.93M | 810.34M | -600.51M | -59.63M | 550.82M | 31.82M | 98.02M |
| Net Change in Cash | -830M | -83M | -2.01B | 38M | 1.9B | -1.16B | 3.42B | -4.84B | 3.28B | 1.52B | 618M | -1.48B | 1.03B | -1.9B | 6.26B | -49M | -59M | -331M | -175M | -1.87B | 3.98B | 1.33B | 0 | -1.64B | 1.88B | 60.69M | 33.01M | 433.29M | -805.76M | 557.27M | 41.78M |
| Free Cash Flow | 3B | 4.63B | 5.09B | 6.38B | 9.76B | 7.91B | 415M | 4.33B | 4.87B | 1.63B | -1.39B | 472M | 4.42B | 113M | 1.15B | 2.72B | 2.39B | -1.16B | 9.49B | 6.99B | 10.86B | 8.38B | 5.71B | 2.98B | 3.74B | 2.88B | 6.26B | 3.82B | 2.69B | 3.26B | 1.66B |
| FCF Margin % | 3.79% | 5.63% | 5.73% | 6.81% | 7.36% | 10.33% | 0.94% | 6.19% | 6.42% | 2.43% | -2.5% | 0.65% | 4.75% | 0.1% | 0.9% | 2.49% | 2.41% | -1.39% | 8.8% | 8.02% | 12.64% | 11.37% | 9.95% | 5.7% | 7.62% | 5.76% | 12.78% | 12.32% | 9.52% | 10.44% | 5.44% |
| FCF Growth % | -46.95% | -9.04% | -20.25% | -34.61% | 23.37% | 1805.78% | -90.41% | -11.13% | 199.26% | 216.71% | -395.34% | -89.33% | 3815.93% | -90.17% | -57.82% | 14.17% | 304.98% | -112.27% | 35.85% | -35.7% | 29.66% | 46.6% | 91.83% | -20.31% | 29.88% | -54.02% | 63.73% | 42.03% | -17.34% | 96.36% | -54.39% |
| FCF per Share | 2.00 | 3.00 | 3.15 | 3.84 | 5.59 | 4.43 | 0.23 | 2.41 | 2.70 | 0.90 | -0.77 | 0.26 | 2.47 | 0.06 | 0.63 | 1.50 | 1.32 | -0.65 | 5.17 | 3.81 | 5.86 | 4.45 | 3.04 | 1.58 | 1.95 | 1.47 | 3.11 | 1.92 | 1.35 | 1.63 | 0.83 |
| FCF Conversion (FCF/Net Income) | 1.20x | 5.11x | 4.99x | 3.17x | 1.26x | 2.21x | -0.56x | 83.73x | 3.31x | 3.00x | -5.24x | -1.33x | 11.70x | 2.14x | 1.59x | 2.10x | 2.33x | 2.55x | 2.47x | 1.55x | 1.84x | 1.70x | 1.77x | 1.94x | 2.30x | 1.05x | 1.83x | 2.89x | 2.95x | 2.47x | 2.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical commodity price volatility
As reported in financial statements, Eni's OCF/NI ratio reached an extreme 49.50 in 2025Q4, highlighting a profound disconnect between accounting net income and actual cash generation that warrants deep scrutiny regarding the sustainability of reported earnings versus the underlying cash flow reality of the business.
The massive divergence between net income and operating cash flow suggests that non-cash charges and working capital swings are heavily distorting the bottom line. Investors should monitor whether this volatility is a recurring feature of the company's accounting or a temporary byproduct of commodity price fluctuations impacting inventory valuations.
Based on recent SEC filings, Eni's free cash flow trajectory has been highly erratic, culminating in a negative $965 million outflow in 2026Q1, which contrasts sharply with the $2.7 billion peak observed in 2024Q2 and underscores the inherent instability of the company's cash-generating model.
The inability to maintain positive free cash flow during periods of high capital intensity suggests that the company's current investment cycle may be outpacing its operational cash generation. This trend appears to threaten the long-term sustainability of shareholder returns if the current cash flow volatility persists.
According to the provided quarterly data, Eni's capital expenditure reached $2.4 billion in 2026Q1, representing 12.3% of revenue, which indicates a persistent commitment to heavy asset investment despite the company's recent struggles to maintain consistent top-line growth and stable operating margins across its core segments.
The sustained level of capital intensity suggests that the company is prioritizing long-term reserve replacement over immediate cash preservation. Analysts should investigate whether these capital outlays are effectively driving future production growth or merely serving as maintenance costs to offset natural decline rates in mature fields.
As reported in financial statements, Eni continued to distribute $766 million in dividends and $289 million in buybacks during 2026Q1, even as free cash flow turned negative, suggesting a rigid capital allocation policy that may be increasingly decoupled from the company's actual quarterly cash generation capacity.
The decision to maintain significant shareholder distributions while free cash flow is negative warrants further investigation into the company's reliance on balance sheet liquidity. This approach appears to prioritize investor sentiment over the preservation of cash reserves during cyclical downturns in the energy market.
Quick answers to the most common questions about buying E stock.
Eni S.p.A. (E) generated $13.33B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Eni S.p.A. (E) generated $4.63B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Eni S.p.A. (E) spent $9.23B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Eni S.p.A. (E) returned $3.08B to shareholders via cash dividends and spent $1.90B on share repurchases. This shows the company's commitment to returning capital to its equity investors.