Eni S.p.A. (E) Income Statement

30Y historyFree accessUpdated daily

Revenue of $25.5B in 2026Q3 grew 26.2% year-over-year to a ten-quarter high, yet gross margin fell to 9.9% from 21.4% in the prior quarter and the 12.5% net margin exceeded the 9.9% gross margin, suggesting non-operating items materially supported the $3.2B of reported net income.

Annual statement

E Income Statement

Eni S.p.A. (E) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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

Sales/Revenue	88.52B	82.15B	88.8B	93.72B	132.51B	76.58B	43.99B	69.88B	75.82B	66.92B	55.76B	72.29B	93.19B	114.7B	127.22B	109.59B	98.86B	83.52B	107.84B	87.1B	85.96B	73.68B	57.41B	52.31B	49.05B	49.93B	48.98B	31.03B	28.29B	31.2B	30.51B
Revenue Growth %	8.86%	-7.48%	-5.25%	-29.28%	73.05%	74.09%	-37.05%	-7.84%	13.3%	20.01%	-22.86%	-22.43%	-18.75%	-9.84%	16.09%	10.85%	18.37%	-22.55%	23.81%	1.33%	16.66%	28.33%	9.76%	6.65%	-1.78%	1.95%	57.84%	9.69%	-9.34%	2.27%	8.92%
Cost of Goods Sold	78.81B	74.41B	77.25B	80.25B	105.59B	61.72B	40.82B	59.23B	61.88B	58.41B	50.89B	64.76B	81.64B	99.01B	103.8B	87.36B	77.36B	66.44B	83.26B	64.94B	63.35B	43.3B	42.8B	34.51B	31.92B	31.88B	31.58B	20.12B	18.53B	19.87B	19.13B
COGS % of Revenue	-	90.57%	87%	85.62%	79.69%	80.6%	92.79%	84.76%	81.61%	87.29%	91.27%	89.59%	87.6%	86.32%	81.59%	79.72%	78.25%	79.55%	77.21%	74.55%	73.7%	58.77%	74.55%	65.97%	65.08%	63.85%	64.48%	64.84%	65.5%	63.67%	62.7%
Gross Profit	9.71B	7.75B	11.54B	13.47B	26.92B	14.85B	3.17B	10.65B	13.94B	8.51B	4.87B	7.53B	11.55B	15.69B	23.42B	22.23B	21.5B	17.08B	24.58B	22.16B	22.61B	30.38B	14.61B	17.8B	17.12B	18.05B	17.39B	10.91B	9.76B	11.34B	11.38B
Gross Margin %	10.97%	9.43%	13%	14.38%	20.31%	19.4%	7.21%	15.24%	18.39%	12.71%	8.73%	10.41%	12.4%	13.68%	18.41%	20.28%	21.75%	20.45%	22.79%	25.45%	26.3%	41.23%	25.45%	34.03%	34.92%	36.15%	35.52%	35.16%	34.5%	36.33%	37.3%
Gross Profit Growth %	-	-32.89%	-14.33%	-49.95%	81.22%	368.58%	-70.23%	-23.61%	63.91%	74.66%	-35.29%	-34.85%	-26.38%	-32.99%	5.34%	3.38%	25.89%	-30.5%	10.9%	-1.97%	-25.57%	107.94%	-17.94%	3.96%	-5.13%	3.77%	59.44%	11.78%	-13.89%	-0.39%	8.57%
Operating Expenses	4.2B	3.24B	1.38B	3.72B	6.18B	3.11B	1.71B	2.42B	3.82B	4.74B	4.09B	4.44B	4.39B	5.46B	4.01B	4.65B	5.92B	5.01B	5.21B	3.92B	3.65B	13.74B	3.23B	8.35B	8.59B	6.62B	6.59B	6.38B	6.68B	6.63B	6.56B
OpEx % of Revenue	-	3.94%	1.56%	3.97%	4.66%	4.07%	3.9%	3.47%	5.04%	7.09%	7.33%	6.14%	4.72%	4.76%	3.16%	4.24%	5.99%	6%	4.83%	4.5%	4.25%	18.65%	5.63%	15.97%	17.51%	13.26%	13.46%	20.55%	23.62%	21.25%	21.49%
Selling, General & Admin	726.76M	3.23B	3.58B	3.26B	4.16B	3.32B	2.26B	2.6B	3.17B	3.67B	3.42B	3.62B	3.98B	4.63B	2.78B	2.92B	4.15B	2.36B	2.5B	2.12B	1.72B	11.13B	1.43B	3.16B	3.11B	2.86B	2.79B	2.78B	2.91B	3.04B	3.16B
SG&A % of Revenue	-	3.93%	4.03%	3.48%	3.14%	4.33%	5.14%	3.71%	4.18%	5.49%	6.14%	5.01%	4.28%	4.04%	2.18%	2.67%	4.2%	2.83%	2.32%	2.44%	2%	15.11%	2.48%	6.04%	6.33%	5.72%	5.7%	8.97%	10.29%	9.73%	10.37%
Research & Development	0	0	178M	166M	164M	177M	157M	194M	197M	185M	161M	176M	134M	197M	211M	191M	221M	207M	216M	189M	219M	202M	210M	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	0.2%	0.18%	0.12%	0.23%	0.36%	0.28%	0.26%	0.28%	0.29%	0.24%	0.14%	0.17%	0.17%	0.17%	0.22%	0.25%	0.2%	0.22%	0.25%	0.27%	0.37%	-	-	-	-	-	-	-	-
Other Operating Expenses	0	11M	-2.37B	297M	1.86B	-382M	-705M	-366M	458M	886M	505M	644M	277M	628M	1.03B	1.54B	1.55B	2.44B	2.5B	1.61B	1.71B	2.41B	-1.6B	0	0	0	0	0	0	0	0
Operating Income	5.51B	4.51B	10.16B	9.75B	20.74B	11.74B	1.46B	8.23B	10.12B	3.76B	780M	3.09B	7.16B	10.23B	19.4B	0	15.58B	0	20.67B	18.24B	19.23B	16.64B	11.38B	9.5B	8.51B	10.41B	10.29B	4B	2.56B	4.51B	4.4B
Operating Margin %	6.22%	5.49%	11.44%	10.4%	15.65%	15.33%	3.31%	11.77%	13.35%	5.62%	1.4%	4.27%	7.68%	8.92%	15.25%	-	15.76%	-	19.17%	20.95%	22.37%	22.58%	19.82%	18.16%	17.35%	20.86%	21.01%	12.9%	9.05%	14.45%	14.42%
Operating Income Growth %	-	-55.64%	4.21%	-52.99%	76.63%	706.39%	-82.3%	-18.7%	168.98%	382.31%	-74.74%	-56.85%	-30.06%	-47.26%	-	-100%	-	-100%	13.31%	-5.12%	15.58%	46.22%	19.76%	11.64%	-18.28%	1.22%	157.02%	56.33%	-43.19%	2.48%	-0.73%
EBITDA	12.19B	11.86B	18.02B	17.57B	28.14B	18.95B	8.4B	16.8B	17.35B	11.51B	8.64B	12.32B	16.58B	19.89B	28.94B	8.3B	24.47B	8.77B	29.1B	25.27B	25.39B	22.15B	15.98B	14.2B	13.48B	15.09B	14.09B	7.6B	6.33B	8.1B	7.79B
EBITDA Margin %	13.77%	14.43%	20.29%	18.75%	21.24%	24.74%	19.1%	24.05%	22.89%	17.2%	15.5%	17.04%	17.8%	17.34%	22.75%	7.58%	24.75%	10.5%	26.99%	29.02%	29.53%	30.06%	27.83%	27.15%	27.48%	30.23%	28.76%	24.48%	22.38%	25.97%	25.54%
EBITDA Growth %	0.53%	-34.21%	2.57%	-37.57%	48.52%	125.54%	-50%	-3.18%	50.81%	33.12%	-29.83%	-25.71%	-16.64%	-31.26%	248.6%	-66.07%	179.04%	-69.87%	15.14%	-0.43%	14.61%	38.61%	12.51%	5.38%	-10.71%	7.14%	85.42%	19.99%	-21.86%	3.97%	4.1%
D&A (Non-Cash Add-back)	6.68B	7.35B	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
EBIT	4.87B	13.95B	7.77B	11.28B	22.96B	11.56B	1.46B	8.23B	10.12B	3.76B	780M	3.09B	7.16B	10.23B	19.4B	0	15.58B	0	20.67B	18.24B	19.23B	16.64B	13.42B	9.45B	8.54B	11.43B	10.8B	4.53B	3.08B	4.7B	4.82B
Net Interest Income	-996.24M	-974M	-778M	-524M	-718M	-725M	-777M	-987M	-756M	-1.03B	-910M	-941M	-658M	-775M	-919M	-736M	-561M	-530M	-757M	-136M	-101M	-172M	-231M	-187.39M	0	0	-290.67M	0	0	0	0
Interest Income	5.69B	7.2B	499M	523M	194M	148M	119M	141M	190M	28M	52M	24M	131M	96M	120M	41M	18M	0	0	151M	130M	131M	126M	435.13M	0	0	502.56M	0	0	0	0
Interest Expense	6.68B	8.17B	1.28B	1.05B	912M	873M	896M	1.13B	946M	1.06B	962M	965M	789M	871M	1.04B	777M	579M	530M	757M	287M	231M	303M	357M	622.52M	0	0	793.23M	0	0	0	0
Other Income/Expense	2.08B	1.27B	-3.67B	480M	1.31B	-1.06B	-7.43B	-2.48B	-12M	3.08B	112M	-7.37B	-284M	3.73B	-2.8B	18.48B	959M	12.07B	-1.42B	1.78B	1.16B	738M	1.69B	-122.28M	-783.34M	885.64M	-154.39M	911.31M	1.21B	365.45M	175.16M
Pretax Income	7.59B	5.78B	6.49B	10.23B	22.05B	10.69B	-5.98B	5.75B	10.11B	6.84B	892M	-4.28B	6.87B	13.96B	16.61B	18.48B	16.54B	12.07B	19.25B	20.03B	20.39B	17.38B	13.06B	9.38B	7.73B	11.3B	10.13B	4.91B	3.77B	4.87B	4.57B
Pretax Margin %	8.57%	7.03%	7.31%	10.91%	16.64%	13.95%	-13.59%	8.22%	13.33%	10.23%	1.6%	-5.92%	7.38%	12.17%	13.05%	16.86%	16.73%	14.46%	17.85%	22.99%	23.72%	23.58%	22.75%	17.93%	15.75%	22.63%	20.69%	15.84%	13.33%	15.62%	14.99%
Income Tax	3.14B	3.02B	3.73B	5.37B	8.09B	4.84B	2.65B	5.59B	5.97B	3.47B	1.94B	3.12B	6.68B	9.01B	11.66B	10.67B	9.16B	6.76B	9.69B	9.22B	10.57B	8.13B	5.52B	3.24B	3.13B	3.54B	4.35B	2.06B	1.45B	2.24B	2.22B
Effective Tax Rate %	41.42%	52.27%	57.4%	52.48%	36.68%	45.34%	-44.33%	97.3%	59.07%	50.66%	217.04%	-73%	97.21%	64.49%	70.23%	57.77%	55.36%	55.96%	50.35%	46.03%	51.83%	46.78%	42.27%	34.5%	40.5%	31.29%	42.9%	41.82%	38.39%	46.03%	48.52%
Net Income	7.72B	2.61B	2.62B	4.77B	13.89B	5.82B	-8.63B	148M	4.13B	3.37B	-1.46B	-8.78B	1.29B	5.16B	7.79B	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
Net Margin %	8.72%	3.17%	2.96%	5.09%	10.48%	7.6%	-19.63%	0.21%	5.44%	5.04%	-2.63%	-12.14%	1.39%	4.5%	6.12%	6.26%	6.39%	5.23%	8.18%	11.49%	10.72%	11.93%	12.3%	10.66%	9.37%	15.55%	11.82%	9.21%	8.21%	8.43%	7.72%
Net Income Growth %	179.31%	-0.61%	-45%	-65.64%	138.57%	167.41%	-5934.46%	-96.41%	22.29%	330.46%	83.32%	-779.94%	-74.98%	-33.76%	13.56%	8.58%	44.68%	-50.52%	-11.85%	8.61%	4.88%	24.49%	26.62%	21.27%	-40.79%	34.17%	102.4%	23.05%	-11.65%	11.72%	10.49%
Net Income (Continuing)	4.44B	2.76B	2.76B	4.86B	13.96B	5.84B	-8.63B	155M	4.14B	3.38B	-1.04B	-7.4B	192M	4.96B	4.94B	7.8B	7.38B	5.32B	9.56B	10.81B	9.82B	9.25B	7.54B	5.57B	4.6B	7.76B	5.79B	2.86B	2.32B	2.63B	2.35B
Discontinued Operations	3M	0	0	0	0	0	0	0	0	0	-413M	-826M	1.19B	0	3.59B	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	3.19B	4.85B	2.86B	460M	471M	82M	78M	61M	57M	49M	49M	1.92B	2.46B	2.84B	3.5B	4.92B	4.52B	3.98B	4.07B	2.44B	2.17B	2.35B	3.17B	1.62B	2.1B	1.71B	1.68B	1.35B	1.23B	915.45M	906.31M
EPS (Diluted)	5.23	1.56	1.56	2.80	7.90	3.20	-4.84	0.08	2.28	1.88	-0.82	-4.90	0.72	2.84	4.30	3.78	3.48	2.42	5.46	5.48	4.98	4.66	3.76	2.96	2.40	3.96	2.88	1.42	1.16	1.32	1.18
EPS Growth %	191.95%	0%	-44.29%	-64.56%	146.88%	166.12%	-5973.79%	-96.39%	21.28%	329.27%	83.27%	-780.56%	-74.65%	-33.95%	13.76%	8.62%	43.8%	-55.68%	-0.36%	10.04%	6.87%	23.94%	27.03%	23.33%	-39.39%	37.5%	102.82%	22.41%	-12.12%	11.86%	11.32%
EPS (Basic)	-	1.72	1.58	2.82	7.92	3.22	-4.84	0.08	2.30	1.88	-0.82	-4.90	0.72	2.84	4.30	3.78	3.48	2.42	5.46	5.48	4.98	4.66	3.76	2.96	2.40	3.96	2.88	1.42	1.16	1.32	1.18
Diluted Shares Outstanding	1.48B	1.54B	1.62B	1.66B	1.74B	1.79B	1.79B	1.8B	1.8B	1.8B	1.8B	1.8B	1.79B	1.82B	1.81B	1.81B	1.81B	1.8B	1.83B	1.83B	1.85B	1.88B	1.88B	1.89B	1.92B	1.96B	2.01B	2B	2B	2B	2B
Basic Shares Outstanding	1.44B	1.51B	1.58B	1.65B	1.74B	1.78B	1.79B	1.8B	1.8B	1.8B	1.8B	1.8B	1.79B	1.81B	1.81B	1.81B	1.81B	1.8B	1.83B	1.83B	1.85B	1.88B	1.88B	1.88B	1.92B	1.96B	2.01B	2B	2B	2B	2B
Dividend Payout Ratio	-	118.1%	116.92%	63.84%	21.67%	40.51%	-	2039.19%	71.59%	85.36%	-	-	310.3%	76.53%	49.29%	53.86%	57.33%	95.4%	55.64%	45.78%	50.02%	71.55%	40.6%	53.91%	66.09%	22.39%	26.33%	45.53%	51.45%	39.06%	40.38%

Key Metrics

Growth RegimeAccelerating

ProfitabilityModerate

Balance SheetHealthy

Cash FlowImproving

Top Statement Risk

Volatile gross margin compression

Revenue Rebound Reaches Record High

Eni's top line swung from a 17.8% contraction in early 2025 to 26.2% growth in 2026Q3, with revenue reaching $25.5B, the highest quarterly figure in the ten-quarter history, based on the reported income statement data.

The recovery appears broad rather than episodic, since growth accelerated across three consecutive readings of 4.7%, 20.8% and 26.2%, which suggests the E&P and Global Gas & LNG segments are both contributing rather than one volatile trading quarter flattering the comparison. Because these statements do not disaggregate volume from realized price, investors should treat the durability of the trajectory as dependent on benchmark sustainability rather than an established structural step-up in production.

Gross Margin Whipsaw Below Peers

Gross margin swung from 1.6% in 2025Q4 to 21.4% in 2026Q2 before settling at 9.9% in 2026Q3, a band sitting largely below TotalEnergies' 28.4% structural gross margin per peer comparison data, underscoring Eni's heavier weighting to low-margin downstream activity.

The persistence of sub-10% gross margins in seven of ten quarters appears consistent with the disclosed drag from refining and chemicals turnover, where raw material costs move faster than product prices, and it implies Eni has less structural pricing power than integrated peers reporting 15.9% to 30.4% gross margins. The isolated 21.4% print in 2026Q2 may reflect inventory valuation effects rather than durable repricing, so the 9.9% reading in 2026Q3 warrants monitoring as evidence of where the true run-rate margin sits.

Non-Operating Items Inflate Reported Earnings

In 2026Q3, net income of $3.2B exceeded operating income of $2.9B, and the 12.5% net margin surpassed the 9.9% gross margin, suggesting non-operating items materially support reported EPS despite zero R&D and no share-based compensation, per Eni's quarterly income statement.

A net margin that repeatedly exceeds gross margin, and operating income that exceeds gross profit in 2026Q3, implies that equity-accounted earnings, disposals, or tax effects are doing meaningful work beneath the headline profit, which would make the quality of EPS weaker than the reported figure suggests. Compounding this, the SG&A line swings from negative readings in 2025Q3 and 2025Q4 to $823M in 2026Q1, so the underlying overhead base is difficult to benchmark and should be clarified before any conclusion about expense discipline is drawn.

2026 Reversal Restores Operating Momentum

The decisive inflection came in 2026Q2, when revenue of $22.7B grew 20.8% after six consecutive quarters of contraction, while operating income recovered to $1.2B and EPS growth returned to positive 5.8%, according to Eni's reported results.

The 2025 trough, marked by 1.6% gross margin and an 87.5% EPS decline in 2025Q4, appears to represent the cyclical low point for Eni's downstream-weighted mix, and the reversal through 2026 has restored operating margin to 11.2%, roughly in line with Shell and TotalEnergies. The lasting impact depends on whether this is price-led or volume-led; if gas realizations and the Brent-TTF spread hold, the recovery should prove more durable than the 2024 upswing that faded within two quarters.

Growth Outpaces Deteriorating Unit Economics

Despite 26.2% revenue growth in 2026Q3, gross margin fell to 9.9% from 21.4% in the prior quarter, and the $23.0B COGS load suggests commodity weakness may compress the operating income underpinning Eni's dividend and buyback obligations.

A short-seller would likely emphasize that the most recent quarter added $2.8B of revenue while gross profit fell $2.4B sequentially, implying the growth was achieved at materially worse unit economics and that reported operating margin of 11.2% is being rescued by non-operating contributions rather than trading performance. The pattern of net income exceeding operating income in 2026Q3, combined with EPS growth of only 3.2% against 26.2% revenue growth, suggests profit conversion is deteriorating and leaves the payout more exposed to a renewed hydrocarbon price downturn than the top line implies.

E — Frequently Asked Questions

Quick answers to the most common questions about buying E stock.

What was Eni S.p.A.'s (E) revenue in 2025?

For fiscal year 2025, Eni S.p.A. (E) reported total revenue of $82.15B. This represents a 169.3% increase compared to $30.51B in 1996.

Is Eni S.p.A. (E) profitable?

Eni S.p.A. (E) is profitable, generating $2.61B in net income for the fiscal year ending 2025 with a net profit margin of 3.2%.

What is Eni S.p.A.'s operating profit margin?

Eni S.p.A. (E) reported an operating income of $4.51B, resulting in an operating profit margin of 5.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Eni S.p.A.'s gross profit and gross margin?

Eni S.p.A. (E) generated $7.75B in gross profit for the year, representing a gross profit margin of 9.4%. This demonstrates the company's core pricing power and production efficiency.