Eni's top-line growth remains challenged, with gross margins experiencing significant compression from a peak of 12.1% in 2024Q1 to just 6.0% in 2026Q1.
| 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 | 79.33B | 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 % | -6.36% | -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 | 75.7B | 73.72B | 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 | - | 89.73% | 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 | 3.63B | 8.43B | 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 % | 4.58% | 10.27% | 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 % | - | -26.93% | -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 | -1.43B | 1.61B | 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 | - | 1.96% | 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 | -31M | 2.85B | 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 | - | 3.47% | 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 | 207M | 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 | - | 0.25% | 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 | -4M | -1.45B | -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 | 5.06B | 6.83B | 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 % | 6.38% | 8.31% | 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 % | - | -32.8% | 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 | 12.16B | 14.43B | 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 % | 15.32% | 17.56% | 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 % | -13.73% | -19.95% | 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) | 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 |
| EBIT | 7.55B | 7.03B | 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 | -894M | -817M | -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 | 2.48B | 435M | 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 | 3.37B | 1.25B | 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 | -883M | -1.05B | -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 | 4.18B | 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 % | 5.27% | 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 | 2.59B | 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 % | 61.99% | 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 | 2.51B | 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 % | 3.16% | 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 % | -3.65% | -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) | 1.59B | 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 | 1000K | 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 | 5.1B | 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) | 1.67 | 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 % | -2.47% | 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 | 1.5B | 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 | 1.47B | 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% |
Geopolitical commodity price volatility
According to the provided quarterly financial data, Eni has experienced a consistent pattern of year-over-year revenue declines, with the most recent 2026Q1 period showing a modest 4.7% growth against a backdrop of multiple quarters of double-digit percentage contractions, signaling significant challenges in sustaining top-line expansion.
The revenue trajectory appears heavily influenced by the volatility of global energy benchmarks, which complicates the company's ability to maintain consistent growth. Investors should monitor whether the recent uptick in 2026Q1 represents a genuine reversal or merely a temporary fluctuation within a broader period of structural revenue decay.
As reported in financial statements, Eni's gross margins have faced substantial pressure, fluctuating from a high of 12.1% in 2024Q1 down to a low of 1.6% in 2025Q4, suggesting that the company's downstream and trading operations are highly sensitive to input cost volatility and market pricing.
The compression of gross margins indicates that Eni may lack sufficient pricing power to pass through rising raw material costs to end-users effectively. This margin volatility warrants further investigation into the operational efficiency of the refining and chemical segments, which appear to be dragging down overall profitability.
Based on Eni's reported figures, the relationship between gross profit and operating income shows significant inconsistency, with operating margins ranging from 3.2% to 14.2% over the last ten quarters, indicating that the company struggles to achieve meaningful operating leverage during periods of top-line contraction.
The lack of a stable correlation between gross profit and operating income suggests that fixed costs remain a heavy burden on the bottom line. Management's ability to control SG&A expenses appears insufficient to offset the volatility inherent in the company's upstream and downstream business mix.
Data from the income statement reveals that net income has been highly erratic, with EPS dropping as low as 0.02 in 2025Q4, which suggests that the company's reported profitability is subject to significant non-operating noise and inventory valuation effects that may obscure underlying operational performance.
Short-sellers would likely focus on the disconnect between operating income and net income, which may indicate that the company is relying on non-recurring items to bolster its bottom line. The absence of stock-based compensation is notable, yet it does not mitigate the risks posed by the company's volatile earnings profile.
Quick answers to the most common questions about buying E stock.
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.
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%.
Eni S.p.A. (E) reported an operating income of $6.83B, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Eni S.p.A. (E) generated $8.43B in gross profit for the year, representing a gross profit margin of 10.3%. This demonstrates the company's core pricing power and production efficiency.