Cash flow generation is highly volatile, evidenced by a 4.1T COP outflow in working capital during 2025Q2 and a dividend payout of 9.4T COP in the same period, which may constrain future strategic flexibility.
| 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 |
|---|
| Cash from Operations | 29.24T | 25.3T | 42.83T | 14.42T | 36.28T | 21.22T | 6.77T | 26.24T | 22.4T | 15.09T | 12.36T | 10.55T | 17.65T | 17.14T | 20.52T | 24.02T | 14.84T | 8.92T | 12.52T | 9.06T | 6.35T |
| Operating CF Margin % | - | 22.69% | 32.12% | 10.07% | 22.73% | 23.1% | 13.48% | 36.7% | 32.65% | 26.97% | 25.5% | 20.16% | 26.75% | 24.34% | 29.8% | 36.41% | 35.25% | 29.35% | 36.94% | 40.91% | 34.55% |
| Operating CF Growth % | -63.56% | -40.93% | 196.96% | -60.25% | 70.96% | 213.33% | -74.19% | 17.12% | 48.47% | 22.05% | 17.17% | -40.21% | 2.94% | -16.45% | -14.57% | 61.89% | 66.26% | -28.73% | 38.21% | 42.59% | - |
| Net Income | 8.73T | 8.4T | 16.13T | 17.64T | 36.53T | 16.88T | 1.57T | 13.06T | 12.77T | 6.68T | 1.54T | -4.6T | 6.18T | 12.75T | 14.77T | 16.14T | 8.42T | 4.87T | 12.35T | 4.99T | 0 |
| Depreciation & Amortization | 15.41T | 14.46T | 17.1T | 13.22T | 13.63T | 11.27T | 8.88T | 9.01T | 9.7T | 9.63T | 7.81T | 7.81T | 6.93T | 5.38T | 5.4T | 4.88T | 4.45T | 3.29T | 2.29T | 1.74T | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.71T | 0 | 2.29T | 554.41B | 198.31B | 2.06T | -748.98B | -2.45T | -169.42B | 310.26B | 135.97B | 0 | 435.46B | -197.24B | 37.5B | 411.64B | 38.87B | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 10.82T | 3.81T | 4.43T | 9.52T | 20.35T | 4.68T | -724.67B | 5.85T | 3.46T | 1.15T | 3.08T | 11.23T | 6.68T | 2.52T | 1.48T | 1.06T | 482.7B | 382.8B | -2.11T | 2.33T | 6.35T |
| Working Capital Changes | -7.38T | -1.37T | 2.88T | -26.51T | -34.43T | -13.67T | -2.2T | 772.53B | -3.35T | -2.68T | -201.69B | -3.89T | -2.58T | -3.32T | -1.17T | 1.53T | 1.44T | 384.96B | 0 | 0 | 0 |
| Change in Receivables | 0 | 0 | 9.78T | -20.51T | -31.13T | -10.2T | 629.55B | 2.35T | -2.15T | -2.21T | -1.18T | 866.26B | 1.63T | -5.93T | -2.52T | -1.38T | 821.09B | 1.93T | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 575.19B | 747.75B | -3.1T | -3.21T | 664.57B | -589.06B | -495.17B | -326.58B | -213.76B | -211.34B | 659.37B | -452.99B | -390.63B | -586.87B | -134.17B | -276.88B | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | -1.38T | 473.14B | 4.03T | 3.36T | -2.37T | 1.37T | 1.5T | 21.61B | -609.34B | -2.54T | -348.46B | 658.18B | 2.32T | -126.83B | 1.29T | 1.46T | 0 | 0 | 0 |
| Cash from Investing | -16.26T | -18.56T | -26.01T | -20.71T | -22.45T | -22.64T | -8.34T | -10.55T | -10.09T | -5.11T | -10.05T | -14.14T | -13.57T | -9.5T | -16.02T | -18.16T | -13.13T | -5.65T | -10.5T | -7.83T | -3.22T |
| Capital Expenditures | -20.34T | -20.43T | -22.6T | -22.29T | -23.92T | -14.34T | -10.32T | -13.78T | -9.35T | -6.02T | -5.75T | -16.44T | -15.19T | -7.74T | -9.85T | -10.64T | -6.66T | -8.76T | -7.12T | -2.98T | -1.86T |
| CapEx % of Revenue | 17.47% | 18.33% | 16.95% | 15.57% | 14.99% | 15.61% | 20.54% | 19.28% | 13.63% | 10.76% | 11.85% | 31.4% | 23.03% | 10.99% | 14.3% | 16.13% | 15.83% | 28.83% | 21% | 13.47% | 10.13% |
| Acquisitions | 770.16B | -340.89B | -1.12T | 0 | 0 | -9.65T | 22.01B | 152.58B | 187.09B | 430.26B | 0 | 922.3B | 199.07B | 0 | 0 | -907.66B | -1.2T | -1.03T | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.69T | 105.25B | 383.57B | 674.53B | 408.55B | 19.4B | 0 | 0 | 0 | 0 | 108.16B | 0 | 0 | -6T | -5.61T | 0 | 0 | -3.43T | 0 | 0 | -1.36T |
| Cash from Financing | -12.77T | -8.54T | -16.37T | 5.76T | -14.7T | 11.1T | -262.99B | -15.19T | -14.56T | -10.16T | -263.34B | 679.3B | -6.6T | -6.89T | -3.34T | -2.87T | -1.53T | -1.9T | -3.76T | 812.06B | -2.23T |
| Debt Issued (Net) | 1.11T | 2.99T | 1.08T | 11.45T | 475.14B | 14.45T | 8.17T | -1.52T | 572.09B | 448.89B | 1.42T | 7.02T | 6.91T | 7.29T | 5.11T | -114.05B | 2.85T | 5.85T | 300.42B | -37.86B | 0 |
| Equity Issued (Net) | -16.7B | -16.76B | -33.12B | -41.42B | -92.75B | 0 | 0 | 0 | -10.24T | -9.09T | 0 | 0 | 0 | 0 | 0 | 2.33T | 542.57M | 38.94B | 0 | 0 | 0 |
| Dividends Paid | -10.89T | -10.91T | -16.81T | -5.15T | -14.61T | -2.99T | -8.11T | -13.67T | -4.89T | -1.52T | -1.69T | -6.34T | -13.51T | -14.18T | -8.38T | -6.16T | -3.92T | -8.45T | -4.94T | 0 | -2T |
| Share Repurchases | -16.7B | -16.76B | -33.12B | -41.42B | -92.75B | 0 | 0 | 0 | -10.24T | -9.09T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.98T | -597.02B | -607.52B | -493.77B | -475.16B | -362.44B | -325.32B | 0 | 0 | 0 | 0 | 3.46M | 44.26M | 79.78M | -69.78B | 1.07T | -470.6B | 662.6B | 884.4B | 849.92B | -226.69B |
| Net Change in Cash | -152.53B | -1.36T | 25.74B | 32.53B | -1.86T | 8.45T | -2.3T | 619.69B | -2.35T | -345.49B | 2.22T | -3.62T | -2.96T | 2.02T | 1.35T | 1.49T | 2.36T | 240.88B | -2.59T | 3.72T | 905.98B |
| Free Cash Flow | 16.85T | 16.19T | 32.54T | 5.77T | 26.69T | 14.62T | 2.1T | 22.28T | 13.17T | 9.25T | 8.77T | -5.76T | 2.58T | 9.4T | 10.67T | 13.38T | 8.18T | 159.71B | 5.4T | 8.02T | 4.49T |
| FCF Margin % | 14.48% | 14.53% | 24.41% | 4.03% | 16.72% | 15.91% | 4.19% | 31.17% | 19.2% | 16.52% | 18.09% | -11% | 3.9% | 13.35% | 15.5% | 20.28% | 19.43% | 0.53% | 15.94% | 36.2% | 24.42% |
| FCF Growth % | -44.93% | -50.24% | 463.97% | -78.38% | 82.55% | 595.56% | -90.57% | 69.18% | 42.44% | 5.39% | 252.39% | -323.5% | -72.6% | -11.91% | -20.22% | 63.61% | 5019.46% | -97.04% | -32.6% | 78.51% | - |
| FCF per Share | 8195.90 | 7890.71 | 15830.28 | 2806.93 | 12983.91 | 7112.61 | 1022.57 | 10838.63 | 6406.58 | 4497.63 | 4267.58 | -2800.50 | 1252.67 | 4573.33 | 5191.45 | 6584.10 | 4040.45 | 78.92 | 2669.86 | 5222.15 | 5289.49 |
| FCF Conversion (FCF/Net Income) | 1.93x | 3.01x | 3.09x | 0.68x | 1.15x | 1.36x | 4.27x | 1.91x | 1.97x | 2.10x | 5.05x | -1.47x | 3.50x | 1.31x | 1.39x | 1.55x | 1.82x | 1.74x | 1.08x | 1.76x | 1.87x |
| Interest Paid | 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 |
Sovereign fiscal policy dependency
As reported in financial statements, Ecopetrol consistently exhibits an OCF/NI ratio significantly above 1.0, peaking at 5.02 in 2024Q2, which suggests that reported net income is a poor proxy for the actual cash-generating capacity of the underlying integrated energy and infrastructure business model.
The persistent divergence between net income and operating cash flow indicates that non-cash charges and working capital adjustments are heavily influencing the bottom line. Investors should monitor whether this gap reflects genuine operational efficiency or the accumulation of non-cash receivables, such as the FEPC fund, which may not convert to liquidity in a timely manner.
Based on Ecopetrol's reported figures, free cash flow has demonstrated extreme volatility, swinging from a high of 14.7T COP in 2024Q2 to 2.6T COP in 2025Q1, highlighting the company's vulnerability to commodity price cycles and the unpredictable timing of government-related cash inflows.
The erratic FCF trajectory complicates long-term capital planning and dividend sustainability. The inability to maintain a consistent FCF margin suggests that the company's cash flow profile is currently more reflective of external macroeconomic shocks than internal operational optimization.
According to recent SEC filings, Ecopetrol's capital expenditure remains elevated, with CapEx/Revenue ratios reaching as high as 22.3% in 2025Q4, indicating a heavy reliance on reinvestment to maintain aging production fields and support the integration of newly acquired infrastructure assets like ISA.
This high level of capital intensity suggests that a significant portion of operating cash flow is being consumed by maintenance and growth projects, leaving limited room for balance sheet deleveraging. The persistent need for high CapEx in a contracting revenue environment warrants further investigation into the return on invested capital for these projects.
Data from the cash flow statement indicates that working capital changes are a primary source of volatility, with a significant 7.9T COP inflow in 2024Q2 followed by a 4.1T COP outflow in 2025Q2, largely driven by the timing of government fuel price stabilization payments.
The reliance on the FEPC receivable effectively turns the company's working capital cycle into a proxy for the Colombian government's fiscal health. Investors should be wary of this dependency, as any delay in government settlement could lead to sudden liquidity crunches despite seemingly healthy headline operating cash flows.
As reported in financial statements, Ecopetrol continues to prioritize dividend payments, such as the 9.4T COP outflow in 2025Q2, even during periods of declining revenue and high capital intensity, which suggests that shareholder returns are dictated more by sovereign fiscal needs than internal cash availability.
This rigid dividend policy appears to limit the company's ability to retain cash for strategic pivots or debt reduction during downturns. The combination of high dividend payouts and heavy capital expenditure requirements may leave the company vulnerable if commodity prices remain depressed for an extended period.
Quick answers to the most common questions about buying EC stock.
Ecopetrol S.A. (EC) generated $25.30T in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ecopetrol S.A. (EC) generated $16.19T 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.
Ecopetrol S.A. (EC) spent $20.43T 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, Ecopetrol S.A. (EC) returned $10.91T to shareholders via cash dividends and spent $16.76B on share repurchases. This shows the company's commitment to returning capital to its equity investors.