NYSE · Financial Statements

Ecopetrol S.A. (EC) Financial Statements

$15.58 NYSE: EC Market Cap $32.03B

Ecopetrol S.A. most recently reported annual revenue of $111.48T, net profit of $8.40T. Revenue grew at an average annual rate of 17.3% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Ecopetrol S.A.: Revenue rose from $48.49T in 2016 to $111.48T in 2025, a change of +129.9% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 18.4% to 22.3%, a shift of +3.9 percentage points; the most recent year shows net profit of $8.40T.

Income Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$48.49T	$55.95T	$68.60T	$71.49T	$50.22T	$91.88T	$159.61T	$143.19T	$133.33T	$111.48T
Operating Expenses	$39.58T	$39.78T	$46.15T	$50.46T	$43.04T	$62.18T	$99.38T	$101.43T	$94.87T	$86.65T
Operating Profit	$8.90T	$16.17T	$22.46T	$21.03T	$7.18T	$29.70T	$60.23T	$41.76T	$38.46T	$24.83T
Operating Margin	18.4%	28.9%	32.7%	29.4%	14.3%	32.3%	37.7%	29.2%	28.9%	22.3%
Other Income	$-1.11T	$-2.40T	$-1.84T	$-1.30T	$-2.41T	$-3.27T	$-6.07T	$-4.86T	$-7.76T	$-7.28T
Interest	$2.79T	$2.45T	$2.72T	$1.91T	$2.40T	$3.65T	$6.59T	$7.58T	$8.48T	$7.94T
Depreciation	$7.61T	$8.28T	$7.70T	$8.58T	$9.32T	$10.16T	$12.13T	$13.81T	$15.20T	$14.46T
Profit Before Tax	$7.79T	$13.77T	$20.61T	$19.72T	$4.78T	$26.43T	$54.16T	$36.90T	$30.71T	$17.55T
Tax	$58.3M	$42.1M	$40.1M	$23.9M	$42.7M	$33.3M	$35.0M	$31.2M	$39.8M	$31.4M
Net Profit	$2.45T	$7.18T	$11.38T	$13.74T	$1.59T	$15.65T	$31.60T	$21.06T	$13.84T	$8.40T
EPS	$761.25	$3220.10	$5744.63	$7067.20	$821.08	$8120.79	$16249.00	$9272.15	$6732.00	$4075.40
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Jun '23	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26
Revenue	$34.30T	$35.13T	$34.80T	$31.30T	$32.63T	$34.61T	$34.79T	$31.36T	$29.67T	$29.84T	$28.47T	$28.41T
Operating Expenses	$23.80T	$23.31T	$29.18T	$21.50T	$23.09T	$25.30T	$24.97T	$22.98T	$24.03T	$22.50T	$23.23T	$19.91T
Operating Profit	$10.50T	$11.82T	$5.62T	$9.80T	$9.54T	$9.31T	$9.82T	$8.38T	$5.64T	$7.33T	$5.24T	$8.50T
Operating Margin	30.6%	33.6%	16.1%	31.3%	29.2%	26.9%	28.2%	26.7%	19.0%	24.6%	18.4%	29.9%
Interest	$2.27T	$1.91T	$2.04T	$2.02T	$2.02T	$1.99T	$2.20T	$2.33T	$2.24T	$0	$1.95T	$2.71T
Profit Before Tax	$8.61T	$11.29T	$4.33T	$8.00T	$7.63T	$7.37T	$7.71T	$6.17T	$3.74T	$5.48T	$3.40T	$6.03T
Tax	$38.8M	$47.0M	$900,000	$36.5M	$42.4M	$30.7M	$49.2M	$31.4M	$34.4M	$31.2M	$28.6M	$37.1M
Net Profit	$4.09T	$5.09T	$3.42T	$4.01T	$3.38T	$3.65T	$2.80T	$3.13T	$1.81T	$2.56T	$1.49T	$2.87T
EPS	$1988.00	$2473.93	$2056.59	$1951.52	$1642.16	$1774.95	$1896.07	$1521.04	$881.00	$1246.80	$717.00	$1393.40

Over the 10 years reported for Ecopetrol S.A., borrowings increased from $52.22T in 2016 to $109.08T in 2025, cash stood at $10.68T in the latest year, shareholders' equity was $25.01T, current assets covered current liabilities 1.55 times.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$118.96T	$117.85T	$126.24T	$133.89T	$137.69T	$242.43T	$306.37T	$282.28T	$301.35T	$283.83T
Current Assets	$24.13T	$23.22T	$27.03T	$23.36T	$22.83T	$51.70T	$77.28T	$68.62T	$60.64T	$53.39T
Cash	$8.41T	$7.95T	$6.31T	$7.08T	$5.08T	$14.55T	$15.40T	$12.34T	$14.05T	$10.68T
Inventory	$3.84T	$4.60T	$5.10T	$5.66T	$5.05T	$8.40T	$11.88T	$10.20T	$10.03T	$8.60T
Receivables	$3.91T	$5.89T	$7.92T	$5.11T	$4.40T	$17.38T	$38.01T	$31.88T	$19.26T	$29.36T
Fixed Assets	$84.67T	$82.71T	$85.85T	$93.74T	$98.82T	$126.48T	$143.95T	$141.23T	$156.10T	$106.98T
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$8.29T	$7.86T	$9.99T	$8.22T	$6.25T	$11.29T	$12.22T	$10.65T	$13.89T	$46.42T
Other Assets	$1.16T	$1.16T	$919.4B	$1.16T	$1.59T	$4.69T	$5.11T	$4.61T	$4.91T	$4.59T
Total Liabilities	$75.40T	$69.63T	$66.94T	$75.66T	$84.19T	$151.84T	$187.28T	$179.18T	$191.37T	$174.70T
Current Liabilities	$16.39T	$16.85T	$17.82T	$21.74T	$18.28T	$30.25T	$56.78T	$43.56T	$39.64T	$34.48T
Borrowings	$52.22T	$43.55T	$38.06T	$38.24T	$46.73T	$95.06T	$115.13T	$105.82T	$119.97T	$109.08T
Other Liabilities	$23.18T	$26.08T	$28.87T	$37.42T	$37.46T	$56.78T	$72.15T	$73.37T	$71.40T	$65.62T
Equity	$25.04T	$25.04T	$25.04T	$25.04T	$25.04T	$25.04T	$25.04T	$25.04T	$25.04T	$25.01T
Reserves	$42.03T	$46.43T	$57.21T	$54.41T	$49.90T	$68.49T	$91.03T	$78.39T	$83.70T	$83.67T

For Ecopetrol S.A., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $16.19T; free cash flow was positive in 10 of 10 years; financing activities used $613.8B in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$12.36T	$15.09T	$22.40T	$26.24T	$6.77T	$21.22T	$36.28T	$14.42T	$42.83T	$25.30T
Investing Cash Flow	$-13.64T	$-10.95T	$-19.33T	$-14.51T	$-13.01T	$-29.24T	$-32.04T	$-29.37T	$-36.30T	$-27.67T
Financing Cash Flow	$0	$-9.09T	$-10.24T	$0	$-325.3B	$-362.4B	$-567.9B	$-535.2B	$-640.6B	$-613.8B
Net Cash Flow	$2.22T	$-345.5B	$-2.35T	$619.7B	$-2.30T	$8.45T	$-1.86T	$32.5B	$25.7B	$-1.36T
Free Cash Flow	$8.77T	$9.25T	$13.17T	$22.28T	$2.10T	$14.62T	$26.69T	$5.77T	$32.54T	$16.19T

Valuation & Return Ratios

Metric	Value
PEG Ratio	-0.31
EV / EBITDA	4.85
FCF Yield	16.20%
Quick Ratio	1.03
Interest Coverage	3.87
Return 1Y	101.79%
Return 3Y	106.50%
Return 5Y	117.73%

Ecopetrol S.A. (EC) financials — frequently asked questions

What is Ecopetrol S.A.'s annual revenue?

Ecopetrol S.A. (EC) reported annual revenue of $111.48T in its most recent fiscal year.

What is Ecopetrol S.A.'s net profit?

Ecopetrol S.A. (EC) reported net profit of $8.40T in its most recent fiscal year.

What is EC EV/EBITDA?

Ecopetrol S.A.'s enterprise value to EBITDA (EV/EBITDA) ratio is 4.85.

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