Eni S.p.A. (E) Cash Flow: Operating & Free Cash Flow

Eni S.p.A. (E) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Eni S.p.A. generated EUR 13.33B of operating cash flow and spent EUR 9.23B on capital expenditures. That left free cash flow of EUR 4.10B, down 19.4% from EUR 5.09B a year earlier, or 5.0% of revenue. It returned EUR 4.98B to shareholders through EUR 3.08B in dividends and EUR 1.90B in share buybacks.

Eni S.p.A. Cash Flow Statement Analysis

Values in billions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Eni S.p.A. (E) - Annual data in billions EUR
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	2.76	2.49	4.77	13.96	5.82	-8.64	0.15	4.13	3.37
Depreciation & Amortization	7.35	7.86	7.82	7.21	7.06	6.95	8.58	7.24	7.75
Deferred Income Tax	3.02	-0.99	0.00	8.09	4.85	0.85	0.36	0.60	-0.55
Change in Working Capital	2.74	1.18	1.81	-1.28	-3.15	-0.02	0.37	1.63	1.48
Change in Accounts Receivable	3.21	1.15	3.32	-1.04	-7.89	1.32	1.02	0.33	0.66
Change in Inventory	0.92	0.07	1.79	-2.53	-2.03	1.05	-0.20	0.02	-0.35
Change in Accounts Payable	-0.84	0.11	-4.82	2.28	7.74	-1.61	-0.94	0.64	0.28
Change in Other Working Capital	0.30	-0.14	1.52	-7.64	0.53	-0.77	0.48	0.64	0.88
Other Operating Activities	0.30	2.55	0.72	5.21	0.53	5.68	2.94	0.05	-1.93
Net Cash from Operating Activities	13.33	13.09	15.12	17.46	12.86	4.82	12.39	13.65	10.12
Investing Activities
Capital Expenditures	-9.23	-8.00	-8.74	-7.70	-5.24	-4.41	-8.07	-8.78	-8.49
Acquisitions	-0.20	1.04	-0.78	-1.64	-1.90	-0.10	0.45	0.92	5.41
Purchases of Investments	-2.11	-0.80	-1.32	-2.03	-5.81	-0.28	-3.01	-0.56	-0.83
Sales/Maturities of Investments	0.23	0.53	0.05	1.58	0.30	0.02	0.06	0.26	0.71
Other Investing Activities	-0.87	-1.50	1.88	3.02	-4.40	0.42	-0.53	0.96	-0.37
Net Cash from Investing Activities	-9.30	-9.23	-9.38	-7.02	-12.02	-4.59	-11.41	-7.54	-3.77
Financing Activities
Debt Repayment	-9.31	0.35	0.26	-5.07	-3.83	3.12	-1.54	0.32	-1.71
Common Stock Repurchased	-1.90	-2.01	-1.80	-2.40	-0.40	0.00	-0.40	0.00	0.00
Dividends Paid	-3.08	-3.07	-3.05	-3.07	-2.36	-1.97	-3.02	-2.95	-2.88
Other Financing Activities	5.50	-1.24	-1.06	0.57	1.96	2.10	-0.88	0.00	0.00
Net Cash from Financing Activities	-3.60	-5.97	-5.65	-8.54	-2.04	3.25	-5.84	-2.64	-4.60
Summary
Effect of Forex Changes on Cash	-0.20	0.10	-0.05	0.02	0.05	-0.07	0.02	-0.20	-0.23
Net Change in Cash	0.24	-2.01	0.04	1.92	-1.20	3.42	-4.84	3.28	1.52
Cash at Beginning of Period	8.18	10.19	10.16	8.27	9.41	5.99	10.84	7.56	6.04
Cash at End of Period	8.42	8.18	10.19	10.18	8.27	9.41	5.99	10.84	7.56
Free Cash Flow	4.10	5.09	6.38	9.76	7.63	0.42	4.33	4.87	1.63
Supplemental Disclosures
Interest Paid	-	1.13	0.92	0.85	0.79	0.93	-	-	-
Income Taxes Paid	-	5.83	6.28	8.49	3.76	2.05	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Sep 30, 2026. Data sources and methodology

Frequently Asked Questions About Eni S.p.A. Cash Flow

What is Eni S.p.A.'s free cash flow?

Eni S.p.A. generated free cash flow of EUR 4.10B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of EUR 13.33B minus EUR 9.23B of capital expenditures. That was down 19.4% from EUR 5.09B a year earlier. Free cash flow equaled 5.0% of revenue.

How much does Eni S.p.A. spend on capital expenditures?

Eni S.p.A. spent EUR 9.23B on capital expenditures in fiscal 2025, compared with EUR 8.00B a year earlier. That equals 69.2% of operating cash flow.

Does Eni S.p.A. pay dividends or buy back shares?

Yes. In fiscal 2025 Eni S.p.A. returned EUR 3.08B in dividends and EUR 1.90B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition