Ecopetrol (EC) Cash Flow: Operating & Free Cash Flow

Ecopetrol (EC) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Ecopetrol generated COP 25.30T of operating cash flow and spent COP 9.10T on capital expenditures. That left free cash flow of COP 16.19T, down 33.1% from COP 24.20T a year earlier, or 14.5% of revenue. It returned COP 10.93T to shareholders through COP 10.91T in dividends and COP 16.76B in share buybacks.

Ecopetrol Cash Flow Statement Analysis

Values in trillions COP

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Ecopetrol S.A. (EC) - Annual data in trillions COP
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	8.40	18.50	17.64	36.53	17.63	1.59	13.06	12.77	6.68
Depreciation & Amortization	14.46	15.20	13.22	13.63	10.16	9.99	9.01	9.70	9.63
Deferred Income Tax	0.00	12.21	0.55	18.96	8.80	-0.75	-2.45	-0.17	0.31
Change in Working Capital	-1.37	2.66	-26.51	-30.55	-13.39	-2.78	0.77	-3.35	-2.68
Change in Accounts Receivable	0.00	9.05	-20.51	-31.13	-9.46	0.68	2.35	-2.15	-2.21
Change in Inventory	0.00	0.53	0.75	-2.83	-2.98	0.72	-0.59	-0.50	-0.33
Change in Accounts Payable	0.00	-1.28	0.47	3.69	3.12	-2.55	1.37	1.50	0.02
Change in Other Working Capital	-1.37	-13.87	-7.22	7.52	4.14	-0.37	-2.36	-2.20	-0.17
Other Operating Activities	3.81	18.99	9.52	7.52	4.14	1.21	5.85	3.46	1.15
Net Cash from Operating Activities	25.30	45.13	14.42	36.23	22.54	9.19	26.24	22.40	15.09
Investing Activities
Capital Expenditures	-9.10	-20.93	-8.65	-21.88	-13.29	-11.03	-3.96	-9.23	-5.84
Acquisitions	-0.34	-0.16	0.00	-0.33	-9.00	0.02	0.15	0.19	0.43
Purchases of Investments	-0.01	-2.48	0.00	-0.36	1.24	2.11	0.00	-0.93	-0.14
Sales/Maturities of Investments	2.11	-2.46	0.90	1.30	1.28	-0.09	3.07	0.00	0.63
Other Investing Activities	0.11	2.05	0.67	0.41	0.47	0.48	0.00	0.00	0.00
Net Cash from Investing Activities	-18.56	-22.03	-20.71	-18.10	-20.52	-8.53	-10.55	-10.09	-5.11
Financing Activities
Debt Repayment	2.99	-26.16	11.45	-16.84	-11.60	8.17	-1.52	0.57	0.45
Common Stock Repurchased	-0.02	-0.03	-0.04	-0.09	0.00	0.00	0.00	-10.24	-9.09
Dividends Paid	-10.91	-15.57	-5.15	-13.36	-2.77	-7.37	-13.67	-4.89	-1.52
Other Financing Activities	-0.60	-10.40	-0.49	-0.08	-5.41	-3.71	0.00	0.00	0.00
Net Cash from Financing Activities	-8.54	-22.69	5.76	-18.93	6.96	-2.63	-15.19	-14.56	-10.16
Summary
Effect of Forex Changes on Cash	0.45	1.31	0.56	1.65	0.49	-0.47	0.12	-0.10	-0.17
Net Change in Cash	-1.36	1.72	0.03	0.85	8.98	-1.99	0.62	-2.35	-0.35
Cash at Beginning of Period	12.04	12.34	12.71	14.55	5.08	7.40	6.36	8.77	8.35
Cash at End of Period	10.68	14.05	12.74	15.40	14.55	5.10	6.98	6.42	8.00
Free Cash Flow	16.19	24.20	5.77	14.36	9.24	-1.84	22.28	13.17	9.25
Supplemental Disclosures
Interest Paid	-	7.53	6.58	5.49	3.33	2.35	-	-	-
Income Taxes Paid	-	10.22	12.83	8.76	5.70	5.46	-	-	-

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

Frequently Asked Questions About Ecopetrol Cash Flow

What is Ecopetrol's free cash flow?

Ecopetrol generated free cash flow of COP 16.19T in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of COP 25.30T minus COP 9.10T of capital expenditures. That was down 33.1% from COP 24.20T a year earlier. Free cash flow equaled 14.5% of revenue.

How much does Ecopetrol spend on capital expenditures?

Ecopetrol spent COP 9.10T on capital expenditures in fiscal 2025, compared with COP 20.93T a year earlier. That equals 36.0% of operating cash flow.

Does Ecopetrol pay dividends or buy back shares?

Yes. In fiscal 2025 Ecopetrol returned COP 10.91T in dividends and COP 16.76B 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