Ecopetrol S.A. (EC) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 5.24T | 6.64T | 8.88T | 8.49T | 4.16T | 8.28T | 11.08T | 16.96T | 4.53T | 8.63T | 3.01T | 1.69T | 1.37T | 10.14T | 16.52T | 5.37T | 2.91T | 10.73T | 4.67T | 2.73T |
| Operating CF Margin % | 18.44% | 23.33% | 29.75% | 28.6% | 13.25% | 23.79% | 32.01% | 51.97% | 14.47% | 24.8% | 8.58% | 4.93% | 3.53% | 25.54% | 38.04% | 12.24% | 8.95% | 33.64% | 20.01% | 14.03% |
| Operating CF Growth % | 26.02% | -19.78% | -19.85% | -49.95% | -8.25% | -4.11% | 267.59% | 902.78% | 230.65% | -14.89% | -81.76% | -68.53% | -52.87% | -5.49% | 253.81% | 97% | 13.66% | 150.99% | 46.75% | 200.22% |
| Net Income | 2.87T | 1.49T | 2.56T | 1.76T | 3.08T | 3.94T | 3.72T | 3.56T | 3.95T | 4.15T | 5.14T | 3.85T | 5.51T | 6.65T | 9.84T | 11.05T | 6.29T | 5.24T | 3.77T | 3.78T |
| Depreciation & Amortization | 3.53T | 3.44T | 4.07T | 4.37T | 3.83T | 4.12T | 4.25T | 3.92T | 3.52T | 3.8T | 3.7T | 3.17T | 3.08T | 2.95T | 3.29T | 3.1T | 2.67T | 2.97T | 2.73T | 2.5T |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 1.71T | 0 | 0 | 2.13T | 365.45B | -197.42B | 0 | -1.68T | 1.65T | 646.59B | 0 | 200.97B | 0 | 0 | 0 | -632.35B | 671.45B | 94.14B |
| Other Non-Cash Items | 1.31T | 1.27T | 1.73T | 6.5T | -967.39B | -1.24T | 1.7T | 1.73T | 2.28T | 1.88T | 1.6T | 307.46B | 6.69T | 4.31T | 6.71T | 4.9T | 3.69T | 4.74T | 1.18T | -124.18B |
| Working Capital Changes | -2.47T | 433.74B | -1.2T | -4.14T | -1.79T | -673.16B | 1.04T | 7.94T | -5.22T | 483.51B | -9.08T | -6.29T | -13.92T | -3.96T | -3.32T | -13.68T | -9.75T | -1.59T | -3.69T | -3.52T |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -551.96B | 2.1T | 0 | 0 | -1.96T | -4.74T | 0 | 0 | 0 | 0 | -9.81T | -7.38T | -1.98T | -3.01T | -2.71T |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 1.07T | 323.96B | 0 | 0 | 826.84B | -1.06T | 0 | 0 | 0 | 0 | -978.13B | -2.61T | 777.01B | -1.73T | -720.22B |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 1.82T | -345.75B | 0 | 0 | 512.01B | 843.74B | 0 | 0 | 0 | 0 | -1.74T | 1.12T | 1.05T | 1.49T | 792.88B |
| Cash from Investing | -3.28T | -3.56T | -3.13T | -6.29T | -5.71T | -7.02T | -7.97T | -5.47T | -4.35T | -6.91T | -5.62T | -4.74T | -4.28T | -7.89T | -6.55T | -4.13T | -2.81T | -4.62T | -13.57T | -2.82T |
| Capital Expenditures | -4.18T | -6.35T | -4.96T | -4.85T | -3.9T | -7.15T | -5.27T | -4.95T | -4.21T | -6.89T | -6.12T | -5.23T | -5.02T | -8.7T | -5.81T | -4.96T | -3.21T | -5.05T | -3.47T | -2.78T |
| CapEx % of Revenue | 14.72% | 22.32% | 16.61% | 16.34% | 12.43% | 20.55% | 15.22% | 15.17% | 13.45% | 19.8% | 17.43% | 15.25% | 12.92% | 21.92% | 13.38% | 11.3% | 9.89% | 15.83% | 14.86% | 14.28% |
| Acquisitions | 0 | -279.62B | -64B | 1.11T | -1.09T | -1.17T | 44.09B | 0 | 0 | 0 | -26.79B | 27.3B | 0 | -464.98B | 452.84B | 0 | 0 | -99.75B | -9.47T | 2.31B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 902.08B | 42.1B | 1.89T | -1.15T | 73.88B | 210.58B | 93.97B | 52B | 18.71B | -10.51B | 698.46B | -7B | 7.79B | 414.03B | -93.88B | 32.75B | 47.86B | 1.62B | -487.93M | 0 |
| Cash from Financing | 254.05B | -2.03T | -5.19T | -5.81T | 1.63T | -1.61T | -2.8T | -13.8T | 2.39T | -77.02B | 3.41T | -221.3B | 3.13T | -241.4B | -6.63T | -6.3T | -611.61B | -1.55T | 14.11T | -1.72T |
| Debt Issued (Net) | 904.07B | -1.12T | -2.36T | 3.69T | 2.79T | -1.11T | 2.27B | -941.21B | 2.8T | 1.72T | 4.85T | 2.05T | 3.47T | 1.82T | -913.75B | -64.33B | -262.25B | 48.74B | 13.64T | 67.74B |
| Equity Issued (Net) | 0 | -16.7B | 0 | 0 | 0 | -10.03B | -5.68B | -16.32B | 0 | -19.42B | -11.67B | -10.92B | 0 | -77.8B | -7.56B | -7.51B | 0 | -11.3T | -141.72B | -702.97B |
| Dividends Paid | -498.18B | -698.46B | -329B | -9.36T | -1.01T | -349.36B | -2.66T | -12.69T | -266.87B | -1.63T | -1.3T | -2.13T | -221.08B | -1.86T | -5.6T | -6.11T | -262.25B | -1.48T | -243.12B | -1.01T |
| Share Repurchases | 0 | -16.7B | 0 | 0 | 0 | -10.03B | -5.68B | -16.32B | 0 | -19.42B | -11.67B | -10.92B | 0 | -77.8B | -7.56B | -7.51B | 0 | -11.3T | -141.72B | -702.97B |
| Other Financing | -151.84B | -193.33B | -2.5T | -138.53B | -144.81B | -145.42B | -140.09B | -149.86B | -139.84B | -146.03B | -121.12B | -128.06B | -121.74B | -120.66B | -110.88B | -123.31B | -87.1B | 11.18T | 850.52B | -80.89B |
| Net Change in Cash | 2.53T | 695.54B | 246B | -3.62T | 715.7B | -825.39B | 767.23B | -3.03T | 2.85T | 804.15B | 1.11T | -2.56T | 694.91B | 1.7T | 1.74T | -5.39T | 577.88B | 3.76T | 4.96T | -1.78T |
| Free Cash Flow | 3.36T | 3.31T | 3.81T | 6.37T | 2.56T | 4.47T | 8.88T | 14.69T | 2.94T | 5.54T | 518.59B | -111.46B | -218.16B | 6.51T | 14.23T | 3.36T | 1.73T | 8.36T | 2.98T | 1.3T |
| FCF Margin % | 11.83% | 11.62% | 12.75% | 21.49% | 8.18% | 12.83% | 25.66% | 45.01% | 9.39% | 15.93% | 1.48% | -0.33% | -0.56% | 16.39% | 32.76% | 7.65% | 5.34% | 26.21% | 12.79% | 6.67% |
| FCF Growth % | 31.04% | -25.91% | -57.15% | -56.59% | -12.77% | -19.46% | 1612.19% | 13276.48% | 1447.42% | -14.83% | -96.36% | -103.32% | -112.59% | -22.13% | 376.75% | 158.74% | 3.1% | 204.46% | 69.84% | 146.11% |
| FCF per Share | 1634.59 | 1628.20 | 1850.83 | 3100.86 | 1247.31 | 2171.88 | 4321.42 | 7143.18 | 1429.86 | 2696.58 | 252.25 | -54.22 | -106.12 | 3166.02 | 6921.65 | 1633.01 | 843.14 | 4065.95 | 1451.85 | 631.13 |
| FCF Conversion (FCF/Net Income) | 1.83x | 4.45x | 3.46x | 4.69x | 1.33x | 2.95x | 3.04x | 5.02x | 1.13x | 2.52x | 0.59x | 0.41x | 0.24x | 1.48x | 1.74x | 0.51x | 0.44x | 2.13x | 1.23x | 0.73x |
| Interest Paid | 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 |