Revenue growth remains in a contractionary phase, with the most recent quarter showing a 9.4% year-over-year decline to 28.4T COP, while operating margins have compressed to 18.4% as of 2025Q4.
| 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 |
|---|
| Sales/Revenue | 116.38T | 111.48T | 133.33T | 143.19T | 159.61T | 91.88T | 50.22T | 71.49T | 68.6T | 55.95T | 48.49T | 52.35T | 65.97T | 70.43T | 68.85T | 65.97T | 42.09T | 30.4T | 33.9T | 22.14T | 18.39T |
| Revenue Growth % | -12.75% | -16.39% | -6.89% | -10.29% | 73.71% | 82.95% | -29.75% | 4.2% | 22.61% | 15.4% | -7.38% | -20.65% | -6.33% | 2.29% | 4.37% | 56.73% | 38.43% | -10.3% | 53.07% | 20.41% | - |
| Cost of Goods Sold | 78.48T | 76.43T | 86.48T | 88.18T | 89.46T | 55.58T | 37.57T | 44.97T | 41.18T | 36.91T | 34.25T | 36.99T | 42.98T | 42.55T | 40.54T | 36.7T | 25.96T | 19.91T | 19.08T | 11.96T | 12.76T |
| COGS % of Revenue | - | 68.56% | 64.86% | 61.58% | 56.05% | 60.49% | 74.8% | 62.91% | 60.03% | 65.96% | 70.64% | 70.67% | 65.14% | 60.42% | 58.87% | 55.64% | 61.68% | 65.47% | 56.3% | 53.99% | 69.37% |
| Gross Profit | 37.91T | 35.05T | 46.85T | 55.01T | 70.15T | 36.3T | 12.66T | 26.52T | 27.42T | 19.05T | 14.23T | 15.35T | 23T | 27.87T | 28.32T | 29.26T | 16.13T | 10.5T | 14.81T | 10.19T | 5.63T |
| Gross Margin % | 32.57% | 31.44% | 35.14% | 38.42% | 43.95% | 39.51% | 25.2% | 37.09% | 39.97% | 34.04% | 29.36% | 29.33% | 34.86% | 39.58% | 41.13% | 44.36% | 38.32% | 34.53% | 43.7% | 46.01% | 30.63% |
| Gross Profit Growth % | - | -25.18% | -14.84% | -21.58% | 93.26% | 186.82% | -52.27% | -3.29% | 43.97% | 33.8% | -7.29% | -33.24% | -17.5% | -1.56% | -3.23% | 81.43% | 53.64% | -29.12% | 45.4% | 80.84% | - |
| Operating Expenses | 11.2T | 10.23T | 8.39T | 13.25T | 9.92T | 6.6T | 5.47T | 5.49T | 4.96T | 2.87T | 5.33T | 13.22T | 8.55T | 6.04T | 4.97T | 4.22T | 3.38T | 2.62T | 2.15T | 1.33T | 997.57B |
| OpEx % of Revenue | - | 9.17% | 6.29% | 9.26% | 6.22% | 7.19% | 10.9% | 7.68% | 7.23% | 5.14% | 10.99% | 25.26% | 12.96% | 8.58% | 7.22% | 6.4% | 8.03% | 8.63% | 6.36% | 6.01% | 5.42% |
| Selling, General & Admin | 10.73T | 10.23T | 6.72T | 6.48T | 5.39T | 3.9T | 4.05T | 2.86T | 2.36T | 2.13T | 2.06T | 2.07T | 2.38T | 2.59T | 2.61T | 2.13T | 3.76T | 529.58B | 2.15T | 1.33T | 997.57B |
| SG&A % of Revenue | - | 9.17% | 5.04% | 4.53% | 3.38% | 4.25% | 8.06% | 4% | 3.44% | 3.81% | 4.25% | 3.96% | 3.61% | 3.67% | 3.79% | 3.23% | 8.93% | 1.74% | 6.36% | 6.01% | 5.42% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 1.66T | 6.77T | 4.53T | 2.7T | 1.42T | 2.63T | 2.6T | 743.68B | 3.27T | 11.15T | 6.16T | 3.45T | 2.36T | 2.09T | -377.63B | 2.1T | 0 | 0 | 0 |
| Operating Income | 26.71T | 24.83T | 38.46T | 41.76T | 60.23T | 29.7T | 7.18T | 21.03T | 22.46T | 16.17T | 8.9T | 2.13T | 14.45T | 21.83T | 23.34T | 25.04T | 12.75T | 7.87T | 12.66T | 8.86T | 4.64T |
| Operating Margin % | 22.95% | 22.27% | 28.85% | 29.16% | 37.74% | 32.32% | 14.3% | 29.41% | 32.74% | 28.9% | 18.37% | 4.07% | 21.9% | 31% | 33.9% | 37.96% | 30.29% | 25.9% | 37.34% | 39.99% | 25.21% |
| Operating Income Growth % | - | -35.45% | -7.89% | -30.67% | 102.81% | 313.52% | -65.85% | -6.37% | 38.87% | 81.61% | 317.83% | -85.25% | -33.83% | -6.46% | -6.79% | 96.46% | 61.91% | -37.8% | 42.92% | 91.03% | - |
| EBITDA | 42.24T | 39.29T | 53.66T | 55.57T | 72.36T | 39.86T | 16.51T | 29.61T | 30.16T | 24.45T | 16.51T | 8.9T | 20.87T | 27.35T | 28.81T | 29.61T | 16.56T | 9.29T | 15.12T | 8.86T | 4.64T |
| EBITDA Margin % | 36.3% | 35.24% | 40.25% | 38.81% | 45.33% | 43.38% | 32.87% | 41.42% | 43.97% | 43.7% | 34.05% | 17% | 31.63% | 38.84% | 41.85% | 44.88% | 39.36% | 30.55% | 44.61% | 39.99% | 25.21% |
| EBITDA Growth % | -1.4% | -26.79% | -3.44% | -23.2% | 81.54% | 141.47% | -44.25% | -1.83% | 23.35% | 48.1% | 85.49% | -57.34% | -23.71% | -5.06% | -2.68% | 78.73% | 78.34% | -38.57% | 70.73% | 91.03% | - |
| D&A (Non-Cash Add-back) | 15.54T | 14.46T | 15.2T | 13.81T | 12.13T | 10.16T | 9.32T | 8.58T | 7.7T | 8.28T | 7.61T | 6.77T | 6.42T | 5.52T | 5.47T | 4.56T | 3.82T | 1.41T | 2.46T | 0 | 0 |
| EBIT | 26.71T | 24.83T | 40.55T | 46.02T | 61.68T | 30.56T | 8.03T | 22.38T | 23.68T | 16.91T | 11.14T | -3.18T | 12.51T | 22.47T | 22.91T | 24.06T | 11.64T | 7.39T | 16.03T | 8.86T | 4.64T |
| Net Interest Income | -6.9T | -7.94T | -6.64T | -5.53T | -5.34T | -3.25T | -2.12T | -1.44T | -2.3T | -2.04T | -2.41T | -2.48T | -1.25T | -209.81B | -197.69B | -292.22B | 20.28B | -131.69B | 704.15B | 154.11B | 683.44B |
| Interest Income | 0 | 0 | 1.84T | 2.05T | 1.25T | 404.2B | 277.72B | 474.83B | 423.89B | 409.27B | 379.9B | 338.54B | 309.29B | 448.8B | 383.58B | 201.69B | 171.08B | 0 | 724.73B | 155.21B | 683.44B |
| Interest Expense | 6.9T | 7.94T | 8.48T | 7.58T | 6.59T | 3.65T | 2.4T | 1.91T | 2.72T | 2.45T | 2.79T | 2.82T | 1.56T | 658.61B | 581.27B | 493.9B | 150.79B | 131.69B | 20.57B | 1.1B | 0 |
| Other Income/Expense | -8.05T | -7.28T | -7.76T | -4.86T | -6.07T | -3.27T | -2.41T | -1.3T | -1.84T | -2.4T | -1.11T | -7.71T | -3.34T | 47.48B | -1.01T | -1.4T | -1.25T | -622.5B | 3.35T | -1.85T | 255.31B |
| Pretax Income | 18.65T | 17.55T | 30.71T | 36.9T | 54.16T | 26.43T | 4.78T | 19.72T | 20.61T | 13.77T | 7.79T | -5.58T | 11.1T | 21.88T | 22.33T | 23.64T | 11.49T | 7.25T | 16.01T | 7T | 4.89T |
| Pretax Margin % | 16.03% | 15.74% | 23.03% | 25.77% | 33.93% | 28.76% | 9.51% | 27.59% | 30.05% | 24.61% | 16.07% | -10.66% | 16.83% | 31.07% | 32.43% | 35.84% | 27.3% | 23.85% | 47.24% | 31.63% | 26.6% |
| Income Tax | 6.21T | 5.51T | 12.21T | 11.52T | 18.96T | 8.8T | 2.04T | 4.72T | 8.26T | 5.8T | 4.54T | 710.35B | 5.43T | 8.09T | 7.13T | 7.96T | 3.24T | 2.11T | 4.38T | 1.87T | 1.5T |
| Effective Tax Rate % | 33.27% | 31.42% | 39.76% | 31.21% | 35.01% | 33.28% | 42.68% | 23.92% | 40.06% | 42.12% | 58.32% | -12.73% | 48.94% | 36.97% | 31.94% | 33.65% | 28.18% | 29.16% | 27.37% | 26.68% | 30.66% |
| Net Income | 8.73T | 8.4T | 13.84T | 21.06T | 31.6T | 15.65T | 1.59T | 13.74T | 11.38T | 7.18T | 2.45T | -7.19T | 5.05T | 13.11T | 14.78T | 15.45T | 8.15T | 5.13T | 11.63T | 5.14T | 3.39T |
| Net Margin % | 7.5% | 7.53% | 10.38% | 14.71% | 19.8% | 17.03% | 3.16% | 19.23% | 16.59% | 12.83% | 5.05% | -13.74% | 7.65% | 18.61% | 21.46% | 23.42% | 19.36% | 16.88% | 34.31% | 23.19% | 18.44% |
| Net Income Growth % | -32.62% | -39.34% | -34.28% | -33.36% | 101.96% | 886.28% | -88.46% | 20.76% | 58.55% | 193.26% | 134.03% | -242.55% | -61.5% | -11.32% | -4.36% | 89.68% | 58.74% | -55.87% | 126.45% | 51.43% | - |
| Net Income (Continuing) | 12.45T | 12.03T | 18.5T | 25.38T | 35.2T | 17.63T | 2.74T | 15.01T | 12.36T | 7.97T | 3.25T | -6.29T | 5.67T | 13.79T | 15.2T | 15.69T | 8.25T | 5.14T | 11.63T | 5.14T | 3.39T |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 25.11T | 25.46T | 26.28T | 24.71T | 28.05T | 22.09T | 3.6T | 3.82T | 2.09T | 1.78T | 1.53T | 1.88T | 1.51T | 4.57T | 2.6T | 2.25T | 485.95B | 941.31B | 242.95B | 0 | 0 |
| EPS (Diluted) | 4246.51 | 4075.40 | 6732.00 | 9272.15 | 16249.00 | 8120.79 | 821.08 | 7067.20 | 5744.63 | 3220.10 | 761.25 | -1939.71 | 3653.15 | 6375.27 | 7188.78 | 7516.33 | 4025.68 | 2536.07 | 5747.00 | 3343.86 | 3994.55 |
| EPS Growth % | -37.99% | -39.46% | -27.4% | -42.94% | 100.09% | 889.04% | -88.38% | 23.02% | 78.4% | 323% | 139.25% | -153.1% | -42.7% | -11.32% | -4.36% | 86.71% | 58.74% | -55.87% | 71.87% | -16.29% | - |
| EPS (Basic) | - | 4075.40 | 6732.00 | 9272.15 | 16249.00 | 8120.79 | 821.08 | 7067.20 | 5744.63 | 3220.10 | 761.25 | -1939.71 | 3653.15 | 6375.27 | 7188.78 | 7516.33 | 4025.68 | 2536.07 | 5747.00 | 3343.86 | 3994.55 |
| Diluted Shares Outstanding | 2.06B | 2.05B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.03B | 2.02B | 2.02B | 2.02B | 1.54B | 849M |
| Basic Shares Outstanding | 2.06B | 2.05B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.06B | 2.03B | 2.02B | 2.02B | 2.02B | 1.54B | 849M |
| Dividend Payout Ratio | - | 129.99% | 121.46% | 24.48% | 46.21% | 19.1% | 510.88% | 99.46% | 42.99% | 21.15% | 68.84% | - | 267.73% | 108.16% | 56.72% | 39.86% | 48.08% | 164.59% | 42.49% | - | 58.97% |
Sovereign fiscal policy dependency
As reported in recent financial statements, Ecopetrol’s revenue has experienced a sustained downward trajectory, with the most recent quarter showing a 9.4% year-over-year decline to 28.4T COP, reflecting the broader challenges of maintaining production volumes amidst a restrictive regulatory environment for new hydrocarbon exploration contracts.
The consistent revenue erosion suggests that the company is struggling to offset natural field depletion with new discoveries. Investors should monitor whether this trend is primarily a function of lower realized commodity prices or a structural inability to replace reserves, which would imply long-term production capacity constraints.
Based on Ecopetrol’s reported figures, gross margins have fluctuated significantly, reaching 38.8% in 2026Q1 compared to a low of 28.7% in 2025Q2, indicating that the company’s profitability remains highly sensitive to the interplay between lifting costs and volatile global Brent crude pricing benchmarks.
The lack of margin stability suggests that Ecopetrol lacks the pricing power to fully pass through cost increases to domestic consumers, particularly given the influence of the Fuel Price Stabilization Fund. This volatility warrants investigation into whether the company can maintain operational efficiency if commodity prices remain depressed for an extended period.
According to recent SEC filings, Ecopetrol’s operating income has failed to scale proportionally with gross profit, as evidenced by the 2025Q4 operating margin compression to 18.4%, suggesting that fixed overhead costs are becoming increasingly difficult to absorb during periods of declining top-line revenue performance.
The inability to maintain operating margins during revenue downturns implies a rigid cost structure that may be ill-suited for a volatile energy market. Analysts should consider whether the integration of ISA’s utility-style cost base is providing the intended diversification or merely adding complexity to the company’s overall operating efficiency.
Data from the income statement indicates that net income has been highly erratic, dropping from 4.0T COP in 2024Q1 to 2.9T COP in 2026Q1, which suggests that reported earnings may be heavily influenced by non-operating items and the timing of government-related receivables rather than core operational success.
Short-sellers would likely focus on the reliance on the FEPC receivable, which effectively masks the true cash-generating capability of the underlying assets. This reliance on government-backed receivables creates a significant credit risk that could lead to sudden earnings volatility if the fiscal relationship between the company and the state shifts.
Quick answers to the most common questions about buying EC stock.
For fiscal year 2025, Ecopetrol S.A. (EC) reported total revenue of $111.48T. This represents a 506.2% increase compared to $18.39T in 2006.
Ecopetrol S.A. (EC) is profitable, generating $8.40T in net income for the fiscal year ending 2025 with a net profit margin of 7.5%.
Ecopetrol S.A. (EC) reported an operating income of $24.83T, resulting in an operating profit margin of 22.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Ecopetrol S.A. (EC) generated $35.05T in gross profit for the year, representing a gross profit margin of 31.4%. This demonstrates the company's core pricing power and production efficiency.