EC financial statements

The full income statement, balance sheet, and cash-flow statement for Ecopetrol S.A. American Depositary Shares (EC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 2.06B2018-12 2.06B2019-12 2.06B2020-12 2.06B2021-12 2.06B2022-12 2.06B2023-12 2.06B2024-12 2.06B2025-12 2.06B+0.0% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	29.6B YoY-9.5%	32.7B YoY-1.4%	33.1B YoY-11.6%	37.5B YoY+52.8%	24.5B YoY+80.3%
	9.29B YoY-19.0%	11.5B YoY-9.8%	12.7B YoY-22.7%	16.5B YoY+70.0%	9.69B YoY+182.6%
Cost of revenue	20.3B YoY-4.4%	21.2B YoY+3.9%	20.4B YoY-2.8%	21.0B YoY+41.6%	14.8B YoY+45.8%
Operating income	6.59B YoY-30.1%	9.42B YoY-2.5%	9.66B YoY-31.7%	14.1B YoY+78.4%	7.92B YoY+307.5%
Interest expense	2.66B YoY+5.3%	2.53B YoY+5.2%	2.40B YoY+27.5%	1.88B YoY+59.3%	1.18B YoY+11.1%
Pre-tax income	4.66B YoY-38.1%	7.52B YoY-11.9%	8.54B YoY-32.8%	12.7B YoY+80.3%	7.05B YoY+445.2%
Income tax	1.09B YoY-63.5%	2.99B YoY+12.3%	2.66B YoY-40.1%	4.45B YoY+89.7%	2.35B YoY+325.1%
	3.57B YoY-21.3%	4.53B YoY-22.8%	5.87B YoY-28.9%	8.26B YoY+75.6%	4.70B YoY+534.5%
Net income to common	2.59B YoY-23.6%	3.39B YoY-30.4%	4.87B YoY-34.3%	7.42B YoY+77.6%	4.18B YoY+871.9%
	$1.26 YoY-23.6%	$1.65 YoY-30.4%	$2.37 YoY-34.3%	$3.61 YoY+77.7%	$2.03 YoY+871.8%
EPS (basic)	$1.26 YoY-23.6%	$1.65 YoY-30.4%	$2.37 YoY-34.3%	$3.61 YoY+77.7%	$2.03 YoY+871.8%
Dividends per share	$0.08 YoY+24.1%	$0.06 YoY+6.1%	$0.06 YoY-66.7%	$0.18 YoY+96.6%	$0.09 YoY-92.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	14.2B YoY+2.9%	13.8B YoY-22.1%	17.7B YoY+10.9%	15.9B YoY+25.5%	12.7B YoY+90.3%
Cash & equivalents	2.84B YoY-11.1%	3.19B YoY+0.4%	3.18B YoY+0.0%	3.18B YoY-11.1%	3.57B YoY+140.7%
Accounts receivable	3.95B YoY-14.9%	4.64B YoY-46.0%	8.58B YoY+6.1%	8.09B YoY+78.5%	4.53B YoY+221.9%
Inventory	2.28B YoY+0.3%	2.28B YoY-13.4%	2.63B YoY+7.3%	2.45B YoY+18.7%	2.06B YoY+39.7%
	74.8B YoY+10.5%	67.7B YoY-6.2%	72.2B YoY+15.6%	62.4B YoY+4.8%	59.6B YoY+48.0%
Property, plant & equipment	28.1B YoY+15.3%	24.4B YoY-0.5%	24.5B YoY+17.7%	20.8B YoY-5.9%	22.1B YoY+13.9%
Goodwill	1.28B YoY+9.7%	1.17B YoY-6.4%	1.25B YoY+13.1%	1.10B YoY-4.2%	1.15B YoY+147.1%
Total non-current assets	60.7B YoY+12.5%	53.9B YoY-1.0%	54.5B YoY+17.1%	46.5B YoY-0.7%	46.9B YoY+39.6%
	9.15B YoY+1.7%	9.00B YoY-19.8%	11.2B YoY-4.2%	11.7B YoY+57.6%	7.43B YoY+39.1%
Short-term & current debt	2.67B YoY+4.3%	2.56B YoY-36.0%	4.01B YoY-12.5%	4.58B YoY+102.4%	2.26B YoY+57.2%
	46.5B YoY+6.6%	43.7B YoY-5.8%	46.3B YoY+18.9%	39.0B YoY+4.4%	37.3B YoY+51.6%
Long-term debt	26.3B YoY+6.5%	24.7B YoY+6.1%	23.3B YoY+21.3%	19.2B YoY-9.1%	21.1B YoY+72.7%
	21.6B YoY+19.0%	18.1B YoY-7.0%	19.5B YoY+9.7%	17.8B YoY+5.6%	16.8B YoY+15.4%
Total equity incl. non-controlling	28.3B YoY+17.7%	24.0B YoY-6.9%	25.8B YoY+9.9%	23.5B YoY+5.6%	22.3B YoY+42.4%
	—	2.06B YoY+0.0%	2.06B YoY+0.0%	2.06B YoY+0.0%	2.06B YoY+0.0%
	2.06B YoY+0.0%	2.06B YoY+0.0%	2.06B YoY+0.0%	2.06B YoY+0.0%	2.06B YoY+0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash from operations	8.23B YoY-25.5%	11.1B YoY+141.4%	4.58B YoY-46.1%	8.51B YoY+41.4%	6.01B YoY+141.7%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	4.54B YoY-31.7%	6.65B YoY-15.5%	7.87B YoY+99.2%	3.95B YoY-39.9%	6.58B YoY+76.1%
Long-term debt repaid	3.75B YoY-41.5%	6.41B YoY+27.9%	5.01B YoY+30.1%	3.85B YoY+28.1%	3.01B YoY+121.9%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	160M YoY+24.1%	129M YoY+6.1%	122M YoY-66.7%	365M YoY+96.6%	186M YoY-92.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	20.6B YoY+26.5%	16.3B YoY-33.6%	24.5B YoY+13.8%	21.5B YoY-18.8%	26.5B YoY-0.2%
P/E	5.8× YoY+60.8%	3.6× YoY+21.1%	3.0× YoY-35.2%	4.6× YoY-18.8%	5.6× YoY-84.3%
P/S	0.7× YoY+39.9%	0.5× YoY-23.8%	0.7× YoY-25.5%	0.9× YoY-18.8%	1.1× YoY-44.6%
P/B	1.0× YoY+6.3%	0.9× YoY-34.9%	1.4× YoY+7.8%	1.3× YoY-18.8%	1.6× YoY-13.5%
	17.3% YoY-37.8%	27.8% YoY-17.4%	33.7% YoY+54.2%	21.9% YoY+23.1%	17.8% YoY+535.5%
	0.78% YoY-1.9%	0.79% YoY+59.7%	0.50% YoY-70.7%	1.7% YoY+142.0%	0.70% YoY-92.1%
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: EC's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all EC filings on SEC EDGAR → Not investment advice.