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Eni S.p.A.

E

Eni S.p.A. • NYSE
$37.42 ▲ 0.84% (+0.31)
Market Cap $57.25 B
52w High $38.47
52w Low $24.65
Dividend Yield 2.28%
P/E 19.69
Volume 128.44K
Outstanding Shares 1.53B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $20.204B ▲ $506M ▼ $803M ▲ 3.974% ▲ $1 ▲ $4.637B ▼
Q2-2025 $18.767B ▼ $678M ▲ $543M ▼ 2.893% ▼ $0.28 ▼ $6.553B ▼
Q1-2025 $22.565B ▼ $604M ▼ $1.172B ▲ 5.194% ▲ $0.72 ▲ $6.79B ▲
Q4-2024 $23.488B ▲ $2.156B ▲ $230M ▼ 0.979% ▼ $0.14 ▼ $5.407B ▼
Q3-2024 $20.658B $623M $522M 2.527% $0.32 $5.544B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $16.3B ▼ $134.986B ▼ $82.02B ▼ $49.243B ▼
Q2-2025 $16.596B ▼ $136.21B ▼ $82.805B ▼ $49.738B ▼
Q1-2025 $16.745B ▲ $144.457B ▼ $87.188B ▼ $53.551B ▲
Q4-2024 $14.98B ▼ $146.954B ▲ $91.263B ▲ $52.828B ▲
Q3-2024 $16.898B $139.363B $85.885B $51.037B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $561M ▼ $3.517B ▲ $-2.236B ▼ $-1.14B ▼ $20M ▼ $1.371B ▲
Q1-2025 $1.195B ▲ $2.385B ▼ $-2.169B ▲ $831M ▲ $964M ▲ $566M ▼
Q4-2024 $288M ▼ $3.62B ▲ $-2.497B ▼ $-2.434B ▼ $-1.184B ▼ $1.226B ▲
Q3-2024 $522M ▼ $2.997B ▼ $-1.615B ▲ $-2.146B ▼ $-853M ▼ $994M ▼
Q2-2024 $661M $4.571B $-2.189B $-992M $1.419B $2.547B

Five-Year Company Overview

Income Statement

Income Statement Earnings over the last few years show how cyclical Eni’s business is. Revenue and profit surged in the post‑pandemic, high‑price environment, peaked in 2022, and have cooled since, though they remain comfortably above 2020 levels. Profitability has compressed meaningfully from the exceptional 2022 peak, with margins now closer to a more “normal” level for a large integrated oil and gas company. The company is still clearly profitable, but recent years highlight strong sensitivity to commodity prices and refining margins, and the earnings profile is more volatile than a typical industrial business.

Balance Sheet

Balance Sheet The balance sheet looks solid and relatively stable. Total assets have grown over time, and equity has been steadily rebuilt from the 2020 downturn, giving the company a sizeable capital base to absorb shocks. Debt levels are meaningful but not extreme for a large energy major, and they have edged down from the recent high, which helps reduce financial risk. Cash balances are healthy, though slightly lower than in the peak years, suggesting management is comfortable using liquidity for investment and operations rather than hoarding it. Overall, the company appears well‑capitalized with room to fund both traditional and transition projects, but it still carries the usual leverage risk of a capital‑intensive energy group.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been robust in most years, easily covering investment needs after the pandemic shock. Free cash flow has stayed positive throughout the period, even in a weak 2020, which shows resilience and disciplined spending. Capital expenditures have ramped back up after an unusually light 2022, indicating renewed investment in projects and the energy transition. The pattern suggests Eni is largely funding its growth and transition plans from internal cash rather than relying heavily on new borrowing, though the step‑up in investment does increase execution and return‑on‑capital risk.

Competitive Edge

Competitive Edge Eni is a classic integrated oil and gas major with a twist. Its presence from exploration and production through refining, chemicals, retail, and power provides diversification and operational flexibility that many narrower peers lack. This integrated model helps cushion shocks in any one segment and allows the company to shift capital along the value chain as market conditions change. The “satellite” structure for new businesses—such as Plenitude for renewables and Enilive for biofuels and mobility—lets these units tap external capital while still benefiting from Eni’s scale and know‑how. At the same time, the company faces intense competition from other global majors, national oil companies, and fast‑growing renewables players, all while dealing with regulatory and political pressure in its core markets. Its long record in complex upstream projects and growing role in carbon capture and low‑carbon products are important differentiators, but the competitive race in the transition is far from settled.

Innovation and R&D

Innovation and R&D Innovation and R&D are clear pillars of Eni’s strategy. The company devotes most of its research spending to decarbonizing existing operations and building new low‑carbon businesses, backed by a deep patent portfolio and an unusually powerful supercomputing capability. Proprietary technologies in biofuels, sustainable aviation fuel, circular chemicals, waste‑to‑fuel and plastics recycling give it a set of distinctive products versus many peers. Its push into carbon capture as a service and its structured CCS projects in Europe position it early in a market that could become significant if policy support endures. Longer‑dated bets, like magnetic confinement fusion and next‑generation solar, are potentially transformative but highly uncertain in timing and economics. Overall, Eni appears to be leaning into technology as a way to maintain relevance and margins in a lower‑carbon world, but the payoffs will likely be uneven and will take years to fully assess.

Summary

Overall, Eni looks like a financially solid, cash‑generative energy major that is actively trying to reinvent itself while still relying heavily on the traditional oil and gas engine. Earnings and margins have come down from the unusually strong 2022 environment but remain healthy, supported by a robust balance sheet and consistent free cash flow. The company’s integrated structure and satellite model for transition businesses provide both resilience and optionality, while its heavy investment in proprietary low‑carbon technologies and CCS suggests a credible attempt to build future moats. The main uncertainties lie in commodity price swings, the pace and design of climate policy, the capital intensity of the transition, and whether the large R&D and project pipeline will deliver attractive, durable returns over time.