EC · CIK 0001444406

ECOPETROL S.A.

Annual figures as reported, FY2014–FY2024. Ratios and growth rates derived on-page.

Revenue

COP 133.33T

▼ −6.9% vs FY2023

Net income

COP 18.50T

▼ −27.1% vs FY2023

Free cash flow

COP 35.61T

▲ +240.7% vs FY2023

Diluted EPS

COP 336.60

▼ −34.3% vs FY2023

Revenue

Annual, as reported

Net income

Losses shown in terracotta

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

Gross marginOperating marginNet margin

Returns on capital

Net income vs year-end equity and assets

Return on equityReturn on assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

Operating cash flow

Net cash from operations

Shareholder returns

capital allocation

Capital returned

Cash paid out as dividends and share repurchases

Dividends paid

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

Net debt

Long-term debt less cash — negative means net cash

Growth rates

compounding, annualized

Revenue CAGR

+13.2%

+13.3%

Net income CAGR

+1.6%

+4.3%

Diluted EPS CAGR

−4.0%

+0.1%

Free cash flow CAGR

+29.4%

+8.5%

Key ratios

derived per fiscal year

Fiscal year	Gross margin	Op. margin	Net margin	FCF margin	ROE	ROA	Current ratio	Debt / equity
FY2024	35.1%	28.8%	13.9%	26.7%	17.5%	6.2%	1.53×	1.13×
FY2023	38.4%	29.2%	17.7%	7.3%	25.3%	9.1%	1.58×	1.06×
FY2022	44.0%	37.7%	22.1%	17.2%	30.9%	11.6%	1.36×	1.01×
FY2021	39.5%	32.3%	19.2%	17.9%	19.5%	7.3%	1.71×	1.05×
FY2020	25.2%	14.3%	5.5%	8.3%	5.1%	2.0%	1.25×	0.87×
FY2019	37.1%	29.4%	21.0%	33.2%	25.8%	11.2%	1.07×	0.66×
FY2018	40.0%	32.7%	18.0%	27.9%	21.6%	9.9%	1.52×	0.67×
FY2017	34.0%	28.9%	14.2%	26.1%	16.5%	6.8%	1.38×	0.90×
FY2016	29.4%	18.4%	6.7%	21.8%	7.5%	2.7%	1.47×	1.20×
FY2015	29.3%	4.1%	−12.0%	6.0%	−14.6%	—	—	—
FY2014	—	—	—	—	—	—	—	—

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2024	COP 133.33T	COP 46.85T	COP 38.46T	COP 18.50T	COP 336.60	COP 45.13T	COP 9.52T	COP 298.24T	COP 192.33T	COP 105.91T	COP 14.05T	COP 119.97T
FY2023	COP 143.19T	COP 55.01T	COP 41.76T	COP 25.38T	COP 512.20	COP 19.80T	COP 9.35T	COP 280.14T	COP 179.89T	COP 100.25T	COP 12.34T	COP 105.82T
FY2022	COP 159.61T	COP 70.15T	COP 60.23T	COP 35.20T	COP 768.70	COP 36.23T	COP 8.77T	COP 302.79T	COP 188.89T	COP 113.90T	COP 15.40T	COP 115.13T
FY2021	COP 91.88T	COP 36.30T	COP 29.70T	COP 17.63T	COP 380.60	COP 22.54T	COP 6.12T	COP 242.43T	COP 151.84T	COP 90.58T	COP 14.55T	COP 95.06T
FY2020	COP 50.22T	COP 12.66T	COP 7.18T	COP 2.74T	COP 38.59	COP 9.19T	COP 5.03T	COP 137.69T	COP 84.19T	COP 53.50T	COP 5.08T	COP 46.73T
FY2019	COP 71.49T	COP 26.52T	COP 21.03T	COP 15.01T	COP 334.27	COP 27.71T	COP 4.01T	COP 133.89T	COP 75.66T	COP 58.23T	COP 7.08T	COP 38.24T
FY2018	COP 68.60T	COP 27.42T	COP 22.46T	COP 12.36T	—	COP 22.47T	COP 3.30T	COP 124.64T	COP 67.54T	COP 57.11T	COP 6.31T	COP 38.06T
FY2017	COP 55.95T	COP 19.05T	COP 16.17T	COP 7.97T	—	COP 16.97T	COP 2.36T	COP 117.85T	COP 69.63T	COP 48.22T	COP 7.95T	COP 43.55T
FY2016	COP 48.49T	COP 14.23T	COP 8.90T	COP 3.25T	—	COP 14.23T	COP 3.65T	COP 118.96T	COP 75.40T	COP 43.56T	COP 8.41T	COP 52.22T
FY2015	COP 52.35T	COP 15.35T	COP 2.13T	−COP 6.29T	—	COP 11.68T	COP 8.55T	—	—	COP 43.10T	COP 6.55T	—
FY2014	—	—	—	—	—	—	—	—	—	COP 48.53T	COP 7.62T	—

Latest filings

the most recent regulatory filings

6-KForeign issuer report2026-07-01 ↗6-KForeign issuer report2026-06-17 ↗6-KForeign issuer report2026-06-16 ↗6-KForeign issuer report2026-06-15 ↗6-KForeign issuer report2026-05-28 ↗6-KForeign issuer report2026-05-26 ↗6-KForeign issuer report2026-05-20 ↗6-KForeign issuer report2026-05-15 ↗6-KForeign issuer report2026-05-13 ↗6-KForeign issuer report2026-05-13 ↗

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Fiscal year

Gross margin

Op. margin

Net margin

FCF margin

ROE

ROA

Current ratio

Debt / equity

FY2024

35.1%

28.8%

13.9%

26.7%

17.5%

6.2%

1.53×

1.13×

FY2023

38.4%

29.2%

17.7%

7.3%

25.3%

9.1%

1.58×

1.06×

FY2022

44.0%

37.7%

22.1%

17.2%

30.9%

11.6%

1.36×

1.01×

FY2021

39.5%

32.3%

19.2%

17.9%

19.5%

7.3%

1.71×

1.05×

FY2020

25.2%

14.3%

5.5%

8.3%

5.1%

2.0%

1.25×

0.87×

FY2019

37.1%

29.4%

21.0%

33.2%

25.8%

11.2%

1.07×

0.66×

FY2018

40.0%

32.7%

18.0%

27.9%

21.6%

9.9%

1.52×

0.67×

FY2017

34.0%

28.9%

14.2%

26.1%

16.5%

6.8%

1.38×

0.90×

FY2016

29.4%

18.4%

6.7%

21.8%

7.5%

2.7%

1.47×

1.20×

FY2015

29.3%

4.1%

−12.0%

6.0%

−14.6%

—

FY2014

—

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2024

COP 133.33T

COP 46.85T

COP 38.46T

COP 18.50T

COP 336.60

COP 45.13T

COP 9.52T

COP 298.24T

COP 192.33T

COP 105.91T

COP 14.05T

COP 119.97T

FY2023

COP 143.19T

COP 55.01T

COP 41.76T

COP 25.38T

COP 512.20

COP 19.80T

COP 9.35T

COP 280.14T

COP 179.89T

COP 100.25T

COP 12.34T

COP 105.82T

FY2022

COP 159.61T

COP 70.15T

COP 60.23T

COP 35.20T

COP 768.70

COP 36.23T

COP 8.77T

COP 302.79T

COP 188.89T

COP 113.90T

COP 15.40T

COP 115.13T

FY2021

COP 91.88T

COP 36.30T

COP 29.70T

COP 17.63T

COP 380.60

COP 22.54T

COP 6.12T

COP 242.43T

COP 151.84T

COP 90.58T

COP 14.55T

COP 95.06T

FY2020

COP 50.22T

COP 12.66T

COP 7.18T

COP 2.74T

COP 38.59

COP 9.19T

COP 5.03T

COP 137.69T

COP 84.19T

COP 53.50T

COP 5.08T

COP 46.73T

FY2019

COP 71.49T

COP 26.52T

COP 21.03T

COP 15.01T

COP 334.27

COP 27.71T

COP 4.01T

COP 133.89T

COP 75.66T

COP 58.23T

COP 7.08T

COP 38.24T

FY2018

COP 68.60T

COP 27.42T

COP 22.46T

COP 12.36T

—

COP 22.47T

COP 3.30T

COP 124.64T

COP 67.54T

COP 57.11T

COP 6.31T

COP 38.06T

FY2017

COP 55.95T

COP 19.05T

COP 16.17T

COP 7.97T

—

COP 16.97T

COP 2.36T

COP 117.85T

COP 69.63T

COP 48.22T

COP 7.95T

COP 43.55T

FY2016

COP 48.49T

COP 14.23T

COP 8.90T

COP 3.25T

—

COP 14.23T

COP 3.65T

COP 118.96T

COP 75.40T

COP 43.56T

COP 8.41T

COP 52.22T

FY2015

COP 52.35T

COP 15.35T

COP 2.13T

−COP 6.29T

—

COP 11.68T

COP 8.55T

—

COP 43.10T

COP 6.55T

—

FY2014

—

COP 48.53T

COP 7.62T

—