Eni Reports Q4 Adjusted EPS 87 Cents, Revenue $24.4B; E&P Production Up 7%
Eni SpA reported Q4 2025 adjusted earnings of 87 cents per ADR, beating the 78-cent estimate and improving from 58 cents a year ago, while revenue reached $24.4 billion versus an expected $21.4 billion. Total oil and gas production rose 7% to 1,839 thousand barrels of oil equivalent per day and refining segment EBIT swung to €95 million from negative €44 million a year earlier.
1. Q4 Earnings Beat Estimates
Eni posted adjusted EPS of 87 cents per ADR in Q4 2025, surpassing the 78-cent forecast and rising from 58 cents a year earlier. Revenue totaled $24.4 billion, topping the $21.4 billion consensus despite a year-over-year decline from $25.6 billion.
2. Exploration & Production Performance
Total oil and gas output increased 7% to 1,839 Mboe/d, including a 13% rise in liquids to 890 MBbl/d and natural gas at 4,966 mmcf/d. The segment delivered pro-forma adjusted EBIT of €2.8 billion, on par with Q4 2024, driven by ramp-ups in Norway, Côte d'Ivoire, Congo, Angola, Indonesia, Ghana and Mexico.
3. Refining & Chemicals Turnaround
Refining throughput edged up to 6.12 mmtons, delivering pro-forma EBIT of €95 million versus a €44 million loss a year ago, supported by higher middle distillate crack spreads and increased plant utilization. The chemicals division narrowed its loss to €204 million from €231 million, aided by improved margins despite macroeconomic headwinds.
4. Balance Sheet and Outlook
As of Dec. 31, 2025, Eni held €20.1 billion in long-term debt against €8.2 billion in cash and generated €4.3 billion in operating cash flow while spending €2.62 billion on capex. The company reiterated full-year gross capex guidance at €7 billion, expects net capex of €5 billion and targets a gearing ratio between 10% and 15%.