Eni SpA (MEX:E N) Operating Income: MXN80,273 Mil (TTM As of Jun. 2026)

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MEX:E N Eni SpA MEX:E N
54 GF Score
Price MXN981.59
GF Value MXN598.86
! 8 Warning Signs
View Full Analysis

What is Eni SpA Operating Income?

Eni SpA MEX:E N 54 Operating Income is MXN80,273 Mil as of Jun. 2026. GuruFocus rates MEX:E N with a GF Score™ of 54/100 and a GF Value™ of MXN598.86. The stock has 8 warning signs investors should review.

Eni SpA's Operating Income for the three months ended in Jun. 2026 was MXN45,713 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was MXN80,273 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Eni SpA's Operating Income for the three months ended in Jun. 2026 was MXN45,713 Mil. Eni SpA's Revenue for the three months ended in Jun. 2026 was MXN448,568 Mil. Therefore, Eni SpA's Operating Margin % for the quarter that ended in Jun. 2026 was 10.19%.

Good Sign:

Eni SpA operating margin is expanding. Margin expansion is usually a good sign.

Eni SpA's 5-Year average Growth Rate for Operating Margin % was 65.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Eni SpA's annualized ROC % for the quarter that ended in Jun. 2026 was 5.63%. Eni SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 37.28%.


Eni SpA  (MEX:E N) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Eni SpA's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=182852.656 * ( 1 - 32.93% )/( (2215166.053 + 2143091.003)/ 2 )
=122639.2763792/2179128.528
=5.63 %

where

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3079234.666 - 447857.219 - ( 416211.394 - max(0, 964613.944 - 1419600.855+416211.394))
=2215166.053

Invested Capital(Q: Jun. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2955173.093 - 410071.603 - ( 404503.2 - max(0, 838356.101 - 1240366.588+404503.2))
=2143091.003

Note: The Operating Income data used here is four times the quarterly (Jun. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Eni SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=486481.336/( ( (1124656.763 + max(239574.322, 0)) + (1087808.453 + max(158026.025, 0)) )/ 2 )
=486481.336/( ( 1364231.085 + 1245834.478 )/ 2 )
=486481.336/1305032.7815
=37.28 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(303199.525 + 112574.081 + 572397.507) - (447857.219 + 0 + 300739.572)
=239574.322

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(249412.146 + 128796.939 + 441170.224) - (410071.603 + 0 + 251281.681)
=158026.025

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Eni SpA's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=45713.164/448567.956
=10.19 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Eni SpA Operating Income Related Terms


Eni SpA Operating Income Historical Data

* Premium members only.

The historical data trend for Eni SpA's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Eni SpA Operating Income Chart

Eni SpA Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 250,247.62 409,126.86 166,910.35 145,291.07 95,004.31

Eni SpA Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 50,667.27 25,643.13 -4,195.71 13,112.80 45,713.16
MEX:E N
54GF Score
Eni SpA MEX:E N
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Eni SpA Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was MXN80,273 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of MXN80,273 Mil mean?
Eni SpA (MEX:E N) has a Operating Income of MXN80,273 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Eni SpA and its competitors.
Is Eni SpA's Operating Income too high?
Eni SpA's current Operating Income is MXN80,273 Mil. Overall, Eni SpA has a GF Score™ of 54/100, reflecting its overall financial health beyond just this single metric.
How does Eni SpA's Operating Income compare to XOM and CVX?
Eni SpA's Operating Income of MXN80,273 Mil can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for an Oil & Gas company?
A good Operating Income depends on the Oil & Gas industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Eni SpA and its competitors. Eni SpA's current Operating Income is MXN80,273 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eni SpA stock overvalued right now?
Eni SpA (MEX:E N) has a current Operating Income of MXN80,273 Mil. The stock's GF Value™ is MXN598.86, compared to a current price of MXN981.59 — trading 63.9% above its estimated fair value. The current Operating Income is MXN80,273 Mil. Eni SpA's overall GF Score™ is 54/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Eni SpA (MEX:E N), the current Operating Income is MXN80,273 Mil as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Eni SpA (MEX:E N) Overvalued in 2026?

Based on GuruFocus' analysis, Eni SpA stock appears to be overvalued. The current stock price of MXN981.59 is trading 63.9% above its estimated GF Value™ of MXN598.86.

Key valuation signals for MEX:E N:

  • Operating Income: MXN80,273 Mil
  • GF Value™: MXN598.86 vs. price of MXN981.59 (63.9% above fair value)
  • GF Score™: 54/100 with 8 warning signs

No single metric tells the full story. See the MEX:E N stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Eni SpA Business Description

Industry EnergyOil & Gas
Address 1, Piazzale Enrico Mattei, Rome, ITA, 00144
Eni is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2025, the company produced 0.8 million barrels of liquids and 4.6 billion cubic feet of natural gas per day. At year-end 2025, Eni held reserves of 6.9 billion barrels of oil equivalent, 44% of which are liquids. The Italian government owns a 33.1% stake in the company. Plentitude, Eni's renewable and low-carbon business, has 5.8 gigawatts of renewable power capacity, serves 10 million electricity customers, and operates 23,000 electric vehicle charging points.
54GF Score

Get the complete analysis for MEX:E N

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN981.59
Price
MXN598.86
GF Value