Eni posted Q1 2026 adjusted net profit of €1.3B (EPS ~€0.34), missing analyst forecasts, while reported revenue rose to €20.06B from €19.19B a year ago. The stock dipped ~1.14% on April 24. The bigger headline was a near-90% buyback increase to €2.8B and a 20% CFFO guidance raise to €13.8B.
About Eni S.p.A.
Eni S.p.A.(NYSE: E | BIT: ENI) is Italy’s largest integrated energy company, founded in 1953 and headquartered in San Donato Milanese, Milan. The company operates across the full energy value chain including exploration and production (E&P), global gas and LNG trading (GGP), low-carbon transition businesses (Enilive biorefining and Plenitude renewables/retail), refining, and chemicals.
As of April 24, 2026, Eni carries a market cap of approximately €67.5 billion on Borsa Italiana and ~$79.6 billion on the NYSE. The company employs over 30,000 people globally and maintains operations across more than 60 countries, with major production hubs in Africa, the Middle East, Southeast Asia, and Europe.
Eni’s stock has risen roughly 42% year-to-date in 2026, closing at €22.95 as of April 24. The company confirmed a FY 2026 dividend of €1.10 per share, representing a 5% increase versus 2025.
Top Financial Highlights
- Total Revenue: €20.06 billion in Q1 2026, up from €19.19 billion in Q1 2025
- Sales: €19.74 billion vs. €18.86 billion a year ago
- Adjusted Net Profit: €1.3 billion (down ~8% year-over-year), missing analyst forecasts
- Reported Net Income: €1.07 billion, down from €1.17 billion in Q1 2025
- Diluted EPS (reported): €0.34, down from €0.36 a year ago
- Proforma Adjusted EBIT: €3.54 billion (Group level); E&P segment contributed €3.36 billion
- Adjusted CFFO (pre-working capital): €2.88 billion, funding organic capex of €1.9 billion
- E&P Oil & Gas Production: 1.8 million boe/d, up 9% year-over-year
- Net Debt: €10.8 billion at end of Q1 2026; proforma gearing at 15%
- GGP & Power Proforma EBIT: €0.33 billion
- Enilive Proforma EBIT: €0.14 billion, up 45% year-over-year
- Plenitude Proforma EBIT: €0.21 billion, down 12% year-over-year
- FY 2026 CFFO Guidance Raised: €13.8 billion (up 20% from prior €11.5B budget)
- Share Buyback Raised: €2.8 billion for FY 2026, up ~90% from the original €1.5 billion plan
- Cash returned to shareholders in Q1: €1 billion (comprising Q3 2025 dividend tranche + 2025 buyback completion)
Beat or Miss?
| Metric | Reported | Estimated / Expected | Difference / Analysis |
| Adjusted Net Profit | €1.3 billion | Above €1.3B consensus | Miss – below analyst expectations |
| Revenue | €20.06 billion | N/A (consensus ~€19.19B prior year base) | Beat on revenue vs. Q1 2025 |
| EPS (diluted, reported) | € 0.34 | €0.36 (Q1 2025 actual) | Down 5.6% year-over-year |
| Adjusted CFFO | €2.88 billion | In line with quarterly run rate | Annualizes above €13B FY guidance |
| E&P Production | 1.8 mln boe/d | FY guidance of 3-4% growth | Delivered 9% growth, well ahead of guidance |
| FY CFFO Guidance | €13.8 billion | €11.5 billion (original budget) | Raised by ~20% |
| Share Buyback | €2.8 billion | €1.5 billion (original plan) | Raised by ~90% |
What Leadership Is Saying?
CEO Claudio Descalzi on strategy and resilience:
“Despite the challenges of volatile energy markets we remain focused on disciplined and consistent execution of our strategy to deliver to the market and our customers reliable, affordable and lower carbon energy. Our financial performance and strength, evident in our 1Q results, is key in supporting our continuing investment in our geographically diversified energy portfolio. In E&P we delivered outstanding production growth. Looking forward, thanks to our high-quality and diversified asset portfolio, providing us with significant flexibility, E&P low breakeven prices and resilient financial structure, with gearing at historic lows, we are uniquely positioned to capture scenario improvements and to share expected upside with shareholders.”
CFO Francesco Gattei on financials:
“Amid the volatility and disruption to the energy system over [the quarter] … we reported €3.5 bln of pro forma EBIT, CFFO of €2.9 bln and proforma gearing at 15%, within our expected 10-15% range.”
Historical Performance (Year-over-Year)
| Category | Q1 2026 | Q1 2025 | Change (%) |
| Revenue | €20.06 billion | €19.19 billion | 4.60% |
| Sales | €19.74 billion | €18.86 billion | 4.70% |
| Reported Net Income | €1.07 billion | €1.17 billion | -8.50% |
| Adjusted Net Profit | €1.30 billion | €1.41 billion | -7.80% |
| Proforma Adjusted EBIT | €3.54 billion | €3.68 billion | -3.80% |
| Adjusted CFFO (pre-WC) | €2.88 billion | ~€2.39 billion | 20.50% |
| E&P Production (boe/d) | 1.8 million | ~1.65 million (est.) | 9% |
| Enilive Proforma EBIT | €0.14 billion | ~€0.097 billion (est.) | 45% |
| Group Tax Rate | 42.20% | 47% | -480 bps |
Competitor Performance (Q1 2026 vs. Q1 2025)
| Company | Revenue (Q1 2026 / Latest) | Net Income | Key Trend vs. Q1 2025 |
| Eni (NYSE: E) | €20.06B / $23.48B | €1.07B (GAAP) | Revenue +4.5%, adj. profit slightly below forecast; buyback raised 90% |
| TotalEnergies (NYSE: TTE) | Reporting Apr 29, 2026 | Consensus est. ~€4.8B net income | Flagged “significant” Q1 beat expected; strong LNG trading, refining utilization >90% |
| Shell (NYSE: SHEL) | Reporting May 7, 2026 | RBC est. ~$6.8B net income | Flagged “significantly higher” oil trading profits; LNG volumes lower due to Qatar outages |
| BP (NYSE: BP) | Reporting Apr 28, 2026; analysts est. ~$45.96B revenue | Analyst est. EPS ~$0.75 | Flagged “exceptional” trading; net debt guided to rise to $25-27B on working capital outflows |
How the Market Reacted?
Following the Q1 2026 earnings release on April 24, 2026, Eni’s stock on Borsa Italiana fell 1.14% to close at €22.95, while the NYSE-listed ADR (ticker: E) slipped 0.99% to $54.11. The mild decline reflected the adjusted net profit miss versus analyst expectations, with refining and chemicals weakness weighing on results despite standout upstream production growth and major strategic wins.
Analyst consensus remains broadly constructive: 21 analysts maintain an “Outperform” mean consensus with an average price target of €25.12, implying roughly 9.5% upside from the post-earnings close. The broader sentiment leans bullish, underpinned by the near-90% buyback increase to €2.8B and a 20% raise in FY CFFO guidance, both of which signal strong management confidence in the underlying business trajectory.
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