REP Income Statement - Repsol SA

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Price: 28.16 EUR 0.28%

Market Cap: €33.1B

R	Repsol SA XMUN:REP	ES
	Muraki Corp TSE:7477	JP

Financial profile · Q2 FY2026

A cyclical integrated energy model with substantial cash generation and capital needs

Repsol’s multi-year history shows a cyclical, integrated energy model: revenue and operating profit expand and contract sharply with commodity and refining conditions. Operating cash flow has remained positive and usually covered substantial capital spending, while share-count reductions indicate active capital return.

What is developing

The latest comparable period shows a broad earnings and cash-flow recovery, supported by stronger upstream and industrial conditions and lower capital spending. That improves the current profile but still fits Repsol’s established commodity-sensitive pattern rather than demonstrating a new financial model.

What matters next

Whether operating cash flow continues to exceed capital spending after working capital normalizes.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Revenue	34.7B	41.7B	49.9B	49.3B	33.3B	49.7B	75.2B	58.9B	57.1B	54.9B
Cost of Revenue	(23.5B)	(30.9B)	(38.7B)	(37.7B)	(26B)	(37.5B)	(56.4B)	(43.8B)	(43.1B)	(41.9B)
Gross Profit	11.2B	10.8B	11.2B	11.6B	7.3B	12.3B	18.7B	15.1B	14B	13B
Operating Expenses	(10.1B)	(8.4B)	(7.9B)	(9.4B)	(7.8B)	(7.1B)	(9.4B)	(11.1B)	(11.5B)	(10.4B)
Selling, General & Administrative	(3.6B)	(2.9B)	(2.9B)	(2.8B)	(2.7B)	(2.9B)	(3.1B)	(3.9B)	(4B)	(3.6B)
R&D	(337m)	(655m)	(525m)	—	—	(81m)	(75m)	(47m)	(43m)	(36m)
Depreciation & Amortization	(2.3B)	(2.2B)	(1.9B)	(2.4B)	(2.2B)	(2B)	(2.3B)	(2.4B)	(2.9B)	(2.4B)
Other Operating Expenses	(3.8B)	(2.7B)	(2.6B)	(4.2B)	(2.9B)	(2.2B)	(3.8B)	(4.8B)	(4.5B)	(4.4B)
Operating Income	1.1B	2.4B	3.3B	2.2B	(544m)	5.2B	9.4B	4B	2.6B	2.6B
Net Interest Income (Expense)	114m	945m	2B	(117m)	(848m)	(403m)	218m	474m	493m	168m
Interest Expense	503m	21m	61m	107m	114m	95m	107m	292m	271m	256m
Non-Recurring Items	822m	419m	(1.1B)	(5.2B)	(1.8B)	(440m)	(2.4B)	(14m)	(683m)	237m
Total Other Income	(202m)	(626m)	(876m)	(144m)	(98m)	(22m)	(37m)	(92m)	(188m)	(141m)
Pre-Tax Income	1.9B	3.1B	3.3B	(3.2B)	(3.3B)	4.3B	7.2B	4.4B	2.2B	2.8B
Tax Provision	(391m)	(1.2B)	(1.4B)	(588m)	(16m)	(1.8B)	(2.8B)	(1.1B)	(562m)	(717m)
Income from Continuing Operations	1.5B	1.9B	1.9B	(3.8B)	(3.3B)	2.5B	4.3B	3.3B	1.6B	2.1B
Income to Minority Interest	(43m)	(40m)	(18m)	(27m)	31m	(29m)	(94m)	(116m)	146m	(201m)
Net Income	1.7B	2.1B	2.3B	(3.8B)	(3.3B)	2.4B	4.2B	3.1B	1.7B	1.8B
EPS (Diluted)	0.90	1.09	1.26	(2.33)	(2.13)	1.64	2.96	2.46	1.43	1.62