SM Energy Company (SM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.95	$2.19	+12.3%	—	—	—
Q4 26	$1.13	$1.55	+37.2%	—	—	—
Q3 26	$0.83	$0.83	0.0%	—	—	—
Q2 26	$1.25	$1.33	+6.4%	—	—	—
Q1 26	$1.25	$1.5	+20.0%	—	—	—
Q4 25	$1.62	$1.76	+8.6%	—	—	—
Q3 25	$1.91	$1.91	0.0%	—	—	—
Q2 25	$1.5	$1.62	+8.0%	—	—	—
Q1 25	$1.52	$1.85	+21.7%	—	—	—
Q4 24	$1.28	$1.41	+10.2%	—	—	—
Q3 24	$1.38	$1.56	+13.0%	—	—	—
Q2 24	$1.59	$1.73	+8.8%	—	—	—
Q1 24	$1.09	$1.28	+17.4%	—	—	—
Q4 23	$1.28	$1.33	+3.9%	—	—	—
Q3 23	$1.26	$1.29	+2.4%	—	—	—
Q2 23	$1.9	$1.82	-4.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.65	—	—	$3.1B	—
FY24	—	$6.71	—	—	$2.7B	—
FY23	—	$6.89	—	—	$2.4B	—
FY22	—	$9.09	—	—	$3.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.2B	$1.3B	$1.6B	$1.6B	$1.1B	$2.6B	$3.3B	$2.4B	$2.7B	$3.1B
YoY change	-22%	+6.78%	+30.1%	-3.32%	-29%	+130.7%	+28.8%	-29.3%	+13%	+17.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.2B	1.3B	1.6B	1.6B	1.1B	2.6B	3.3B	2.4B	2.7B	3.1B
Cost of revenue	1.4B	1.1B	1.2B	1.3B	1.2B	1.3B	1.2B	1.3B	1.4B	2.1B
Gross profit	-207.9M	195.5M	487.5M	261.2M	-50M	1.3B	2.1B	1.1B	1.2B	1B
Gross margin	-17.6%	15.5%	29.7%	16.5%	-4.44%	50.7%	63.4%	47%	45.9%	33.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	124.8M	117.3M	116.5M	132.8M	99.2M	111.9M	114.6M	121.1M	138.3M	161M
Operating expenses	200.6M	185.7M	190M	199.8M	164.5M	172.3M	160.3M	191.1M	199.3M	224M
Operating income	-408.5M	9.8M	297.5M	61.4M	-214.5M	1.1B	2B	918.8M	1B	822M
Operating margin	-34.6%	0.78%	18.1%	3.87%	-19%	44.1%	58.6%	38.9%	38.4%	26.2%
Non-operating income, net	-634.7M	-174.4M	515.2M	-133.4M	-578.3M	-941M	-450.6M	67.2M	49.2M	178M
Pretax income	-1.2B	-343.8M	651.8M	-231M	-956.7M	46.2M	1.4B	914.2M	966.2M	830M
Income tax	-444.2M	-183M	143.4M	-44M	-192.1M	9.9M	283.8M	96.3M	195.9M	182M
Net income	-757.7M	-160.8M	508.4M	-187M	-764.6M	36.2M	1.1B	817.9M	770.3M	648M
Net margin	-64.2%	-12.8%	31%	-11.8%	-67.9%	1.39%	33.2%	34.6%	28.8%	20.7%
EBITDA	380.3M	566M	965.9M	883.2M	566.5M	1.9B	2.6B	1.6B	1.9B	2B
EPS	-9.9	-1.44	4.54	-1.66	-6.72	0.3	9.09	6.89	6.71	5.65
Diluted EPS	-9.9	-1.44	4.48	-1.66	-6.72	0.29	8.96	6.86	6.67	5.64

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	639.7M	606.9M	559.6M	633.5M	642.4M	835.9M	839.6M	785.1M	811M	702.3M	1.5B	2.2B
Cost of revenue	327.6M	326.4M	303.6M	316.3M	351.3M	475.1M	495M	517M	554.4M	525.6M	860M	1.1B
Gross profit	312.1M	280.4M	256M	317.2M	291.1M	360.7M	344.6M	268.1M	256.6M	176.7M	617M	1B
Gross margin	48.8%	46.2%	45.8%	50.1%	45.3%	43.2%	41%	34.1%	31.6%	25.2%	41.8%	46.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	29.3M	36.6M	30.2M	31.1M	35.1M	41.9M	39.3M	42.1M	39.3M	40.2M	174M	79M
Operating expenses	41.1M	51M	49.5M	49.9M	46.4M	53.5M	51.1M	51.5M	55.6M	65.8M	218M	46M
Operating income	271M	229.4M	206.5M	267.3M	244.7M	307.3M	293.5M	216.6M	201M	110.9M	399M	962M
Operating margin	42.4%	37.8%	36.9%	42.2%	38.1%	36.8%	35%	27.6%	24.8%	15.8%	27%	44.6%
Non-operating income, net	-75.6M	80.3M	-28.2M	12.1M	85.6M	-20.3M	-17.2M	78.3M	45.4M	71.6M	-696M	538M
Pretax income	176.4M	291.8M	163.3M	263.9M	297.6M	241.4M	232M	252.5M	204.3M	141.2M	-410M	1.4B
Income tax	-46M	44.7M	32.1M	53.6M	57.1M	53.1M	49.7M	50.8M	49.2M	32.2M	-75M	318M
Net income	222.3M	247.1M	131.2M	210.3M	240.5M	188.3M	182.3M	201.7M	155.1M	109M	-335M	1.1B
Net margin	34.8%	40.7%	23.4%	33.2%	37.4%	22.5%	21.7%	25.7%	19.1%	15.5%	-22.7%	49.7%
EBITDA	464.2M	424.3M	379.5M	453.2M	465M	569M	563.5M	509.6M	527M	431.6M	832M	1.6B
EPS	1.89	2.13	1.13	1.83	2.1	1.65	1.59	1.76	1.35	0.95	-1.68	4.48
Diluted EPS	1.88	2.12	1.13	1.82	2.09	1.64	1.59	1.76	1.35	0.95	-1.68	4.46

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	1.7B	1.3B	696M	3.5B	4.3B	4.6B	4.4B	2.2B	8B
Enterprise value	—	—	4.3B	4B	2.9B	5.3B	5.4B	5.6B	7.2B	4.5B	14.9B
Shares outstanding	76.6M	111.4M	111.9M	112.5M	113.7M	119M	122.4M	118.7M	114.8M	115M	115M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	3.41	—	—	96.9	3.83	5.62	5.77	3.32	6.06
P/S	—	—	1.06	0.8	0.62	1.35	1.27	1.94	1.67	0.69	1.64
P/B	—	—	0.59	0.46	0.35	1.7	1.38	1.27	1.05	0.45	1.04
EV/EBITDA	—	—	4.4	4.53	5.14	2.74	2.1	3.41	3.87	2.21	4.64
EV/Sales	—	—	2.59	2.52	2.58	2.02	1.61	2.35	2.7	1.43	3
Earnings yield	—	—	29.3%	—	—	1.03%	26.1%	17.8%	17.3%	30.1%	16.5%
FCF yield	—	—	-35.5%	-16%	33.8%	13.7%	18.9%	10.3%	-36.7%	25.1%	18.4%
PEG	—	—	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	-17.6%	15.5%	29.7%	16.5%	-4.44%	50.7%	63.4%	47%	45.9%	33.3%	46.8%
Operating margin	-34.6%	0.78%	18.1%	3.87%	-19%	44.1%	58.6%	38.9%	38.4%	26.2%	60.3%
Net margin	-64.2%	-12.8%	31%	-11.8%	-67.9%	1.39%	33.2%	34.6%	28.8%	20.7%	20.2%
ROE	-30.3%	-6.72%	17.4%	-6.8%	-37.9%	1.76%	36%	22.6%	18.2%	13.5%	16.1%
ROA	-11.9%	-2.6%	8%	-2.97%	-15.4%	0.69%	19.5%	12.8%	8.98%	7%	6.9%
ROIC	-7.59%	0.2%	4.27%	1.12%	-5.07%	23.6%	37.1%	18%	11.7%	8.97%	8.88%
Return on tangible assets	-11.9%	-2.6%	8%	-2.97%	-15.4%	0.69%	19.5%	12.8%	8.98%	7%	5.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.54	0.98	0.92	0.54	0.35	0.69	1.23	1.45	0.55	0.69	0.61
Quick ratio	0.54	0.98	0.92	0.54	0.35	0.69	1.23	1.45	0.55	0.69	0.62
Debt / equity	1.16	1.21	0.89	0.99	1.1	1.01	0.51	0.44	0.66	0.56	0.95
Debt / assets	0.45	0.47	0.41	0.43	0.44	0.4	0.28	0.25	0.32	0.29	0.37
Net debt / EBITDA	7.59	4.58	2.61	3.09	3.91	0.91	0.44	0.59	1.49	1.16	1.92
Interest coverage	-6.57	-0.92	5.05	-0.45	-4.84	1.29	12.6	11	7.87	5.8	5.27
Effective tax rate	0%	0%	22%	0%	0%	21.5%	20.3%	10.5%	20.3%	21.9%	24.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	15.4	11.3	14.7	14.1	9.9	21.8	27.3	19.9	23.3	27.3	29.7
EPS (basic)	-9.9	-1.44	4.54	-1.66	-6.72	0.3	9.09	6.89	6.71	5.65	5.65
EPS (diluted)	-9.9	-1.44	4.48	-1.66	-6.72	0.29	8.96	6.86	6.67	5.64	5.64
Book value per share	32.6	21.5	26.1	24.4	17.7	17.3	25.2	30.5	36.9	41.8	32.9
FCF per share	-29.5	-4.15	-5.5	-1.8	2.07	4.05	6.59	4	-14.2	4.69	3.1
Cash per share	0.12	2.82	0.7	0	0	2.79	3.64	5.19	0	3.2	2.61
Capex per share	16.2	6.16	6.39	0.09	0.07	0.03	0	0.93	18.3	12.5	8.01

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	104.9%	54.5%	43.6%	0.66%	0.69%	0.13%	0%	4.65%	78.8%	45.8%	37.4%
Capex / operating cash flow	-2.9K%	225%	58.7%	1.65%	3.32%	132%	0%	6.72%	121.2%	71.5%	71.2%
Payout ratio	-1.02%	-6.93%	2.2%	-6.02%	-0.3%	6.61%	1.77%	8.76%	11%	14.2%	18.4%
Dividend yield	—	—	0.65%	0.89%	0.33%	0.07%	0.46%	1.56%	1.91%	4.28%	2.62%

Yield

2.62%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.22

ex-dividend Sep 4, 2026

Payout ratio

18%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 4, 2026	$0.22
Jun 8, 2026	$0.22
Mar 9, 2026	$0.22

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$639.7M	$606.9M	$559.6M	$633.5M	$642.4M	$835.9M	$839.6M	$785.1M	$811M	$702.3M	$1.5B	$2.2B
YoY change	-22.7%	-9.32%	-1.96%	+15.9%	+0.42%	+37.7%	+50%	+23.9%	+26.3%	-16%	+75.9%	+174.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	9.4M	313.9M	78M	10K	10K	332.7M	445M	616.2M	0	368M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	224.6M	549.1M	429.3M	252.6M	203.7M	613.2M	737.2M	916.4M	434.7M	811M
Property, plant & equipment	-2.5B	-2.7B	-3B	-4B	-4.6B	-5.5B	-5.9B	-6.4B	-7.1B	-8.3B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	6.4B	6.2B	6.4B	6.3B	5B	5.2B	5.7B	6.4B	8.6B	9.3B
Accounts payable	—	77.6M	56M	52.1M	63M	25.1M	43.9M	107.3M	82.5M	77M
Short-term debt	—	—	—	—	—	—	—	—	—	419M
Total current liabilities	415.2M	559.2M	466.1M	472M	583.7M	889.3M	598.6M	633.8M	790M	1.2B
Long-term debt	2.9B	2.9B	2.6B	2.7B	2.2B	2.1B	1.6B	1.6B	2.8B	2.3B
Total liabilities	3.9B	3.8B	3.4B	3.5B	3B	3.2B	2.6B	2.8B	4.3B	4.4B
Shareholders' equity	2.5B	2.4B	2.9B	2.7B	2B	2.1B	3.1B	3.6B	4.2B	4.8B
Total debt	2.9B	2.9B	2.6B	2.7B	2.2B	2.1B	1.6B	1.6B	2.8B	2.7B
Net debt	2.9B	2.6B	2.5B	2.7B	2.2B	1.7B	1.1B	959.2M	2.8B	2.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	402M	616.2M	506.3M	487.9M	1.7B	0	54K	101.9M	162.3M	368M	449M	620M
Receivables	264.5M	—	241.7M	239.1M	226.6M	—	383M	364.3M	367.7M	—	915M	989M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	702.6M	916.4M	793M	774.2M	2B	434.7M	471.8M	575.1M	633M	811M	1.7B	1.9B
Property, plant & equipment	-6.4B	-6.4B	-6.6B	-6.8B	-7.1B	-7.1B	-7.3B	-7.7B	-8B	-8.3B	-6.9B	-7.5B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	6.1B	6.4B	6.4B	6.7B	8B	8.6B	8.8B	9B	9.1B	9.3B	19.1B	18.9B
Accounts payable	—	107.3M	—	—	—	82.5M	—	—	—	77M	—	—
Short-term debt	—	—	—	—	—	—	—	—	418.6M	419M	1.2B	416M
Total current liabilities	599.1M	633.8M	536.1M	601.8M	581.1M	790M	822.7M	837.9M	1.1B	1.2B	4.3B	3.1B
Long-term debt	1.6B	1.6B	1.6B	1.6B	2.7B	2.8B	2.7B	2.7B	2.3B	2.3B	6.7B	6.6B
Total liabilities	2.7B	2.8B	2.7B	2.8B	4B	4.3B	4.4B	4.4B	4.4B	4.4B	12.3B	11B
Shareholders' equity	3.4B	3.6B	3.7B	3.8B	4.1B	4.2B	4.4B	4.6B	4.7B	4.8B	6.9B	7.8B
Total debt	1.6B	1.6B	1.6B	1.6B	2.7B	2.8B	2.7B	2.7B	2.7B	2.7B	8B	7B
Net debt	1.2B	959.2M	1.1B	1.1B	971.4M	2.8B	2.7B	2.6B	2.6B	2.3B	7.5B	6.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-757.7M	-160.8M	508.4M	-187M	-764.6M	36.2M	1.1B	817.9M	770.3M	648M
Depreciation & amortization	790.7M	557M	665.3M	823.8M	785M	774.4M	603.8M	690.5M	809.3M	1.2B
Stock-based compensation	26.9M	22.7M	23.9M	24.3M	15M	18.8M	18.8M	20.3M	25M	29M
Change in working capital	16.8M	33M	-42K	-39.6M	29.1M	-101M	38.6M	-10.2M	-85.5M	30M
Operating cash flow	-42.5M	305.2M	1.2B	635.8M	234.1M	2.5M	1.3B	1.6B	1.7B	2B
Capital expenditure	-1.2B	686.8M	715.3M	10.5M	-7.8M	-3.3M	-7K	-109.9M	-2.1B	-1.4B
Investing cash flow	-1.2B	686.8M	715.3M	10.5M	-7.8M	7.6M	-329K	-109.3M	-2.1B	-1.4B
Dividends paid	-7.8M	-11.1M	-11.2M	-11.3M	-2.3M	-2.4M	-19.6M	-71.6M	-85M	-92M
Share repurchases	-2.4M	-1.2M	—	—	—	-9.1M	-82.3M	-236M	-86.1M	-13M
Financing cash flow	1.1B	-13.5M	-368.7M	234.3M	-264.9M	-261.9M	-693.9M	-304.5M	1B	-175M
Net change in cash	-160.4M	978.5M	1.6B	880.5M	-38.6M	-251.8M	653.7M	1.2B	654M	402M
Free cash flow	-2.3B	-462.9M	-615.8M	-202.8M	235.3M	481.6M	806.5M	475.1M	-1.6B	539M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	222.3M	247.1M	131.2M	210.3M	240.5M	188.3M	182.3M	201.9M	155M	109M	-335M	1.1B
Depreciation & amortization	189.4M	189.1M	166.2M	179.7M	202.9M	260.5M	269.9M	292.9M	325.3M	318.7M	432M	592M
Stock-based compensation	6M	5.7M	5M	5.8M	6.6M	7.6M	7.1M	5.8M	8M	8M	25M	11M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	360.5M	504.2M	345.5M	438.3M	506.5M	530.4M	497.3M	571.1M	505.1M	451.9M	640M	1.1B
Capital expenditure	-20.5M	-613K	—	5K	-838K	-2.1B	-14.9M	-410M	-397.7M	-216.3M	-555M	-754M
Investing cash flow	-20.5M	-613K	77K	5K	-838K	-2.1B	-14.9M	-410M	-383.3M	-211.7M	-628M	-754M
Dividends paid	-17.8M	-17.4M	-20.8M	-20.7M	-20.6M	-22.9M	-22.9M	-22.8M	-22.8M	-23.2M	-82M	-53M
Share repurchases	-96.4M	-30.7M	-32.8M	-51.2M	0	-2.1M	0	-648K	-11.8M	-224K	—	—
Financing cash flow	-122.1M	-46.9M	-53.6M	-71.9M	1.1B	34.1M	-53.9M	-60.9M	-42M	-21.9M	69M	-988M
Net change in cash	218M	456.7M	292M	366.4M	1.6B	-1.5B	428.5M	100.2M	79.8M	218.2M	81M	-639M
Free cash flow	145.8M	253.2M	-56.4M	153.7M	149.3M	-1.9B	54.2M	146.2M	85.8M	223.2M	85M	349M

Date	Ratio
Apr 1, 2005	2:1
Sep 6, 2000	2:1

SM Energy Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history