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SM Energy Co (SM) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

ENERGY · OIL & GAS E&P · DATA UPDATED 2026-08-14

SM Energy Co (SM) operates in the OIL & GAS E&P industry and is headquartered in Denver, United States with about 1,241 employees. Its market capitalization is roughly $9 billion. In the fiscal year ended 2025-12-31, SM reported $3.2B in revenue and $648M in net income.

SM Energy Company, an independent energy company, engages in the acquisition, exploration, development, and production of oil, gas, and natural gas liquids in the United States. The company holds working interests in oil and gas producing wells in the Midland Basin, South Texas, Uinta Basin, and DJ Basin.

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SM Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$5.5B	$3.2B	$2.7B	$2.4B	$3.3B	$2.6B	$1.1B	$1.6B	$1.6B	$1.3B	$1.2B	$1.5B	$2.5B	$2.3B	$1.5B	$1.4B	$914M	$832M	$1.3B	$990M	$788M
Gross Profit	$3.4B	$1.0B	$1.2B	$1.1B	$2.1B	$1.3B	($50M)	$261M	$487M	$195M	($208M)	($131M)	$1.0B	$788M	$365M	$538M	$316M	$506M	$898M	$671M	$559M
Gross Margin %	61.5%	31.9%	45.9%	46.9%	63.4%	50.7%	-4.4%	16.5%	29.7%	15.5%	-17.6%	-8.6%	40.2%	34.8%	23.8%	38.3%	34.6%	60.8%	69.0%	67.7%	71.0%
Operating Income (EBIT)	$1.4B	$822M	$1.1B	$987M	$1.6B	$209M	($1.1B)	($70M)	$836M	($164M)	($1.1B)	($579M)	$1.2B	$368M	($20M)	$384M	$339M	($131M)	$171M	$319M	$302M
Operating Margin %	26.3%	26.1%	40.3%	41.8%	47.2%	8.1%	-94.9%	-4.4%	51.0%	-13.0%	-89.5%	-38.2%	46.2%	16.3%	-1.3%	27.4%	37.1%	-15.7%	13.2%	32.3%	38.4%
Net Income	$1.0B	$648M	$770M	$818M	$1.1B	$36M	($765M)	($187M)	$508M	($161M)	($758M)	($448M)	$666M	$171M	($54M)	$215M	$197M	($99M)	$87M	$190M	$190M
Net Margin %	18.2%	20.5%	28.8%	34.6%	33.2%	1.4%	-67.9%	-11.8%	31.0%	-12.8%	-64.2%	-29.6%	26.4%	7.5%	-3.5%	15.3%	21.5%	-11.9%	6.7%	19.2%	24.1%
EBITDA	$3.6B	$2.2B	$1.9B	$1.7B	$2.1B	$981M	($8M)	$752M	$1.5B	$392M	($252M)	$326M	$1.9B	$1.2B	$708M	$896M	$675M	$174M	$486M	$548M	$464M
Earnings Per Share (EPS)	$3.84	$5.63	$6.67	$6.86	$8.96	$0.29	$-6.72	$-1.66	$4.48	$-1.44	$-9.90	$-6.61	$9.79	$2.51	$-0.83	$3.19	$3.04	$-1.59	$1.38	$2.93	$2.88
Shares Outstanding (M)	240M	115M	116M	119M	124M	124M	114M	113M	114M	111M	77M	68M	68M	68M	65M	68M	65M	62M	63M	65M	66M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SM Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$2.5B	$1.5B	$718M	$811M	$785M	$840M	$836M	$642M
Gross Profit	$1.9B	$1.1B	$136M	$257M	$268M	$345M	$361M	$291M
Gross Margin %	77.8%	71.1%	18.9%	31.6%	34.2%	41.0%	43.2%	45.3%
Operating Income (EBIT)	$1.5B	($298M)	$4M	$246M	$295M	$276M	$287M	$331M
Operating Margin %	59.8%	-20.2%	0.6%	30.4%	37.6%	32.9%	34.3%	51.5%
Net Income	$1.1B	($335M)	$109M	$155M	$202M	$182M	$188M	$241M
Net Margin %	42.8%	-22.7%	15.2%	19.1%	25.7%	21.7%	22.5%	37.4%
EBITDA	$2.1B	$135M	$763M	$573M	$588M	$546M	$548M	$551M
Earnings Per Share (EPS)	$4.46	$-2.91	$0.95	$1.35	$1.75	$1.59	$1.64	$2.09
Shares Outstanding (M)	240M	115M	115M	115M	115M	115M	115M	115M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SM Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$2.7B	$2.0B	$1.8B	$1.6B	$1.7B	$1.2B	$791M	$824M	$721M	$515M	$553M	$978M	$1.5B	$1.3B	$922M	$761M	$497M	$436M	$678M	$631M	$468M
Capital Expenditures (CapEx)	$2.7B	$1.4B	$3.4B	$1.1B	$880M	$678M	$556M	$1.0B	$1.3B	$978M	$2.8B	$1.5B	$2.5B	$1.6B	$1.5B	$1.6B	$669M	$379M	$827M	$821M	$726M
Free Cash Flow (FCF)	($38M)	$573M	($1.6B)	$475M	$806M	$482M	$235M	($203M)	($616M)	($463M)	($2.3B)	($523M)	($1.1B)	($277M)	($592M)	($873M)	($172M)	$57M	($149M)	($190M)	($258M)
FCF Margin %	-0.7%	18.2%	-61.1%	20.1%	24.1%	18.5%	20.9%	-12.8%	-37.5%	-36.7%	-191.5%	-34.6%	-42.1%	-12.2%	-38.6%	-62.2%	-18.8%	6.8%	-11.5%	-19.2%	-32.8%
Dividends Paid	$181M	$92M	$85M	$72M	$20M	$2M	$2M	$11M	$11M	$11M	$8M	$7M	$7M	$7M	$7M	$6M	$6M	$6M	$6M	$6M	$6M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SM Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$1.1B	$640M	$452M	$505M	$571M	$483M	$578M	$452M
Capital Expenditures (CapEx)	$754M	$555M	$1.0B	$404M	$410M	$414M	$2.5B	$303M
Free Cash Flow (FCF)	$349M	$85M	($572M)	$101M	$161M	$69M	($1.9B)	$149M
FCF Margin %	14.0%	5.8%	-79.7%	12.4%	20.5%	8.2%	-224.7%	23.2%
Dividends Paid	$53M	$82M	$23M	$23M	$23M	$23M	$23M	$21M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SM Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$18.9B	$9.3B	$8.6B	$6.4B	$5.7B	$5.2B	$5.0B	$6.3B	$6.4B	$6.2B	$6.4B	$5.6B	$6.5B	$4.7B	$4.2B	$3.8B	$2.7B	$2.4B	$2.7B	$2.6B	$1.9B
Cash & Cash Equivalents	$620M	$368M	$0M	$616M	$445M	$333M	$0M	$0M	$78M	$314M	$9M	$0M	$0M	$282M	$6M	$119M	$5M	$11M	$6M	$44M	$1M
Total Liabilities	$11.0B	$4.4B	$4.3B	$2.8B	$2.6B	$3.2B	$3.0B	$3.5B	$3.4B	$3.8B	$3.9B	$3.8B	$4.2B	$3.1B	$2.8B	$2.3B	$1.5B	$1.4B	$1.6B	$1.7B	$1.2B
Total Debt (Short + Long-Term)	$7.0B	$2.8B	$2.8B	$1.6B	$1.6B	$2.1B	$2.2B	$2.8B	$2.7B	$3.1B	$3.0B	$2.5B	$2.4B	$1.7B	$389M	$328M	$406M	$455M	$588M	$572M	$438M
Total Shareholders' Equity	$7.8B	$4.8B	$4.2B	$3.6B	$3.1B	$2.1B	$2.0B	$2.7B	$2.9B	$2.4B	$2.5B	$1.9B	$2.3B	$1.6B	$1.4B	$1.5B	$1.2B	$974M	$1.1B	$863M	$743M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive SM viewer.

Other Companies in OIL & GAS E&P

PR · Permian Resources Corporation — $19 billion
OVV · Ovintiv Inc — $17 billion
AR · Antero Resources Corp — $11 billion
RRC · Range Resources Corp — $9 billion
VIST · Vista Energy, S.A.B. de C.V. — $8 billion
CHRD · Chord Energy Corp — $8 billion
MTDR · Matador Resources Company — $7 billion
MGY · Magnolia Oil & Gas Corp — $7 billion

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