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SM Energy (SM) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · SM Energy (SM) Q3 2026 earnings results →

Q3 2026 Revenue up 167% year over year to $2.2B · 4¢ of every $1 of revenue kept as net profit · operating margin 10.9%

SM Energy made $2.2B in Q3 2026 (+167% Y/Y): Crude Oil $1.8B, Natural Gas $209M, Natural Gas Liquids (NGL) $135M. Operating margin 10.9%, net earnings $93.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$2.2B
Year over year+167%
Operating margin10.9%
Net earnings$93.0M
Operating cash flow$1.1B

Drawing the Sankey…

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SM Energy Q3 2026 revenue breakdown: Sankey diagram of revenue (Crude Oil, Natural Gas, Natural Gas Liquids (NGL), Other revenues), costs, profit and cash flow
SM Energy Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.2B in Q3 2026, up 167% year over year and down 13% from the previous quarter. Crude Oil was the largest line at 84% of revenue. Crude Oil added $1.1B year over year (up 171%), 84% of the total change.

Operating profit was $0.24B, a 10.9% margin (down 19.4 points year over year). Operating profit fell $0.01B even though revenue rose $1.4B versus Q3 2025, so costs grew faster than sales. Total costs grew 242% against revenue growth of 167%. The fastest-growing cost line was Other operating costs (+338%). Net earnings were $0.09B, down 40% year over year. The effective tax rate was 24.4%.

Operating cash flow was $1.1B (up 122% year over year), 1206% of net earnings. Non-cash charges added back $0.01B of share-based compensation. Working capital and other items added $1.0B. Capital expenditures of $0.71B left free cash flow of $0.41B.

Quarterly history

SM Energy revenue by quarterSM Energy revenue by quarter$845MQ1 2025$793MQ2 2025$812MQ3 2025$705MQ4 2025$1.5BQ1 2026$2.5BQ2 2026$2.2BQ3 2026
SM Energy net earnings by quarterSM Energy net earnings by quarter$182MQ1 2025$202MQ2 2025$155MQ3 2025$109MQ4 2025−$335MQ1 2026$1.1BQ2 2026$93.0MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$2.2B+167%10.9%$93.0M$1.1B
Q2 202610-QAug 6, 2026$2.5B+215%59.8%$1.1B$1.1B
Q1 202610-QMay 7, 2026$1.5B+75%-20.1%−$335M$640M
Q4 202510-KFeb 26, 2026$705M-17%25.8%$109M$452M
Q3 202510-QNov 3, 2025$812M+26%30.3%$155M$505M
Q2 202510-QAug 1, 2025$793M+25%37.2%$202M$571M
Q1 202510-QMay 2, 2025$845M+51%32.7%$182M$483M

Charts

SM Energy: revenue growth, year over year and quarter over quarterSM Energy: revenue growth, year over year and quarter over quarterY/YQ/Q+51%Q1 2025+25%-6%Q2 2025+26%+2%Q3 2025-17%-13%Q4 2025+75%+110%Q1 2026+215%+69%Q2 2026+167%-13%Q3 2026
Latest (Q3 2026): Y/Y +167%, Q/Q -13%.
SM Energy: where the cash came from (+) and went (−), TTM to Q3 2026SM Energy: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$3.3BCapital spending−$2.2BOther financing−$2.2BNet borrowing (+) / repaid (−)$984MOther investing$781MCash drawn (+) / kept (−)−$280MDividends−$210MBuybacks−$166M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
SM Energy: profit against cash, quarter by quarterSM Energy: profit against cash, quarter by quarterNet incomeOperating cash flow$188M$578MQ4 2024$182M$483MQ1 2025$202M$571MQ2 2025$155M$505MQ3 2025$109M$452MQ4 2025−$335M$640MQ1 2026$1.1B$1.1BQ2 2026$93.0M$1.1BQ3 2026
Latest (Q3 2026): Net income $93.0M, Operating cash flow $1.1B.
SM Energy: diluted shares by fiscal yearSM Energy: diluted shares by fiscal year114MFY2020124MFY2021124MFY2022119MFY2023116MFY2024115MFY2025
+1.1% since FY2020: more shares outstanding (issuance, stock pay).
SM Energy in its industry: growth against margin (79 companies, SIC 1311)SM Energy in its industry: growth against margin (79 companies, SIC 1311)revenue growth, year over year →↑ operating marginmedian +24%median 20%EOGOXYDVNFANGEXEPARROVVPREQTCHRDARContinental Resources, IncCRGYMTDRMURRRCVNOMTALOCNXMGYCRCHESMKOSPHXE-PBKVCRKGPORNOGMNRAESIREPXGRNTINRGTETTIWTIBDCOEGYDECREIBSMPROPKRPVTSTXOSDAMPYDMLPBATLPEDPNRGWHKEPMEPSNEnergy 11, L.P.ANNAEPEnergy Resources 12, L.P.EONRRSRVBRNAGIGEverflow Eastern Partners LPBSINMXCSPNDRKDAROYLTPETCJAXCKXNRISBRLLGBRNUAIALTXNext Bridge Hydrocarbons, Inc.OKMNSM (+167%, 11%)
Crude Petroleum & Natural Gas; dot size is quarterly revenue; dashed lines are the industry's medians.

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About SM Energy

SM is a premier, scaled operator of top-tier oil and gas assets across four leading U.S. shale basins: the Permian Basin, DJ Basin, South Texas, and Uinta Basin. SM routinely posts important information about the Company on its website. SM is focused on operational excellence, disciplined capital allocation, and delivering growing returns to stockholders. For more information, visit www.sm-energy.com.

In its own words, from its 8-K, filed Aug 5, 2026.

SM Energy against its Crude Petroleum & Natural Gas peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +167% against the peers' median +48%. Operating margin: 10.9% against the peers' median 33.7%.

CompanyQuarterRevenueY/YOp. margin
SM SM EnergyQ3 2026$2.2B+167%10.9%
EOG EOG ResourcesQ3 2026$8.5B+46%41.9%
OXY Occidental PetroleumQ2 2026$8.1B+53%48.5%
DVN Devon EnergyQ3 2026$6.9B+58%18.3%
FANG Diamondback EnergyQ3 2026$5.4B+38%46.0%
EXE Expand EnergyQ3 2026$3.3B+11%19.5%
PARR PAR Pacific HoldingsQ3 2026$3.1B+52%15.5%
OVV OvintivQ3 2026$2.6B+26%33.7%
PR Permian ResourcesQ3 2026$2.0B+48%45.4%

Source: SM Energy 10-Q on SEC EDGAR · CIK 893538 · Crude Petroleum & Natural Gas

Guidance and outlook

SM Energy: what its forward-looking statements are about (10-Q filed 2026-11-04)SM Energy: what its forward-looking statements are about (10-Q filed 2026-11-04)Costs8Other6Deals5Supply chain3Financing2Margins2Buybacks & dividends2Capital spending1Tax1The economy1
31 statements; tone +0.07 (−1 all cautious, +1 all confident); 3 hedged.
SM Energy: outlook statements against the filing beforeSM Energy: outlook statements against the filing beforeConfident7Cautious5

13F: who owns SM and who is buying

Largest holders of SM (13F)Largest holders of SM (13F)BlackRock$1.0BVanguard Portfolio Management LLC$403MCanada Pension Plan Investment Bo…$378MAristeia Capital, L.L.C.$339MState Street$306MVanguard Capital Management LLC$278MVanguard Group$253MAmerican Century Companies$233MDimensional Fund Advisors LP$213MGeode Capital Management, LLC$164M
Funds' net buying of SM by quarter (13F)Funds' net buying of SM by quarter (13F)$57.1M2024-09−$56.9M2024-12−$5.2M2025-03$286K2025-06$63.7M2025-09−$88.7M2025-12$2.8B2026-03$108M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on SM

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：SM Energy（SM）财报

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