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SM Energy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$411M in Q3 2026 · $1.1B over twelve months

Operating cash flow$1.1B
Capital spending−$711M
Free cash flow+$411M
Cash / net income12.1×
Cash conversion cycle-345 days

Analysis

In Q3 2026, SM Energy generated $1.1B of operating cash flow and spent $711M on capital projects, leaving free cash flow of $411M. That is $304M more than in Q3 2025 ($107M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.3B; the largest uses were capital spending ($2.2B), other financing ($2.2B), dividends ($210M); besides operations, cash came from net borrowing (+) / repaid (−) ($984M), other investing ($781M); the cash balance rose by $280M.

Operating cash flow was $1.1B against net income of $93.0M — 12.1× profit, cash ran ahead of reported earnings. The largest differences: other non-cash +$20.0M, stock-based pay +$14.0M, deferred taxes −$7.0M.

Its cash conversion cycle was -345 days (receivables 46 + inventory 0 − payables 390): suppliers fund its working capital.

Free cash flow

SM Energy: free cash flow by quarterSM Energy: free cash flow by quarter−$1.5BQ4 2024$69.0MQ1 2025$161MQ2 2025$107MQ3 2025$236MQ4 2025$85.0MQ1 2026$349MQ2 2026$411MQ3 2026
Operating cash flow less capital spending.
SM Energy: operating cash flow against capital spendingSM Energy: operating cash flow against capital spendingOperating cash flowCapital spending$578M$2.1BQ4 2024$483M$414MQ1 2025$571M$410MQ2 2025$505M$398MQ3 2025$452M$216MQ4 2025$640M$555MQ1 2026$1.1B$754MQ2 2026$1.1B$711MQ3 2026
Latest (Q3 2026): Operating cash flow $1.1B, Capital spending $711M.

Capital allocation, year by year

SM Energy: where the cash came from (up) and went (down), by fiscal yearSM Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $1.2BFY2021: Net borrowing $300MFY2021: Shares issued $2.6MFY2021: Capital spending −$675MFY2021: Dividends −$2.4M$1.5BFY2021FY2022: Operating cash flow $1.7BFY2022: Shares issued $3.0MFY2022: Capital spending −$880MFY2022: Buybacks −$57.2MFY2022: Dividends −$19.6M$1.7BFY2022FY2023: Operating cash flow $1.6BFY2023: Shares issued $3.0MFY2023: Capital spending −$989MFY2023: Buybacks −$228MFY2023: Dividends −$72.0M$1.6BFY2023FY2024: Operating cash flow $1.8BFY2024: Net borrowing $1.5BFY2024: Shares issued $3.0MFY2024: Capital spending −$2.1BFY2024: Buybacks −$86.0MFY2024: Dividends −$85.0M$3.3BFY2024FY2025: Operating cash flow $2.0BFY2025: Net borrowing −$68.0MFY2025: Shares issued $3.0MFY2025: Capital spending −$1.4BFY2025: Buybacks −$13.0MFY2025: Dividends −$92.0M$2.0BFY2025
Over these 5 years operating cash flow totalled $8.2B; the largest uses were capital spending ($6.1B) and buybacks ($384M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$442M
Debtnone
Net cash$442M

SM Energy funds itself: free cash flow was $1.1B over the last twelve months, with $442M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

SM Energy: sources (+) and uses (−) of cash, Q3 2026SM Energy: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.1BCapital spending−$711MOther financing−$423MCash drawn (+) / kept (−)$178MBuybacks−$79.0MDividends−$52.0MOther investing−$35.0M
SM Energy: sources (+) and uses (−) of cash, TTM to Q3 2026SM Energy: sources (+) and uses (−) of cash, 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 profit to cash

SM Energy: net income to operating cash flow, Q3 2026SM Energy: net income to operating cash flow, Q3 2026Net income$93.0MStock-based pay$14.0MDeferred taxes−$7.0MOther non-cash$20.0MOperating cash flow$1.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202646—390-345
Q2 202635—375-341
Q1 202638—306-268
Q3 202541—295-253
Q2 202543—317-274
Q1 202540—305-265

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.1B−$711M—−$79.0M−$52.0M——$178M$411M
Q2 2026$1.1B−$754M——−$53.0M−$1.0M—−$171M$349M
Q1 2026$640M−$555M−$49.0M—−$82.0M$985M—−$81.0M$85.0M
Q4 2025$452M−$216M——−$23.0M—$1.1M−$206M$236M
Q3 2025$505M−$398M—−$12.0M−$23.0M——−$60.0M$107M
Q2 2025$571M−$410M—−$1.0M−$23.0M−$37.0M—−$102M$161M
Q1 2025$483M−$414M——−$23.0M−$31.0M——$69.0M
Q4 2024$578M−$2.1B—−$2.0M−$22.9M$69.0M$1.2M$1.8B−$1.5B

SM Energy: income statement and cash flow

SM Energy, Q3 2026: revenue $2.2B (+167% year over year), operating margin 10.9%. The chart follows the revenue to costs, profit and cash.

SM Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.