Filing Flows › SM Energy (SM) › Q1 2025
SM Energy (SM) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
SM Energy (SM) reported revenue of $845M for the first quarter 2025 (Q1 2025), +51% from a year earlier and -0.8% from the quarter before. Operating margin was 32.7%, net earnings $182M (21.5% of revenue).
SM Energy, Q1 2025: revenue $845M (+51% year over year), operating margin 32.7%, net earnings $182M, operating cash flow $483M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $845M | -0.8% | +51% |
| Operating profit | $276M | -4% | +55% |
| Net earnings | $182M | -3% | +39% |
| Operating cash flow | $483M | -16% | +75% |
| Free cash flow | $69.0M | — | — |
What changed
Revenue was $845.0M in Q1 2025, up 51% year over year and down 1% from the previous quarter. Oil production revenue was the largest line at 78% of revenue. Oil production revenue added $217.6M year over year (up 49%), 76% of the total change.
Operating profit was $276.0M, a 32.7% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 34% reached operating profit, above the 32% margin then. Total costs grew 49% against revenue growth of 51%. The fastest-growing cost line was Cost of revenue (+64%). Net earnings were $182.0M, up 39% year over year. The effective tax rate was 21.6%.
Operating cash flow was $483.0M (up 75% year over year), 265% of net earnings. Non-cash charges added back $7.0M of share-based compensation. Working capital and other items added $294.0M. Capital expenditures of $414.0M left free cash flow of $69.0M.
Questions
What was SM Energy's revenue in the first quarter 2025?
SM Energy (SM) reported revenue of $845M for the first quarter 2025 (Q1 2025), +51% from a year earlier and -0.8% from the quarter before.
Was SM Energy profitable in the first quarter 2025?
Operating profit was $276M (32.7% of revenue) and net earnings $182M.
Source: SM Energy 10-Q on SEC EDGAR.