Filing Flows › SM Energy (SM) › Q1 2026
SM Energy (SM) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
SM Energy (SM) reported revenue of $1.5B for the first quarter 2026 (Q1 2026), +75% from a year earlier and +110% from the quarter before. Operating margin was -20.1%, net loss $335M (22.7% of revenue).
SM Energy, Q1 2026: revenue $1.5B (+75% year over year), operating margin -20.1%, net loss $335M, operating cash flow $640M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +110% | +75% |
| Operating profit | −$298M | -264% | -208% |
| Net earnings | −$335M | -407% | -284% |
| Operating cash flow | $640M | +42% | +33% |
| Free cash flow | $85.0M | -64% | +23% |
What changed
Revenue was $1.5B in Q1 2026, up 75% year over year and up 110% from the previous quarter. Crude Oil was the largest line at 85% of revenue. Crude Oil added $0.60B year over year (up 92%), 95% of the total change.
Operating costs exceeded revenue by $0.30B, an operating margin of -20.1%. Total costs grew 212% against revenue growth of 75%. The fastest-growing cost line was General & admin (+346%). The quarter ended with a net loss of $0.34B, after a profit of $0.11B the previous quarter.
Operating cash flow was $0.64B (up 33% year over year). Non-cash charges added back $0.03B of share-based compensation. Working capital and other items added $0.9B. Capital expenditures of $0.56B left free cash flow of $0.09B.
Questions
What was SM Energy's revenue in the first quarter 2026?
SM Energy (SM) reported revenue of $1.5B for the first quarter 2026 (Q1 2026), +75% from a year earlier and +110% from the quarter before.
Was SM Energy profitable in the first quarter 2026?
Operating loss was $298M (-20.1% of revenue) and net loss $335M.
Source: SM Energy 10-Q on SEC EDGAR.