Filing Flows › SM Energy (SM) › Q2 2025
SM Energy (SM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
SM Energy (SM) reported revenue of $793M for the second quarter 2025 (Q2 2025), +25% from a year earlier and -6% from the quarter before. Operating margin was 37.2%, net earnings $202M (25.5% of revenue).
SM Energy, Q2 2025: revenue $793M (+25% year over year), operating margin 37.2%, net earnings $202M, operating cash flow $571M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $793M | -6% | +25% |
| Operating profit | $295M | +7% | +6% |
| Net earnings | $202M | +11% | -4% |
| Operating cash flow | $571M | +18% | +20% |
| Free cash flow | $161M | +133% | +5% |
What changed
Revenue was $793.0M in Q2 2025, up 25% year over year and down 6% from the previous quarter. Crude Oil was the largest line at 82% of revenue. Crude Oil added $120.8M year over year (up 23%), 76% of the total change. Natural Gas Liquids (NGL) declined 4%.
Operating profit was $295.0M, a 37.2% margin (down 6.8 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, below the 44% margin then. Total costs grew 40% against revenue growth of 25%. The fastest-growing cost line was Cost of revenue (+64%). Net earnings were $202.0M, down 4% year over year. The effective tax rate was 20.2%.
Operating cash flow was $571.0M (up 20% year over year), 283% of net earnings. Non-cash charges added back $6.0M of share-based compensation. Working capital and other items added $363.0M. Capital expenditures of $410.0M left free cash flow of $161.0M.
Questions
What was SM Energy's revenue in the second quarter 2025?
SM Energy (SM) reported revenue of $793M for the second quarter 2025 (Q2 2025), +25% from a year earlier and -6% from the quarter before.
Was SM Energy profitable in the second quarter 2025?
Operating profit was $295M (37.2% of revenue) and net earnings $202M.
Source: SM Energy 10-Q on SEC EDGAR.