Filing Flows › SM Energy (SM) › Q2 2026 › vs Q1 2026
SM Energy (SM) Q2 2026 vs Q1 2026 (quarter over quarter)
SM Energy's revenue rose $1.0B (+69%) from $1.5B in Q1 2026 to $2.5B in Q2 2026. The biggest changes: Crude Oil +$764M (+61%); Other revenues +$342M (172×); Natural Gas −$109M (-88%). Operating margin 59.8% against -20.1% (+80.0 pts).
SM Energy, Q2 2026: revenue $2.5B (+215% year over year), operating margin 59.8%, net earnings $1.1B, operating cash flow $1.1B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 59.8% | -20.1% | +80.0 pts |
| Net margin | 42.8% | -22.7% | +65.5 pts |
| Free cash flow margin | 14.0% | 5.7% | +8.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Crude Oil | $2.0B | $1.3B | $764M | +61% |
| Natural Gas Liquids (NGL) | $115M | $91.0M | $24.0M | +26% |
| Natural Gas | $15.0M | $124M | −$109M | -88% |
| Other revenues | $344M | $2.0M | $342M | 172× |
| Revenue | $2.5B | $1.5B | $1.0B | +69% |
| Operating profit | $1.5B | −$298M | $1.8B | — |
| Costs & expenses | $1.0B | $1.8B | −$773M | -44% |
| Pre-tax earnings | $1.4B | −$410M | $1.8B | — |
| Other expense, net | $107M | $112M | −$5.0M | -4% |
| Cost of revenue | $556M | $428M | $128M | +30% |
| General & admin | $79.0M | $174M | −$95.0M | -55% |
| Other operating costs | $369M | $1.2B | −$806M | -69% |
| Net earnings | $1.1B | −$335M | $1.4B | — |
| Income tax | $318M | −$75.0M | $393M | — |
| Share-based compensation | $11.0M | $25.0M | −$14.0M | -56% |
| Working capital & other | $21.0M | $950M | −$929M | -98% |
| Operating cash flow | $1.1B | $640M | $463M | +72% |
| Free cash flow (OCF − capex) | $349M | $85.0M | $264M | +311% |
| Capital expenditures | $754M | $555M | $199M | +36% |
Questions
How much did SM Energy's revenue grow quarter over quarter in Q2 2026?
SM Energy's revenue rose $1.0B (+69%) from $1.5B in Q1 2026 to $2.5B in Q2 2026.
What drove SM Energy's revenue change in Q2 2026?
Crude Oil +$764M (+61%); Other revenues +$342M (172×); Natural Gas −$109M (-88%).