Filing Flows › SM Energy (SM) › Q2 2026 › vs Q2 2025
SM Energy (SM) Q2 2026 vs Q2 2025 (year over year)
SM Energy's revenue rose $1.7B (+215%) from $793M in Q2 2025 to $2.5B in Q2 2026. The biggest changes: Crude Oil +$1.4B (+210%); Other revenues +$336M (43×); Natural Gas −$63.0M (-81%). Operating margin 59.8% against 37.2% (+22.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 59.8% | 37.2% | +22.6 pts |
| Net margin | 42.8% | 25.5% | +17.4 pts |
| Free cash flow margin | 14.0% | 20.3% | -6.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Crude Oil | $2.0B | $653M | $1.4B | +210% |
| Natural Gas Liquids (NGL) | $115M | $54.0M | $61.0M | +113% |
| Natural Gas | $15.0M | $78.0M | −$63.0M | -81% |
| Other revenues | $344M | $8.0M | $336M | 43× |
| Revenue | $2.5B | $793M | $1.7B | +215% |
| Operating profit | $1.5B | $295M | $1.2B | +407% |
| Costs & expenses | $1.0B | $498M | $506M | +102% |
| Pre-tax earnings | $1.4B | $253M | $1.1B | +449% |
| Other expense, net | $107M | $42.0M | $65.0M | +155% |
| Cost of revenue | $556M | $224M | $332M | +148% |
| General & admin | $79.0M | $42.0M | $37.0M | +88% |
| Other operating costs | $369M | $232M | $137M | +59% |
| Net earnings | $1.1B | $202M | $869M | +430% |
| Income tax | $318M | $51.0M | $267M | +524% |
| Share-based compensation | $11.0M | $6.0M | $5.0M | +83% |
| Working capital & other | $21.0M | $363M | −$342M | -94% |
| Operating cash flow | $1.1B | $571M | $532M | +93% |
| Free cash flow (OCF − capex) | $349M | $161M | $188M | +117% |
| Capital expenditures | $754M | $410M | $344M | +84% |
Questions
How much did SM Energy's revenue grow year over year in Q2 2026?
SM Energy's revenue rose $1.7B (+215%) from $793M in Q2 2025 to $2.5B in Q2 2026.
What drove SM Energy's revenue change in Q2 2026?
Crude Oil +$1.4B (+210%); Other revenues +$336M (43×); Natural Gas −$63.0M (-81%).