Filing Flows › SM Energy (SM) › Q2 2026
SM Energy (SM) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
SM Energy (SM) reported revenue of $2.5B for the second quarter 2026 (Q2 2026), +215% from a year earlier and +69% from the quarter before. Operating margin was 59.8%, net earnings $1.1B (42.8% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +69% | +215% |
| Operating profit | $1.5B | — | +407% |
| Net earnings | $1.1B | — | +430% |
| Operating cash flow | $1.1B | +72% | +93% |
| Free cash flow | $349M | +311% | +117% |
What changed
Revenue was $2.5B in Q2 2026, up 215% year over year and up 69% from the previous quarter. Crude Oil was the largest line at 81% of revenue. Crude Oil added $1.4B year over year (up 210%), 80% of the total change. Natural Gas declined 81%.
Operating profit was $1.5B, a 59.8% margin (up 22.6 points year over year). Of the extra revenue versus Q2 2025, 70% reached operating profit, above the 37% margin then. Total costs grew 102% against revenue growth of 215%. The fastest-growing cost line was Cost of revenue (+148%). Net earnings were $1.1B, up 430% year over year. The effective tax rate was 22.9%.
Operating cash flow was $1.1B (up 93% year over year), 103% of net earnings. Non-cash charges added back $0.01B of share-based compensation. Capital expenditures of $0.75B left free cash flow of $0.35B.
Questions
What was SM Energy's revenue in the second quarter 2026?
SM Energy (SM) reported revenue of $2.5B for the second quarter 2026 (Q2 2026), +215% from a year earlier and +69% from the quarter before.
Was SM Energy profitable in the second quarter 2026?
Operating profit was $1.5B (59.8% of revenue) and net earnings $1.1B.
Source: SM Energy 10-Q on SEC EDGAR.