Filing Flows › SM Energy (SM) › Q3 2025
SM Energy (SM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
SM Energy (SM) reported revenue of $812M for the third quarter 2025 (Q3 2025), +26% from a year earlier and +2% from the quarter before. Operating margin was 30.3%, net earnings $155M (19.1% of revenue).
SM Energy, Q3 2025: revenue $812M (+26% year over year), operating margin 30.3%, net earnings $155M, operating cash flow $505M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $812M | +2% | +26% |
| Operating profit | $246M | -17% | -26% |
| Net earnings | $155M | -23% | -36% |
| Operating cash flow | $505M | -12% | +12% |
| Free cash flow | $107M | -34% | -29% |
What changed
Revenue was $812.0M in Q3 2025, up 26% year over year and up 2% from the previous quarter. Crude Oil was the largest line at 82% of revenue. Crude Oil added $137.3M year over year (up 26%), 82% of the total change. Natural Gas Liquids (NGL) declined 4%.
Operating profit was $246.0M, a 30.3% margin (down 21.1 points year over year). Operating profit fell $85.0M even though revenue rose $168.4M versus a year earlier, so costs grew faster than sales. Total costs grew 81% against revenue growth of 26%. The fastest-growing cost line was Other operating costs (+131%). Net earnings were $155.0M, down 36% year over year. The effective tax rate was 24.0%.
Operating cash flow was $505.0M (up 12% year over year), 326% of net earnings. Non-cash charges added back $8.0M of share-based compensation. Working capital and other items added $342.0M. Capital expenditures of $398.0M left free cash flow of $107.0M.
Questions
What was SM Energy's revenue in the third quarter 2025?
SM Energy (SM) reported revenue of $812M for the third quarter 2025 (Q3 2025), +26% from a year earlier and +2% from the quarter before.
Was SM Energy profitable in the third quarter 2025?
Operating profit was $246M (30.3% of revenue) and net earnings $155M.
Source: SM Energy 10-Q on SEC EDGAR.