Filing Flows › SM Energy (SM) › Q3 2026 › vs Q2 2026
SM Energy (SM) Q3 2026 vs Q2 2026 (quarter over quarter)
SM Energy's revenue fell $330M (-13%) from $2.5B in Q2 2026 to $2.2B in Q3 2026. The biggest changes: Other revenues −$334M (-97%); Crude Oil −$210M (-10%); Natural Gas +$194M (14×). Operating margin 10.9% against 59.8% (-49.0 pts).
SM Energy, Q3 2026: revenue $2.2B (+167% year over year), operating margin 10.9%, net earnings $93.0M, operating cash flow $1.1B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 10.9% | 59.8% | -49.0 pts |
| Net margin | 4.3% | 42.8% | -38.6 pts |
| Free cash flow margin | 18.9% | 14.0% | +5.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Crude Oil | $1.8B | $2.0B | −$210M | -10% |
| Natural Gas | $209M | $15.0M | $194M | 14× |
| Natural Gas Liquids (NGL) | $135M | $115M | $20.0M | +17% |
| Other revenues | $10.0M | $344M | −$334M | -97% |
| Revenue | $2.2B | $2.5B | −$330M | -13% |
| Operating profit | $236M | $1.5B | −$1.3B | -84% |
| Costs & expenses | $1.9B | $1.0B | $930M | +93% |
| Pre-tax earnings | $123M | $1.4B | −$1.3B | -91% |
| Other expense, net | $113M | $107M | $6.0M | +6% |
| Cost of revenue | $574M | $556M | $18.0M | +3% |
| General & admin | $56.0M | $79.0M | −$23.0M | -29% |
| Other operating costs | $1.3B | $369M | $935M | +253% |
| Net earnings | $93.0M | $1.1B | −$978M | -91% |
| Income tax | $30.0M | $318M | −$288M | -91% |
| Share-based compensation | $14.0M | $11.0M | $3.0M | +27% |
| Working capital & other | $1.0B | $21.0M | $994M | 48× |
| Operating cash flow | $1.1B | $1.1B | $19.0M | +2% |
| Free cash flow (OCF − capex) | $411M | $349M | $62.0M | +18% |
| Capital expenditures | $711M | $754M | −$43.0M | -6% |
Questions
How much did SM Energy's revenue grow quarter over quarter in Q3 2026?
SM Energy's revenue fell $330M (-13%) from $2.5B in Q2 2026 to $2.2B in Q3 2026.
What drove SM Energy's revenue change in Q3 2026?
Other revenues −$334M (-97%); Crude Oil −$210M (-10%); Natural Gas +$194M (14×).